Due to their high activity and favorable stability in acidic electrolytes, Ir and Ru oxides are primary catalysts for the oxygen evolution reaction (OER) in proton-exchange membrane (PEM) electrolyzers. For a future large-scale application, coreshell nanoparticles are an appealing route to minimize the demand for these precious oxides. Here, we employ firstprinciples density-functional theory (DFT) and ab initio thermodynamics to assess the feasibility of encapsulating a cheap rutile-structured TiO 2 core with coherent, monolayer-thin IrO 2 or RuO 2 films. Resulting from a strong directional dependence of adhesion and strain, a wetting tendency is only obtained for some low-index facets under typical gas-phase synthesis conditions. Thermodynamic stability in particular of latticematched RuO 2 films is instead indicated for more oxidizing conditions. Intriguingly, the calculations also predict an enhanced activity and stability of such epitaxial RuO 2 /TiO 2 coreshell particles under OER operation.