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EWI vs. OPPE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWI vs. OPPE

Last updated Jul 14, 2026
Documentation

EWI (iShares MSCI Italy ETF) and OPPE (WisdomTree European Opportunities Fund) are both Europe Equities funds - EWI tracks the MSCI Italy Index while OPPE tracks the WisdomTree European Opportunities Index. Both are passively managed. Over the past 10 years, EWI returned 14.28%/yr vs 12.83%/yr for OPPE. A 0.79 correlation means they provide meaningful diversification when combined. EWI charges 0.49%/yr vs 0.58%/yr for OPPE.

Performance

EWI vs. OPPE - Performance Comparison

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

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Returns By Period

The year-to-date returns for both stocks are quite close, with EWI having a 13.50% return and OPPE slightly lower at 12.84%. Over the past 10 years, EWI has outperformed OPPE with an annualized return of 14.28%, while OPPE has yielded a comparatively lower 12.83% annualized return.

EWI

1D
-0.20%
1M
1.64%
6M
11.47%
YTD
13.50%
1Y
30.17%
3Y*
26.62%
5Y*
17.73%
10Y*
14.28%

OPPE

1D
-0.18%
1M
-0.44%
6M
9.44%
YTD
12.84%
1Y
23.91%
3Y*
22.76%
5Y*
13.97%
10Y*
12.83%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWI vs. OPPE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWI
iShares MSCI Italy ETF		13.50%55.72%10.23%30.63%-14.16%14.38%1.69%26.98%-17.18%28.70%
OPPE
WisdomTree European Opportunities Fund		12.84%38.80%10.42%19.80%-11.14%23.52%-2.92%28.60%-13.34%22.25%

Correlation

The correlation between EWI and OPPE is 0.86, 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

0.86

Correlation (3Y)
Calculated over the trailing 3-year period

0.83

Correlation (5Y)
Calculated over the trailing 5-year period

0.84

Correlation (10Y)
Calculated over the trailing 10-year period

0.81

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

0.79

The correlation between EWI and OPPE has been stable across timeframes, ranging from 0.79 to 0.86 - a consistent structural relationship.

EWI vs. OPPE - Sectors Allocation Comparison

Sectors
EWI
OPPE

Financial Services

47.9%
23.3%

Utilities

18.0%
6.0%

Industrials

11.1%
28.1%

Consumer Cyclical

9.8%
3.3%

Energy

7.4%
8.7%

Communication Services

2.5%
1.5%

Healthcare

1.4%
4.6%

Basic Materials

1.1%
11.0%

Consumer Defensive

1.0%
4.2%

Real Estate

-

1.4%

Technology

-

7.8%

Financial Services

EWI
47.9%
OPPE
23.3%

Utilities

EWI
18.0%
OPPE
6.0%

Industrials

EWI
11.1%
OPPE
28.1%

Consumer Cyclical

EWI
9.8%
OPPE
3.3%

Energy

EWI
7.4%
OPPE
8.7%

Communication Services

EWI
2.5%
OPPE
1.5%

Healthcare

EWI
1.4%
OPPE
4.6%

Basic Materials

EWI
1.1%
OPPE
11.0%

Consumer Defensive

EWI
1.0%
OPPE
4.2%

Real Estate

EWI

-

OPPE
1.4%

Technology

EWI

-

OPPE
7.8%

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 Italy ETF

WisdomTree European Opportunities Fund

Often compared with EWI:
EWI vs. SPYEWI vs. EWPEWI vs. EWQEWI vs. VOOEWI vs. FEZEWI vs. QQQEEWI vs. EIRL
Often compared with OPPE:
OPPE vs. WLDROPPE vs. HEGDOPPE vs. EWJVOPPE vs. GRIDOPPE vs. SPMOOPPE vs. AVDVOPPE vs. VT

Return for Risk

EWI vs. OPPE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWI
EWI Risk / Return Rank: 6161
Overall Rank
EWI Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
EWI Sortino Ratio Rank: 6262
Sortino Ratio Rank
EWI Omega Ratio Rank: 5858
Omega Ratio Rank
EWI Calmar Ratio Rank: 6161
Calmar Ratio Rank
EWI Martin Ratio Rank: 6363
Martin Ratio Rank
OPPE
OPPE Risk / Return Rank: 6565
Overall Rank
OPPE Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
OPPE Sortino Ratio Rank: 6363
Sortino Ratio Rank
OPPE Omega Ratio Rank: 6161
Omega Ratio Rank
OPPE Calmar Ratio Rank: 6969
Calmar Ratio Rank
OPPE Martin Ratio Rank: 7070
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EWI vs. OPPE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Italy ETF (EWI) 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.

