DFE vs VSS: Grades, Fees and Holdings Compared

WisdomTree Europe SmallCap Dividend Fund

DFECNYSE Arca

Vanguard FTSE All-World ex-US Small-Cap ETF

VSSANYSE Arca

Overlap

5.7%by weight

Expense ratio

VSS −0.52pt a year

DFE0.58%VSS0.06%

Avg volume · 30D

VSS 38.2×the volume

DFE6.36KVSS243K

10Y return · a year

DFE +0.3pt

DFE+7.8%VSS+7.5%

DFE vs VSS Performance

Nov 2, 2021 – Nov 2, 2026

+27.3%DFE+25.0%VSS

Expense ratio: DFE 0.58%; VSS 0.06%, better
Fund size: DFE $161M; VSS $13.9B
1Y total return: DFE +13.5%, better; VSS +7.6%
Yield (12M): DFE 4.02%, better; VSS 3.03%
Holdings: DFE 435; VSS 5134
Avg volume (30D): DFE 6.36K sh; VSS 243K sh, better
NAV per share: DFE $74.75; VSS $147.79
52W range

ETF.net Grade

Pillar letters and Scores for DFE, VSS, with each pillar’s weight
Pillar	DFE	VSS
Cost30% weight	D27	A97Higher
Mission25% weight	A93	A100Higher
Risk15% weight	C49Higher	D28
Tradability15% weight	B57	B59Higher
Holdings10% weight	D37	A77Higher
Durability5% weight	C42	A91Higher

Rank among International Small-Cap funds

How we build Categories ›

Same Category. DFE and VSS 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 ›

VSS 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 3ASCHCSchwab International Small-Cap Equity ETFScore 78
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

VSSAVanguard FTSE All-World ex-US 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.

VSS One ticker for the small companies the rest of the world runs on: roughly 4,800 stocks across developed and emerging markets outside the US, at 0.06% a year. Vanguard has run it since 2009.

Stated mandate

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

VSS Seeks to track the FTSE Global Small Cap ex US Index, providing broad exposure to developed and emerging non-U.S. small-cap equity markets worldwide through passive index sampling.

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.

VSS 0.06% a year, against a roughly 0.40% median for international small-cap funds. Only Schwab's SCHC matches the price.
Developed and emerging markets in the same basket, roughly 4,800 names deep, so no single country or company carries much of the load.
Tracks its FTSE Global Small Cap ex US benchmark closely and trades tightly for a fund built on thousands of overseas small caps.
Running since 2009, now a multi-billion-dollar fund that pays out quarterly. Long track record, deep plumbing.vanguard.com

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.

VSS Small caps abroad move harder than blue chips, and everything is priced back into dollars, so currency swings ride along.vanguard.com
Vanguard samples the index rather than buying every line item, so the portfolio approximates the benchmark instead of replicating it.vanguard.com
Coverage stops at the US border by design. American small caps sit entirely outside the mandate.

Full DFE profile⁠

Full VSS profile⁠

DFE vs VSS Holdings

How DFE and VSS differ

Overlap by weight

5.7%

Shared holdings make up 63.3% of DFE and 5.8% of VSS.

Level by level

Holdings194 in both5.7%
Countryby domicile30.3%
Sector11 Sectors82.6%
Asset classEquity100%

Sector

Sector weights in DFE and VSS, widest gap first
Sector	More in DFEMore in VSS	DFE	VSS
Industrials	DFE +9.7 points	31.7%	22.0%
Technology	VSS +7.9 points	6.5%	14.4%
Materials	VSS +5.8 points	8.0%	13.8%
Communication	DFE +3.8 points	6.3%	2.5%
Consumer Discretionary	DFE +2.3 points	12.5%	10.2%
Health Care	VSS +1.8 points	5.2%	7.0%
Real Estate	VSS +1.8 points	5.9%	7.7%
Utilities	DFE +0.9 points	3.2%	2.3%
Financials	DFE +0.5 points	12.2%	11.7%
Energy	DFE +0.2 points	4.4%	4.2%
Consumer Staples	VSS +0.1 points	4.1%	4.2%

Country, concentration and asset class

Country by domicile

Country weights in DFE and VSS, widest gap first
Country	More in DFEMore in VSS	DFE	VSS
United Kingdom	DFE +23.1 points	31.3%	8.2%
Japan	VSS +16.1 points	0.0%	16.1%
Sweden	DFE +12.2 points	15.5%	3.3%
Norway	DFE +10.2 points	12.3%	2.1%
Canada	VSS +9.6 points	0.0%	9.6%
Taiwan	VSS +8.2 points	0.0%	8.2%
India	VSS +6.8 points	0.0%	6.8%
China	VSS +5.8 points	0.0%	5.8%
Other countries (31)	DFE +1.2 points	40.9%	39.7%

Outside the US: DFE 99% developed, 1% emerging. VSS 64% developed, 36% emerging.

