ENOR vs. FLEU

Last updated Aug 2, 2026

ENOR (iShares MSCI Norway ETF) and FLEU (Franklin FTSE Eurozone ETF) are both Europe Equities funds - ENOR tracks the MSCI Norway IMI 25/50 Index while FLEU tracks the FTSE Developed Eurozone Index - Benchmark TR Net. Both are passively managed. Over the past 5 years, ENOR returned 9.47%/yr vs 12.16%/yr for FLEU. Their 0.55 correlation means they have sometimes moved together and sometimes differently. ENOR charges 0.53%/yr vs 0.09%/yr for FLEU.

Performance

ENOR vs. FLEU - Performance Comparison

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

Returns By Period

In the year-to-date period, ENOR achieves a 26.80% return, which is significantly higher than FLEU's 10.02% return.

ENOR

• 1D: 1.22%
• 1M: 9.09%
• 6M: 15.26%
• YTD: 26.80%
• 1Y: 35.98%
• 3Y*: 19.48%
• 5Y*: 9.47%
• 10Y*: 9.85%
• ALL TIME*: 5.72%

FLEU

• 1D: 0.00%
• 1M: 0.40%
• 6M: 5.93%
• YTD: 10.02%
• 1Y: 23.92%
• 3Y*: 17.76%
• 5Y*: 12.16%
• 10Y*: —
• ALL TIME*: 10.54%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ENOR iShares MSCI Norway ETF	$864.77K	$1.77M	$2.58M
FLEU Franklin FTSE Eurozone ETF	$166.73K	$205.09K	$250.17K

ENOR vs. FLEU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ENOR iShares MSCI Norway ETF	26.80%	32.00%	-2.29%	4.80%	-12.53%	18.69%	2.54%	12.77%	-8.50%	-1.43%
FLEU Franklin FTSE Eurozone ETF	10.02%	41.56%	2.26%	16.21%	-9.14%	23.27%	0.95%	26.94%	-8.54%	-1.24%

Correlation

The correlation between ENOR and FLEU is 0.37, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.37
Correlation (3Y) Balances recent behavior with more history.	0.51
Correlation (5Y) Shows whether the relationship held over a longer period.	0.55
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017	0.55

The correlation between ENOR and FLEU shifts across timeframes, from 0.37 (1 year) to 0.55 (all time), reflecting how their relationship changes across market environments.

ENOR vs. FLEU - Sectors Allocation Comparison

Sectors	ENOR	FLEU
Energy	30.1%	3.8%
Financial Services	23.6%	26.3%
Industrials	14.5%	19.5%
Consumer Defensive	11.9%	5.0%
Basic Materials	8.9%	4.3%
Communication Services	5.6%	4.1%
Technology	3.5%	15.7%
Utilities	0.6%	6.8%
Consumer Cyclical	0.6%	7.5%
Real Estate	0.4%	1.0%
Healthcare	-	5.7%

Return for Risk

ENOR vs. FLEU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ENOR

ENOR Risk / Return Rank: 77
ENOR Sharpe Ratio Rank: 85
ENOR Sortino Ratio Rank: 85
ENOR Omega Ratio Rank: 80
ENOR Calmar Ratio Rank: 71
ENOR Martin Ratio Rank: 64

FLEU

FLEU Risk / Return Rank: 53
FLEU Sharpe Ratio Rank: 55
FLEU Sortino Ratio Rank: 56
FLEU Omega Ratio Rank: 54
FLEU Calmar Ratio Rank: 49
FLEU Martin Ratio Rank: 54

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ENOR vs. FLEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Norway ETF (ENOR) and Franklin FTSE Eurozone ETF (FLEU). 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	FLEU	Difference
Sharpe ratio: Return per unit of total volatility	1.98	1.32	+0.67
Sortino ratio: Return per unit of downside risk	2.79	1.93	+0.85
Omega ratio: Gain probability vs. loss probability	1.33	1.24	+0.09
Calmar ratio: Return relative to maximum drawdown	2.46	1.74	+0.73
Martin ratio: Return relative to average drawdown	7.68	6.33	+1.34

ENOR vs. FLEU - Sharpe Ratio Comparison

The current ENOR Sharpe Ratio is 1.98, which is higher than the FLEU Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of ENOR and FLEU, 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. FLEU - Drawdown Comparison

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

Drawdown Indicators

	ENOR	FLEU	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	-4.22%	-0.32%	-3.90%
Average Drawdown Average peak-to-trough decline	-16.49%	-4.65%	-11.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.66%	3.67%	+0.99%

Volatility

ENOR vs. FLEU - Volatility Comparison

iShares MSCI Norway ETF (ENOR) has a higher volatility of 5.25% compared to Franklin FTSE Eurozone ETF (FLEU) at 4.77%. This indicates that ENOR's price experiences larger fluctuations and is considered to be riskier than FLEU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ENOR	FLEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.25%	4.77%	+0.48%
Volatility (6M) Calculated over the trailing 6-month period	14.54%	15.47%	-0.93%
Volatility (1Y) Calculated over the trailing 1-year period	18.08%	17.78%	+0.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.13%	16.53%	+5.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.73%	18.25%	+5.48%

ENOR vs. FLEU - Expense Ratio Comparison

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

Dividends

ENOR vs. FLEU - Dividend Comparison

ENOR's dividend yield for the trailing twelve months is around 5.27%, more than FLEU's 2.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ENOR iShares MSCI Norway ETF	5.27%	2.96%	6.32%	5.06%	4.02%	2.24%	2.39%	3.15%	2.79%	2.47%	2.96%	3.24%
FLEU Franklin FTSE Eurozone ETF	2.67%	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 FLEU in my portfolio?

ENOR and FLEU have a correlation of 0.37, 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 FLEU?

ENOR has higher volatility (5.25%) compared to FLEU (4.77%). In terms of maximum drawdown, ENOR dropped -55.35% vs FLEU's -33.94%.

Which ETF is better, ENOR or FLEU?

On 5-year performance, FLEU leads with 12.16% vs 9.47% for ENOR. On fees, FLEU is cheaper at 0.09% per year. On volatility, FLEU has been the lower-risk option at 4.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ENOR or FLEU?

Over the 5-year period, FLEU has performed better with a 12.16% return vs 9.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ENOR or FLEU?

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

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

ENOR has the higher dividend yield at 5.27%, compared with 2.67% for FLEU.

What is the main difference between ENOR and FLEU?

ENOR tracks MSCI Norway IMI 25/50 Index, while FLEU tracks FTSE Developed Eurozone Index - Benchmark TR Net. They also come from different issuers: iShares and Franklin Templeton. Their fees differ too: 0.53% for ENOR and 0.09% for FLEU.

Which has better risk-adjusted returns?

ENOR currently has the higher Sharpe Ratio (1.98 vs 1.32), 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.