DFE vs SCZ: Grades, Fees and Holdings Compared

WisdomTree Europe SmallCap Dividend Fund

DFECNYSE Arca

iShares MSCI EAFE Small-Cap ETF

SCZANasdaq

Overlap

7.9%by weight

Expense ratio

SCZ −0.18pt a year

DFE0.58%SCZ0.40%

Avg volume · 30D

SCZ 204.4×the volume

DFE6.36KSCZ1.3M

10Y return · a year

SCZ +0.3pt

DFE+7.8%SCZ+8.1%

DFE vs SCZ Performance

Nov 2, 2021 – Nov 2, 2026

+27.3%DFE+26.9%SCZ

Expense ratio: DFE 0.58%; SCZ 0.40%, better
Fund size: DFE $161M; SCZ $12.7B
1Y total return: DFE +13.5%, better; SCZ +13.1%
Yield (12M): DFE 4.02%, better; SCZ 3.20%
Holdings: DFE 435; SCZ 2039
Avg volume (30D): DFE 6.36K sh; SCZ 1.3M sh, better
NAV per share: DFE $74.75; SCZ $82.65
52W range

ETF.net Grade

Pillar letters and Scores for DFE, SCZ, with each pillar’s weight
Pillar	DFE	SCZ
Cost30% weight	D27	A70Higher
Mission25% weight	A93	A100Higher
Risk15% weight	C49	C49
Tradability15% weight	B57	A92Higher
Holdings10% weight	D37	A76Higher
Durability5% weight	C42	A85Higher

Rank among International Small-Cap funds

How we build Categories ›

Same Category. DFE and SCZ are both graded against the same 16 International Small-Cap funds, so their Grades compare head to head.

International Small-Cap⁠

Category · 16 funds

See all 16 ›

SCZ ranks 1st and DFE 10th of 16 funds in the International Small-Cap Category.

Rank 1ASCZiShares MSCI EAFE Small-Cap ETFScore 79
Rank 1AVSSVanguard FTSE All-World ex-US Small-Cap ETFScore 79
Rank 9BIEUSiShares MSCI Europe Small-Cap ETFScore 59
Rank 10CDFEWisdomTree Europe SmallCap Dividend FundScore 52
Rank 11CDDLSWisdomTree Dynamic International SmallCap Equity ETFScore 50

Our read on each fund

ETF.net Research

DFECWisdomTree Europe SmallCap Dividend Fund

SCZAiShares MSCI EAFE Small-Cap ETF

In short

DFE A 2006-vintage fund that weights European small caps by the cash dividends they pay, not by market size. Most rivals in the international small-cap aisle go broad and cap-weighted. This one goes regional and income-tilted.

SCZ The purist's take on foreign small caps: developed markets only, outside the US and Canada. Trading since 2007, SCZ follows the MSCI EAFE Small Cap Index, so Japan, Europe and Australia are in and emerging markets stay out.

Stated mandate

DFE The share class aims to follow the pre-fee price and yield performance of the WisdomTree Europe SmallCap Dividend UCITS Index.

SCZ The fund seeks to track an index of small-cap equities from developed markets outside the United States and Canada, providing international diversification and exposure to overseas small-cap stocks.

Why people hold it

DFE Weights holdings by annual cash dividends paid rather than market cap, so the roughly 400-stock basket tilts toward payers instead of whatever small cap is running hottest.wisdomtree.com
Pure Europe small cap, no Japan or Pacific filler. Broad peers like SCHC, VSS and SCZ spread across every developed market, so this is the narrower dial.
The index screens candidates on quality and momentum (WisdomTree's composite risk score) before weighting them, and income goes out quarterly.
Trading since its 2006 launch, and it still does what the name says: European small caps that pay dividends, tracked against a stated index.

SCZ A clean, literal mandate: small companies in developed markets outside the US and Canada, with nothing else slipping into the basket.ishares.com
It follows its stated index closely, one of the tighter implementations in the international small-cap group.
Live since December 2007 and now a multi-billion-dollar fund that trades actively, the kind of scale that supports steady day-to-day liquidity.
The 0.40% fee lands right at the median for its category, so the EAFE-specific screen doesn't carry a premium price.