Concentration

Weight in the 10 largest Holdings

DFE10.1%
VSS9.4%

Securities held

DFE427
VSS5,094

Asset class

DFE: Equity
VSS: Equity

Holdings

Only in DFE233
In both194
Only in VSS4,900

Only in DFE

233 securities, 35.7% of DFE by weight

REN - Redes Energeticas Nacion0.86%
Puuilo Oyj0.59%
Polar Capital Holdings PLC0.58%
Bilfinger SE0.56%
Chesnara PLC0.55%
Metrovacesa Sa0.55%
Biogaia Ab-B Shs0.52%
Paratus Energy Services Ltd0.47%
Csm0.46%
Sparebank 1 Nord Norge0.46%
Norconsult As0.43%
Plastic Omnium SA0.43%
Navigator Co SA0.41%
Saf-Holland Se0.41%
Corticeira Amorim SGPS SA0.40%
Serica Energy Plc0.38%
Northgate PLC0.37%
Conduit Holdings Ltd0.36%
Foresight Group Holdings Ltd0.35%
Kier Group PLC0.34%
Sentia As0.33%
Louis Hachette Group0.33%
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%
OVS SpA0.29%
Academedia Ab0.27%
Solstad Offshore Asa0.27%
Pexip Holding Asa0.27%
Mota Engil SGPS Sa0.27%
M P Evans Group Plc0.27%
NewRiver REIT PLC0.26%
Amsterdam Commodities NV0.25%
AF Gruppen ASA0.25%
Avarda Bank Ab0.25%
Forfarmers Nv0.25%
Scandi Standard AB0.24%
Beijer Alma Ab0.24%
Semapa-Sociedade de Investimen0.24%
Kid Asa0.23%
Alimak Group AB0.23%
Ratos AB0.22%
D'Amico International Shippi0.22%
Elopak Asa0.22%
Inwido AB0.21%

Only in VSS

4,900 securities, 94.4% of VSS by weight

SLBBH11425.83%
MSCI EAFE Dec260.48%
DPM Metals Inc0.23%
Eldorado Gold Corp0.23%
Gaztransport Et Technigaz SA0.22%
Storebrand ASA0.20%
thyssenkrupp AG0.20%
G Mining Ventures Corp0.19%
Nkt A/S0.18%
Usd/Jpy Fwd 202612160.18%
AL Sydbank A/S0.18%
Frontline PLC0.17%
LandMark Optoelectronics Corp0.17%
South Bow Corp0.17%
Aedifica SA0.17%
SSR Mining Inc0.17%
Lottomatica Group Spa0.17%
Capital Power Corp0.17%
Konecranes Oyj0.16%
Jyske Bank A/S0.16%
B2Gold Corp0.16%
Ringkjoebing Landbobank A/S0.16%
Lion Finance Group PLC0.16%
Capstone Copper Corp0.16%
OceanaGold Corp0.15%
voestalpine AG0.15%
Nexans SA0.15%
Aberdeen Group PLC0.15%
Perseus Mining Ltd0.14%
Balfour Beatty PLC0.14%
OR Royalties Inc0.14%
IG Group Holdings PLC0.14%
Iss A/S0.14%
LondonMetric Property PLC0.14%
NexGen Energy Ltd0.14%
Umicore SA0.14%
PrairieSky Royalty Ltd0.13%
Wpp PLC0.13%
Persimmon PLC0.13%
Jusung Engineering Co Ltd0.13%
BlackBerry Ltd0.13%
Rotork PLC0.13%
Georg Fischer AG0.13%
MSCI EmgMkt Dec260.13%
Tritax Big Box REIT PLC0.13%
SBM Offshore NV0.13%
Codan Ltd0.13%
Mycronic AB0.13%
Avanza Bank Holding AB0.13%
Man Group PLC/Jersey0.12%

Weight gaps

The 100 widest of 194 Holdings in both funds.

