EDEN vs. FNORX
EDEN (iShares MSCI Denmark ETF) and FNORX (Fidelity Nordic Fund) are both funds - EDEN is a Europe Equities fund tracking the MSCI Denmark IMI 25/50 Index, while FNORX is a Foreign Large Cap Equities fund managed by Fidelity. Over the past 10 years, EDEN returned 9.34%/yr vs 9.75%/yr for FNORX. A 0.76 correlation means they provide meaningful diversification when combined. EDEN charges 0.53%/yr vs 0.92%/yr for FNORX.
Performance
EDEN vs. FNORX - Performance Comparison
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Returns By Period
In the year-to-date period, EDEN achieves a 1.06% return, which is significantly lower than FNORX's 7.64% return. Both investments have delivered pretty close results over the past 10 years, with EDEN having a 9.34% annualized return and FNORX not far ahead at 9.75%.
EDEN
- 1D
- -0.45%
- 1M
- 4.24%
- 6M
- -4.06%
- YTD
- 1.06%
- 1Y
- 2.46%
- 3Y*
- 3.61%
- 5Y*
- 2.39%
- 10Y*
- 9.34%
FNORX
- 1D
- -0.41%
- 1M
- -1.67%
- 6M
- 3.25%
- YTD
- 7.64%
- 1Y
- 12.61%
- 3Y*
- 13.59%
- 5Y*
- 4.87%
- 10Y*
- 9.75%
EDEN vs. FNORX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EDEN iShares MSCI Denmark ETF | 1.06% | 10.58% | -3.94% | 17.99% | -11.47% | 14.81% | 42.56% | 24.37% | -14.43% | 35.39% |
FNORX Fidelity Nordic Fund | 7.64% | 25.85% | -4.51% | 20.85% | -19.29% | 12.77% | 43.03% | 17.26% | -11.56% | 22.48% |
Correlation
The correlation between EDEN and FNORX is 0.74, 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 | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.82 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Jan 26, 2012 | 0.76 |
The correlation between EDEN and FNORX has been stable across timeframes, ranging from 0.74 to 0.82 - a consistent structural relationship.
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Return for Risk
EDEN vs. FNORX — Risk / Return Rank
EDEN
FNORX
EDEN vs. FNORX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Denmark ETF (EDEN) and Fidelity Nordic Fund (FNORX). 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.
| EDEN | FNORX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.50 | ||
| Sortino ratioReturn per unit of downside risk | -0.65 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.12 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 0.12 | 0.85 | -0.74 |
| Martin ratioReturn relative to average drawdown | 0.25 | 2.47 | -2.22 |
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Drawdowns
EDEN vs. FNORX - Drawdown Comparison
The maximum EDEN drawdown since its inception was -36.61%, smaller than the maximum FNORX drawdown of -69.72%. Use the drawdown chart below to compare losses from any high point for EDEN and FNORX.
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Drawdown Indicators
| EDEN | FNORX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.61% | -69.72% | +33.11% |
Max Drawdown (1Y)Largest decline over 1 year | -21.17% | -12.98% | -8.19% |
Max Drawdown (3Y)Largest decline over 3 years | -29.31% | -18.76% | -10.55% |
Max Drawdown (5Y)Largest decline over 5 years | -36.61% | -38.15% | +1.54% |
Max Drawdown (10Y)Largest decline over 10 years | -36.61% | -38.15% | +1.54% |
Current DrawdownCurrent decline from peak | -9.89% | -5.75% | -4.14% |
Average DrawdownAverage peak-to-trough decline | -7.40% | -17.40% | +10.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.02% | 4.49% | +5.53% |
Volatility
EDEN vs. FNORX - Volatility Comparison
The current volatility for iShares MSCI Denmark ETF (EDEN) is 4.82%, while Fidelity Nordic Fund (FNORX) has a volatility of 5.78%. This indicates that EDEN experiences smaller price fluctuations and is considered to be less risky than FNORX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EDEN | FNORX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.82% | 5.78% | -0.96% |
Volatility (6M)Calculated over the trailing 6-month period | 15.70% | 14.47% | +1.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.73% | 17.96% | +2.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.31% | 19.13% | +1.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.17% | 18.76% | +0.41% |
EDEN vs. FNORX - Expense Ratio Comparison
EDEN has a 0.53% expense ratio, which is lower than FNORX's 0.92% expense ratio.
Dividends
EDEN vs. FNORX - Dividend Comparison
EDEN's dividend yield for the trailing twelve months is around 3.03%, less than FNORX's 8.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EDEN iShares MSCI Denmark ETF | 3.03% | 2.79% | 1.50% | 1.92% | 1.47% | 0.74% | 0.42% | 2.36% | 2.01% | 2.03% | 1.28% | 1.46% |
FNORX Fidelity Nordic Fund | 8.12% | 8.74% | 6.14% | 0.05% | 0.00% | 14.85% | 3.29% | 4.59% | 10.78% | 3.13% | 1.71% | 1.32% |
Frequently Asked Questions
EDEN and FNORX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FNORX has higher volatility (5.78%) compared to EDEN (4.82%). In terms of maximum drawdown, EDEN dropped -36.61% vs FNORX's -69.72%.
FNORX currently has the higher Sharpe Ratio (0.62 vs 0.12), 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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