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ENOR vs. IWM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ENOR vs. IWM

Last updated Jul 14, 2026
Documentation

ENOR (iShares MSCI Norway ETF) and IWM (iShares Russell 2000 ETF) are both exchange-traded funds - ENOR is a Europe Equities fund tracking the MSCI Norway IMI 25/50 Index, while IWM is a Small Cap Blend Equities fund tracking the Russell 2000 Index. Both are passively managed. Over the past 10 years, ENOR returned 8.75%/yr vs 10.76%/yr for IWM. A 0.52 correlation means they provide meaningful diversification when combined. ENOR charges 0.53%/yr vs 0.19%/yr for IWM.

Performance

ENOR vs. IWM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Norway ETF (ENOR) and iShares Russell 2000 ETF (IWM). 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 18.48% return, which is significantly lower than IWM's 19.72% return. Over the past 10 years, ENOR has underperformed IWM with an annualized return of 8.75%, while IWM has yielded a comparatively higher 10.76% annualized 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%

IWM

1D
-0.85%
1M
0.42%
6M
12.70%
YTD
19.72%
1Y
33.75%
3Y*
16.65%
5Y*
7.37%
10Y*
10.76%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ENOR vs. IWM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ENOR
iShares MSCI Norway ETF		18.48%32.00%-2.29%4.80%-12.53%18.69%2.54%12.77%-8.50%21.98%
IWM
iShares Russell 2000 ETF		19.72%12.66%11.38%16.83%-20.48%14.54%20.03%25.39%-11.12%14.58%

Correlation

The correlation between ENOR and IWM is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.29

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

0.41

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

0.52

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

0.53

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

0.52

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

ENOR vs. IWM - Sectors Allocation Comparison

Sectors
ENOR
IWM

Energy

28.0%
5.7%

Financial Services

22.0%
18.1%

Industrials

14.4%
13.8%

Consumer Defensive

12.0%
2.5%

Basic Materials

11.0%
4.3%

Communication Services

6.6%
2.0%

Technology

4.4%
14.9%

Utilities

0.7%
2.9%

Consumer Cyclical

0.6%
8.9%

Real Estate

0.4%
6.3%

Healthcare

-

20.1%

Energy

ENOR
28.0%
IWM
5.7%

Financial Services

ENOR
22.0%
IWM
18.1%

Industrials

ENOR
14.4%
IWM
13.8%

Consumer Defensive

ENOR
12.0%
IWM
2.5%

Basic Materials

ENOR
11.0%
IWM
4.3%

Communication Services

ENOR
6.6%
IWM
2.0%

Technology

ENOR
4.4%
IWM
14.9%

Utilities

ENOR
0.7%
IWM
2.9%

Consumer Cyclical

ENOR
0.6%
IWM
8.9%

Real Estate

ENOR
0.4%
IWM
6.3%

Healthcare

ENOR

-

IWM
20.1%

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 Russell 2000 ETF

Often compared with ENOR:
ENOR vs. NORWENOR vs. EDENENOR vs. QATENOR vs. EIRLENOR vs. CN1G.DEENOR vs. NATENOR vs. VOO
Often compared with IWM:
IWM vs. SPYIWM vs. VTWOIWM vs. IJRIWM vs. AVUVIWM vs. IWNIWM vs. VOOIWM vs. IWO

Return for Risk

ENOR vs. IWM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ENOR
ENOR Risk / Return Rank: 4444
Overall Rank
ENOR Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
ENOR Sortino Ratio Rank: 4848
Sortino Ratio Rank
ENOR Omega Ratio Rank: 4343
Omega Ratio Rank
ENOR Calmar Ratio Rank: 4040
Calmar Ratio Rank
ENOR Martin Ratio Rank: 4242
Martin Ratio Rank
IWM
IWM Risk / Return Rank: 6969
Overall Rank
IWM Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
IWM Sortino Ratio Rank: 6868
Sortino Ratio Rank
IWM Omega Ratio Rank: 6060
Omega Ratio Rank
IWM Calmar Ratio Rank: 7575
Calmar Ratio Rank
IWM Martin Ratio Rank: 7474
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. IWM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Norway ETF (ENOR) and iShares Russell 2000 ETF (IWM). 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.