Worth knowing

DFE The 0.58% fee runs above the typical international small-cap fund, and plain cap-weighted peers like SCHC and VSS charge a small fraction of that.
Thinly traded next to the category's giants, so the bid-ask spread becomes part of the real cost, most of all on large or hurried orders.
One region, smaller companies, and European currency moves baked into returns: the ride can be bumpier than a globally spread small-cap blend.

SCZ Median is not cheap here. VSS and SCHC charge 0.06% for their own ex-US small-cap baskets, several times less than SCZ's 0.40%.
Developed markets only. Emerging-market small caps sit outside the mandate, unlike all-world peers such as VSS.
The index is unhedged, so currency moves land on top of small-cap price swings, a bumpier ride than developed large-cap benchmarks.

Full DFE profile⁠

Full SCZ profile⁠

DFE vs SCZ Holdings

How DFE and SCZ differ

Overlap by weight

7.9%

Shared holdings make up 75.9% of DFE and 7.9% of SCZ.

Level by level

Holdings253 in both7.9%
Countryby domicile39.3%
Sector11 Sectors86.6%
Asset classEquity100%

Sector

Sector weights in DFE and SCZ, widest gap first
Sector	More in DFEMore in SCZ	DFE	SCZ
Industrials	DFE +8.5 points	31.7%	23.2%
Technology	SCZ +3.9 points	6.5%	10.4%
Real Estate	SCZ +3.7 points	5.9%	9.6%
Materials	SCZ +2.6 points	8.0%	10.6%
Communication	DFE +2.1 points	6.3%	4.2%
Consumer Staples	SCZ +1.3 points	4.1%	5.4%
Consumer Discretionary	DFE +1.1 points	12.5%	11.4%
Financials	SCZ +0.9 points	12.2%	13.1%
Utilities	DFE +1.0 points	3.2%	2.2%
Health Care	SCZ +0.9 points	5.2%	6.1%
Energy	DFE +0.7 points	4.4%	3.7%

Country, concentration and asset class

Country by domicile

Country weights in DFE and SCZ, widest gap first
Country	More in DFEMore in SCZ	DFE	SCZ
Japan	SCZ +38.2 points	0.0%	38.2%
United Kingdom	DFE +18.1 points	31.3%	13.2%
Australia	SCZ +10.9 points	0.0%	10.9%
Sweden	DFE +10.1 points	15.5%	5.4%
Norway	DFE +9.6 points	12.3%	2.7%
Israel	SCZ +4.4 points	0.0%	4.4%
Finland	DFE +4.1 points	4.1%	0.0%
Germany	DFE +2.7 points	6.8%	4.1%
Other countries (16)	DFE +8.8 points	30.0%	21.2%

Outside the US: DFE 99% developed, 1% emerging. SCZ 96% developed, 4% emerging.

Concentration

Weight in the 10 largest Holdings

DFE10.1%
SCZ2.6%

Securities held

DFE427
SCZ2,023

Asset class

DFE: Equity
SCZ: Equity

Holdings

Only in DFE174
In both253
Only in SCZ1,770

Only in DFE

174 securities, 23.0% of DFE by weight

Anima Holding SpA0.64%
Veidekke ASA0.57%
Metrovacesa Sa0.55%
Csm0.46%
Plastic Omnium SA0.43%
Dermapharm Holding SE0.40%
Northgate PLC0.37%
Sentia As0.33%
Sabre Insurance Group Plc0.31%
Nyfosa Ab0.30%
Mlp AG0.30%
Halfords Group PLC0.29%
FAES Farma SA0.29%
Klaveness Combination Carrie0.29%
Galliford Try Holdings Plc0.29%
Odfjell Se-A Shs0.29%
Solstad Offshore Asa0.27%
Pexip Holding Asa0.27%
NewRiver REIT PLC0.26%
Borregaard ASA0.25%
AF Gruppen ASA0.25%
Forfarmers Nv0.25%
Schoeller-Bleckmann Oilfield E0.25%
Beijer Alma Ab0.24%
Kid Asa0.23%
Wickes Group Plc0.23%
Ratos AB0.22%
Verallia0.21%
Sanoma OYJ0.20%
Husqvarna AB0.20%
Posti Group Oyj0.20%
Solstad Maritime Holding As0.20%
James Halstead PLC0.20%
Central Asia Metals PLC0.20%
Bouvet Asa0.20%
Quadient0.20%
Paypoint Plc0.20%
Arjo AB - B Shares0.19%
Systemair Ab0.19%
Esprinet SpA0.19%
Aktia Bank OYJ0.17%
Bahnhof Ab-B Shs0.17%
Ibersol Sgps Sa0.16%
Polypipe Group plc0.16%
Bonheur Asa0.16%
Fiera Milano SpA0.16%
Smiths News PLC0.16%
City Of London Investment Gr0.15%
Photo-Me International PLC0.15%
PZ Cussons PLC0.15%

