OPPE vs. EWO

Last updated Jun 24, 2026

OPPE (WisdomTree European Opportunities Fund) and EWO (iShares MSCI Austria ETF) are both Europe Equities funds - OPPE tracks the WisdomTree European Opportunities Index while EWO tracks the MSCI Austria Investable Market Index. Both are passively managed. Over the past 10 years, OPPE returned 13.17%/yr vs 15.85%/yr for EWO. A 0.74 correlation means they provide meaningful diversification when combined. OPPE charges 0.58%/yr vs 0.49%/yr for EWO.

Performance

OPPE vs. EWO - Performance Comparison

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

Returns By Period

In the year-to-date period, OPPE achieves a 11.16% return, which is significantly lower than EWO's 22.29% return. Over the past 10 years, OPPE has underperformed EWO with an annualized return of 13.17%, while EWO has yielded a comparatively higher 15.85% annualized return.

OPPE

• 1D: -0.52%
• 1M: -0.94%
• YTD: 11.16%
• 6M: 11.70%
• 1Y: 26.73%
• 3Y*: 23.44%
• 5Y*: 14.00%
• 10Y*: 13.17%

EWO

• 1D: -1.46%
• 1M: 8.63%
• YTD: 22.29%
• 6M: 23.55%
• 1Y: 54.33%
• 3Y*: 35.93%
• 5Y*: 17.04%
• 10Y*: 15.85%

*Multi-year figures are annualized to reflect compound growth (CAGR)

OPPE vs. EWO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OPPE WisdomTree European Opportunities Fund	11.16%	38.80%	10.42%	19.80%	-11.14%	23.52%	-2.92%	28.60%	-13.34%	22.25%
EWO iShares MSCI Austria ETF	22.29%	74.21%	4.05%	20.63%	-21.95%	31.50%	-3.67%	17.05%	-22.88%	52.47%

Correlation

The correlation between OPPE and EWO is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Mar 4, 2015	0.74

The correlation between OPPE and EWO has been stable across timeframes, ranging from 0.74 to 0.78 - a consistent structural relationship.

OPPE vs. EWO - Sectors Allocation Comparison

Sectors	OPPE	EWO
Industrials	28.1%	14.5%
Financial Services	23.3%	47.3%
Basic Materials	11.0%	8.8%
Energy	8.7%	9.7%
Technology	7.8%	5.7%
Utilities	6.0%	6.5%
Healthcare	4.6%	-
Consumer Defensive	4.2%	-
Consumer Cyclical	3.3%	3.6%
Communication Services	1.5%	-
Real Estate	1.4%	4.1%

Return for Risk

OPPE vs. EWO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

OPPE

OPPE Risk / Return Rank: 62
OPPE Sharpe Ratio Rank: 60
OPPE Sortino Ratio Rank: 59
OPPE Omega Ratio Rank: 58
OPPE Calmar Ratio Rank: 65
OPPE Martin Ratio Rank: 66

EWO

EWO Risk / Return Rank: 83
EWO Sharpe Ratio Rank: 89
EWO Sortino Ratio Rank: 89
EWO Omega Ratio Rank: 84
EWO Calmar Ratio Rank: 78
EWO Martin Ratio Rank: 74

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. EWO - Risk-Adjusted Trends Comparison

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

	OPPE	EWO	Difference
Sharpe ratio: Return per unit of total volatility	1.86	2.83	-0.96
Sortino ratio: Return per unit of downside risk	2.60	3.87	-1.27
Omega ratio: Gain probability vs. loss probability	1.33	1.48	-0.14
Calmar ratio: Return relative to maximum drawdown	3.04	3.88	-0.84
Martin ratio: Return relative to average drawdown	11.44	13.13	-1.69

OPPE vs. EWO - Sharpe Ratio Comparison

The current OPPE Sharpe Ratio is 1.86, which is lower than the EWO Sharpe Ratio of 2.83. The chart below compares the historical Sharpe Ratios of OPPE and EWO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

OPPE vs. EWO - Drawdown Comparison

The maximum OPPE drawdown since its inception was -39.28%, smaller than the maximum EWO drawdown of -75.69%. Use the drawdown chart below to compare losses from any high point for OPPE and EWO.

Drawdown Indicators

	OPPE	EWO	Difference
Max Drawdown Largest peak-to-trough decline	-39.28%	-75.69%	+36.41%
Max Drawdown (1Y) Largest decline over 1 year	-8.83%	-14.08%	+5.25%
Max Drawdown (3Y) Largest decline over 3 years	-15.04%	-16.75%	+1.71%
Max Drawdown (5Y) Largest decline over 5 years	-24.49%	-41.82%	+17.33%
Max Drawdown (10Y) Largest decline over 10 years	-39.28%	-58.10%	+18.82%
Current Drawdown Current decline from peak	-2.21%	-1.46%	-0.75%
Average Drawdown Average peak-to-trough decline	-5.45%	-28.07%	+22.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.34%	4.15%	-1.81%

Volatility

OPPE vs. EWO - Volatility Comparison

The current volatility for WisdomTree European Opportunities Fund (OPPE) is 4.89%, while iShares MSCI Austria ETF (EWO) has a volatility of 7.60%. This indicates that OPPE experiences smaller price fluctuations and is considered to be less risky than EWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OPPE	EWO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.89%	7.60%	-2.71%
Volatility (6M) Calculated over the trailing 6-month period	12.39%	16.15%	-3.76%
Volatility (1Y) Calculated over the trailing 1-year period	14.41%	19.32%	-4.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.66%	21.98%	-6.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.98%	22.65%	-5.67%

OPPE vs. EWO - Expense Ratio Comparison

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

Dividends

OPPE vs. EWO - Dividend Comparison

OPPE's dividend yield for the trailing twelve months is around 2.76%, more than EWO's 1.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWO iShares MSCI Austria ETF	1.98%	2.38%	7.40%	5.66%	4.75%	2.42%	0.98%	3.11%	4.04%	2.03%	1.99%	1.51%
OPPE WisdomTree European Opportunities Fund	2.76%	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

Can I hold both OPPE and EWO in my portfolio?

OPPE and EWO have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OPPE or EWO?

EWO has higher volatility (7.60%) compared to OPPE (4.89%). In terms of maximum drawdown, OPPE dropped -39.28% vs EWO's -75.69%.

Which ETF is better, OPPE or EWO?

On 10-year performance, EWO leads with 15.85% vs 13.17% for OPPE. On fees, EWO is cheaper at 0.49% per year. On volatility, OPPE has been the lower-risk option at 4.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OPPE or EWO?

Over the 10-year period, EWO has performed better with a 15.85% return vs 13.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OPPE or EWO?

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

Which ETF pays a higher dividend yield, OPPE or EWO?

OPPE has the higher dividend yield at 2.76%, compared with 1.98% for EWO.

What is the main difference between OPPE and EWO?

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

Which has better risk-adjusted returns?

EWO currently has the higher Sharpe Ratio (2.83 vs 1.86), 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.