EWO vs. OPPJ
EWO (iShares MSCI Austria ETF) and OPPJ (WisdomTree Japan Opportunities ETF) are both exchange-traded funds - EWO is a Europe Equities fund tracking the MSCI Austria Investable Market Index, while OPPJ is a Japan Equities fund tracking the WisdomTree Japan Opportunities Index. Both are passively managed. Over the past 10 years, EWO returned 15.10%/yr vs 17.80%/yr for OPPJ. At a 0.44 correlation, their price movements are largely independent. EWO charges 0.49%/yr vs 0.58%/yr for OPPJ.
Performance
EWO vs. OPPJ - Performance Comparison
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Returns By Period
In the year-to-date period, EWO achieves a 18.55% return, which is significantly lower than OPPJ's 26.23% return. Over the past 10 years, EWO has underperformed OPPJ with an annualized return of 15.10%, while OPPJ has yielded a comparatively higher 17.80% annualized return.
EWO
- 1D
- 1.37%
- 1M
- 6.75%
- YTD
- 18.55%
- 6M
- 23.71%
- 1Y
- 48.35%
- 3Y*
- 33.19%
- 5Y*
- 15.56%
- 10Y*
- 15.10%
OPPJ
- 1D
- 1.04%
- 1M
- -4.22%
- YTD
- 26.23%
- 6M
- 27.08%
- 1Y
- 64.16%
- 3Y*
- 33.91%
- 5Y*
- 25.20%
- 10Y*
- 17.80%
EWO vs. OPPJ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWO iShares MSCI Austria ETF | 18.55% | 74.21% | 4.05% | 20.63% | -21.95% | 31.50% | -3.67% | 17.05% | -22.88% | 52.47% |
OPPJ WisdomTree Japan Opportunities ETF | 26.23% | 37.08% | 20.70% | 38.96% | 5.02% | 11.66% | -3.22% | 18.24% | -18.69% | 29.56% |
Correlation
The correlation between EWO and OPPJ is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2013 | 0.44 |
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Return for Risk
EWO vs. OPPJ — Risk / Return Rank
EWO
OPPJ
EWO vs. OPPJ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Austria ETF (EWO) 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.
| EWO | OPPJ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.81 | ||
| Sortino ratioReturn per unit of downside risk | -0.84 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.53 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 3.28 | 6.58 | -3.30 |
| Martin ratioReturn relative to average drawdown | 11.10 | 22.36 | -11.26 |
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Drawdowns
EWO vs. OPPJ - Drawdown Comparison
The maximum EWO drawdown since its inception was -75.69%, which is greater than OPPJ's maximum drawdown of -39.30%. Use the drawdown chart below to compare losses from any high point for EWO and OPPJ.
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Drawdown Indicators
| EWO | OPPJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.69% | -39.30% | -36.39% |
Max Drawdown (1Y)Largest decline over 1 year | -14.08% | -9.82% | -4.26% |
Max Drawdown (3Y)Largest decline over 3 years | -16.75% | -16.49% | -0.26% |
Max Drawdown (5Y)Largest decline over 5 years | -41.82% | -16.49% | -25.33% |
Max Drawdown (10Y)Largest decline over 10 years | -58.10% | -39.30% | -18.80% |
Current DrawdownCurrent decline from peak | 0.00% | -4.22% | +4.22% |
Average DrawdownAverage peak-to-trough decline | -28.10% | -6.49% | -21.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.16% | 2.89% | +1.27% |
Volatility
EWO vs. OPPJ - Volatility Comparison
iShares MSCI Austria ETF (EWO) has a higher volatility of 7.31% compared to WisdomTree Japan Opportunities ETF (OPPJ) at 5.83%. This indicates that EWO's price experiences larger fluctuations and is considered to be riskier 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
| EWO | OPPJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.31% | 5.83% | +1.48% |
Volatility (6M)Calculated over the trailing 6-month period | 15.88% | 15.99% | -0.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.19% | 20.10% | -0.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.95% | 18.15% | +3.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.88% | 19.73% | +3.15% |
EWO vs. OPPJ - Expense Ratio Comparison
EWO has a 0.49% expense ratio, which is lower than OPPJ's 0.58% expense ratio.
Dividends
EWO vs. OPPJ - Dividend Comparison
EWO's dividend yield for the trailing twelve months is around 2.01%, more than OPPJ's 1.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWO iShares MSCI Austria ETF | 2.01% | 2.38% | 7.40% | 5.66% | 4.75% | 2.42% | 0.98% | 3.11% | 4.04% | 2.03% | 1.99% | 1.51% |
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
EWO and OPPJ have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWO has higher volatility (7.31%) compared to OPPJ (5.83%). In terms of maximum drawdown, EWO dropped -75.69% vs OPPJ's -39.30%.
On 10-year performance, OPPJ leads with 17.80% vs 15.10% for EWO. On fees, EWO is cheaper at 0.49% per year. On volatility, OPPJ has been the lower-risk option at 5.83%. 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 17.80% return vs 15.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EWO is cheaper with a 0.49% expense ratio, compared with 0.58% for OPPJ.
EWO has the higher dividend yield at 2.01%, compared with 1.50% for OPPJ.
EWO is categorized as Europe Equities, while OPPJ is Japan Equities. EWO tracks MSCI Austria Investable Market Index, while OPPJ tracks WisdomTree Japan Opportunities Index. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.49% for EWO and 0.58% for OPPJ.
OPPJ currently has the higher Sharpe Ratio (3.22 vs 2.41), 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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