Only in SCZ

1,770 securities, 91.5% of SCZ by weight

Baycurrent Inc0.30%
Bluescope Steel0.29%
Imi PLC0.26%
Weir PLC0.25%
Psp Swiss Property AG0.24%
Storebrand0.23%
Frontline PLC0.23%
Hiscox Ltd0.23%
Food & Life Companies0.23%
Subsea0.22%
Shizuoka Financial Group Inc0.22%
Mebuki Financial Group Inc0.22%
Gaztransport & Technigaz SA0.22%
Als0.21%
Orica0.21%
Nippon Express Holdings0.21%
Accelleron N AG0.21%
Spie SA0.21%
Al Sydbank0.21%
Stockland Stapled Units Ltd0.21%
Ramsay Health Care0.20%
Dcc Energy PLC0.20%
St Jamess Place PLC0.20%
Isetan Mitsukoshi Holdings0.20%
Rohm0.20%
Fukuoka Financial Group0.20%
Games Workshop Group PLC0.20%
Niterra0.19%
Lottomatica Group0.19%
Misumi Group0.19%
Nkt0.19%
Thyssenkrupp AG0.19%
SCOUT24 N0.19%
Cochlear0.19%
Sandfire Resources0.19%
Imcd NV0.19%
Aedifica NV0.19%
Gpt Group Stapled Units0.19%
Technology One0.19%
Taiyo Yuden Ltd0.19%
Meiji Holdings Ltd0.19%
Shimadzu0.18%
Charter Hall Group Stapled Units0.18%
Sojitz Corp0.18%
Saipem0.18%
Jfe Holdings0.18%
Icg PLC0.18%
Ampol0.18%
Brother Industries0.18%
Ackermans & Van Haaren NV0.18%

Weight gaps

The 100 widest of 253 Holdings in both funds.