EWIOPPEDifference
Sharpe ratioReturn per unit of total volatility
1.65
1.66

-0.01

Sortino ratioReturn per unit of downside risk
2.30
2.34

-0.03

Omega ratioGain probability vs. loss probability

1.28

1.30

-0.01

Calmar ratioReturn relative to maximum drawdown

2.43

2.72

-0.29

Martin ratioReturn relative to average drawdown

9.05

10.08

-1.03

EWI vs. OPPE - Sharpe Ratio Comparison

The current EWI Sharpe Ratio is 1.65, which is comparable to the OPPE Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of EWI 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

EWI vs. OPPE - Drawdown Comparison

The maximum EWI drawdown since its inception was -70.38%, which is greater than OPPE's maximum drawdown of -39.28%. Use the drawdown chart below to compare losses from any high point for EWI and OPPE.

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Drawdown Indicators

EWIOPPEDifference

Max Drawdown

Largest peak-to-trough decline

-70.38%

-39.28%

-31.10%

Max Drawdown (1Y)

Largest decline over 1 year

-12.48%

-8.83%

-3.65%

Max Drawdown (3Y)

Largest decline over 3 years

-16.80%

-15.04%

-1.76%

Max Drawdown (5Y)

Largest decline over 5 years

-35.25%

-24.49%

-10.76%

Max Drawdown (10Y)

Largest decline over 10 years

-43.00%

-39.28%

-3.72%

Current Drawdown

Current decline from peak

-1.10%

-1.04%

-0.06%

Average Drawdown

Average peak-to-trough decline

-28.85%

-5.43%

-23.42%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.34%

2.38%

+0.96%

Volatility

EWI vs. OPPE - Volatility Comparison

iShares MSCI Italy ETF (EWI) has a higher volatility of 5.24% compared to WisdomTree European Opportunities Fund (OPPE) at 4.54%. This indicates that EWI'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

EWIOPPEDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.24%

4.54%

+0.70%

Volatility (6M)

Calculated over the trailing 6-month period

15.54%

12.62%

+2.92%

Volatility (1Y)

Calculated over the trailing 1-year period

18.46%

14.54%

+3.92%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.13%

15.67%

+5.46%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.51%

16.90%

+5.61%

EWI vs. OPPE - Expense Ratio Comparison

EWI has a 0.49% expense ratio, which is lower than OPPE's 0.58% expense ratio.

Dividends

EWI vs. OPPE - Dividend Comparison

EWI's dividend yield for the trailing twelve months is around 3.10%, more than OPPE's 2.69% yield.

PositionTTM20252024202320222021202020192018201720162015
EWI
iShares MSCI Italy ETF		3.10%2.80%4.07%3.40%4.57%2.63%1.66%3.80%4.71%2.19%3.64%2.31%
OPPE
WisdomTree European Opportunities Fund		2.69%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

EWI and OPPE have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWI has higher volatility (5.24%) compared to OPPE (4.54%). In terms of maximum drawdown, EWI dropped -70.38% vs OPPE's -39.28%.

On 10-year performance, EWI leads with 14.28% vs 12.83% for OPPE. On fees, EWI is cheaper at 0.49% per year. On volatility, OPPE has been the lower-risk option at 4.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWI has performed better with a 14.28% return vs 12.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWI is cheaper with a 0.49% expense ratio, compared with 0.58% for OPPE.

EWI has the higher dividend yield at 3.10%, compared with 2.69% for OPPE.

EWI tracks MSCI Italy Index, while OPPE tracks WisdomTree European Opportunities Index. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.49% for EWI and 0.58% for OPPE.

OPPE currently has the higher Sharpe Ratio (1.66 vs 1.65), 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.

Portfolio Optimizer

Find the right allocation for EWI and OPPE

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