Holding weights in DFE and VSS, widest gap first
Holding	More in DFEMore in VSS	DFE	VSS
Odfjell Drilling Ltd	DFE +1.48 points	1.51%	0.03%
Bluenord Asa	DFE +1.03 points	1.06%	0.03%
Hammerson PlcHMSO.L	DFE +0.95 points	1.01%	0.06%
Pennon Group PlcPNN.L	DFE +0.94 points	1.01%	0.07%
Proximus SA	DFE +0.93 points	0.95%	0.02%
Dno Asa	DFE +0.93 points	0.97%	0.04%
Dunelm Group PLCDNLM.L	DFE +0.92 points	0.95%	0.03%
Stroeer SE & Co KGaA	DFE +0.84 points	0.87%	0.03%
Lancashire Holdings LtdLRE.L	DFE +0.81 points	0.86%	0.05%
Aker Solutions ASA	DFE +0.76 points	0.79%	0.03%
Greggs PLCGRG.L	DFE +0.75 points	0.82%	0.07%
Bekaert SA	DFE +0.71 points	0.74%	0.03%
Banco di Desio e della Brianza	DFE +0.69 points	0.71%	0.02%
Elekta AB	DFE +0.69 points	0.74%	0.05%
OSB Group PlcOSB.L	DFE +0.65 points	0.70%	0.06%
Koninklijke Heijmans NV	DFE +0.64 points	0.69%	0.06%
Anima Holding SpA	DFE +0.64 points	0.64%	<0.01%
Morgan Sindall Group PLCMGNS.L	DFE +0.62 points	0.68%	0.06%
Sirius Real Estate LtdSRE.L	DFE +0.62 points	0.67%	0.05%
AJ Bell PlcAJB.L	DFE +0.62 points	0.68%	0.06%
Ninety One Plc	DFE +0.59 points	0.61%	0.02%
Hacksaw Ab	DFE +0.59 points	0.61%	0.02%
Eurocommercial Properties Nv	DFE +0.59 points	0.62%	0.03%
Mpc Container Ships As	DFE +0.57 points	0.60%	0.03%
Moneysupermarket.com Group PLCMONY.L	DFE +0.55 points	0.58%	0.03%
Peab AB	DFE +0.55 points	0.59%	0.04%
Clas Ohlson AB	DFE +0.55 points	0.59%	0.04%
Montea Nv	DFE +0.54 points	0.58%	0.04%
Ipsos	DFE +0.55 points	0.58%	0.03%
Savills PLCSVS.L	DFE +0.54 points	0.59%	0.05%
Atea ASA	DFE +0.54 points	0.57%	0.03%
Keller Group PLCKLR.L	DFE +0.53 points	0.60%	0.07%
Cairn Homes Plc	DFE +0.52 points	0.57%	0.05%
Cloetta AB	DFE +0.52 points	0.54%	0.02%
Veidekke ASA	DFE +0.51 points	0.57%	0.06%
Derwent London PLCDLN.L	DFE +0.51 points	0.57%	0.06%
TietoEVRY Corp	DFE +0.50 points	0.54%	0.04%
OC Oerlikon Corp AG	DFE +0.49 points	0.52%	0.03%
Paragon Group of Cos PLCPAG.L	DFE +0.47 points	0.51%	0.04%
Stolt-Nielsen Ltd	DFE +0.45 points	0.47%	0.02%
Bilia AB	DFE +0.43 points	0.46%	0.03%
Wihlborgs Fastigheter Ab	DFE +0.43 points	0.48%	0.05%
Argan	DFE +0.43 points	0.46%	0.03%
4imprint Group PLCFOUR.L	DFE +0.42 points	0.46%	0.04%
Etablissements Maurel et Prom	DFE +0.42 points	0.43%	0.01%
CA Immobilien Anlagen AG	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%
Scandic Hotels Group Ab	DFE +0.40 points	0.43%	0.03%
Dermapharm Holding SE	DFE +0.39 points	0.40%	0.01%
Domino's Pizza Group PLCDOM.L	DFE +0.38 points	0.41%	0.03%
Firstgroup PLCFGP.L	DFE +0.39 points	0.41%	0.03%
Construcc Y Aux De Ferrocarr	DFE +0.37 points	0.41%	0.04%
Thule Group AB/The	DFE +0.37 points	0.42%	0.05%
Workspace Group PLCWKP.L	DFE +0.37 points	0.38%	0.01%
Imerys SA	DFE +0.37 points	0.39%	0.02%
Coats Group PlcCOA.L	DFE +0.35 points	0.40%	0.05%
Pluxee France Sa	DFE +0.34 points	0.37%	0.03%
D/S Norden	DFE +0.33 points	0.36%	0.03%
Linea Directa Aseguradora Sa	DFE +0.34 points	0.36%	0.02%
Clarkson PlcCKN.L	DFE +0.32 points	0.37%	0.05%
Gestamp Automocion Sa	DFE +0.33 points	0.34%	0.01%
Vesuvius PLCVSVS.L	DFE +0.33 points	0.36%	0.03%
Wacker Neuson SE	DFE +0.32 points	0.34%	0.02%
Melia Hotels International	DFE +0.31 points	0.34%	0.03%
Indus Holding AG	DFE +0.32 points	0.34%	0.02%
Europris Asa	DFE +0.32 points	0.35%	0.03%
Kainos Group PlcKNOS.L	DFE +0.32 points	0.35%	0.03%
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 +0.30 points	0.32%	0.02%
Granges AB	DFE +0.29 points	0.34%	0.05%
Fabege AB	DFE +0.30 points	0.33%	0.03%
Prosegur Cia de Seguridad SA	DFE +0.29 points	0.30%	<0.01%
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 +0.28 points	0.30%	0.02%
Catena AB	DFE +0.27 points	0.31%	0.04%
Sparebank 1 Oestlandet	DFE +0.28 points	0.30%	0.02%
Integrafin Holdings PlcIHP.L	DFE +0.27 points	0.30%	0.03%
Victrex PLCVCT.L	DFE +0.26 points	0.29%	0.03%
Sanlorenzo Spa/Ameglia	DFE +0.27 points	0.28%	0.01%
Duerr AG	DFE +0.26 points	0.28%	0.02%
Scandinavian Tobacco Group A/S	DFE +0.26 points	0.27%	0.01%
Terveystalo Oyj	DFE +0.25 points	0.27%	0.02%
Telecom Plus PLCTEP.L	DFE +0.25 points	0.27%	0.02%
Porr Ag	DFE +0.25 points	0.27%	0.02%
Hilton Food Group LtdHFG.L	DFE +0.25 points	0.27%	0.02%
Almirall SA	DFE +0.25 points	0.27%	0.02%
Schoeller-Bleckmann Oilfield E	DFE +0.24 points	0.25%	<0.01%
Hufvudstaden AB	DFE +0.24 points	0.26%	0.02%
Outokumpu OYJ	DFE +0.24 points	0.29%	0.05%
SSP Group PlcSSPG.L	DFE +0.23 points	0.28%	0.05%
RHI Magnesita NVRHIM.L	DFE +0.23 points	0.25%	0.02%
Remy Cointreau SA	DFE +0.22 points	0.25%	0.03%
Per Aarsleff Holding AS B	DFE +0.22 points	0.27%	0.05%
Arnoldo Mondadori Editore SpA	DFE +0.22 points	0.23%	<0.01%
Borregaard ASA	DFE +0.21 points	0.25%	0.04%
Billerud AB	DFE +0.22 points	0.26%	0.04%