Holding weights in DFE and SCZ, widest gap first
Holding	More in DFEMore in SCZ	DFE	SCZ
Odfjell Drilling Ltd	DFE +1.47 points	1.51%	0.04%
Bluenord Asa	DFE +1.02 points	1.06%	0.04%
Hammerson PlcHMSO.L	DFE +0.93 points	1.01%	0.08%
Dno Asa	DFE +0.94 points	0.97%	0.03%
Pennon Group PlcPNN.L	DFE +0.92 points	1.01%	0.09%
Proximus SA	DFE +0.92 points	0.95%	0.03%
Dunelm Group PLCDNLM.L	DFE +0.91 points	0.95%	0.04%
Stroeer SE & Co KGaA	DFE +0.83 points	0.87%	0.04%
REN - Redes Energeticas Nacion	DFE +0.82 points	0.86%	0.04%
Lancashire Holdings LtdLRE.L	DFE +0.80 points	0.86%	0.06%
Aker Solutions ASA	DFE +0.76 points	0.79%	0.03%
Greggs PLCGRG.L	DFE +0.73 points	0.82%	0.09%
Bekaert SA	DFE +0.70 points	0.74%	0.04%
Banco di Desio e della Brianza	DFE +0.69 points	0.71%	0.02%
Elekta AB	DFE +0.68 points	0.74%	0.06%
OSB Group PlcOSB.L	DFE +0.65 points	0.70%	0.06%
Koninklijke Heijmans NV	DFE +0.64 points	0.69%	0.06%
Morgan Sindall Group PLCMGNS.L	DFE +0.61 points	0.68%	0.07%
Sirius Real Estate LtdSRE.L	DFE +0.61 points	0.67%	0.06%
AJ Bell PlcAJB.L	DFE +0.61 points	0.68%	0.07%
Hacksaw Ab	DFE +0.60 points	0.61%	0.01%
Ninety One Plc	DFE +0.59 points	0.61%	0.02%
Eurocommercial Properties Nv	DFE +0.58 points	0.62%	0.04%
Mpc Container Ships As	DFE +0.57 points	0.60%	0.03%
Polar Capital Holdings PLCPOLR.L	DFE +0.55 points	0.58%	0.03%
Moneysupermarket.com Group PLCMONY.L	DFE +0.54 points	0.58%	0.04%
Puuilo Oyj	DFE +0.54 points	0.59%	0.05%
Peab AB	DFE +0.54 points	0.59%	0.05%
Ipsos	DFE +0.54 points	0.58%	0.04%
Montea Nv	DFE +0.54 points	0.58%	0.04%
Clas Ohlson AB	DFE +0.54 points	0.59%	0.05%
TietoEVRY Corp	DFE +0.54 points	0.54%	<0.01%
Savills PLCSVS.L	DFE +0.53 points	0.59%	0.06%
Atea ASA	DFE +0.53 points	0.57%	0.04%
Chesnara PLCCSN.L	DFE +0.52 points	0.55%	0.03%
Cairn Homes Plc	DFE +0.52 points	0.57%	0.05%
Keller Group PLCKLR.L	DFE +0.52 points	0.60%	0.08%
Cloetta AB	DFE +0.51 points	0.54%	0.03%
Bilfinger SE	DFE +0.49 points	0.56%	0.07%
Biogaia Ab-B Shs	DFE +0.49 points	0.52%	0.03%
Derwent London PLCDLN.L	DFE +0.49 points	0.57%	0.08%
OC Oerlikon Corp AG	DFE +0.49 points	0.52%	0.03%
Paratus Energy Services Ltd	DFE +0.46 points	0.47%	0.01%
Paragon Group of Cos PLCPAG.L	DFE +0.46 points	0.51%	0.05%
Stolt-Nielsen Ltd	DFE +0.45 points	0.47%	0.02%
Bilia AB	DFE +0.44 points	0.46%	0.02%
Argan	DFE +0.43 points	0.46%	0.03%
Wihlborgs Fastigheter Ab	DFE +0.43 points	0.48%	0.05%
Etablissements Maurel et Prom	DFE +0.42 points	0.43%	0.01%
4imprint Group PLCFOUR.L	DFE +0.41 points	0.46%	0.05%
CA Immobilien Anlagen AG	DFE +0.41 points	0.43%	0.02%
Sparebank 1 Nord Norge	DFE +0.41 points	0.46%	0.05%
Norconsult As	DFE +0.41 points	0.43%	0.02%
Grainger PLCGRI.L	DFE +0.41 points	0.45%	0.04%
Havas Nv	DFE +0.39 points	0.42%	0.03%
Navigator Co SA	DFE +0.39 points	0.41%	0.02%
Corticeira Amorim SGPS SA	DFE +0.39 points	0.40%	<0.01%
Saf-Holland Se	DFE +0.38 points	0.41%	0.03%
Scandic Hotels Group Ab	DFE +0.38 points	0.43%	0.05%
Domino's Pizza Group PLCDOM.L	DFE +0.38 points	0.41%	0.03%
Firstgroup PLCFGP.L	DFE +0.38 points	0.41%	0.04%
Construcc Y Aux De Ferrocarr	DFE +0.37 points	0.41%	0.04%
Workspace Group PLCWKP.L	DFE +0.36 points	0.38%	0.02%
Thule Group AB/The	DFE +0.36 points	0.42%	0.06%
Imerys SA	DFE +0.36 points	0.39%	0.03%
Serica Energy PlcSQZ.L	DFE +0.35 points	0.38%	0.03%
Pluxee France Sa	DFE +0.34 points	0.37%	0.03%
Coats Group PlcCOA.L	DFE +0.34 points	0.40%	0.06%
Linea Directa Aseguradora Sa	DFE +0.34 points	0.36%	0.02%
Conduit Holdings LtdCRE.L	DFE +0.34 points	0.36%	0.02%
Foresight Group Holdings LtdFSG.L	DFE +0.34 points	0.35%	0.01%
D/S Norden	DFE +0.33 points	0.36%	0.03%
Gestamp Automocion Sa	DFE +0.33 points	0.34%	0.01%
Wacker Neuson SE	DFE +0.32 points	0.34%	0.02%
Vesuvius PLCVSVS.L	DFE +0.33 points	0.36%	0.03%
Clarkson PlcCKN.L	DFE +0.31 points	0.37%	0.06%
Indus Holding AG	DFE +0.32 points	0.34%	0.02%
Melia Hotels International	DFE +0.31 points	0.34%	0.03%
Europris Asa	DFE +0.31 points	0.35%	0.04%
Kainos Group PlcKNOS.L	DFE +0.31 points	0.35%	0.04%
Burkhalter Holding Ag	DFE +0.31 points	0.34%	0.03%
Xior Student Housing NV	DFE +0.30 points	0.33%	0.03%
Breedon Group PlcBREE.L	DFE +0.30 points	0.33%	0.03%
Jupiter Fund Management PLCJUP.L	DFE +0.29 points	0.32%	0.03%
Fabege AB	DFE +0.30 points	0.33%	0.03%
Granges AB	DFE +0.29 points	0.34%	0.05%
Louis Hachette Group	DFE +0.30 points	0.33%	0.03%
Prosegur Cia de Seguridad SA	DFE +0.29 points	0.30%	0.01%
Kier Group PLCKIE.L	DFE +0.29 points	0.34%	0.05%
Cementir Holding NV	DFE +0.28 points	0.30%	0.02%
Grand City Properties	DFE +0.28 points	0.29%	<0.01%
Morgan Advanced Materials PLCMGAM.L	DFE +0.27 points	0.30%	0.03%
Sparebank 1 Oestlandet	DFE +0.27 points	0.30%	0.03%
Catena AB	DFE +0.26 points	0.31%	0.05%
Victrex PLCVCT.L	DFE +0.26 points	0.29%	0.03%
Sanlorenzo Spa/Ameglia	DFE +0.26 points	0.28%	0.02%
Integrafin Holdings PlcIHP.L	DFE +0.26 points	0.30%	0.04%
OVS SpA	DFE +0.26 points	0.29%	0.03%
Scandinavian Tobacco Group A/S	DFE +0.25 points	0.27%	0.02%
Duerr AG	DFE +0.25 points	0.28%	0.03%

