At a glance
DWM charges 0.48% a year, above the 0.12% average of the 8 funds most like it (the most expensive of 9). It has $662.6M in assets, the 9th largest of that group; it paid 2.74% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +11.4% with distributions reinvested (S&P 500: +11.5%), the weakest of those 9 funds; over three years it returned +20.3% a year. At its worst it fell 34.2% in the 2020 crash (S&P 500: 33.7%) and 25.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months after the low. Its ten largest positions make up 11.3% of the fund, out of 1,406 in all.
The short version
WisdomTree International Equity Fund (DWM) is an index ETF that holds dividend-paying companies in developed countries outside the US and Canada, such as HSBC, Novartis and Nestlé. Most international funds weight companies by market value. This one weights them by the total dollars of dividends they pay. That approach costs more: its 0.48% expense ratio is the highest of nine similar funds compared, whose average is 0.12%.
Price history
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DWM +11.4% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| DWM official prospectus, to Dec 31, 2025 | — | +34.40% | — | +10.46% | +7.74% | — |
| Wisdom Tree International Equity Index (Reflects no deduction for fees, expenses or taxes) index, same period | — | +34.83% | — | +10.68% | +8.00% | — |
| MSCI EAFE Value Index (Reflects no deduction for fees, expenses or taxes) index, same period | — | +42.25% | — | +13.36% | +8.69% | — |
| MSCI EAFE Index (Reflects no deduction for fees, expenses or taxes) index, same period | — | +31.22% | — | +8.92% | +8.18% | — |
| DWM price data to Oct 27, 2026 | +8.8% | +11.4% | +20.3% | +10.4% | +8.5% | +5.6% |
- Over the year to Oct 27, 2026, DWM returned +11.4%, 9th of 9 among similar funds.
- Its 5-year annualized return was +10.4% and its 10-year +8.5%.
- In the 2020 COVID crash it fell 34.2% and regained its old high 9.5 months after the low.
- Its worst full calendar year was 2008 (-41.7%); its best was 2025 (+34.9%).
- The deepest fall in its price history was 62.1% (Oct 31, 2007 to Mar 9, 2009), recovered by Jun 9, 2014.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.8% | — |
| 2025 | +34.9% | +34.40% |
| 2024 | +4.2% | +4.56% |
| 2023 | +16.6% | +16.56% |
| 2022 | -9.1% | -9.11% |
| 2021 | +10.8% | +10.44% |
| 2020 | -2.4% | -1.94% |
| 2019 | +19.0% | +19.07% |
| 2018 | -13.5% | -13.54% |
| 2017 | +24.1% | +23.46% |
| 2016 | +3.1% | +2.88% |
| 2015 | -2.9% | — |
| 2014 | -4.9% | — |
| 2013 | +21.7% | — |
| 2012 | +18.0% | — |
| 2011 | -9.9% | — |
| 2010 | +5.1% | — |
| 2009 | +27.3% | — |
| 2008 | -41.7% | — |
| 2007 | +13.9% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 60.8% over that stretch · deepest drop along the way 62.1%, back to its old high 63 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 34.2% over that stretch · deepest drop along the way 34.2%, back to its old high 9.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 23.6% over that stretch · deepest drop along the way 25.7%, back to its old high 10.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.5400 | |
| 2025 | $2.1100 | +3.4% |
| 2024 | $2.0400 | -6.8% |
| 2023 | $2.1900 | +6.3% |
| 2022 | $2.0600 | +4.6% |
| 2021 | $1.9700 | +41.7% |
| 2020 | $1.3900 | -25.3% |
| 2019 | $1.8600 | +3.3% |
| 2018 | $1.8000 | +7.1% |
| 2017 | $1.6800 | +5.0% |
| 2016 | $1.6000 | -3.0% |
| 2015 | $1.6500 | -29.5% |
| 2014 | $2.3400 | +30.0% |
| 2013 | $1.8000 | +10.4% |
| 2012 | $1.6300 | -13.3% |
| 2011 | $1.8800 | +23.7% |
| 2010 | $1.5200 | -27.3% |
| 2009 | $2.0900 | +18.8% |
| 2008 | $1.7600 | +93.4% |
| 2007 | $0.9100 |
What's inside
As of Jun 30, 2026, the fund held 1,406 securities; the ten largest made up 11.29% of assets.
| Holding | Weight | |
|---|---|---|
| HSBC HOLDINGS PLC | 1.70% | |
| NOVARTIS AG | 1.22% | |
| NESTLE' SA/AG | 1.18% | |
| ASML HOLDING NV | 1.15% | |
| INTESA SANPAOLO SPA | 1.14% | |
| ROCHE HOLDING AG Preferred stock | 1.06% | |
| TOYOTA MOTOR CORP | 1.00% | |
| SHELL PLC | 0.97% | |
| BRITISH AMERICAN TOBACCO PLC | 0.94% | |
| BANCO BILBAO VIZCAYA ARGENTARIA SA | 0.94% | |
| BHP GROUP LTD | 0.86% | |
| BNP PARIBAS SA | 0.84% | |
| AXA SA | 0.84% | |
| INDUSTRIA DE DISENO TEXTIL SA | 0.81% | |
| LVMH MOET HENNESSY LOUIS VUITTON SE | 0.78% |
By country
Japan 25.01%United Kingdom 12.71%France 8.85%Switzerland 8.22%Spain 6.36%By asset type
Stocks 98.06%Preferred stock 1.16%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $11.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +6.86%, +2.35%, -0.86%.
