ENOR vs. MEAR
ENOR (iShares MSCI Norway ETF) and MEAR (iShares Short Maturity Municipal Bond ETF) are both exchange-traded funds - ENOR is a Europe Equities fund tracking the MSCI Norway IMI 25/50 Index, while MEAR is a Municipal Bonds fund actively managed by iShares. ENOR is passively managed, while MEAR is actively managed. Over the past 10 years, ENOR returned 9.41%/yr vs 1.78%/yr for MEAR. At a 0.02 correlation, their price movements are largely independent. ENOR charges 0.53%/yr vs 0.25%/yr for MEAR.
Performance
ENOR vs. MEAR - Performance Comparison
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Returns By Period
In the year-to-date period, ENOR achieves a 28.21% return, which is significantly higher than MEAR's 1.06% return. Over the past 10 years, ENOR has outperformed MEAR with an annualized return of 9.41%, while MEAR has yielded a comparatively lower 1.78% annualized return.
ENOR
- 1D
- -0.57%
- 1M
- -1.34%
- YTD
- 28.21%
- 6M
- 33.17%
- 1Y
- 37.30%
- 3Y*
- 23.56%
- 5Y*
- 8.25%
- 10Y*
- 9.41%
MEAR
- 1D
- 0.00%
- 1M
- 0.32%
- YTD
- 1.06%
- 6M
- 1.30%
- 1Y
- 3.29%
- 3Y*
- 3.58%
- 5Y*
- 2.43%
- 10Y*
- 1.78%
ENOR vs. MEAR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ENOR iShares MSCI Norway ETF | 28.21% | 32.00% | -2.29% | 4.80% | -12.53% | 18.69% | 2.54% | 12.77% | -8.50% | 21.98% |
MEAR iShares Short Maturity Municipal Bond ETF | 1.06% | 3.76% | 3.40% | 3.93% | 0.10% | 0.05% | 1.18% | 1.91% | 1.63% | 1.12% |
Correlation
The correlation between ENOR and MEAR is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 2015 | 0.02 |
The correlation between ENOR and MEAR shifts across timeframes, from -0.12 (1 year) to 0.07 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
ENOR vs. MEAR — Risk / Return Rank
ENOR
MEAR
ENOR vs. MEAR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Norway ETF (ENOR) and iShares Short Maturity Municipal Bond ETF (MEAR). 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.
| ENOR | MEAR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.70 | ||
| Sortino ratioReturn per unit of downside risk | -3.15 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.91 | -0.54 |
| Calmar ratioReturn relative to maximum drawdown | 4.16 | 7.07 | -2.91 |
| Martin ratioReturn relative to average drawdown | 11.78 | 28.99 | -17.21 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ENOR | MEAR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.15 | 3.86 | -1.70 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.37 | 2.48 | -2.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.39 | 1.18 | -0.79 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.25 | 1.11 | -0.86 |
Drawdowns
ENOR vs. MEAR - Drawdown Comparison
The maximum ENOR drawdown since its inception was -55.35%, which is greater than MEAR's maximum drawdown of -2.68%. Use the drawdown chart below to compare losses from any high point for ENOR and MEAR.
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Drawdown Indicators
| ENOR | MEAR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.35% | -2.68% | -52.67% |
Max Drawdown (1Y)Largest decline over 1 year | -9.01% | -0.47% | -8.54% |
Max Drawdown (3Y)Largest decline over 3 years | -15.84% | -0.86% | -14.98% |
Max Drawdown (5Y)Largest decline over 5 years | -32.65% | -1.12% | -31.53% |
Max Drawdown (10Y)Largest decline over 10 years | -54.21% | -2.68% | -51.53% |
Current DrawdownCurrent decline from peak | -3.15% | 0.00% | -3.15% |
Average DrawdownAverage peak-to-trough decline | -16.58% | -0.19% | -16.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.18% | 0.11% | +3.07% |
Volatility
ENOR vs. MEAR - Volatility Comparison
iShares MSCI Norway ETF (ENOR) has a higher volatility of 5.14% compared to iShares Short Maturity Municipal Bond ETF (MEAR) at 0.24%. This indicates that ENOR's price experiences larger fluctuations and is considered to be riskier than MEAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ENOR | MEAR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.14% | 0.24% | +4.90% |
Volatility (6M)Calculated over the trailing 6-month period | 13.62% | 0.61% | +13.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.43% | 0.86% | +16.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.18% | 0.98% | +21.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.02% | 1.52% | +22.50% |
ENOR vs. MEAR - Expense Ratio Comparison
ENOR has a 0.53% expense ratio, which is higher than MEAR's 0.25% expense ratio.
Dividends
ENOR vs. MEAR - Dividend Comparison
ENOR's dividend yield for the trailing twelve months is around 2.31%, less than MEAR's 2.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ENOR iShares MSCI Norway ETF | 2.31% | 2.96% | 6.32% | 5.06% | 4.02% | 2.24% | 2.39% | 3.15% | 2.79% | 2.47% | 2.96% | 3.24% |
MEAR iShares Short Maturity Municipal Bond ETF | 2.84% | 2.95% | 3.44% | 3.30% | 0.88% | 0.30% | 0.90% | 1.57% | 1.36% | 1.01% | 0.81% | 0.53% |
Frequently Asked Questions
ENOR and MEAR have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ENOR has higher volatility (5.14%) compared to MEAR (0.24%). In terms of maximum drawdown, ENOR dropped -55.35% vs MEAR's -2.68%.
On 10-year performance, ENOR leads with 9.41% vs 1.78% for MEAR. On fees, MEAR is cheaper at 0.25% per year. On volatility, MEAR has been the lower-risk option at 0.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ENOR has performed better with a 9.41% return vs 1.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MEAR is cheaper with a 0.25% expense ratio, compared with 0.53% for ENOR.
MEAR has the higher dividend yield at 2.84%, compared with 2.31% for ENOR.
ENOR is categorized as Europe Equities, while MEAR is Municipal Bonds. Their fees differ too: 0.53% for ENOR and 0.25% for MEAR.
MEAR currently has the higher Sharpe Ratio (3.86 vs 2.15), 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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