DXJ vs. OPPJ
DXJ (WisdomTree Japan Hedged Equity Fund) and OPPJ (WisdomTree Japan Opportunities ETF) are both Japan Equities funds from WisdomTree - DXJ tracks the WisdomTree Japan Hedged Equity Index while OPPJ tracks the WisdomTree Japan Opportunities Index. Both are passively managed. Over the past 10 years, DXJ returned 18.25%/yr vs 17.36%/yr for OPPJ. Their correlation of 0.86 suggests significant overlap in exposure. DXJ charges 0.48%/yr vs 0.58%/yr for OPPJ.
Performance
DXJ vs. OPPJ - Performance Comparison
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Returns By Period
In the year-to-date period, DXJ achieves a 18.76% return, which is significantly lower than OPPJ's 26.18% return. Both investments have delivered pretty close results over the past 10 years, with DXJ having a 18.25% annualized return and OPPJ not far behind at 17.36%.
DXJ
- 1D
- 1.14%
- 1M
- 6.07%
- YTD
- 18.76%
- 6M
- 23.03%
- 1Y
- 52.60%
- 3Y*
- 32.82%
- 5Y*
- 26.08%
- 10Y*
- 18.25%
OPPJ
- 1D
- 1.11%
- 1M
- 2.92%
- YTD
- 26.18%
- 6M
- 32.46%
- 1Y
- 64.28%
- 3Y*
- 34.92%
- 5Y*
- 25.56%
- 10Y*
- 17.36%
DXJ vs. OPPJ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DXJ WisdomTree Japan Hedged Equity Fund | 18.76% | 32.78% | 29.83% | 42.04% | 5.96% | 17.99% | 3.94% | 18.94% | -19.78% | 22.81% |
OPPJ WisdomTree Japan Opportunities ETF | 26.18% | 37.08% | 20.70% | 38.96% | 5.02% | 11.66% | -3.22% | 18.24% | -18.69% | 29.56% |
Correlation
The correlation between DXJ and OPPJ is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.87 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.82 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.85 |
Correlation (All Time) Calculated using the full available price history since Jul 1, 2013 | 0.86 |
The correlation between DXJ and OPPJ has been stable across timeframes, ranging from 0.82 to 0.87 - a consistent structural relationship.
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Return for Risk
DXJ vs. OPPJ — Risk / Return Rank
DXJ
OPPJ
DXJ vs. OPPJ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Japan Hedged Equity Fund (DXJ) and WisdomTree Japan Opportunities ETF (OPPJ). 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.
| DXJ | OPPJ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 3.03 | 3.29 | -0.26 |
Sortino ratioReturn per unit of downside risk | 4.12 | 4.31 | -0.19 |
Omega ratioGain probability vs. loss probability | 1.55 | 1.55 | 0.00 |
Calmar ratioReturn relative to maximum drawdown | 4.83 | 6.70 | -1.88 |
Martin ratioReturn relative to average drawdown | 18.88 | 24.26 | -5.38 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DXJ | OPPJ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.03 | 3.29 | -0.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.38 | 1.42 | -0.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.91 | 0.88 | +0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.76 | -0.33 |
Drawdowns
DXJ vs. OPPJ - Drawdown Comparison
The maximum DXJ drawdown since its inception was -49.63%, which is greater than OPPJ's maximum drawdown of -39.30%. Use the drawdown chart below to compare losses from any high point for DXJ and OPPJ.
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Drawdown Indicators
| DXJ | OPPJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.63% | -39.30% | -10.33% |
Max Drawdown (1Y)Largest decline over 1 year | -10.98% | -9.82% | -1.16% |
Max Drawdown (3Y)Largest decline over 3 years | -22.19% | -16.49% | -5.70% |
Max Drawdown (5Y)Largest decline over 5 years | -22.19% | -16.49% | -5.70% |
Max Drawdown (10Y)Largest decline over 10 years | -39.14% | -39.30% | +0.16% |
Current DrawdownCurrent decline from peak | -0.36% | -4.25% | +3.89% |
Average DrawdownAverage peak-to-trough decline | -14.34% | -6.49% | -7.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.81% | 2.71% | +0.10% |
Volatility
DXJ vs. OPPJ - Volatility Comparison
The current volatility for WisdomTree Japan Hedged Equity Fund (DXJ) is 3.59%, while WisdomTree Japan Opportunities ETF (OPPJ) has a volatility of 5.08%. This indicates that DXJ experiences smaller price fluctuations and is considered to be less risky than OPPJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DXJ | OPPJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.59% | 5.08% | -1.49% |
Volatility (6M)Calculated over the trailing 6-month period | 13.11% | 15.43% | -2.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.43% | 19.65% | -2.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.96% | 18.05% | +0.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.18% | 19.71% | +0.47% |
DXJ vs. OPPJ - Expense Ratio Comparison
DXJ has a 0.48% expense ratio, which is lower than OPPJ's 0.58% expense ratio.
Dividends
DXJ vs. OPPJ - Dividend Comparison
DXJ's dividend yield for the trailing twelve months is around 1.09%, less than OPPJ's 1.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DXJ WisdomTree Japan Hedged Equity Fund | 1.09% | 1.29% | 3.48% | 3.44% | 3.02% | 2.64% | 2.53% | 2.47% | 2.92% | 2.30% | 1.98% | 5.95% |
OPPJ WisdomTree Japan Opportunities ETF | 1.50% | 1.78% | 4.02% | 2.71% | 2.63% | 2.96% | 3.04% | 2.17% | 2.06% | 1.53% | 1.66% | 3.61% |
Frequently Asked Questions
DXJ and OPPJ have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OPPJ has higher volatility (5.08%) compared to DXJ (3.59%). In terms of maximum drawdown, DXJ dropped -49.63% vs OPPJ's -39.30%.
On 10-year performance, DXJ leads with 18.25% vs 17.36% for OPPJ. On fees, DXJ is cheaper at 0.48% per year. On volatility, DXJ has been the lower-risk option at 3.59%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DXJ has performed better with a 18.25% return vs 17.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DXJ is cheaper with a 0.48% expense ratio, compared with 0.58% for OPPJ.
OPPJ has the higher dividend yield at 1.50%, compared with 1.09% for DXJ.
DXJ tracks WisdomTree Japan Hedged Equity Index, while OPPJ tracks WisdomTree Japan Opportunities Index. Their fees differ too: 0.48% for DXJ and 0.58% for OPPJ.
OPPJ currently has the higher Sharpe Ratio (3.29 vs 3.03), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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