ENORIWMDifference
Sharpe ratioReturn per unit of total volatility
1.31
1.74

-0.43

Sortino ratioReturn per unit of downside risk
1.94
2.47

-0.52

Omega ratioGain probability vs. loss probability

1.23

1.29

-0.06

Calmar ratioReturn relative to maximum drawdown

1.62

3.07

-1.46

Martin ratioReturn relative to average drawdown

5.40

10.87

-5.46

ENOR vs. IWM - Sharpe Ratio Comparison

The current ENOR Sharpe Ratio is 1.31, which is comparable to the IWM Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of ENOR and IWM, 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. IWM - Drawdown Comparison

The maximum ENOR drawdown since its inception was -55.35%, smaller than the maximum IWM drawdown of -59.05%. Use the drawdown chart below to compare losses from any high point for ENOR and IWM.

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Drawdown Indicators

ENORIWMDifference

Max Drawdown

Largest peak-to-trough decline

-55.35%

-59.05%

+3.70%

Max Drawdown (1Y)

Largest decline over 1 year

-14.56%

-11.03%

-3.53%

Max Drawdown (3Y)

Largest decline over 3 years

-15.84%

-27.50%

+11.66%

Max Drawdown (5Y)

Largest decline over 5 years

-32.65%

-31.91%

-0.74%

Max Drawdown (10Y)

Largest decline over 10 years

-54.21%

-41.13%

-13.08%

Current Drawdown

Current decline from peak

-10.50%

-2.32%

-8.18%

Average Drawdown

Average peak-to-trough decline

-16.52%

-10.73%

-5.79%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.35%

3.11%

+1.24%

Volatility

ENOR vs. IWM - Volatility Comparison

iShares MSCI Norway ETF (ENOR) has a higher volatility of 5.53% compared to iShares Russell 2000 ETF (IWM) at 4.81%. This indicates that ENOR's price experiences larger fluctuations and is considered to be riskier than IWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ENORIWMDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.53%

4.81%

+0.72%

Volatility (6M)

Calculated over the trailing 6-month period

14.62%

14.19%

+0.43%

Volatility (1Y)

Calculated over the trailing 1-year period

17.98%

19.54%

-1.56%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.16%

22.56%

-0.40%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.71%

23.00%

+0.71%

ENOR vs. IWM - Expense Ratio Comparison

ENOR has a 0.53% expense ratio, which is higher than IWM's 0.19% expense ratio.

Dividends

ENOR vs. IWM - Dividend Comparison

ENOR's dividend yield for the trailing twelve months is around 5.64%, more than IWM's 0.91% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
IWM
iShares Russell 2000 ETF		0.91%1.04%1.15%1.35%1.48%0.94%1.04%1.26%1.40%1.26%1.38%1.54%

Frequently Asked Questions

ENOR and IWM 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 (5.53%) compared to IWM (4.81%). In terms of maximum drawdown, ENOR dropped -55.35% vs IWM's -59.05%.

On 10-year performance, IWM leads with 10.76% vs 8.75% for ENOR. On fees, IWM is cheaper at 0.19% per year. On volatility, IWM has been the lower-risk option at 4.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IWM has performed better with a 10.76% return vs 8.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IWM is cheaper with a 0.19% expense ratio, compared with 0.53% for ENOR.

ENOR has the higher dividend yield at 5.64%, compared with 0.91% for IWM.

ENOR is categorized as Europe Equities, while IWM is Small Cap Blend Equities. ENOR tracks MSCI Norway IMI 25/50 Index, while IWM tracks Russell 2000 Index. Their fees differ too: 0.53% for ENOR and 0.19% for IWM.

IWM currently has the higher Sharpe Ratio (1.74 vs 1.31), 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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