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ENOR vs. FLSW
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ENOR vs. FLSW

Last updated Aug 2, 2026
Documentation

ENOR (iShares MSCI Norway ETF) and FLSW (Franklin FTSE Switzerland ETF) are both Europe Equities funds - ENOR tracks the MSCI Norway IMI 25/50 Index while FLSW tracks the FTSE Switzerland RIC Capped Index. Both are passively managed. Over the past 5 years, ENOR returned 9.47%/yr vs 7.24%/yr for FLSW. Their 0.52 correlation means they have sometimes moved together and sometimes differently. ENOR charges 0.53%/yr vs 0.09%/yr for FLSW.

Performance

ENOR vs. FLSW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Norway ETF (ENOR) and Franklin FTSE Switzerland ETF (FLSW). 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 26.80% return, which is significantly higher than FLSW's 8.08% 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%

FLSW

1D
-0.67%
1M
-0.67%
6M
5.20%
YTD
8.08%
1Y
23.21%
3Y*
13.06%
5Y*
7.24%
10Y*
—
ALL TIME*
9.98%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

ENOR

iShares MSCI Norway ETF
$864.77K$1.77M$2.58M

FLSW

Franklin FTSE Switzerland ETF
$259.74K$232.62K$274.84K

ENOR vs. FLSW - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
ENOR
iShares MSCI Norway ETF		26.80%32.00%-2.29%4.80%-12.53%18.69%2.54%12.77%-9.69%
FLSW
Franklin FTSE Switzerland ETF		8.08%32.92%-1.77%16.79%-18.14%20.82%13.25%31.66%-7.85%

Correlation

The correlation between ENOR and FLSW is 0.29, which is low. Their historical price movements had little consistent relationship.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.29

Correlation (3Y)
Balances recent behavior with more history.

0.43

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.49

Correlation (All Time)
Calculated using the full available price history since Feb 8, 2018

0.52

Over the past year, the correlation between ENOR and FLSW has dropped to 0.29 - well below their long-term average of 0.52, suggesting their price drivers have been diverging.

ENOR vs. FLSW - Sectors Allocation Comparison

Sectors
ENOR
FLSW

Energy

30.1%

-

Financial Services

23.6%
16.4%

Industrials

14.5%
14.5%

Consumer Defensive

11.9%
14.0%

Basic Materials

8.9%
8.1%

Communication Services

5.6%
1.1%

Technology

3.5%
1.0%

Utilities

0.6%
0.2%

Consumer Cyclical

0.6%
5.1%

Real Estate

0.4%
1.2%

Healthcare

-

38.4%

Energy

ENOR
30.1%
FLSW

-

Financial Services

ENOR
23.6%
FLSW
16.4%

Industrials

ENOR
14.5%
FLSW
14.5%

Consumer Defensive

ENOR
11.9%
FLSW
14.0%

Basic Materials

ENOR
8.9%
FLSW
8.1%

Communication Services

ENOR
5.6%
FLSW
1.1%

Technology

ENOR
3.5%
FLSW
1.0%

Utilities

ENOR
0.6%
FLSW
0.2%

Consumer Cyclical

ENOR
0.6%
FLSW
5.1%

Real Estate

ENOR
0.4%
FLSW
1.2%

Healthcare

ENOR

-

FLSW
38.4%

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

Franklin FTSE Switzerland ETF

Often compared with ENOR:
ENOR vs. NORWENOR vs. EDENENOR vs. QATENOR vs. EIRLENOR vs. CN1G.DEENOR vs. NATENOR vs. VOO
Often compared with FLSW:
FLSW vs. EWLFLSW vs. FLGRFLSW vs. FLJHFLSW vs. NOVN.SWFLSW vs. EXS1.DEFLSW vs. UNA.ASFLSW vs. HEAE.L

