EFNL vs. ENOR

Last updated Jun 4, 2026

EFNL (iShares MSCI Finland ETF) and ENOR (iShares MSCI Norway ETF) are both Europe Equities funds from iShares - EFNL tracks the MSCI Finland IMI 25/50 Index while ENOR tracks the MSCI Norway IMI 25/50 Index. Both are passively managed. Over the past 10 years, EFNL returned 10.07%/yr vs 9.41%/yr for ENOR. A 0.63 correlation means they provide meaningful diversification when combined. Both charge a 0.53% expense ratio.

Performance

EFNL vs. ENOR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Finland ETF (EFNL) and iShares MSCI Norway ETF (ENOR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EFNL achieves a 21.03% return, which is significantly lower than ENOR's 28.21% return. Over the past 10 years, EFNL has outperformed ENOR with an annualized return of 10.07%, while ENOR has yielded a comparatively lower 9.41% annualized return.

EFNL

• 1D: -0.44%
• 1M: 6.63%
• YTD: 21.03%
• 6M: 25.68%
• 1Y: 48.56%
• 3Y*: 21.52%
• 5Y*: 6.67%
• 10Y*: 10.07%

ENOR

• 1D: -0.57%
• 1M: -1.34%
• YTD: 28.21%
• 6M: 33.17%
• 1Y: 37.30%
• 3Y*: 23.56%
• 5Y*: 8.25%
• 10Y*: 9.41%

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

EFNL vs. ENOR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EFNL iShares MSCI Finland ETF	21.03%	53.59%	-5.28%	-0.12%	-17.29%	10.50%	20.19%	13.64%	-6.86%	23.77%
ENOR iShares MSCI Norway ETF	28.21%	32.00%	-2.29%	4.80%	-12.53%	18.69%	2.54%	12.77%	-8.50%	21.98%

Correlation

The correlation between EFNL and ENOR is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Jan 27, 2012	0.63

Over the past year, the correlation between EFNL and ENOR has dropped to 0.42 - well below their long-term average of 0.63, suggesting their price drivers have been diverging.

EFNL vs. ENOR - Sectors Allocation Comparison

Sectors	EFNL	ENOR
Financial Services	26.0%	22.4%
Technology	21.4%	4.1%
Industrials	20.8%	13.9%
Consumer Cyclical	6.6%	0.2%
Basic Materials	6.3%	10.8%
Energy	5.2%	29.2%
Utilities	4.0%	0.7%
Healthcare	3.5%	-
Consumer Defensive	2.9%	12.4%
Communication Services	2.6%	5.8%
Real Estate	0.7%	0.4%

Return for Risk

EFNL vs. ENOR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EFNL

EFNL Risk / Return Rank: 86
EFNL Sharpe Ratio Rank: 86
EFNL Sortino Ratio Rank: 82
EFNL Omega Ratio Rank: 79
EFNL Calmar Ratio Rank: 92
EFNL Martin Ratio Rank: 91

ENOR

ENOR Risk / Return Rank: 66
ENOR Sharpe Ratio Rank: 64
ENOR Sortino Ratio Rank: 65
ENOR Omega Ratio Rank: 59
ENOR Calmar Ratio Rank: 80
ENOR Martin Ratio Rank: 65

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EFNL vs. ENOR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Finland ETF (EFNL) and iShares MSCI Norway ETF (ENOR). 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.

	EFNL	ENOR	Difference
Sharpe ratio: Return per unit of total volatility	2.83	2.15	+0.68
Sortino ratio: Return per unit of downside risk	3.69	3.04	+0.65
Omega ratio: Gain probability vs. loss probability	1.47	1.37	+0.10
Calmar ratio: Return relative to maximum drawdown	6.16	4.16	+2.00
Martin ratio: Return relative to average drawdown	21.80	11.78	+10.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EFNL vs. ENOR - Sharpe Ratio Comparison

The current EFNL Sharpe Ratio is 2.83, which is higher than the ENOR Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of EFNL and ENOR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EFNL	ENOR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.83	2.15	+0.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	0.37	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.39	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.25	+0.21

Drawdowns

EFNL vs. ENOR - Drawdown Comparison

The maximum EFNL drawdown since its inception was -38.70%, smaller than the maximum ENOR drawdown of -55.35%. Use the drawdown chart below to compare losses from any high point for EFNL and ENOR.

Drawdown Indicators

	EFNL	ENOR	Difference
Max Drawdown Largest peak-to-trough decline	-38.70%	-55.35%	+16.65%
Max Drawdown (1Y) Largest decline over 1 year	-7.92%	-9.01%	+1.09%
Max Drawdown (3Y) Largest decline over 3 years	-18.19%	-15.84%	-2.35%
Max Drawdown (5Y) Largest decline over 5 years	-38.70%	-32.65%	-6.05%
Max Drawdown (10Y) Largest decline over 10 years	-38.70%	-54.21%	+15.51%
Current Drawdown Current decline from peak	-0.44%	-3.15%	+2.71%
Average Drawdown Average peak-to-trough decline	-10.93%	-16.58%	+5.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.23%	3.18%	-0.95%

Volatility

EFNL vs. ENOR - Volatility Comparison

iShares MSCI Finland ETF (EFNL) has a higher volatility of 6.77% compared to iShares MSCI Norway ETF (ENOR) at 5.14%. This indicates that EFNL's price experiences larger fluctuations and is considered to be riskier than ENOR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EFNL	ENOR	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.77%	5.14%	+1.63%
Volatility (6M) Calculated over the trailing 6-month period	13.87%	13.62%	+0.25%
Volatility (1Y) Calculated over the trailing 1-year period	17.28%	17.43%	-0.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.60%	22.18%	-2.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.09%	24.02%	-3.93%

EFNL vs. ENOR - Expense Ratio Comparison

Both EFNL and ENOR have an expense ratio of 0.53%.

Dividends

EFNL vs. ENOR - Dividend Comparison

EFNL's dividend yield for the trailing twelve months is around 2.81%, more than ENOR's 2.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EFNL iShares MSCI Finland ETF	2.81%	3.40%	5.05%	4.31%	5.94%	2.29%	2.94%	5.70%	3.83%	3.30%	2.40%	1.57%
ENOR iShares MSCI Norway ETF	2.31%	2.96%	6.32%	5.06%	4.02%	2.24%	2.39%	3.15%	2.79%	2.47%	2.96%	3.24%

Frequently Asked Questions

Can I hold both EFNL and ENOR in my portfolio?

EFNL and ENOR have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EFNL or ENOR?

EFNL has higher volatility (6.77%) compared to ENOR (5.14%). In terms of maximum drawdown, EFNL dropped -38.70% vs ENOR's -55.35%.

Which ETF is better, EFNL or ENOR?

On 10-year performance, EFNL leads with 10.07% vs 9.41% for ENOR. Both ETFs have the same 0.53% expense ratio. On volatility, ENOR has been the lower-risk option at 5.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EFNL or ENOR?

Over the 10-year period, EFNL has performed better with a 10.07% return vs 9.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EFNL or ENOR?

EFNL and ENOR have the same expense ratio: 0.53% per year.

Which ETF pays a higher dividend yield, EFNL or ENOR?

EFNL has the higher dividend yield at 2.81%, compared with 2.31% for ENOR.

What is the main difference between EFNL and ENOR?

EFNL tracks MSCI Finland IMI 25/50 Index, while ENOR tracks MSCI Norway IMI 25/50 Index.

Which has better risk-adjusted returns?

EFNL currently has the higher Sharpe Ratio (2.83 vs 2.15), 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.