DXJS vs. OPPJ
DXJS (WisdomTree Japan Hedged SmallCap Equity Fund) and OPPJ (WisdomTree Japan Opportunities ETF) are both Japan Equities funds from WisdomTree - DXJS tracks the WisdomTree Japan Hedged SmallCap Equity Index while OPPJ tracks the WisdomTree Japan Opportunities Index. Both are passively managed. Over the past 10 years, DXJS returned 16.84%/yr vs 18.38%/yr for OPPJ. With a 1.00 correlation, they move nearly in lockstep. Both charge a 0.58% expense ratio.
Performance
DXJS vs. OPPJ - Performance Comparison
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Returns By Period
In the year-to-date period, DXJS achieves a 23.30% return, which is significantly lower than OPPJ's 26.34% return. Over the past 10 years, DXJS has underperformed OPPJ with an annualized return of 16.84%, while OPPJ has yielded a comparatively higher 18.38% annualized return.
DXJS
- 1D
- -2.83%
- 1M
- -1.82%
- YTD
- 23.30%
- 6M
- 24.16%
- 1Y
- 59.61%
- 3Y*
- 33.69%
- 5Y*
- 24.61%
- 10Y*
- 16.84%
OPPJ
- 1D
- -4.11%
- 1M
- 0.60%
- YTD
- 26.34%
- 6M
- 27.22%
- 1Y
- 63.54%
- 3Y*
- 34.64%
- 5Y*
- 25.28%
- 10Y*
- 18.38%
DXJS vs. OPPJ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DXJS WisdomTree Japan Hedged SmallCap Equity Fund | 23.30% | 37.08% | 20.70% | 38.96% | 5.02% | 11.66% | -3.22% | 18.24% | -18.69% | 29.56% |
OPPJ WisdomTree Japan Opportunities ETF | 26.34% | 37.08% | 20.70% | 38.96% | 5.02% | 11.66% | -3.22% | 18.24% | -18.69% | 29.56% |
Correlation
The correlation between DXJS and OPPJ is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 1.00 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2013 | 1.00 |
The correlation between DXJS and OPPJ has been stable across timeframes, ranging from 0.96 to 1.00 - a consistent structural relationship.
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Return for Risk
DXJS vs. OPPJ — Risk / Return Rank
DXJS
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
OPPJ
DXJS vs. OPPJ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Japan Hedged SmallCap Equity Fund (DXJS) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| DXJS | OPPJ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.51 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 6.24 | 6.50 | -0.26 |
| Martin ratioReturn relative to average drawdown | 22.10 | 21.87 | +0.24 |
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Drawdowns
DXJS vs. OPPJ - Drawdown Comparison
The maximum DXJS drawdown since its inception was -39.30%, roughly equal to the maximum OPPJ drawdown of -39.30%. Use the drawdown chart below to compare losses from any high point for DXJS and OPPJ.
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Drawdown Indicators
| DXJS | OPPJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.30% | -39.30% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -9.82% | -9.82% | 0.00% |
Max Drawdown (3Y)Largest decline over 3 years | -16.49% | -16.49% | 0.00% |
Max Drawdown (5Y)Largest decline over 5 years | -16.49% | -16.49% | 0.00% |
Max Drawdown (10Y)Largest decline over 10 years | -39.30% | -39.30% | 0.00% |
Current DrawdownCurrent decline from peak | -6.44% | -4.13% | -2.31% |
Average DrawdownAverage peak-to-trough decline | -6.49% | -6.48% | -0.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.77% | 2.92% | -0.15% |
Volatility
DXJS vs. OPPJ - Volatility Comparison
The current volatility for WisdomTree Japan Hedged SmallCap Equity Fund (DXJS) is 5.19%, while WisdomTree Japan Opportunities ETF (OPPJ) has a volatility of 7.39%. This indicates that DXJS 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
| DXJS | OPPJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.19% | 7.39% | -2.20% |
Volatility (6M)Calculated over the trailing 6-month period | 15.69% | 16.54% | -0.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.86% | 20.67% | -0.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.08% | 18.25% | -0.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.72% | 19.59% | +0.13% |
DXJS vs. OPPJ - Expense Ratio Comparison
Both DXJS and OPPJ have an expense ratio of 0.58%.
Dividends
DXJS vs. OPPJ - Dividend Comparison
DXJS has not paid dividends to shareholders, while OPPJ's dividend yield for the trailing twelve months is around 1.50%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DXJS WisdomTree Japan Hedged SmallCap Equity Fund | 1.54% | 1.78% | 4.02% | 2.71% | 2.63% | 2.96% | 3.04% | 2.17% | 2.06% | 1.53% | 1.66% | 3.61% |
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
With a correlation of 0.96, DXJS and OPPJ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
OPPJ has higher volatility (7.39%) compared to DXJS (5.19%). In terms of maximum drawdown, DXJS dropped -39.30% vs OPPJ's -39.30%.
On 10-year performance, OPPJ leads with 18.38% vs 16.84% for DXJS. Both ETFs have the same 0.58% expense ratio. On volatility, DXJS has been the lower-risk option at 5.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, OPPJ has performed better with a 18.38% return vs 16.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DXJS and OPPJ have the same expense ratio: 0.58% per year.
DXJS has the higher dividend yield at 1.54%, compared with 1.50% for OPPJ.
DXJS tracks WisdomTree Japan Hedged SmallCap Equity Index, while OPPJ tracks WisdomTree Japan Opportunities Index.
OPPJ currently has the higher Sharpe Ratio (3.09 vs 3.08), 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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