DV
Dividend Vision

ETF Comparison

DES vs DON: Which Is the Better Pick in 2026?

A head-to-head comparison of WisdomTree U.S. SmallCap Dividend Fund and WisdomTree U.S. MidCap Dividend Fund covering yield, cost, risk, and income potential.

Data updated September 4, 2026

Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

DES has outpaced DON over the trailing twelve months, posting a 22.29% total return against 13.22%. The picture flips over 10 years, though — DON has compounded at 9.28% a year, ahead of DES at 7.84%. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
SymbolYTD1Y3Y5Y10YSince Jun 2006Volatility Sharpe Sortino Max drawdown
DES21.72%22.29%14.62%7.83%7.84%7.87%18.7%0.490.73-25.2%
DON12.43%13.22%13.58%8.79%9.28%9.32%15.8%0.520.76-21.5%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 4, 2026. YTD and 1Y are cumulative; windows of one year or longer are annualized. “Since Jun 2006” measures every fund from June 16, 2006 — the youngest fund's first trading day — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricDESDON
Full nameWisdomTree U.S. SmallCap Dividend FundWisdomTree U.S. MidCap Dividend Fund
IssuerWisdomTreeWisdomTree
Last Close$40.41 as of September 4, 2026$57.77 as of September 4, 2026
Distribution rate2.23%2.28%
Distribution Safety Score™ 8281
Safety-Adjusted Yield 1.83%1.85%
Expense ratio0.38%0.38%
AUM$2.16B$4.00B
Distribution frequencyMonthlyMonthly
Underlying index—WisdomTree U.S. MidCap Dividend Index
Objective——
Asset classEquityEquity
Inception date06/16/200606/16/2006
Beta0.820.78
Last dividend$0.075$0.11
Ex-dividend date08/26/202608/26/2026

Bottom lineDES and DON are nearly interchangeable — both offer very similar small cap value exposure with very similar cost and risk. Fees are effectively identical, so it comes down to which your broker offers commission-free and any share-price or tax-lot preference.

Model this comparison:
Compare in my portfolio Forecast income Save to watchlist

Income calculator

See how much monthly income a hypothetical investment would generate in each ETF at current yields.

WisdomTree
ETFs94
Total AUM$103B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

WisdomTree is known for developing thematic and factor-based ETFs that go beyond traditional market-cap weighting approaches. The issuer maintains a broad lineup spanning dividend and income strategies, international equities, commodities, bonds, digital assets, and specialized thematic areas like megatrends and alternatives. WisdomTree's diverse fund family appeals to investors seeking both traditional income exposure and more specialized strategies, with popular tickers across equity, fixed income, and alternative asset classes.

See our curated list of related YouTube videos on DES and DON.

See all WisdomTree ETFs

Want to go deeper?

Add these ETFs to a sample portfolio and forecast your dividend income over 5+ years — free to start, no credit card.

Compare in my portfolio Forecast income Save to watchlist

Quick verdict

DES (WisdomTree U.S. SmallCap Dividend Fund) and DON (WisdomTree U.S. MidCap Dividend Fund) are both monthly-pay dividend ETFs, but they take different approaches.

DON offers the higher yield at 2.28% vs 2.23% for DES. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

DON is the larger fund by assets ($4.00B), but assets alone do not establish trading costs or liquidity.

Deep dive

Yield & income

On a $10,000 investment, DES would generate roughly $18.58/month, while DON would produce $19.00/month, at current distribution rates. Both pay monthly distributions.

DES yield2.23%
DON yield2.28%
Monthly diff on $10K$0.42

Cost & efficiency

Over 10 years on $10,000, DES would cost approximately $380 in fees vs $380 for DON (simplified, not compounded). Both charge the same expense ratio.

DES ER0.38%
DON ER0.38%

Strategy & risk

DES is an ETF built around small cap value exposure, while DON tracks WisdomTree U.S. MidCap Dividend Index with a dividend approach. Beta is 0.82 for DES and 0.78 for DON — effectively similar market sensitivity.

DES beta0.82
DON beta0.78

Fund details

DES is managed by WisdomTree (launched 06/16/2006) with $2.16B in assets. DON is managed by WisdomTree (launched 06/16/2006) with $4.00B in assets.

DES AUM$2.16B
DON AUM$4.00B
Ready to act?
Open in Comparator Model in portfolio See pricing

Enjoyed this page?

Do us a favor — if you found this comparison useful, please share it with a friend researching dividend ETFs.

