WDEF.L vs. DHS.L

Last updated Jul 18, 2026

WDEF.L (WisdomTree Europe Defence UCITS ETF - EUR Acc EUR) and DHS.L (WisdomTree US High Dividend UCITS ETF USD (Dist)) are both exchange-traded funds - WDEF.L is a Aerospace & Defense fund tracking the WisdomTree Europe Defence UCITS Index, while DHS.L is a Dividend fund tracking the WisdomTree US High Dividend UCITS Index. Both are passively managed. Over the past year, WDEF.L returned -2.05% vs 26.38% for DHS.L. At a 0.05 correlation, their price movements are largely independent. WDEF.L charges 0.40%/yr vs 0.29%/yr for DHS.L.

Performance

WDEF.L vs. DHS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in WisdomTree Europe Defence UCITS ETF - EUR Acc EUR (WDEF.L) and WisdomTree US High Dividend UCITS ETF USD (Dist) (DHS.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

WDEF.L is traded in EUR, while DHS.L is traded in GBp. To make them comparable, the DHS.L values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, WDEF.L achieves a 0.81% return, which is significantly lower than DHS.L's 17.90% return.

WDEF.L

• 1D: 1.66%
• 1M: -1.99%
• 6M: -14.80%
• YTD: 0.81%
• 1Y: -2.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DHS.L

• 1D: 0.53%
• 1M: 6.58%
• 6M: 12.81%
• YTD: 17.90%
• 1Y: 26.38%
• 3Y*: 15.56%
• 5Y*: 12.10%
• 10Y*: 8.29%

*Multi-year figures are annualized to reflect compound growth (CAGR)

WDEF.L vs. DHS.L - Yearly Performance Comparison

	2026 (YTD)	2025
WDEF.L WisdomTree Europe Defence UCITS ETF - EUR Acc EUR	0.81%	20.60%
DHS.L WisdomTree US High Dividend UCITS ETF USD (Dist)	17.90%	1.58%

Correlation

The correlation between WDEF.L and DHS.L is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.02
Correlation (All Time) Calculated using the full available price history since Mar 12, 2025	0.05

Return for Risk

WDEF.L vs. DHS.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

WDEF.L

WDEF.L Risk / Return Rank: 9
WDEF.L Sharpe Ratio Rank: 9
WDEF.L Sortino Ratio Rank: 9
WDEF.L Omega Ratio Rank: 9
WDEF.L Calmar Ratio Rank: 9
WDEF.L Martin Ratio Rank: 9

DHS.L

DHS.L Risk / Return Rank: 88
DHS.L Sharpe Ratio Rank: 90
DHS.L Sortino Ratio Rank: 89
DHS.L Omega Ratio Rank: 86
DHS.L Calmar Ratio Rank: 88
DHS.L Martin Ratio Rank: 86

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

WDEF.L vs. DHS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Europe Defence UCITS ETF - EUR Acc EUR (WDEF.L) and WisdomTree US High Dividend UCITS ETF USD (Dist) (DHS.L). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	WDEF.L	DHS.L	Difference
Sharpe ratio: Return per unit of total volatility	-0.07	2.42	-2.49
Sortino ratio: Return per unit of downside risk	0.10	3.42	-3.32
Omega ratio: Gain probability vs. loss probability	1.01	1.42	-0.41
Calmar ratio: Return relative to maximum drawdown	-0.10	4.52	-4.62
Martin ratio: Return relative to average drawdown	-0.21	14.75	-14.96

WDEF.L vs. DHS.L - Sharpe Ratio Comparison

The current WDEF.L Sharpe Ratio is -0.07, which is lower than the DHS.L Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of WDEF.L and DHS.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

WDEF.L vs. DHS.L - Drawdown Comparison

The maximum WDEF.L drawdown since its inception was -19.53%, smaller than the maximum DHS.L drawdown of -37.46%. Use the drawdown chart below to compare losses from any high point for WDEF.L and DHS.L.

Drawdown Indicators

	WDEF.L	DHS.L	Difference
Max Drawdown Largest peak-to-trough decline	-19.53%	-37.46%	+17.93%
Max Drawdown (1Y) Largest decline over 1 year	-19.53%	-5.81%	-13.72%
Max Drawdown (3Y) Largest decline over 3 years	—	-20.60%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-20.60%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.95%	—
Current Drawdown Current decline from peak	-14.97%	0.00%	-14.97%
Average Drawdown Average peak-to-trough decline	-7.25%	-11.30%	+4.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.50%	1.78%	+7.72%

Volatility

WDEF.L vs. DHS.L - Volatility Comparison

WisdomTree Europe Defence UCITS ETF - EUR Acc EUR (WDEF.L) has a higher volatility of 8.72% compared to WisdomTree US High Dividend UCITS ETF USD (Dist) (DHS.L) at 2.76%. This indicates that WDEF.L's price experiences larger fluctuations and is considered to be riskier than DHS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WDEF.L	DHS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.72%	2.76%	+5.96%
Volatility (6M) Calculated over the trailing 6-month period	22.14%	8.21%	+13.93%
Volatility (1Y) Calculated over the trailing 1-year period	28.89%	10.98%	+17.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.64%	14.47%	+16.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.64%	15.50%	+15.14%

WDEF.L vs. DHS.L - Expense Ratio Comparison

WDEF.L has a 0.40% expense ratio, which is higher than DHS.L's 0.29% expense ratio.

Dividends

WDEF.L vs. DHS.L - Dividend Comparison

WDEF.L has not paid dividends to shareholders, while DHS.L's dividend yield for the trailing twelve months is around 2.56%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DHS.L WisdomTree US High Dividend UCITS ETF USD (Dist)	2.56%	2.89%	2.93%	3.50%	2.83%	2.87%	3.76%	3.16%	3.06%	2.70%	2.51%	2.46%
WDEF.L WisdomTree Europe Defence UCITS ETF - EUR Acc EUR	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both WDEF.L and DHS.L in my portfolio?

WDEF.L and DHS.L have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, WDEF.L or DHS.L?

On fees, DHS.L is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, WDEF.L or DHS.L?

DHS.L is cheaper with a 0.29% expense ratio, compared with 0.40% for WDEF.L.

What is the main difference between WDEF.L and DHS.L?

WDEF.L is categorized as Aerospace & Defense, while DHS.L is Dividend. WDEF.L tracks WisdomTree Europe Defence UCITS Index, while DHS.L tracks WisdomTree US High Dividend UCITS Index. Their fees differ too: 0.40% for WDEF.L and 0.29% for DHS.L.