PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
ENOR vs. EWUS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ENOR vs. EWUS

Last updated Jun 24, 2026

ENOR (iShares MSCI Norway ETF) and EWUS (iShares MSCI United Kingdom Small-Cap ETF) are both Europe Equities funds from iShares - ENOR tracks the MSCI Norway IMI 25/50 Index while EWUS tracks the MSCI United Kingdom Small Cap Index. Both are passively managed. Over the past 10 years, ENOR returned 9.38%/yr vs 4.97%/yr for EWUS. A 0.54 correlation means they provide meaningful diversification when combined. ENOR charges 0.53%/yr vs 0.59%/yr for EWUS.

Performance

ENOR vs. EWUS - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, ENOR achieves a 17.50% return, which is significantly higher than EWUS's -0.31% return. Over the past 10 years, ENOR has outperformed EWUS with an annualized return of 9.38%, while EWUS has yielded a comparatively lower 4.97% annualized return.

ENOR

1D
-1.25%
1M
-10.30%
YTD
17.50%
6M
17.83%
1Y
21.63%
3Y*
20.52%
5Y*
7.02%
10Y*
9.38%

EWUS

1D
-1.53%
1M
-3.03%
YTD
-0.31%
6M
0.01%
1Y
5.85%
3Y*
12.78%
5Y*
0.40%
10Y*
4.97%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ENOR vs. EWUS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ENOR
iShares MSCI Norway ETF		17.50%32.00%-2.29%4.80%-12.53%18.69%2.54%12.77%-8.50%21.98%
EWUS
iShares MSCI United Kingdom Small-Cap ETF		-0.31%25.13%3.55%15.41%-31.19%12.55%-2.58%35.16%-20.16%32.17%

Correlation

The correlation between ENOR and EWUS is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.33

Correlation (3Y)
Calculated over the trailing 3-year period

0.49

Correlation (5Y)
Calculated over the trailing 5-year period

0.58

Correlation (10Y)
Calculated over the trailing 10-year period

0.58

Correlation (All Time)
Calculated using the full available price history since Jan 26, 2012

0.54

Over the past year, the correlation between ENOR and EWUS has dropped to 0.33 - well below their long-term average of 0.54, suggesting their price drivers have been diverging.

ENOR vs. EWUS - Sectors Allocation Comparison

Sectors
ENOR
EWUS

Energy

28.0%
3.3%

Financial Services

22.0%
23.1%

Industrials

14.4%
20.4%

Consumer Defensive

12.0%
3.9%

Basic Materials

11.0%
6.3%

Communication Services

6.6%
6.8%

Technology

4.4%
3.9%

Utilities

0.7%
2.8%

Consumer Cyclical

0.6%
18.0%

Real Estate

0.4%
8.4%

Healthcare

-

3.1%

Energy

ENOR
28.0%
EWUS
3.3%

Financial Services

ENOR
22.0%
EWUS
23.1%

Industrials

ENOR
14.4%
EWUS
20.4%

Consumer Defensive

ENOR
12.0%
EWUS
3.9%

Basic Materials

ENOR
11.0%
EWUS
6.3%

Communication Services

ENOR
6.6%
EWUS
6.8%

Technology

ENOR
4.4%
EWUS
3.9%

Utilities

ENOR
0.7%
EWUS
2.8%

Consumer Cyclical

ENOR
0.6%
EWUS
18.0%

Real Estate

ENOR
0.4%
EWUS
8.4%

Healthcare

ENOR

-

EWUS
3.1%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Norway ETF

iShares MSCI United Kingdom Small-Cap ETF

Often compared with ENOR:
ENOR vs. NORWENOR vs. EDENENOR vs. QATENOR vs. CN1G.DEENOR vs. EIRLENOR vs. NATENOR vs. VOO
Often compared with EWUS:
EWUS vs. EWUEWUS vs. HSCZEWUS vs. SCJEWUS vs. EWZSEWUS vs. SCZEWUS vs. SMINEWUS vs. QQQ

Return for Risk

ENOR vs. EWUS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ENOR
ENOR Risk / Return Rank: 3838
Overall Rank
ENOR Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
ENOR Sortino Ratio Rank: 3737
Sortino Ratio Rank
ENOR Omega Ratio Rank: 3333
Omega Ratio Rank
ENOR Calmar Ratio Rank: 4141
Calmar Ratio Rank
ENOR Martin Ratio Rank: 4242
Martin Ratio Rank
EWUS
EWUS Risk / Return Rank: 1313
Overall Rank
EWUS Sharpe Ratio Rank: 1313
Sharpe Ratio Rank
EWUS Sortino Ratio Rank: 1313
Sortino Ratio Rank
EWUS Omega Ratio Rank: 1212
Omega Ratio Rank
EWUS Calmar Ratio Rank: 1313
Calmar Ratio Rank
EWUS Martin Ratio Rank: 1414
Martin Ratio Rank
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. EWUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Norway ETF (ENOR) and iShares MSCI United Kingdom Small-Cap ETF (EWUS). 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.