Frequently asked questions

What is the current distribution rate for DES and DON?

DES currently distributes 2.23% and DON 2.28%, based on fund data updated September 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is DES or DON better for dividend income?

It depends on your goals. DON currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.

What is the difference between DES and DON?

DES (WisdomTree U.S. SmallCap Dividend Fund) is an ETF built around small cap value exposure, while DON (WisdomTree U.S. MidCap Dividend Fund) tracks WisdomTree U.S. MidCap Dividend Index with a dividend approach. They are issued by WisdomTree and WisdomTree respectively.

Can I hold both DES and DON?

Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Is DES or DON safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — they are effectively tied: DES scores 82, DON scores 81. Neither has a clear safety edge on that measure. No score makes an investment risk-free — treat this as a screening signal, not a guarantee.

Which has lower fees, DES or DON?

DES and DON both charge the same expense ratio of 0.38%, so neither is cheaper on fees — pick based on yield, strategy, or underlying index instead.

How much income does $10,000 in DES vs DON generate?

At current rates, $10,000 in DES would generate roughly $18.58 per month ($223.00 annually). The same in DON would produce about $19.00 per month ($228.00 annually).

Which has performed better historically, DES or DON?

DES has outpaced DON over the trailing twelve months, posting a 22.29% total return against 13.22%. The picture flips over 10 years, though — DON has compounded at 9.28% a year, ahead of DES at 7.84%. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

DES vs DON — at a glance

Generated September 5, 2026.

Overview

DES and DON are both WisdomTree dividend-focused ETFs that target U.S. dividend-paying stocks, but they operate at different market capitalizations. DES focuses on small-cap dividend stocks, while DON targets mid-cap dividend payers. Both use WisdomTree's fundamental-weighting methodology and distribute monthly, making them natural comparisons for income-focused investors choosing between the smaller and larger end of the dividend universe.

How they differ

The core distinction is market-cap exposure: DES holds small-cap stocks (typically under $10 billion in market value), while DON focuses on mid-caps (roughly $10–50 billion). This size difference drives their risk and return profiles—DES carries a higher beta of 0.84 versus DON's 0.8, meaning small-cap exposure adds modestly more volatility. Yield is nearly identical: DES distributes at 2.23% and DON at 2.28%, both paid monthly with matching 0.38% expense ratios. DON is the larger fund by assets ($4.00B versus $2.16B), which typically means tighter spreads and lower trading friction. Both ETFs have been running since 06/16/2006, giving them comparable track records.

Who each is best for

  • DES: Fits investors who want exposure to smaller dividend-paying companies and can tolerate the modestly higher volatility that comes with the small-cap segment.
  • DON: Designed for investors seeking a more stable, established dividend base from mid-cap companies while maintaining similar monthly income distribution and cost structure.

Key risks to know

  • Market-cap segment risk: Small caps (DES) tend to lag during economic contractions and rising interest-rate environments, while mid-caps (DON) offer more cushion but less potential upside in equity rallies.
  • Dividend-selection risk: Both funds rely on WisdomTree's dividend-weighting methodology, which tilts toward higher-dividend-yielding stocks within each size band. This can create concentration in dividend-heavy sectors (e.g., utilities, REITs, energy) and leave the funds vulnerable if those sector valuations compress.
  • Liquidity and overlap: Small-cap dividend stocks (DES holdings) tend to have lower trading volume and wider bid-ask spreads than mid-cap peers, increasing transaction costs for frequent traders.
  • Beta divergence in market stress: DES's slightly higher beta means it may underperform DON during sharp equity downturns, though the difference is modest.

Bottom line

If you prioritize lower volatility and deeper market liquidity, DON's mid-cap focus and $4.00B in assets offer a smoother ride with virtually identical yield and fees. If you're comfortable with small-cap variation in exchange for access to a smaller-company segment, DES delivers comparable monthly income at a similar cost. Both charge 0.38%, so the choice hinges on your market-cap preference and risk tolerance. Past performance does not guarantee future results.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

Learn the method

The metrics behind this comparison, explained in the Academy.

How to read a fund's stats How expense ratios eat returns Correlation between two funds

Still deciding? Compare them against your own portfolio

See how each ETF fits alongside your real holdings — forecast future income, analyze overlap, and gauge risk. Start a free 7-day Dividend Vision trial and make the call with your full portfolio in view.

Start Free Open in Comparator Browse Screener