ENOR vs. FLEH

Last updated Jul 14, 2026

ENOR (iShares MSCI Norway ETF) and FLEH (Franklin FTSE Europe Hedged ETF) are both Europe Equities funds - ENOR tracks the MSCI Norway IMI 25/50 Index while FLEH tracks the FTSE Developed Europe RIC Capped Index. Both are passively managed. Over the past 5 years, ENOR returned 7.47%/yr vs 11.60%/yr for FLEH. A 0.55 correlation means they provide meaningful diversification when combined. ENOR charges 0.53%/yr vs 0.09%/yr for FLEH.

Performance

ENOR vs. FLEH - Performance Comparison

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

Returns By Period

In the year-to-date period, ENOR achieves a 18.48% return, which is significantly higher than FLEH's 7.11% return.

ENOR

• 1D: 0.68%
• 1M: -5.20%
• 6M: 16.42%
• YTD: 18.48%
• 1Y: 23.46%
• 3Y*: 17.76%
• 5Y*: 7.47%
• 10Y*: 8.75%

FLEH

• 1D: -0.95%
• 1M: -1.26%
• 6M: 3.85%
• YTD: 7.11%
• 1Y: 16.01%
• 3Y*: 16.98%
• 5Y*: 11.60%
• 10Y*: —

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

ENOR vs. FLEH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ENOR iShares MSCI Norway ETF	18.48%	32.00%	-2.29%	4.80%	-12.53%	18.69%	2.54%	12.77%	-8.50%	-1.43%
FLEH Franklin FTSE Europe Hedged ETF	7.11%	41.56%	2.26%	16.21%	-9.14%	23.27%	0.95%	26.94%	-8.54%	-1.24%

Correlation

The correlation between ENOR and FLEH is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017	0.55

The correlation between ENOR and FLEH shifts across timeframes, from 0.38 (1 year) to 0.56 (5 years), reflecting how their relationship changes across market environments.

ENOR vs. FLEH - Sectors Allocation Comparison

Sectors	ENOR	FLEH
Energy	28.0%	5.5%
Financial Services	22.0%	16.0%
Industrials	14.4%	15.3%
Consumer Defensive	12.0%	12.1%
Basic Materials	11.0%	6.8%
Communication Services	6.6%	3.4%
Technology	4.4%	7.5%
Utilities	0.7%	4.0%
Consumer Cyclical	0.6%	10.8%
Real Estate	0.4%	1.3%
Healthcare	-	14.8%

Return for Risk

ENOR vs. FLEH — Risk / Return Rank

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

ENOR

ENOR Risk / Return Rank: 44
ENOR Sharpe Ratio Rank: 47
ENOR Sortino Ratio Rank: 48
ENOR Omega Ratio Rank: 43
ENOR Calmar Ratio Rank: 40
ENOR Martin Ratio Rank: 42

FLEH

FLEH Risk / Return Rank: 32
FLEH Sharpe Ratio Rank: 31
FLEH Sortino Ratio Rank: 31
FLEH Omega Ratio Rank: 31
FLEH Calmar Ratio Rank: 30
FLEH Martin Ratio Rank: 36

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. FLEH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Norway ETF (ENOR) and Franklin FTSE Europe Hedged ETF (FLEH). 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.

	ENOR	FLEH	Difference
Sharpe ratio: Return per unit of total volatility	1.31	0.91	+0.40
Sortino ratio: Return per unit of downside risk	1.94	1.40	+0.54
Omega ratio: Gain probability vs. loss probability	1.23	1.17	+0.06
Calmar ratio: Return relative to maximum drawdown	1.62	1.20	+0.42
Martin ratio: Return relative to average drawdown	5.40	4.34	+1.06

ENOR vs. FLEH - Sharpe Ratio Comparison

The current ENOR Sharpe Ratio is 1.31, which is higher than the FLEH Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of ENOR and FLEH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ENOR vs. FLEH - Drawdown Comparison

The maximum ENOR drawdown since its inception was -55.35%, which is greater than FLEH's maximum drawdown of -33.94%. Use the drawdown chart below to compare losses from any high point for ENOR and FLEH.

Drawdown Indicators

	ENOR	FLEH	Difference
Max Drawdown Largest peak-to-trough decline	-55.35%	-33.94%	-21.41%
Max Drawdown (1Y) Largest decline over 1 year	-14.56%	-13.41%	-1.15%
Max Drawdown (3Y) Largest decline over 3 years	-15.84%	-15.67%	-0.17%
Max Drawdown (5Y) Largest decline over 5 years	-32.65%	-18.67%	-13.98%
Max Drawdown (10Y) Largest decline over 10 years	-54.21%	—	—
Current Drawdown Current decline from peak	-10.50%	-2.96%	-7.54%
Average Drawdown Average peak-to-trough decline	-16.52%	-4.67%	-11.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.35%	3.69%	+0.66%

Volatility

ENOR vs. FLEH - Volatility Comparison

iShares MSCI Norway ETF (ENOR) and Franklin FTSE Europe Hedged ETF (FLEH) have volatilities of 5.53% and 5.39%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ENOR	FLEH	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.53%	5.39%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	14.62%	15.35%	-0.73%
Volatility (1Y) Calculated over the trailing 1-year period	17.98%	17.67%	+0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.16%	16.50%	+5.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.71%	18.26%	+5.45%

ENOR vs. FLEH - Expense Ratio Comparison

ENOR has a 0.53% expense ratio, which is higher than FLEH's 0.09% expense ratio.

Dividends

ENOR vs. FLEH - Dividend Comparison

ENOR's dividend yield for the trailing twelve months is around 5.64%, more than FLEH's 2.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ENOR iShares MSCI Norway ETF	5.64%	2.96%	6.32%	5.06%	4.02%	2.24%	2.39%	3.15%	2.79%	2.47%	2.96%	3.24%
FLEH Franklin FTSE Europe Hedged ETF	2.74%	2.22%	3.18%	3.25%	21.45%	3.03%	1.94%	6.06%	12.17%	0.07%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ENOR and FLEH in my portfolio?

ENOR and FLEH have a correlation of 0.38, 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 FLEH?

ENOR has higher volatility (5.53%) compared to FLEH (5.39%). In terms of maximum drawdown, ENOR dropped -55.35% vs FLEH's -33.94%.

Which ETF is better, ENOR or FLEH?

On 5-year performance, FLEH leads with 11.60% vs 7.47% for ENOR. On fees, FLEH is cheaper at 0.09% per year. On volatility, FLEH has been the lower-risk option at 5.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ENOR or FLEH?

Over the 5-year period, FLEH has performed better with a 11.60% return vs 7.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ENOR or FLEH?

FLEH is cheaper with a 0.09% expense ratio, compared with 0.53% for ENOR.

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

ENOR has the higher dividend yield at 5.64%, compared with 2.74% for FLEH.

What is the main difference between ENOR and FLEH?

ENOR tracks MSCI Norway IMI 25/50 Index, while FLEH tracks FTSE Developed Europe RIC Capped Index. They also come from different issuers: iShares and Franklin Templeton. Their fees differ too: 0.53% for ENOR and 0.09% for FLEH.

Which has better risk-adjusted returns?

ENOR currently has the higher Sharpe Ratio (1.31 vs 0.91), 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.