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OPPE vs. EWI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

OPPE vs. EWI

Last updated Jul 17, 2026
Documentation

OPPE (WisdomTree European Opportunities Fund) and EWI (iShares MSCI Italy ETF) are both Europe Equities funds - OPPE tracks the WisdomTree European Opportunities Index while EWI tracks the MSCI Italy Index. Both are passively managed. Over the past 10 years, OPPE returned 12.87%/yr vs 14.33%/yr for EWI. A 0.79 correlation means they provide meaningful diversification when combined. OPPE charges 0.58%/yr vs 0.49%/yr for EWI.

Performance

OPPE vs. EWI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree European Opportunities Fund (OPPE) and iShares MSCI Italy ETF (EWI). 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 investments are quite close, with OPPE having a 13.65% return and EWI slightly higher at 13.67%. Over the past 10 years, OPPE has underperformed EWI with an annualized return of 12.87%, while EWI has yielded a comparatively higher 14.33% annualized return.

OPPE

1D
-0.58%
1M
0.36%
6M
10.55%
YTD
13.65%
1Y
25.51%
3Y*
23.04%
5Y*
14.36%
10Y*
12.87%

EWI

1D
-0.41%
1M
-0.28%
6M
12.69%
YTD
13.67%
1Y
30.99%
3Y*
26.56%
5Y*
18.23%
10Y*
14.33%
*Multi-year figures are annualized to reflect compound growth (CAGR)

OPPE vs. EWI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
OPPE
WisdomTree European Opportunities Fund		13.65%38.80%10.42%19.80%-11.14%23.52%-2.92%28.60%-13.34%22.25%
EWI
iShares MSCI Italy ETF		13.67%55.72%10.23%30.63%-14.16%14.38%1.69%26.98%-17.18%28.70%

Correlation

The correlation between OPPE and EWI is 0.85, 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

0.85

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 OPPE and EWI has been stable across timeframes, ranging from 0.79 to 0.85 - a consistent structural relationship.

OPPE vs. EWI - Sectors Allocation Comparison

Sectors
OPPE
EWI

Industrials

28.1%
11.1%

Financial Services

23.3%
47.9%

Basic Materials

11.0%
1.1%

Energy

8.7%
7.4%

Technology

7.8%

-

Utilities

6.0%
18.0%

Healthcare

4.6%
1.4%

Consumer Defensive

4.2%
1.0%

Consumer Cyclical

3.3%
9.8%

Communication Services

1.5%
2.5%

Real Estate

1.4%

-

Industrials

OPPE
28.1%
EWI
11.1%

Financial Services

OPPE
23.3%
EWI
47.9%

Basic Materials

OPPE
11.0%
EWI
1.1%

Energy

OPPE
8.7%
EWI
7.4%

Technology

OPPE
7.8%
EWI

-

Utilities

OPPE
6.0%
EWI
18.0%

Healthcare

OPPE
4.6%
EWI
1.4%

Consumer Defensive

OPPE
4.2%
EWI
1.0%

Consumer Cyclical

OPPE
3.3%
EWI
9.8%

Communication Services

OPPE
1.5%
EWI
2.5%

Real Estate

OPPE
1.4%
EWI

-

Compare stocks, funds, or ETFs

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WisdomTree European Opportunities Fund

iShares MSCI Italy ETF

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

Return for Risk

OPPE vs. EWI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
OPPE
OPPE Risk / Return Rank: 7070
Overall Rank
OPPE Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
OPPE Sortino Ratio Rank: 6868
Sortino Ratio Rank
OPPE Omega Ratio Rank: 6666
Omega Ratio Rank
OPPE Calmar Ratio Rank: 7272
Calmar Ratio Rank
OPPE Martin Ratio Rank: 7474
Martin Ratio Rank
EWI
EWI Risk / Return Rank: 6363
Overall Rank
EWI Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
EWI Sortino Ratio Rank: 6464
Sortino Ratio Rank
EWI Omega Ratio Rank: 5959
Omega Ratio Rank
EWI Calmar Ratio Rank: 6262
Calmar Ratio Rank
EWI Martin Ratio Rank: 6666
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.

OPPE vs. EWI - Risk-Adjusted Trends Comparison

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

OPPEEWIDifference
Sharpe ratioReturn per unit of total volatility
1.77
1.70

+0.07

Sortino ratioReturn per unit of downside risk
2.48
2.38

+0.10

Omega ratioGain probability vs. loss probability

1.31

1.29

+0.02

Calmar ratioReturn relative to maximum drawdown

2.90

2.49

+0.41

Martin ratioReturn relative to average drawdown

10.75

9.30

+1.45

OPPE vs. EWI - Sharpe Ratio Comparison

The current OPPE Sharpe Ratio is 1.77, which is comparable to the EWI Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of OPPE and EWI, 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

OPPE vs. EWI - Drawdown Comparison

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

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Drawdown Indicators

OPPEEWIDifference

Max Drawdown

Largest peak-to-trough decline

-39.28%

-70.38%

+31.10%

Max Drawdown (1Y)

Largest decline over 1 year

-8.83%

-12.48%

+3.65%

Max Drawdown (3Y)

Largest decline over 3 years

-15.04%

-16.80%

+1.76%

Max Drawdown (5Y)

Largest decline over 5 years

-24.49%

-35.25%

+10.76%

Max Drawdown (10Y)

Largest decline over 10 years

-39.28%

-43.00%

+3.72%

Current Drawdown

Current decline from peak

-0.58%

-0.95%

+0.37%

Average Drawdown

Average peak-to-trough decline

-5.43%

-28.83%

+23.40%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.38%

3.34%

-0.96%

Volatility

OPPE vs. EWI - Volatility Comparison

The current volatility for WisdomTree European Opportunities Fund (OPPE) is 3.47%, while iShares MSCI Italy ETF (EWI) has a volatility of 4.26%. This indicates that OPPE experiences smaller price fluctuations and is considered to be less risky than EWI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

OPPEEWIDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.47%

4.26%

-0.79%

Volatility (6M)

Calculated over the trailing 6-month period

12.62%

15.50%

-2.88%

Volatility (1Y)

Calculated over the trailing 1-year period

14.52%

18.34%

-3.82%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.67%

21.12%

-5.45%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.90%

22.50%

-5.60%

OPPE vs. EWI - Expense Ratio Comparison

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

Dividends

OPPE vs. EWI - Dividend Comparison

OPPE's dividend yield for the trailing twelve months is around 2.67%, less than EWI's 3.10% 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		2.67%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

OPPE and EWI have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWI has higher volatility (4.26%) compared to OPPE (3.47%). In terms of maximum drawdown, OPPE dropped -39.28% vs EWI's -70.38%.

On 10-year performance, EWI leads with 14.33% vs 12.87% for OPPE. On fees, EWI is cheaper at 0.49% per year. On volatility, OPPE has been the lower-risk option at 3.47%. 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 14.33% return vs 12.87%. 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 2.67% for OPPE.

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

OPPE currently has the higher Sharpe Ratio (1.77 vs 1.70), 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

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