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EWD vs. OPPE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWD vs. OPPE

Last updated Aug 5, 2026
Documentation

EWD (iShares MSCI Sweden ETF) and OPPE (WisdomTree European Opportunities Fund) are both Europe Equities funds - EWD tracks the MSCI Sweden Index while OPPE tracks the WisdomTree European Opportunities Index. Both are passively managed. Over the past 10 years, EWD returned 10.20%/yr vs 13.21%/yr for OPPE. Their 0.76 correlation means they have sometimes moved together and sometimes differently. EWD charges 0.55%/yr vs 0.58%/yr for OPPE.

Performance

EWD vs. OPPE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Sweden ETF (EWD) and WisdomTree European Opportunities Fund (OPPE). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EWD achieves a 11.35% return, which is significantly lower than OPPE's 19.72% return. Over the past 10 years, EWD has underperformed OPPE with an annualized return of 10.20%, while OPPE has yielded a comparatively higher 13.21% annualized return.

EWD

1D
1.81%
1M
6.08%
6M
2.98%
YTD
11.35%
1Y
25.27%
3Y*
19.40%
5Y*
5.21%
10Y*
10.20%
ALL TIME*
8.52%

OPPE

1D
0.53%
1M
5.97%
6M
11.94%
YTD
19.72%
1Y
32.51%
3Y*
25.42%
5Y*
14.79%
10Y*
13.21%
ALL TIME*
11.72%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EWD

iShares MSCI Sweden ETF
$9.32M$18.47M$11.48M

OPPE

WisdomTree European Opportunities Fund
$1.58M$1.14M$1.05M

EWD vs. OPPE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWD
iShares MSCI Sweden ETF		11.35%36.55%-3.90%25.07%-27.84%22.84%22.27%21.74%-12.78%21.86%
OPPE
WisdomTree European Opportunities Fund		19.72%38.80%10.42%19.80%-11.14%23.52%-2.92%28.60%-13.34%22.25%

Correlation

The correlation between EWD and OPPE is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.78

Correlation (3Y)
Balances recent behavior with more history.

0.76

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.78

Correlation (10Y)
Provides a long-term view across more market conditions.

0.76

Correlation (All Time)
Calculated using the full available price history since Mar 4, 2015

0.76

The correlation between EWD and OPPE has been stable across timeframes, ranging from 0.76 to 0.78 - a consistent structural relationship.

EWD vs. OPPE - Sectors Allocation Comparison

Sectors
EWD
OPPE

Industrials

46.3%
27.3%

Financial Services

24.6%
25.5%

Communication Services

12.6%
1.3%

Technology

6.8%
8.7%

Basic Materials

2.9%
9.6%

Consumer Cyclical

2.3%
6.3%

Consumer Defensive

2.3%
3.4%

Healthcare

1.2%
4.3%

Real Estate

1.0%
1.6%

Energy

-

6.0%

Utilities

-

6.0%

Industrials

EWD
46.3%
OPPE
27.3%

Financial Services

EWD
24.6%
OPPE
25.5%

Communication Services

EWD
12.6%
OPPE
1.3%

Technology

EWD
6.8%
OPPE
8.7%

Basic Materials

EWD
2.9%
OPPE
9.6%

Consumer Cyclical

EWD
2.3%
OPPE
6.3%

Consumer Defensive

EWD
2.3%
OPPE
3.4%

Healthcare

EWD
1.2%
OPPE
4.3%

Real Estate

EWD
1.0%
OPPE
1.6%

Energy

EWD

-

OPPE
6.0%

Utilities

EWD

-

OPPE
6.0%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Sweden ETF

WisdomTree European Opportunities Fund

Often compared with EWD:
EWD vs. EWGEWD vs. NORWEWD vs. EWCEWD vs. EWNEWD vs. VOOEWD vs. OMXS.LEWD vs. EWQ
Often compared with OPPE:
OPPE vs. WLDROPPE vs. HEGDOPPE vs. EWJVOPPE vs. SPMOOPPE vs. GRIDOPPE vs. AVDVOPPE vs. PXF

Return for Risk

EWD vs. OPPE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWD
EWD Risk / Return Rank: 4343
Overall Rank
EWD Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
EWD Sortino Ratio Rank: 4444
Sortino Ratio Rank
EWD Omega Ratio Rank: 4141
Omega Ratio Rank
EWD Calmar Ratio Rank: 4444
Calmar Ratio Rank
EWD Martin Ratio Rank: 4343
Martin Ratio Rank
OPPE
OPPE Risk / Return Rank: 8686
Overall Rank
OPPE Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
OPPE Sortino Ratio Rank: 8585
Sortino Ratio Rank
OPPE Omega Ratio Rank: 8585
Omega Ratio Rank
OPPE Calmar Ratio Rank: 8686
Calmar Ratio Rank
OPPE Martin Ratio Rank: 8787
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EWD vs. OPPE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Sweden ETF (EWD) and WisdomTree European Opportunities Fund (OPPE). 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.