How it works
DWM tracks the WisdomTree International Equity Index. WisdomTree, Inc. designed the index, and it is also the parent of the fund's adviser, WisdomTree Asset Management. The fund is passive and uses "representative sampling": it holds a sample of the index's stocks chosen to behave like the whole index, not necessarily every stock. Once a year, the index screens companies in 20 developed countries, including Japan, the UK, France, Switzerland and Australia. To qualify, a company must have paid at least $5 million in cash dividends over the past year, be worth at least $100 million, and pass trading-volume tests.
Stocks are weighted by the dividends they paid over the prior year, so the biggest payers get the most weight. HSBC was the largest holding at 1.7% as of June 30, 2026. At each annual rebalance, any one country or sector is capped at 25%, financials at 20% and real estate at 15%. Between rebalances, weights can drift past these limits. Japan made up 25.01% of the fund as of June 30, 2026.
The fund owns the shares directly and held no derivatives as of June 30, 2026. Its 1,406 holdings were widely spread, with the top 10 making up about 11% of assets. Portfolio turnover was 29%. Because the stocks trade in foreign currencies, changes in exchange rates against the dollar affect the fund's value.
What it really costs
- DWM charges 0.48% a year, versus an average of 0.12% for the similar funds below (9th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $49 in the first year and $604 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DWM | $49 | $154 | $269 | $604 |
In a retirement portfolio
It adds dividend-weighted exposure to developed markets outside North America, led by Japan and the UK, to a portfolio that may be mostly US stocks.
DWM spreads money across about 1,400 dividend-paying companies outside the US and Canada. Its trailing 12-month yield was 2.74% as of October 27, 2026, paid quarterly. Cost is the main drag. At 0.48% a year, the SEC's standard example puts costs at $604 over 10 years on a $10,000 investment.
Its downturns have been deep. It fell 62.1% from October 2007 to March 2009 and did not get back to its old peak until June 2014. It lost 41.7% in 2008 alone. It fell 34.2% in the 2020 COVID crash and 25.7% in 2022, taking about 10 months to recover each time. Someone who has to sell shares for spending money during a drop like that locks in the loss. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want developed-market stocks outside the US and Canada, weighted toward large dividend payers like HSBC, Novartis and Nestlé rather than by size.
- People who want quarterly income from international stocks. The trailing 12-month yield was 2.74% as of October 27, 2026.
- Holders who want wide spread: 1,406 holdings, with the top 10 at about 11% of assets as of June 30, 2026.
Look elsewhere if
- Cost-focused investors. The 0.48% expense ratio compares with 0.03% for VEA and SPDW and 0.07% for IEFA.
- Anyone who wants emerging markets or Canada. The index covers only 20 developed countries outside North America.
- Investors uneasy with a 25% weighting in Japan (as of June 30, 2026) or with deep drops like the 62.1% fall from 2007 to 2009.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| DWM this fund | — | 0.48% | $662.6M | +11.4% | +20.3% |
| EFA iShares MSCI EAFE ETF | 60% | 0.32% | $77.98B | +13.5% | +18.2% |
| IEFA iShares Core MSCI EAFE ETF | 56% | 0.07% | $190.11B | +13.7% | +18.5% |
| IDEV iShares Core MSCI International Developed M… | 51% | 0.04% | $31.64B | +14.6% | +19.2% |
| SCHF Schwab International Equity ETF | 50% | 0.06% | $69.68B | +17.7% | +20.4% |
| SPDW SPDR Portfolio Developed World ex-US ETF | 47% | 0.03% | $40.29B | +17.3% | +20.5% |
| VEA Vanguard FTSE Developed Markets ETF | 46% | 0.03% | $316.42B | +16.8% | +21.7% |
| EFV iShares MSCI EAFE Value ETF | 45% | 0.33% | $29.11B | +21.9% | +23.3% |
Questions investors ask
What does DWM invest in?
DWM holds dividend-paying companies in 20 developed countries outside the US and Canada. It tracks the WisdomTree International Equity Index, which weights each company by the total dividends it paid over the prior year. As of June 30, 2026, it held 1,406 companies. The largest were HSBC, Novartis, Nestlé, ASML and Intesa Sanpaolo, and Japan (25%) and the UK (13%) were the biggest country weights.
What's the difference between DWM and EFA?
The main differences are weighting and cost. DWM weights stocks by the dividends they pay. The iShares MSCI EAFE ETF (EFA) shares about 60% of DWM's holdings. EFA charges 0.32% a year and DWM charges 0.48%. Over one year, EFA returned 12.9% (as of October 30, 2026) and DWM returned 11.4% (as of October 27, 2026). Over 10 years through December 31, 2025, DWM returned 7.74% a year, while the MSCI EAFE Index returned 8.18%.
How often does DWM pay dividends?
DWM pays dividends quarterly. Over the 12 months to October 27, 2026, it paid $2.01 per share, a trailing yield of 2.74%. Because the index favors companies that pay the most dividends, income is part of how the fund is built. Payments can still rise or fall with company payouts and currency moves.
What is DWM's expense ratio?
DWM's expense ratio is 0.48%, according to the prospectus filed July 29, 2026. In the SEC's standard example ($10,000 invested, 5% annual return), costs come to $49 after one year, $269 after five years and $604 after 10 years. That ranks it 9th of 9 on cost among similar funds, whose average expense ratio is 0.12%. Several broad alternatives, such as VEA and SPDW, charge 0.03%.
How has DWM performed over the long term?
As of December 31, 2025, DWM returned 7.74% a year over 10 years and 10.46% a year over five years. Its own index returned 8.00% and 10.68% over the same periods. The MSCI EAFE Index returned 8.18% and 8.92%, and the MSCI EAFE Value Index returned 8.69% and 13.36%. DWM gained 34.4% in 2025. Its worst quarter was a 25.52% drop in early 2020.