ENOR vs. EWP

Last updated Jun 4, 2026

ENOR (iShares MSCI Norway ETF) and EWP (iShares MSCI Spain ETF) are both Europe Equities funds from iShares - ENOR tracks the MSCI Norway IMI 25/50 Index while EWP tracks the MSCI Spain Index. Both are passively managed. Over the past 10 years, ENOR returned 9.41%/yr vs 10.99%/yr for EWP. A 0.60 correlation means they provide meaningful diversification when combined. ENOR charges 0.53%/yr vs 0.50%/yr for EWP.

Performance

ENOR vs. EWP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Norway ETF (ENOR) and iShares MSCI Spain ETF (EWP). 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 EWP's 5.49% return. Over the past 10 years, ENOR has underperformed EWP with an annualized return of 9.41%, while EWP has yielded a comparatively higher 10.99% annualized 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%

EWP

• 1D: -1.06%
• 1M: 3.64%
• YTD: 5.49%
• 6M: 10.02%
• 1Y: 34.73%
• 3Y*: 30.89%
• 5Y*: 17.03%
• 10Y*: 10.99%

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

ENOR vs. EWP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
EWP iShares MSCI Spain ETF	5.49%	78.03%	5.70%	30.26%	-5.18%	0.25%	-3.94%	11.93%	-15.32%	26.98%

Correlation

The correlation between ENOR and EWP is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since Jan 25, 2012	0.60

Over the past year, the correlation between ENOR and EWP has dropped to 0.34 - well below their long-term average of 0.60, suggesting their price drivers have been diverging.

ENOR vs. EWP - Sectors Allocation Comparison

Sectors	ENOR	EWP
Energy	29.2%	5.3%
Financial Services	22.4%	41.4%
Industrials	13.9%	16.1%
Consumer Defensive	12.4%	-
Basic Materials	10.8%	-
Communication Services	5.8%	2.9%
Technology	4.1%	4.9%
Utilities	0.7%	21.2%
Real Estate	0.4%	2.9%
Consumer Cyclical	0.2%	4.0%
Healthcare	-	1.3%

Return for Risk

ENOR vs. EWP — 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

EWP

EWP Risk / Return Rank: 55
EWP Sharpe Ratio Rank: 54
EWP Sortino Ratio Rank: 51
EWP Omega Ratio Rank: 51
EWP Calmar Ratio Rank: 61
EWP Martin Ratio Rank: 60

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. EWP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Norway ETF (ENOR) and iShares MSCI Spain ETF (EWP). 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	EWP	Difference
Sharpe ratio: Return per unit of total volatility	2.15	1.87	+0.29
Sortino ratio: Return per unit of downside risk	3.04	2.51	+0.53
Omega ratio: Gain probability vs. loss probability	1.37	1.33	+0.04
Calmar ratio: Return relative to maximum drawdown	4.16	3.07	+1.09
Martin ratio: Return relative to average drawdown	11.78	10.91	+0.86
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. EWP - Sharpe Ratio Comparison

The current ENOR Sharpe Ratio is 2.15, which is comparable to the EWP Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of ENOR and EWP, 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	EWP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.15	1.87	+0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	0.85	-0.47
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.39	0.50	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.31	-0.06

Drawdowns

ENOR vs. EWP - Drawdown Comparison

The maximum ENOR drawdown since its inception was -55.35%, smaller than the maximum EWP drawdown of -61.19%. Use the drawdown chart below to compare losses from any high point for ENOR and EWP.

Drawdown Indicators

	ENOR	EWP	Difference
Max Drawdown Largest peak-to-trough decline	-55.35%	-61.19%	+5.84%
Max Drawdown (1Y) Largest decline over 1 year	-9.01%	-11.38%	+2.37%
Max Drawdown (3Y) Largest decline over 3 years	-15.84%	-12.19%	-3.65%
Max Drawdown (5Y) Largest decline over 5 years	-32.65%	-33.91%	+1.26%
Max Drawdown (10Y) Largest decline over 10 years	-54.21%	-46.36%	-7.85%
Current Drawdown Current decline from peak	-3.15%	-2.60%	-0.55%
Average Drawdown Average peak-to-trough decline	-16.58%	-21.43%	+4.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.18%	3.19%	-0.01%

Volatility

ENOR vs. EWP - Volatility Comparison

The current volatility for iShares MSCI Norway ETF (ENOR) is 5.14%, while iShares MSCI Spain ETF (EWP) has a volatility of 6.12%. This indicates that ENOR experiences smaller price fluctuations and is considered to be less risky than EWP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ENOR	EWP	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.14%	6.12%	-0.98%
Volatility (6M) Calculated over the trailing 6-month period	13.62%	15.64%	-2.02%
Volatility (1Y) Calculated over the trailing 1-year period	17.43%	18.76%	-1.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.18%	20.24%	+1.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.02%	22.23%	+1.79%

ENOR vs. EWP - Expense Ratio Comparison

ENOR has a 0.53% expense ratio, which is higher than EWP's 0.50% expense ratio.

Dividends

ENOR vs. EWP - Dividend Comparison

ENOR's dividend yield for the trailing twelve months is around 2.31%, more than EWP's 2.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
EWP iShares MSCI Spain ETF	2.15%	2.27%	4.35%	2.70%	3.07%	3.29%	2.56%	3.72%	3.69%	2.72%	4.65%	3.85%

Frequently Asked Questions

Can I hold both ENOR and EWP in my portfolio?

ENOR and EWP have a correlation of 0.34, 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 EWP?

EWP has higher volatility (6.12%) compared to ENOR (5.14%). In terms of maximum drawdown, ENOR dropped -55.35% vs EWP's -61.19%.

Which ETF is better, ENOR or EWP?

On 10-year performance, EWP leads with 10.99% vs 9.41% for ENOR. On fees, EWP is cheaper at 0.50% per year. 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, ENOR or EWP?

Over the 10-year period, EWP has performed better with a 10.99% return vs 9.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ENOR or EWP?

EWP is cheaper with a 0.50% expense ratio, compared with 0.53% for ENOR.

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

ENOR has the higher dividend yield at 2.31%, compared with 2.15% for EWP.

What is the main difference between ENOR and EWP?

ENOR tracks MSCI Norway IMI 25/50 Index, while EWP tracks MSCI Spain Index. Their fees differ too: 0.53% for ENOR and 0.50% for EWP.

Which has better risk-adjusted returns?

ENOR currently has the higher Sharpe Ratio (2.15 vs 1.87), 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.