EWDOPPEDifference
Sharpe ratioReturn per unit of total volatility
1.26
2.28

-1.02

Sortino ratioReturn per unit of downside risk
1.81
3.12

-1.31

Omega ratioGain probability vs. loss probability

1.22

1.40

-0.19

Calmar ratioReturn relative to maximum drawdown

1.75

3.70

-1.95

Martin ratioReturn relative to average drawdown

5.30

14.31

-9.01

EWD vs. OPPE - Sharpe Ratio Comparison

The current EWD Sharpe Ratio is 1.26, which is lower than the OPPE Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of EWD and OPPE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

EWD vs. OPPE - Drawdown Comparison

The maximum EWD drawdown since its inception was -75.40%, which is greater than OPPE's maximum drawdown of -39.28%. Use the drawdown chart below to compare losses from any high point for EWD and OPPE.

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Drawdown Indicators

EWDOPPEDifference

Max Drawdown

Largest peak-to-trough decline

-75.40%

-39.28%

-36.12%

Max Drawdown (1Y)

Largest decline over 1 year

-14.49%

-8.83%

-5.66%

Max Drawdown (3Y)

Largest decline over 3 years

-17.84%

-15.04%

-2.80%

Max Drawdown (5Y)

Largest decline over 5 years

-42.33%

-24.49%

-17.84%

Max Drawdown (10Y)

Largest decline over 10 years

-42.33%

-39.28%

-3.05%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-19.15%

-5.40%

-13.75%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.78%

2.28%

+2.50%

Volatility

EWD vs. OPPE - Volatility Comparison

iShares MSCI Sweden ETF (EWD) has a higher volatility of 4.96% compared to WisdomTree European Opportunities Fund (OPPE) at 3.44%. This indicates that EWD's price experiences larger fluctuations and is considered to be riskier than OPPE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWDOPPEDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.96%

3.44%

+1.52%

Volatility (6M)

Calculated over the trailing 6-month period

17.15%

12.54%

+4.61%

Volatility (1Y)

Calculated over the trailing 1-year period

20.15%

14.32%

+5.83%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

24.04%

15.67%

+8.37%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.20%

16.91%

+6.29%

EWD vs. OPPE - Expense Ratio Comparison

EWD has a 0.55% expense ratio, which is lower than OPPE's 0.58% expense ratio.

Dividends

EWD vs. OPPE - Dividend Comparison

EWD's dividend yield for the trailing twelve months is around 3.35%, more than OPPE's 2.54% yield.

PositionTTM20252024202320222021202020192018201720162015
EWD
iShares MSCI Sweden ETF		3.35%3.27%1.77%2.41%3.68%5.46%0.98%4.15%5.17%3.23%3.91%4.08%
OPPE
WisdomTree European Opportunities Fund		2.54%2.95%3.99%3.53%5.13%2.39%3.42%3.08%2.34%1.46%2.60%4.39%

Frequently Asked Questions

EWD and OPPE have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWD has higher volatility (4.96%) compared to OPPE (3.44%). In terms of maximum drawdown, EWD dropped -75.40% vs OPPE's -39.28%.

On 10-year performance, OPPE leads with 13.21% vs 10.20% for EWD. On fees, EWD is cheaper at 0.55% per year. On volatility, OPPE has been the lower-risk option at 3.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, OPPE has performed better with a 13.21% return vs 10.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWD is cheaper with a 0.55% expense ratio, compared with 0.58% for OPPE.

EWD has the higher dividend yield at 3.35%, compared with 2.54% for OPPE.

EWD tracks MSCI Sweden Index, while OPPE tracks WisdomTree European Opportunities Index. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.55% for EWD and 0.58% for OPPE.

OPPE currently has the higher Sharpe Ratio (2.28 vs 1.26), 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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