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OPPE vs. EWP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

OPPE vs. EWP

Last updated Jun 24, 2026

OPPE (WisdomTree European Opportunities Fund) and EWP (iShares MSCI Spain ETF) are both Europe Equities funds - OPPE tracks the WisdomTree European Opportunities Index while EWP tracks the MSCI Spain Index. Both are passively managed. Over the past 10 years, OPPE returned 13.17%/yr vs 13.42%/yr for EWP. A 0.74 correlation means they provide meaningful diversification when combined. OPPE charges 0.58%/yr vs 0.50%/yr for EWP.

Performance

OPPE vs. EWP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree European Opportunities Fund (OPPE) and iShares MSCI Spain ETF (EWP). 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 11.16% return and EWP slightly higher at 11.25%. Both investments have delivered pretty close results over the past 10 years, with OPPE having a 13.17% annualized return and EWP not far ahead at 13.42%.

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%

EWP

1D
-0.72%
1M
6.13%
YTD
11.25%
6M
11.48%
1Y
41.28%
3Y*
33.03%
5Y*
18.75%
10Y*
13.42%
*Multi-year figures are annualized to reflect compound growth (CAGR)

OPPE vs. EWP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
EWP
iShares MSCI Spain ETF		11.25%78.03%5.70%30.26%-5.18%0.25%-3.94%11.93%-15.32%26.98%

Correlation

The correlation between OPPE and EWP is 0.82, 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

0.82

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

0.76

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 EWP has been stable across timeframes, ranging from 0.74 to 0.82 - a consistent structural relationship.

OPPE vs. EWP - Sectors Allocation Comparison

Sectors
OPPE
EWP

Industrials

28.1%
16.3%

Financial Services

23.3%
42.4%

Basic Materials

11.0%

-

Energy

8.7%
4.1%

Technology

7.8%
5.6%

Utilities

6.0%
21.4%

Healthcare

4.6%
1.3%

Consumer Defensive

4.2%

-

Consumer Cyclical

3.3%
4.6%

Communication Services

1.5%
2.8%

Real Estate

1.4%
2.8%

Industrials

OPPE
28.1%
EWP
16.3%

Financial Services

OPPE
23.3%
EWP
42.4%

Basic Materials

OPPE
11.0%
EWP

-

Energy

OPPE
8.7%
EWP
4.1%

Technology

OPPE
7.8%
EWP
5.6%

Utilities

OPPE
6.0%
EWP
21.4%

Healthcare

OPPE
4.6%
EWP
1.3%

Consumer Defensive

OPPE
4.2%
EWP

-

Consumer Cyclical

OPPE
3.3%
EWP
4.6%

Communication Services

OPPE
1.5%
EWP
2.8%

Real Estate

OPPE
1.4%
EWP
2.8%

Compare stocks, funds, or ETFs

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WisdomTree European Opportunities Fund

iShares MSCI Spain ETF

Often compared with OPPE:
OPPE vs. WLDROPPE vs. HEGDOPPE vs. GRIDOPPE vs. EWJVOPPE vs. SPMOOPPE vs. AVDVOPPE vs. VT
Often compared with EWP:
EWP vs. EWGEWP vs. EWIEWP vs. EPOLEWP vs. EIRLEWP vs. VOOEWP vs. FEZEWP vs. EWQ

Return for Risk

OPPE vs. EWP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
OPPE
OPPE Risk / Return Rank: 6262
Overall Rank
OPPE Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
OPPE Sortino Ratio Rank: 5959
Sortino Ratio Rank
OPPE Omega Ratio Rank: 5858
Omega Ratio Rank
OPPE Calmar Ratio Rank: 6565
Calmar Ratio Rank
OPPE Martin Ratio Rank: 6666
Martin Ratio Rank
EWP
EWP Risk / Return Rank: 7171
Overall Rank
EWP Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
EWP Sortino Ratio Rank: 6868
Sortino Ratio Rank
EWP Omega Ratio Rank: 6767
Omega Ratio Rank
EWP Calmar Ratio Rank: 7575
Calmar Ratio Rank
EWP Martin Ratio Rank: 7373
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. EWP - Risk-Adjusted Trends Comparison

