ENOR vs. BSMW

Last updated Jun 4, 2026

ENOR (iShares MSCI Norway ETF) and BSMW (Invesco BulletShares 2032 Municipal Bond ETF) are both exchange-traded funds - ENOR is a Europe Equities fund tracking the MSCI Norway IMI 25/50 Index, while BSMW is a Municipal Bonds fund tracking the Invesco BulletShares USD Municipal Bond 2032 Index. Both are passively managed. Over the past 3 years, ENOR returned 23.56%/yr vs 3.20%/yr for BSMW. At a 0.02 correlation, their price movements are largely independent. ENOR charges 0.53%/yr vs 0.18%/yr for BSMW.

Performance

ENOR vs. BSMW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Norway ETF (ENOR) and Invesco BulletShares 2032 Municipal Bond ETF (BSMW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ENOR achieves a 28.21% return, which is significantly higher than BSMW's 1.30% return.

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%

BSMW

• 1D: 0.11%
• 1M: 0.55%
• YTD: 1.30%
• 6M: 1.59%
• 1Y: 6.93%
• 3Y*: 3.20%
• 5Y*: —
• 10Y*: —

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

ENOR vs. BSMW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ENOR iShares MSCI Norway ETF	28.21%	32.00%	-2.29%	5.33%
BSMW Invesco BulletShares 2032 Municipal Bond ETF	1.30%	3.42%	-0.35%	7.00%

Correlation

The correlation between ENOR and BSMW is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (All Time) Calculated using the full available price history since Mar 2, 2023	0.02

The correlation between ENOR and BSMW shifts across timeframes, from -0.12 (1 year) to 0.05 (3 years), reflecting how their relationship changes across market environments.

ENOR vs. BSMW - Sectors Allocation Comparison

Sectors	ENOR	BSMW
Energy	29.2%	-
Financial Services	22.4%	1.7%
Industrials	13.9%	-
Consumer Defensive	12.4%	-
Basic Materials	10.8%	-
Communication Services	5.8%	-
Technology	4.1%	0.1%
Utilities	0.7%	-
Real Estate	0.4%	-
Consumer Cyclical	0.2%	0.3%
Healthcare	-	-

Return for Risk

ENOR vs. BSMW — Risk / Return Rank

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

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

BSMW

BSMW Risk / Return Rank: 67
BSMW Sharpe Ratio Rank: 78
BSMW Sortino Ratio Rank: 80
BSMW Omega Ratio Rank: 83
BSMW Calmar Ratio Rank: 49
BSMW Martin Ratio Rank: 46

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.

ENOR vs. BSMW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Norway ETF (ENOR) and Invesco BulletShares 2032 Municipal Bond ETF (BSMW). 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.

	ENOR	BSMW	Difference
Sharpe ratio: Return per unit of total volatility	2.15	2.48	-0.32
Sortino ratio: Return per unit of downside risk	3.04	3.56	-0.52
Omega ratio: Gain probability vs. loss probability	1.37	1.50	-0.13
Calmar ratio: Return relative to maximum drawdown	4.16	2.39	+1.77
Martin ratio: Return relative to average drawdown	11.78	7.53	+4.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ENOR vs. BSMW - Sharpe Ratio Comparison

The current ENOR Sharpe Ratio is 2.15, which is comparable to the BSMW Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of ENOR and BSMW, 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

	ENOR	BSMW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.15	2.48	-0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.39	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.69	-0.44

Drawdowns

ENOR vs. BSMW - Drawdown Comparison

The maximum ENOR drawdown since its inception was -55.35%, which is greater than BSMW's maximum drawdown of -7.57%. Use the drawdown chart below to compare losses from any high point for ENOR and BSMW.

Drawdown Indicators

	ENOR	BSMW	Difference
Max Drawdown Largest peak-to-trough decline	-55.35%	-7.57%	-47.78%
Max Drawdown (1Y) Largest decline over 1 year	-9.01%	-2.92%	-6.09%
Max Drawdown (3Y) Largest decline over 3 years	-15.84%	-7.34%	-8.50%
Max Drawdown (5Y) Largest decline over 5 years	-32.65%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-54.21%	—	—
Current Drawdown Current decline from peak	-3.15%	-0.98%	-2.17%
Average Drawdown Average peak-to-trough decline	-16.58%	-1.72%	-14.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.18%	0.92%	+2.26%

Volatility

ENOR vs. BSMW - Volatility Comparison

iShares MSCI Norway ETF (ENOR) has a higher volatility of 5.14% compared to Invesco BulletShares 2032 Municipal Bond ETF (BSMW) at 0.93%. This indicates that ENOR's price experiences larger fluctuations and is considered to be riskier than BSMW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ENOR	BSMW	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.14%	0.93%	+4.21%
Volatility (6M) Calculated over the trailing 6-month period	13.62%	1.98%	+11.64%
Volatility (1Y) Calculated over the trailing 1-year period	17.43%	2.82%	+14.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.18%	5.00%	+17.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.02%	5.00%	+19.02%

ENOR vs. BSMW - Expense Ratio Comparison

ENOR has a 0.53% expense ratio, which is higher than BSMW's 0.18% expense ratio.

Dividends

ENOR vs. BSMW - Dividend Comparison

ENOR's dividend yield for the trailing twelve months is around 2.31%, less than BSMW's 3.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BSMW Invesco BulletShares 2032 Municipal Bond ETF	3.20%	3.24%	3.48%	2.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 ENOR and BSMW in my portfolio?

ENOR and BSMW have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ENOR or BSMW?

ENOR has higher volatility (5.14%) compared to BSMW (0.93%). In terms of maximum drawdown, ENOR dropped -55.35% vs BSMW's -7.57%.

Which ETF is better, ENOR or BSMW?

On 3-year performance, ENOR leads with 23.56% vs 3.20% for BSMW. On fees, BSMW is cheaper at 0.18% per year. On volatility, BSMW has been the lower-risk option at 0.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ENOR or BSMW?

Over the 3-year period, ENOR has performed better with a 23.56% return vs 3.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ENOR or BSMW?

BSMW is cheaper with a 0.18% expense ratio, compared with 0.53% for ENOR.

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

BSMW has the higher dividend yield at 3.20%, compared with 2.31% for ENOR.

What is the main difference between ENOR and BSMW?

ENOR is categorized as Europe Equities, while BSMW is Municipal Bonds. ENOR tracks MSCI Norway IMI 25/50 Index, while BSMW tracks Invesco BulletShares USD Municipal Bond 2032 Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.53% for ENOR and 0.18% for BSMW.

Which has better risk-adjusted returns?

BSMW currently has the higher Sharpe Ratio (2.48 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.