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OPPE vs. EWO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

OPPE vs. EWO

Last updated Aug 2, 2026
Documentation

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 13.25%/yr vs 15.04%/yr for EWO. Their 0.73 correlation means they have sometimes moved together and sometimes differently. 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.

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Returns By Period

In the year-to-date period, OPPE achieves a 18.15% return, which is significantly lower than EWO's 22.21% return. Over the past 10 years, OPPE has underperformed EWO with an annualized return of 13.25%, while EWO has yielded a comparatively higher 15.04% annualized return.

OPPE

1D
-0.08%
1M
4.58%
6M
12.37%
YTD
18.15%
1Y
31.15%
3Y*
24.13%
5Y*
14.71%
10Y*
13.25%
ALL TIME*
11.61%

EWO

1D
-0.06%
1M
-0.38%
6M
15.38%
YTD
22.21%
1Y
47.85%
3Y*
33.11%
5Y*
17.22%
10Y*
15.04%
ALL TIME*
7.31%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

EWO

iShares MSCI Austria ETF
$1.47M$2.78M$1.63M

OPPE

WisdomTree European Opportunities Fund
$1.61M$1.14M$1.30M

OPPE vs. EWO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
OPPE
WisdomTree European Opportunities Fund		18.15%38.80%10.42%19.80%-11.14%23.52%-2.92%28.60%-13.34%22.25%
EWO
iShares MSCI Austria ETF		22.21%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 0.76, 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.

0.76

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

0.77

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

0.78

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

0.75

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 0.73 to 0.78 - a consistent structural relationship.

OPPE vs. EWO - Sectors Allocation Comparison

Sectors
OPPE
EWO

Industrials

27.3%
11.1%

Financial Services

25.5%
48.1%

Basic Materials

9.6%
9.4%

Technology

8.7%
5.9%

Consumer Cyclical

6.3%
4.7%

Utilities

6.0%
6.4%

Energy

6.0%
9.6%

Healthcare

4.3%

-

Consumer Defensive

3.4%

-

Real Estate

1.6%
3.7%

Communication Services

1.3%

-

Industrials

OPPE
27.3%
EWO
11.1%

Financial Services

OPPE
25.5%
EWO
48.1%

Basic Materials

OPPE
9.6%
EWO
9.4%

Technology

OPPE
8.7%
EWO
5.9%

Consumer Cyclical

OPPE
6.3%
EWO
4.7%

Utilities

OPPE
6.0%
EWO
6.4%

Energy

OPPE
6.0%
EWO
9.6%

Healthcare

OPPE
4.3%
EWO

-

Consumer Defensive

OPPE
3.4%
EWO

-

Real Estate

OPPE
1.6%
EWO
3.7%

Communication Services

OPPE
1.3%
EWO

-

Compare stocks, funds, or ETFs

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

WisdomTree European Opportunities Fund

iShares MSCI Austria ETF

Often compared with OPPE:
OPPE vs. WLDROPPE vs. HEGDOPPE vs. EWJVOPPE vs. GRIDOPPE vs. SPMOOPPE vs. AVDVOPPE vs. PXF
Often compared with EWO:
EWO vs. EWAEWO vs. EWQEWO vs. EWLEWO vs. EWGEWO vs. IBZL.LEWO vs. EEMEWO vs. VOO

Return for Risk

OPPE vs. EWO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
OPPE
OPPE Risk / Return Rank: 8787
Overall Rank
OPPE Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
OPPE Sortino Ratio Rank: 8787
Sortino Ratio Rank
OPPE Omega Ratio Rank: 8686
Omega Ratio Rank
OPPE Calmar Ratio Rank: 8787
Calmar Ratio Rank
OPPE Martin Ratio Rank: 8888
Martin Ratio Rank
EWO
EWO Risk / Return Rank: 8989
Overall Rank
EWO Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
EWO Sortino Ratio Rank: 9292
Sortino Ratio Rank
EWO Omega Ratio Rank: 8989
Omega Ratio Rank
EWO Calmar Ratio Rank: 8787
Calmar Ratio Rank
EWO Martin Ratio Rank: 8383
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.

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.

OPPEEWODifference
Sharpe ratioReturn per unit of total volatility
2.13
2.40

-0.27

Sortino ratioReturn per unit of downside risk
2.94
3.39

-0.45

Omega ratioGain probability vs. loss probability

1.38

1.41

-0.03

Calmar ratioReturn relative to maximum drawdown

3.45

3.38

+0.06

Martin ratioReturn relative to average drawdown

13.34

11.29

+2.05

OPPE vs. EWO - Sharpe Ratio Comparison

The current OPPE Sharpe Ratio is 2.13, which is comparable to the EWO Sharpe Ratio of 2.40. 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.

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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.

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Drawdown Indicators

OPPEEWODifference

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

-0.08%

-1.53%

+1.45%

Average Drawdown

Average peak-to-trough decline

-5.41%

-27.98%

+22.57%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.28%

4.21%

-1.93%

Volatility

OPPE vs. EWO - Volatility Comparison

The current volatility for WisdomTree European Opportunities Fund (OPPE) is 3.82%, while iShares MSCI Austria ETF (EWO) has a volatility of 6.23%. 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.

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Volatility by Period

OPPEEWODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.82%

6.23%

-2.41%

Volatility (6M)

Calculated over the trailing 6-month period

12.59%

16.88%

-4.29%

Volatility (1Y)

Calculated over the trailing 1-year period

14.34%

19.92%

-5.58%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.66%

22.03%

-6.37%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.91%

22.60%

-5.69%

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 2.57%, more than EWO's 1.98% yield.

PositionTTM20252024202320222021202020192018201720162015
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		2.57%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 EWO have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWO has higher volatility (6.23%) compared to OPPE (3.82%). In terms of maximum drawdown, OPPE dropped -39.28% vs EWO's -75.69%.

On 10-year performance, EWO leads with 15.04% vs 13.25% for OPPE. On fees, EWO is cheaper at 0.49% per year. On volatility, OPPE has been the lower-risk option at 3.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWO has performed better with a 15.04% return vs 13.25%. 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 OPPE.

OPPE has the higher dividend yield at 2.57%, compared with 1.98% for 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.

EWO currently has the higher Sharpe Ratio (2.40 vs 2.13), 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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