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

OPPEEWPDifference
Sharpe ratioReturn per unit of total volatility
1.86
2.21

-0.34

Sortino ratioReturn per unit of downside risk
2.60
2.94

-0.35

Omega ratioGain probability vs. loss probability

1.33

1.38

-0.05

Calmar ratioReturn relative to maximum drawdown

3.04

3.64

-0.61

Martin ratioReturn relative to average drawdown

11.44

12.92

-1.48

OPPE vs. EWP - Sharpe Ratio Comparison

The current OPPE Sharpe Ratio is 1.86, which is comparable to the EWP Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of OPPE and EWP, 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. EWP - Drawdown Comparison

The maximum OPPE drawdown since its inception was -39.28%, smaller than the maximum EWP drawdown of -61.19%. Use the drawdown chart below to compare losses from any high point for OPPE and EWP.

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Drawdown Indicators

OPPEEWPDifference

Max Drawdown

Largest peak-to-trough decline

-39.28%

-61.19%

+21.91%

Max Drawdown (1Y)

Largest decline over 1 year

-8.83%

-11.38%

+2.55%

Max Drawdown (3Y)

Largest decline over 3 years

-15.04%

-12.19%

-2.85%

Max Drawdown (5Y)

Largest decline over 5 years

-24.49%

-31.63%

+7.14%

Max Drawdown (10Y)

Largest decline over 10 years

-39.28%

-46.36%

+7.08%

Current Drawdown

Current decline from peak

-2.21%

-0.72%

-1.49%

Average Drawdown

Average peak-to-trough decline

-5.45%

-21.40%

+15.95%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.34%

3.20%

-0.86%

Volatility

OPPE vs. EWP - Volatility Comparison

The current volatility for WisdomTree European Opportunities Fund (OPPE) is 4.89%, while iShares MSCI Spain ETF (EWP) has a volatility of 5.49%. This indicates that OPPE experiences smaller price fluctuations and is considered to be less risky than EWP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

OPPEEWPDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.89%

5.49%

-0.60%

Volatility (6M)

Calculated over the trailing 6-month period

12.39%

16.07%

-3.68%

Volatility (1Y)

Calculated over the trailing 1-year period

14.41%

18.81%

-4.40%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.66%

20.29%

-4.63%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.98%

21.56%

-4.58%

OPPE vs. EWP - Expense Ratio Comparison

OPPE has a 0.58% expense ratio, which is higher than EWP's 0.50% expense ratio.

Dividends

OPPE vs. EWP - Dividend Comparison

OPPE's dividend yield for the trailing twelve months is around 2.76%, less than EWP's 2.82% yield.

PositionTTM20252024202320222021202020192018201720162015
EWP
iShares MSCI Spain ETF		2.82%2.27%4.35%2.70%3.07%3.29%2.56%3.72%3.69%2.72%4.65%3.85%
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

OPPE and EWP have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWP has higher volatility (5.49%) compared to OPPE (4.89%). In terms of maximum drawdown, OPPE dropped -39.28% vs EWP's -61.19%.

On 10-year performance, EWP leads with 13.42% vs 13.17% for OPPE. On fees, EWP is cheaper at 0.50% 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.

Over the 10-year period, EWP has performed better with a 13.42% return vs 13.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWP is cheaper with a 0.50% expense ratio, compared with 0.58% for OPPE.

EWP has the higher dividend yield at 2.82%, compared with 2.76% for OPPE.

OPPE tracks WisdomTree European Opportunities Index, while EWP tracks MSCI Spain Index. They also come from different issuers: WisdomTree and iShares. Their fees differ too: 0.58% for OPPE and 0.50% for EWP.

EWP currently has the higher Sharpe Ratio (2.21 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.

Portfolio Optimizer

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