All 391 DFE holdings⁠All 4,816 VSS 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 VSS Cost

Overpaying DFE vs VSS

$10,183

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

DFE 0.58%
$11,453
VSS 0.06%
$1,270

Amount$10,000

Years30 years

Cost over time

DFE 0.58%
VSS 0.06%
Overpaying

Year by year

Year	DFE	VSS	Overpaying
10	$1,041	$110	$931
20	$3,986	$432	$3,554
30	$11,453	$1,270	$10,183

Expense ratio

0.58%DFE
0.06%VSS, cheaper

VSS0.06%DFE0.58%

0.06%0.83%

Middle half of International Small-Cap funds
Median 0.44%

VSS cheapest of 16 funds

DFE 12th cheapest of 16 funds

DFE vs VSS Dividends

Last 12 months to Nov 2, 2026

Yield (12M): DFE 4.02%, better; VSS 3.03%
Payout (12M): DFE $3.02; VSS $4.51
Last payment: DFE $0.52; VSS $0.30
Ex-dividend: DFE Sep 25, 2026; VSS Sep 18, 2026
Paid on: DFE Sep 29, 2026; VSS Sep 22, 2026
Frequency: DFE Quarterly; VSS Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

DFEQuarterly · 40 paymentsAll DFE payments⁠

VSSQuarterly · 31 paymentsAll VSS payments⁠

DFE vs VSS Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: DFE 14.7%VSS 14.1%, better
Return per unit of riskSharpe ratio, 3 years: DFE 0.97, betterVSS 0.88
Worst fallMax drawdown, 5 years: DFE −38.3%VSS −33.3%, better
Market sensitivityBeta, 5 years: DFE 1.00VSS 0.98; Market = 1

DFE and VSS in the news

All news⁠

Best ETFs
Best small-cap ETFs: Vanguard’s VB beats three great funds all charging just 0.03%
Updated Nov 2, 2026VSS

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DFE vs VSS

In short

Stated mandate

Why people hold it

Worth knowing

How DFE and VSS differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DFE

Only in VSS

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Best small-cap ETFs: Vanguard’s VB beats three great funds all charging just 0.03%

How DFE and VSS differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DFE

Only in VSS

Weight gaps