All 391 DFE holdings⁠All 2,025 SCZ holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DFE vs SCZ Cost

Overpaying DFE vs SCZ

$3,363

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

DFE 0.58%
$11,453
SCZ 0.40%
$8,090

Amount$10,000

Years30 years

Cost over time

DFE 0.58%
SCZ 0.40%
Overpaying

Year by year

Year	DFE	SCZ	Overpaying
10	$1,041	$723	$318
20	$3,986	$2,793	$1,193
30	$11,453	$8,090	$3,363

Expense ratio

0.58%DFE
0.40%SCZ, cheaper

SCZ0.40%DFE0.58%

0.06%0.83%

Middle half of International Small-Cap funds
Median 0.44%

SCZ 6th cheapest of 16 funds

DFE 12th cheapest of 16 funds

DFE vs SCZ Dividends

Last 12 months to Nov 2, 2026

Yield (12M): DFE 4.02%, better; SCZ 3.20%
Payout (12M): DFE $3.02; SCZ $2.67
Last payment: DFE $0.52; SCZ $1.17
Ex-dividend: DFE Sep 25, 2026; SCZ Jun 15, 2026
Paid on: DFE Sep 29, 2026; SCZ Jun 18, 2026
Frequency: DFE Quarterly; SCZ Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

DFEQuarterly · 40 paymentsAll DFE payments⁠

SCZTwice a year · 20 paymentsAll SCZ payments⁠

DFE vs SCZ Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: DFE 14.7%SCZ 13.6%, better
Return per unit of riskSharpe ratio, 3 years: DFE 0.97SCZ 1.04, better
Worst fallMax drawdown, 5 years: DFE −38.3%SCZ −35.5%, better
Market sensitivityBeta, 5 years: DFE 1.00SCZ 1.00; Market = 1

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