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ENOR vs. FDD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ENOR vs. FDD

Last updated Jun 24, 2026

ENOR (iShares MSCI Norway ETF) and FDD (First Trust STOXX European Select Dividend Index Fund) are both Europe Equities funds - ENOR tracks the MSCI Norway IMI 25/50 Index while FDD tracks the STOXX Europe Select Dividend 30. Both are passively managed. Over the past 10 years, ENOR returned 9.38%/yr vs 10.75%/yr for FDD. A 0.68 correlation means they provide meaningful diversification when combined. ENOR charges 0.53%/yr vs 0.58%/yr for FDD.

Performance

ENOR vs. FDD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Norway ETF (ENOR) and First Trust STOXX European Select Dividend Index Fund (FDD). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ENOR achieves a 17.50% return, which is significantly higher than FDD's 10.10% return. Over the past 10 years, ENOR has underperformed FDD with an annualized return of 9.38%, while FDD has yielded a comparatively higher 10.75% 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%

FDD

1D
-1.94%
1M
-2.36%
YTD
10.10%
6M
10.41%
1Y
30.12%
3Y*
26.20%
5Y*
11.36%
10Y*
10.75%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ENOR vs. FDD - 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%
FDD
First Trust STOXX European Select Dividend Index Fund		10.10%62.50%0.28%14.16%-16.14%16.03%-3.80%23.79%-8.98%19.07%

Correlation

The correlation between ENOR and FDD is 0.53, 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

0.53

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

0.62

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

0.67

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

0.68

Correlation (All Time)
Calculated using the full available price history since Jan 24, 2012

0.68

The correlation between ENOR and FDD shifts across timeframes, from 0.53 (1 year) to 0.68 (10 years), reflecting how their relationship changes across market environments.

ENOR vs. FDD - Sectors Allocation Comparison

Sectors
ENOR
FDD

Energy

28.0%
10.4%

Financial Services

22.0%
52.0%

Industrials

14.4%
13.3%

Consumer Defensive

12.0%
3.6%

Basic Materials

11.0%
3.1%

Communication Services

6.6%
2.1%

Technology

4.4%

-

Utilities

0.7%
6.0%

Consumer Cyclical

0.6%
12.3%

Real Estate

0.4%
3.3%

Healthcare

-

-

Energy

ENOR
28.0%
FDD
10.4%

Financial Services

ENOR
22.0%
FDD
52.0%

Industrials

ENOR
14.4%
FDD
13.3%

Consumer Defensive

ENOR
12.0%
FDD
3.6%

Basic Materials

ENOR
11.0%
FDD
3.1%

Communication Services

ENOR
6.6%
FDD
2.1%

Technology

ENOR
4.4%
FDD

-

Utilities

ENOR
0.7%
FDD
6.0%

Consumer Cyclical

ENOR
0.6%
FDD
12.3%

Real Estate

ENOR
0.4%
FDD
3.3%

Healthcare

ENOR

-

FDD

-

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iShares MSCI Norway ETF

First Trust STOXX European Select Dividend Index Fund

Often compared with ENOR:
ENOR vs. NORWENOR vs. EDENENOR vs. QATENOR vs. CN1G.DEENOR vs. EIRLENOR vs. NATENOR vs. VOO
Often compared with FDD:
FDD vs. EUFNFDD vs. FLAXFDD vs. RFEUFDD vs. VTIFDD vs. IQDFFDD vs. DVYFDD vs. IEUR

Return for Risk

ENOR vs. FDD — 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
FDD
FDD Risk / Return Rank: 6060
Overall Rank
FDD Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
FDD Sortino Ratio Rank: 5858
Sortino Ratio Rank
FDD Omega Ratio Rank: 5454
Omega Ratio Rank
FDD Calmar Ratio Rank: 6767
Calmar Ratio Rank
FDD Martin Ratio Rank: 6262
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. FDD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Norway ETF (ENOR) and First Trust STOXX European Select Dividend Index Fund (FDD). 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.

ENORFDDDifference
Sharpe ratioReturn per unit of total volatility
1.22
1.88

-0.66

Sortino ratioReturn per unit of downside risk
1.82
2.61

-0.79

Omega ratioGain probability vs. loss probability

1.21

1.32

-0.11

Calmar ratioReturn relative to maximum drawdown

1.93

3.22

-1.29

Martin ratioReturn relative to average drawdown

6.40

10.63

-4.24

ENOR vs. FDD - Sharpe Ratio Comparison

The current ENOR Sharpe Ratio is 1.22, which is lower than the FDD Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of ENOR and FDD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

ENOR vs. FDD - Drawdown Comparison

The maximum ENOR drawdown since its inception was -55.35%, smaller than the maximum FDD drawdown of -74.77%. Use the drawdown chart below to compare losses from any high point for ENOR and FDD.

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Drawdown Indicators

ENORFDDDifference

Max Drawdown

Largest peak-to-trough decline

-55.35%

-74.77%

+19.42%

Max Drawdown (1Y)

Largest decline over 1 year

-11.24%

-9.39%

-1.85%

Max Drawdown (3Y)

Largest decline over 3 years

-15.84%

-13.06%

-2.78%

Max Drawdown (5Y)

Largest decline over 5 years

-32.65%

-34.84%

+2.19%

Max Drawdown (10Y)

Largest decline over 10 years

-54.21%

-41.43%

-12.78%

Current Drawdown

Current decline from peak

-11.24%

-3.52%

-7.72%

Average Drawdown

Average peak-to-trough decline

-16.54%

-35.37%

+18.83%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.40%

2.84%

+0.56%

Volatility

ENOR vs. FDD - Volatility Comparison

The current volatility for iShares MSCI Norway ETF (ENOR) is 4.36%, while First Trust STOXX European Select Dividend Index Fund (FDD) has a volatility of 5.51%. This indicates that ENOR experiences smaller price fluctuations and is considered to be less risky than FDD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ENORFDDDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.36%

5.51%

-1.15%

Volatility (6M)

Calculated over the trailing 6-month period

14.32%

13.16%

+1.16%

Volatility (1Y)

Calculated over the trailing 1-year period

17.79%

16.09%

+1.70%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.16%

18.48%

+3.68%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.78%

19.86%

+3.92%

ENOR vs. FDD - Expense Ratio Comparison

ENOR has a 0.53% expense ratio, which is lower than FDD's 0.58% expense ratio.

Dividends

ENOR vs. FDD - Dividend Comparison

ENOR's dividend yield for the trailing twelve months is around 5.68%, more than FDD's 3.59% 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%
FDD
First Trust STOXX European Select Dividend Index Fund		3.59%3.99%7.65%6.85%6.07%3.44%4.01%4.69%5.05%2.78%4.88%4.35%

Frequently Asked Questions

ENOR and FDD have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FDD has higher volatility (5.51%) compared to ENOR (4.36%). In terms of maximum drawdown, ENOR dropped -55.35% vs FDD's -74.77%.

On 10-year performance, FDD leads with 10.75% vs 9.38% for ENOR. 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, FDD has performed better with a 10.75% return vs 9.38%. 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 0.58% for FDD.

ENOR has the higher dividend yield at 5.68%, compared with 3.59% for FDD.

ENOR tracks MSCI Norway IMI 25/50 Index, while FDD tracks STOXX Europe Select Dividend 30. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.53% for ENOR and 0.58% for FDD.

FDD currently has the higher Sharpe Ratio (1.88 vs 1.22), 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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