OPPJ vs. EWJ
OPPJ (WisdomTree Japan Opportunities ETF) and EWJ (iShares MSCI Japan ETF) are both Japan Equities funds - OPPJ tracks the WisdomTree Japan Opportunities Index while EWJ tracks the MSCI Japan Index. Both are passively managed. Over the past 10 years, OPPJ returned 17.36%/yr vs 9.33%/yr for EWJ. A 0.75 correlation means they provide meaningful diversification when combined. OPPJ charges 0.58%/yr vs 0.49%/yr for EWJ.
Performance
OPPJ vs. EWJ - Performance Comparison
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Returns By Period
In the year-to-date period, OPPJ achieves a 26.18% return, which is significantly higher than EWJ's 15.90% return. Over the past 10 years, OPPJ has outperformed EWJ with an annualized return of 17.36%, while EWJ has yielded a comparatively lower 9.33% annualized return.
OPPJ
- 1D
- 1.11%
- 1M
- 2.92%
- YTD
- 26.18%
- 6M
- 32.46%
- 1Y
- 64.28%
- 3Y*
- 34.92%
- 5Y*
- 25.56%
- 10Y*
- 17.36%
EWJ
- 1D
- 0.70%
- 1M
- 5.98%
- YTD
- 15.90%
- 6M
- 17.72%
- 1Y
- 30.42%
- 3Y*
- 18.14%
- 5Y*
- 8.95%
- 10Y*
- 9.33%
OPPJ vs. EWJ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OPPJ WisdomTree Japan Opportunities ETF | 26.18% | 37.08% | 20.70% | 38.96% | 5.02% | 11.66% | -3.22% | 18.24% | -18.69% | 29.56% |
EWJ iShares MSCI Japan ETF | 15.90% | 25.84% | 7.03% | 20.29% | -17.72% | 1.16% | 15.40% | 19.34% | -14.10% | 24.27% |
Correlation
The correlation between OPPJ and EWJ is 0.75, 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 | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Jul 1, 2013 | 0.75 |
The correlation between OPPJ and EWJ has been stable across timeframes, ranging from 0.67 to 0.75 - a consistent structural relationship.
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Return for Risk
OPPJ vs. EWJ — Risk / Return Rank
OPPJ
EWJ
OPPJ vs. EWJ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Japan Opportunities ETF (OPPJ) and iShares MSCI Japan ETF (EWJ). 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.
| OPPJ | EWJ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 3.29 | 1.56 | +1.73 |
Sortino ratioReturn per unit of downside risk | 4.31 | 2.29 | +2.02 |
Omega ratioGain probability vs. loss probability | 1.55 | 1.29 | +0.25 |
Calmar ratioReturn relative to maximum drawdown | 6.70 | 2.36 | +4.34 |
Martin ratioReturn relative to average drawdown | 24.26 | 7.94 | +16.31 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| OPPJ | EWJ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.29 | 1.56 | +1.73 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.42 | 0.49 | +0.93 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.88 | 0.54 | +0.34 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.76 | 0.11 | +0.64 |
Drawdowns
OPPJ vs. EWJ - Drawdown Comparison
The maximum OPPJ drawdown since its inception was -39.30%, smaller than the maximum EWJ drawdown of -60.93%. Use the drawdown chart below to compare losses from any high point for OPPJ and EWJ.
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Drawdown Indicators
| OPPJ | EWJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.30% | -60.93% | +21.63% |
Max Drawdown (1Y)Largest decline over 1 year | -9.82% | -13.59% | +3.77% |
Max Drawdown (3Y)Largest decline over 3 years | -16.49% | -14.68% | -1.81% |
Max Drawdown (5Y)Largest decline over 5 years | -16.49% | -33.14% | +16.65% |
Max Drawdown (10Y)Largest decline over 10 years | -39.30% | -33.14% | -6.16% |
Current DrawdownCurrent decline from peak | -4.25% | -0.42% | -3.83% |
Average DrawdownAverage peak-to-trough decline | -6.49% | -21.74% | +15.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.71% | 4.03% | -1.32% |
Volatility
OPPJ vs. EWJ - Volatility Comparison
WisdomTree Japan Opportunities ETF (OPPJ) has a higher volatility of 5.08% compared to iShares MSCI Japan ETF (EWJ) at 4.36%. This indicates that OPPJ's price experiences larger fluctuations and is considered to be riskier than EWJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OPPJ | EWJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.08% | 4.36% | +0.72% |
Volatility (6M)Calculated over the trailing 6-month period | 15.43% | 15.03% | +0.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.65% | 19.56% | +0.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.05% | 18.23% | -0.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.71% | 17.28% | +2.43% |
OPPJ vs. EWJ - Expense Ratio Comparison
OPPJ has a 0.58% expense ratio, which is higher than EWJ's 0.49% expense ratio.
Dividends
OPPJ vs. EWJ - Dividend Comparison
OPPJ's dividend yield for the trailing twelve months is around 1.50%, less than EWJ's 3.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWJ iShares MSCI Japan ETF | 3.90% | 4.52% | 2.34% | 2.03% | 1.23% | 2.08% | 1.04% | 2.03% | 1.71% | 1.25% | 1.95% | 1.27% |
OPPJ WisdomTree Japan Opportunities ETF | 1.50% | 1.78% | 4.02% | 2.71% | 2.63% | 2.96% | 3.04% | 2.17% | 2.06% | 1.53% | 1.66% | 3.61% |
Frequently Asked Questions
OPPJ and EWJ have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OPPJ has higher volatility (5.08%) compared to EWJ (4.36%). In terms of maximum drawdown, OPPJ dropped -39.30% vs EWJ's -60.93%.
On 10-year performance, OPPJ leads with 17.36% vs 9.33% for EWJ. On fees, EWJ is cheaper at 0.49% per year. On volatility, EWJ has been the lower-risk option at 4.36%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, OPPJ has performed better with a 17.36% return vs 9.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EWJ is cheaper with a 0.49% expense ratio, compared with 0.58% for OPPJ.
EWJ has the higher dividend yield at 3.90%, compared with 1.50% for OPPJ.
OPPJ tracks WisdomTree Japan Opportunities Index, while EWJ tracks MSCI Japan Index. They also come from different issuers: WisdomTree and iShares. Their fees differ too: 0.58% for OPPJ and 0.49% for EWJ.
OPPJ currently has the higher Sharpe Ratio (3.29 vs 1.56), 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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