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 9.65%/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 -3.26% return, which is significantly lower than FNORX's 7.85% 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 9.65%.
EDEN
- 1D
- 2.17%
- 1M
- -1.56%
- YTD
- -3.26%
- 6M
- -1.59%
- 1Y
- -1.90%
- 3Y*
- 3.26%
- 5Y*
- 2.39%
- 10Y*
- 9.34%
FNORX
- 1D
- -0.23%
- 1M
- -4.30%
- YTD
- 7.85%
- 6M
- 9.69%
- 1Y
- 15.06%
- 3Y*
- 11.94%
- 5Y*
- 5.78%
- 10Y*
- 9.65%
EDEN vs. FNORX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EDEN iShares MSCI Denmark ETF | -3.26% | 10.58% | -3.94% | 17.99% | -11.47% | 14.81% | 42.56% | 24.37% | -14.43% | 35.39% |
FNORX Fidelity Nordic Fund | 7.85% | 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 | 0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.82 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.77 |
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 | -0.92 | ||
| Sortino ratioReturn per unit of downside risk | -1.22 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.15 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | -0.09 | 1.12 | -1.21 |
| Martin ratioReturn relative to average drawdown | -0.19 | 3.40 | -3.59 |
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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 | -13.74% | -5.57% | -8.17% |
Average DrawdownAverage peak-to-trough decline | -7.38% | -17.42% | +10.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.78% | 4.28% | +5.50% |
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 5.84%. 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% | 5.84% | -1.02% |
Volatility (6M)Calculated over the trailing 6-month period | 15.74% | 14.09% | +1.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.76% | 17.56% | +3.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.28% | 19.07% | +1.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.38% | 18.99% | +0.39% |
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 3.17%, less than FNORX's 8.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EDEN iShares MSCI Denmark ETF | 3.17% | 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 | 8.11% | 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 (5.84%) 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 (0.83 vs -0.09), 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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