Return for Risk

ENOR vs. FLSW — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
ENOR
ENOR Risk / Return Rank: 7777
Overall Rank
ENOR Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
ENOR Sortino Ratio Rank: 8585
Sortino Ratio Rank
ENOR Omega Ratio Rank: 8080
Omega Ratio Rank
ENOR Calmar Ratio Rank: 7171
Calmar Ratio Rank
ENOR Martin Ratio Rank: 6464
Martin Ratio Rank
FLSW
FLSW Risk / Return Rank: 5656
Overall Rank
FLSW Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
FLSW Sortino Ratio Rank: 6565
Sortino Ratio Rank
FLSW Omega Ratio Rank: 5757
Omega Ratio Rank
FLSW Calmar Ratio Rank: 4747
Calmar Ratio Rank
FLSW Martin Ratio Rank: 4848
Martin Ratio Rank
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. FLSW - Risk-Adjusted Trends Comparison

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

ENORFLSWDifference
Sharpe ratioReturn per unit of total volatility
1.98
1.45

+0.54

Sortino ratioReturn per unit of downside risk
2.79
2.16

+0.63

Omega ratioGain probability vs. loss probability

1.33

1.25

+0.08

Calmar ratioReturn relative to maximum drawdown

2.46

1.69

+0.78

Martin ratioReturn relative to average drawdown

7.68

5.48

+2.20

ENOR vs. FLSW - Sharpe Ratio Comparison

The current ENOR Sharpe Ratio is 1.98, which is higher than the FLSW Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of ENOR and FLSW, 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. FLSW - Drawdown Comparison

The maximum ENOR drawdown since its inception was -55.35%, which is greater than FLSW's maximum drawdown of -28.16%. Use the drawdown chart below to compare losses from any high point for ENOR and FLSW.

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Drawdown Indicators

ENORFLSWDifference

Max Drawdown

Largest peak-to-trough decline

-55.35%

-28.16%

-27.19%

Max Drawdown (1Y)

Largest decline over 1 year

-14.56%

-13.38%

-1.18%

Max Drawdown (3Y)

Largest decline over 3 years

-15.84%

-13.38%

-2.46%

Max Drawdown (5Y)

Largest decline over 5 years

-32.65%

-28.16%

-4.49%

Max Drawdown (10Y)

Largest decline over 10 years

-54.21%

—

—

Current Drawdown

Current decline from peak

-4.22%

-0.67%

-3.55%

Average Drawdown

Average peak-to-trough decline

-16.49%

-5.90%

-10.59%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.66%

4.11%

+0.55%

Volatility

ENOR vs. FLSW - Volatility Comparison

iShares MSCI Norway ETF (ENOR) has a higher volatility of 5.25% compared to Franklin FTSE Switzerland ETF (FLSW) at 4.48%. This indicates that ENOR's price experiences larger fluctuations and is considered to be riskier than FLSW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ENORFLSWDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.25%

4.48%

+0.77%

Volatility (6M)

Calculated over the trailing 6-month period

14.54%

12.65%

+1.89%

Volatility (1Y)

Calculated over the trailing 1-year period

18.08%

15.66%

+2.42%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.13%

15.85%

+6.28%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.73%

16.86%

+6.87%

ENOR vs. FLSW - Expense Ratio Comparison

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

Dividends

ENOR vs. FLSW - Dividend Comparison

ENOR's dividend yield for the trailing twelve months is around 5.27%, more than FLSW's 2.26% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
FLSW
Franklin FTSE Switzerland ETF		2.26%2.12%2.04%2.36%2.02%1.86%2.28%1.15%2.86%0.00%0.00%0.00%

Frequently Asked Questions

ENOR and FLSW have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ENOR has higher volatility (5.25%) compared to FLSW (4.48%). In terms of maximum drawdown, ENOR dropped -55.35% vs FLSW's -28.16%.

On 5-year performance, ENOR leads with 9.47% vs 7.24% for FLSW. On fees, FLSW is cheaper at 0.09% per year. On volatility, FLSW has been the lower-risk option at 4.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, ENOR has performed better with a 9.47% return vs 7.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

ENOR has the higher dividend yield at 5.27%, compared with 2.26% for FLSW.

ENOR tracks MSCI Norway IMI 25/50 Index, while FLSW tracks FTSE Switzerland 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 FLSW.

ENOR currently has the higher Sharpe Ratio (1.98 vs 1.45), 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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