ENOREWUSDifference
Sharpe ratioReturn per unit of total volatility
1.22
0.33

+0.90

Sortino ratioReturn per unit of downside risk
1.82
0.61

+1.22

Omega ratioGain probability vs. loss probability

1.21

1.07

+0.15

Calmar ratioReturn relative to maximum drawdown

1.93

0.39

+1.55

Martin ratioReturn relative to average drawdown

6.40

1.22

+5.18

ENOR vs. EWUS - Sharpe Ratio Comparison

The current ENOR Sharpe Ratio is 1.22, which is higher than the EWUS Sharpe Ratio of 0.33. The chart below compares the historical Sharpe Ratios of ENOR and EWUS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

ENOR vs. EWUS - Drawdown Comparison

The maximum ENOR drawdown since its inception was -55.35%, which is greater than EWUS's maximum drawdown of -49.33%. Use the drawdown chart below to compare losses from any high point for ENOR and EWUS.

Loading charts...

Drawdown Indicators

ENOREWUSDifference

Max Drawdown

Largest peak-to-trough decline

-55.35%

-49.33%

-6.02%

Max Drawdown (1Y)

Largest decline over 1 year

-11.24%

-15.21%

+3.97%

Max Drawdown (3Y)

Largest decline over 3 years

-15.84%

-19.84%

+4.00%

Max Drawdown (5Y)

Largest decline over 5 years

-32.65%

-48.14%

+15.49%

Max Drawdown (10Y)

Largest decline over 10 years

-54.21%

-49.33%

-4.88%

Current Drawdown

Current decline from peak

-11.24%

-7.35%

-3.89%

Average Drawdown

Average peak-to-trough decline

-16.54%

-13.05%

-3.49%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.40%

4.82%

-1.42%

Volatility

ENOR vs. EWUS - Volatility Comparison

The current volatility for iShares MSCI Norway ETF (ENOR) is 4.36%, while iShares MSCI United Kingdom Small-Cap ETF (EWUS) has a volatility of 4.96%. This indicates that ENOR experiences smaller price fluctuations and is considered to be less risky than EWUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

ENOREWUSDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.36%

4.96%

-0.60%

Volatility (6M)

Calculated over the trailing 6-month period

14.32%

14.97%

-0.65%

Volatility (1Y)

Calculated over the trailing 1-year period

17.79%

18.14%

-0.35%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.16%

21.17%

+0.99%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.78%

21.92%

+1.86%

ENOR vs. EWUS - Expense Ratio Comparison

ENOR has a 0.53% expense ratio, which is lower than EWUS's 0.59% expense ratio.

Dividends

ENOR vs. EWUS - Dividend Comparison

ENOR's dividend yield for the trailing twelve months is around 5.68%, more than EWUS's 3.30% yield.

PositionTTM20252024202320222021202020192018201720162015
ENOR
iShares MSCI Norway ETF		5.68%2.96%6.32%5.06%4.02%2.24%2.39%3.15%2.79%2.47%2.96%3.24%
EWUS
iShares MSCI United Kingdom Small-Cap ETF		3.30%3.59%3.67%2.88%2.03%3.54%1.97%2.59%3.53%2.61%3.18%2.85%

Frequently Asked Questions

ENOR and EWUS have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWUS has higher volatility (4.96%) compared to ENOR (4.36%). In terms of maximum drawdown, ENOR dropped -55.35% vs EWUS's -49.33%.

On 10-year performance, ENOR leads with 9.38% vs 4.97% for EWUS. On fees, ENOR is cheaper at 0.53% per year. On volatility, ENOR has been the lower-risk option at 4.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, ENOR has performed better with a 9.38% return vs 4.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ENOR is cheaper with a 0.53% expense ratio, compared with 0.59% for EWUS.

ENOR has the higher dividend yield at 5.68%, compared with 3.30% for EWUS.

ENOR tracks MSCI Norway IMI 25/50 Index, while EWUS tracks MSCI United Kingdom Small Cap Index. Their fees differ too: 0.53% for ENOR and 0.59% for EWUS.

ENOR currently has the higher Sharpe Ratio (1.22 vs 0.33), 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.

Portfolio Optimizer

Find the right allocation for ENOR and EWUS

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer