OPPE vs. NORW

Last updated Aug 2, 2026

OPPE (WisdomTree European Opportunities Fund) and NORW (Global X MSCI Norway ETF) are both Europe Equities funds - OPPE tracks the WisdomTree European Opportunities Index while NORW tracks the MSCI Norway IMI 25/50 Index. Both are passively managed. Over the past 10 years, OPPE returned 13.25%/yr vs 9.90%/yr for NORW. Their 0.64 correlation means they have sometimes moved together and sometimes differently. OPPE charges 0.58%/yr vs 0.50%/yr for NORW.

Performance

OPPE vs. NORW - Performance Comparison

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

Returns By Period

In the year-to-date period, OPPE achieves a 18.15% return, which is significantly lower than NORW's 25.23% return. Over the past 10 years, OPPE has outperformed NORW with an annualized return of 13.25%, while NORW has yielded a comparatively lower 9.90% 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%

NORW

• 1D: 0.86%
• 1M: 8.72%
• 6M: 15.41%
• YTD: 25.23%
• 1Y: 34.00%
• 3Y*: 19.17%
• 5Y*: 7.45%
• 10Y*: 9.90%
• ALL TIME*: 8.95%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
NORW Global X MSCI Norway ETF	$730.42K	$1.20M	$2.79M
OPPE WisdomTree European Opportunities Fund	$1.61M	$1.14M	$1.30M

OPPE vs. NORW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
NORW Global X MSCI Norway ETF	25.23%	32.59%	-2.50%	5.03%	-12.55%	13.65%	26.00%	14.39%	-10.39%	24.03%

Correlation

The correlation between OPPE and NORW is 0.44, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.44
Correlation (3Y) Balances recent behavior with more history.	0.53
Correlation (5Y) Shows whether the relationship held over a longer period.	0.58
Correlation (10Y) Provides a long-term view across more market conditions.	0.62
Correlation (All Time) Calculated using the full available price history since Mar 4, 2015	0.64

The correlation between OPPE and NORW shifts across timeframes, from 0.44 (1 year) to 0.64 (all time), reflecting how their relationship changes across market environments.

OPPE vs. NORW - Sectors Allocation Comparison

Sectors	OPPE	NORW
Industrials	27.3%	14.8%
Financial Services	25.5%	23.8%
Basic Materials	9.6%	9.5%
Technology	8.7%	3.7%
Consumer Cyclical	6.3%	0.6%
Utilities	6.0%	0.7%
Energy	6.0%	28.3%
Healthcare	4.3%	-
Consumer Defensive	3.4%	11.7%
Real Estate	1.6%	0.4%
Communication Services	1.3%	6.5%

Return for Risk

OPPE vs. NORW — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

OPPE

OPPE Risk / Return Rank: 87
OPPE Sharpe Ratio Rank: 88
OPPE Sortino Ratio Rank: 87
OPPE Omega Ratio Rank: 86
OPPE Calmar Ratio Rank: 87
OPPE Martin Ratio Rank: 88

NORW

NORW Risk / Return Rank: 75
NORW Sharpe Ratio Rank: 84
NORW Sortino Ratio Rank: 84
NORW Omega Ratio Rank: 79
NORW Calmar Ratio Rank: 68
NORW Martin Ratio Rank: 61

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. NORW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree European Opportunities Fund (OPPE) and Global X MSCI Norway ETF (NORW). 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	NORW	Difference
Sharpe ratio: Return per unit of total volatility	2.13	1.96	+0.16
Sortino ratio: Return per unit of downside risk	2.94	2.75	+0.19
Omega ratio: Gain probability vs. loss probability	1.38	1.33	+0.05
Calmar ratio: Return relative to maximum drawdown	3.45	2.35	+1.10
Martin ratio: Return relative to average drawdown	13.34	7.35	+6.00

OPPE vs. NORW - Sharpe Ratio Comparison

The current OPPE Sharpe Ratio is 2.13, which is comparable to the NORW Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of OPPE and NORW, 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. NORW - Drawdown Comparison

The maximum OPPE drawdown since its inception was -39.28%, which is greater than NORW's maximum drawdown of -35.62%. Use the drawdown chart below to compare losses from any high point for OPPE and NORW.

Drawdown Indicators

	OPPE	NORW	Difference
Max Drawdown Largest peak-to-trough decline	-39.28%	-35.62%	-3.66%
Max Drawdown (1Y) Largest decline over 1 year	-8.83%	-14.49%	+5.66%
Max Drawdown (3Y) Largest decline over 3 years	-15.04%	-16.06%	+1.02%
Max Drawdown (5Y) Largest decline over 5 years	-24.49%	-32.78%	+8.29%
Max Drawdown (10Y) Largest decline over 10 years	-39.28%	-33.86%	-5.42%
Current Drawdown Current decline from peak	-0.08%	-4.36%	+4.28%
Average Drawdown Average peak-to-trough decline	-5.41%	-10.12%	+4.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.28%	4.63%	-2.35%

Volatility

OPPE vs. NORW - Volatility Comparison

The current volatility for WisdomTree European Opportunities Fund (OPPE) is 3.82%, while Global X MSCI Norway ETF (NORW) has a volatility of 5.02%. This indicates that OPPE experiences smaller price fluctuations and is considered to be less risky than NORW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OPPE	NORW	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.82%	5.02%	-1.20%
Volatility (6M) Calculated over the trailing 6-month period	12.59%	14.10%	-1.51%
Volatility (1Y) Calculated over the trailing 1-year period	14.34%	17.33%	-2.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.66%	22.01%	-6.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.91%	20.56%	-3.65%

OPPE vs. NORW - Expense Ratio Comparison

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

Dividends

OPPE vs. NORW - Dividend Comparison

OPPE's dividend yield for the trailing twelve months is around 2.57%, less than NORW's 7.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NORW Global X MSCI Norway ETF	7.19%	3.44%	6.02%	5.27%	4.01%	1.51%	1.13%	2.47%	3.53%	3.64%	3.79%	2.95%
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

Can I hold both OPPE and NORW in my portfolio?

OPPE and NORW have a correlation of 0.44, 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 NORW?

NORW has higher volatility (5.02%) compared to OPPE (3.82%). In terms of maximum drawdown, OPPE dropped -39.28% vs NORW's -35.62%.

Which ETF is better, OPPE or NORW?

On 10-year performance, OPPE leads with 13.25% vs 9.90% for NORW. On fees, NORW is cheaper at 0.50% 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.

Which ETF has performed better, OPPE or NORW?

Over the 10-year period, OPPE has performed better with a 13.25% return vs 9.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OPPE or NORW?

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

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

NORW has the higher dividend yield at 7.19%, compared with 2.57% for OPPE.

What is the main difference between OPPE and NORW?

OPPE tracks WisdomTree European Opportunities Index, while NORW tracks MSCI Norway IMI 25/50 Index. They also come from different issuers: WisdomTree and Global X. Their fees differ too: 0.58% for OPPE and 0.50% for NORW.

Which has better risk-adjusted returns?

OPPE currently has the higher Sharpe Ratio (2.13 vs 1.96), 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.