ENOR vs. NORW

Last updated Jun 23, 2026

ENOR (iShares MSCI Norway ETF) and NORW (Global X MSCI Norway ETF) are both Europe Equities funds tracking the MSCI Norway IMI 25/50 Index, from iShares and Global X respectively. Both are passively managed. Over the past 10 years, ENOR returned 9.52%/yr vs 9.95%/yr for NORW. A 0.80 correlation means they provide meaningful diversification when combined. ENOR charges 0.53%/yr vs 0.50%/yr for NORW.

Performance

ENOR vs. NORW - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with ENOR having a 18.99% return and NORW slightly lower at 18.59%. Both investments have delivered pretty close results over the past 10 years, with ENOR having a 9.52% annualized return and NORW not far ahead at 9.95%.

ENOR

• 1D: 0.89%
• 1M: -9.16%
• YTD: 18.99%
• 6M: 20.39%
• 1Y: 22.90%
• 3Y*: 21.03%
• 5Y*: 7.45%
• 10Y*: 9.52%

NORW

• 1D: 0.96%
• 1M: -8.41%
• YTD: 18.59%
• 6M: 20.67%
• 1Y: 23.19%
• 3Y*: 21.24%
• 5Y*: 7.34%
• 10Y*: 9.95%

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

ENOR vs. NORW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ENOR iShares MSCI Norway ETF	18.99%	32.00%	-2.29%	4.80%	-12.53%	18.69%	2.54%	12.77%	-8.50%	21.98%
NORW Global X MSCI Norway ETF	18.59%	32.59%	-2.50%	5.03%	-12.55%	13.65%	26.00%	14.39%	-10.39%	24.03%

Correlation

The correlation between ENOR and NORW is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Jan 24, 2012	0.80

The correlation between ENOR and NORW shifts across timeframes, from 0.80 (all time) to 0.94 (5 years), reflecting how their relationship changes across market environments.

ENOR vs. NORW - Sectors Allocation Comparison

Sectors	ENOR	NORW
Energy	28.0%	27.3%
Financial Services	22.0%	22.9%
Industrials	14.4%	14.7%
Consumer Defensive	12.0%	12.1%
Basic Materials	11.0%	11.5%
Communication Services	6.6%	5.9%
Technology	4.4%	4.4%
Utilities	0.7%	0.6%
Consumer Cyclical	0.6%	0.2%
Real Estate	0.4%	0.4%
Healthcare	-	-

Return for Risk

ENOR vs. NORW — Risk / Return Rank

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

ENOR

ENOR Risk / Return Rank: 40
ENOR Sharpe Ratio Rank: 38
ENOR Sortino Ratio Rank: 38
ENOR Omega Ratio Rank: 34
ENOR Calmar Ratio Rank: 43
ENOR Martin Ratio Rank: 43

NORW

NORW Risk / Return Rank: 42
NORW Sharpe Ratio Rank: 40
NORW Sortino Ratio Rank: 40
NORW Omega Ratio Rank: 37
NORW Calmar Ratio Rank: 47
NORW Martin Ratio Rank: 44

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. NORW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Norway ETF (ENOR) and Global X MSCI Norway ETF (NORW). 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	NORW	Difference
Sharpe ratio: Return per unit of total volatility	1.30	1.37	-0.07
Sortino ratio: Return per unit of downside risk	1.92	1.99	-0.06
Omega ratio: Gain probability vs. loss probability	1.23	1.24	-0.01
Calmar ratio: Return relative to maximum drawdown	2.11	2.26	-0.16
Martin ratio: Return relative to average drawdown	6.91	7.00	-0.09

ENOR vs. NORW - Sharpe Ratio Comparison

The current ENOR Sharpe Ratio is 1.30, which is comparable to the NORW Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of ENOR and NORW, 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. NORW - Drawdown Comparison

The maximum ENOR drawdown since its inception was -55.35%, which is greater than NORW's maximum drawdown of -35.62%. Use the drawdown chart below to compare losses from any high point for ENOR and NORW.

Drawdown Indicators

	ENOR	NORW	Difference
Max Drawdown Largest peak-to-trough decline	-55.35%	-35.62%	-19.73%
Max Drawdown (1Y) Largest decline over 1 year	-10.91%	-10.29%	-0.62%
Max Drawdown (3Y) Largest decline over 3 years	-15.84%	-16.06%	+0.22%
Max Drawdown (5Y) Largest decline over 5 years	-32.65%	-32.78%	+0.13%
Max Drawdown (10Y) Largest decline over 10 years	-54.21%	-33.86%	-20.35%
Current Drawdown Current decline from peak	-10.12%	-9.43%	-0.69%
Average Drawdown Average peak-to-trough decline	-16.54%	-10.12%	-6.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.33%	3.33%	0.00%

Volatility

ENOR vs. NORW - Volatility Comparison

iShares MSCI Norway ETF (ENOR) and Global X MSCI Norway ETF (NORW) have volatilities of 4.43% and 4.59%, 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	NORW	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.43%	4.59%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	14.25%	13.39%	+0.86%
Volatility (1Y) Calculated over the trailing 1-year period	17.77%	17.03%	+0.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.15%	21.93%	+0.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.96%	20.77%	+3.19%

ENOR vs. NORW - Expense Ratio Comparison

ENOR has a 0.53% expense ratio, which is higher than NORW's 0.50% expense ratio.

Dividends

ENOR vs. NORW - Dividend Comparison

ENOR's dividend yield for the trailing twelve months is around 5.61%, more than NORW's 2.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ENOR iShares MSCI Norway ETF	5.61%	2.96%	6.32%	5.06%	4.02%	2.24%	2.39%	3.15%	2.79%	2.47%	2.96%	3.24%
NORW Global X MSCI Norway ETF	2.90%	3.44%	6.02%	5.27%	4.01%	1.51%	1.13%	2.47%	3.53%	3.64%	3.79%	2.95%

Frequently Asked Questions

Can I hold both ENOR and NORW in my portfolio?

ENOR and NORW have a correlation of 0.90, 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 NORW?

NORW has higher volatility (4.59%) compared to ENOR (4.43%). In terms of maximum drawdown, ENOR dropped -55.35% vs NORW's -35.62%.

Which ETF is better, ENOR or NORW?

On 10-year performance, NORW leads with 9.95% vs 9.52% for ENOR. On fees, NORW is cheaper at 0.50% per year. On volatility, ENOR has been the lower-risk option at 4.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ENOR or NORW?

Over the 10-year period, NORW has performed better with a 9.95% return vs 9.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ENOR or NORW?

NORW is cheaper with a 0.50% expense ratio, compared with 0.53% for ENOR.

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

ENOR has the higher dividend yield at 5.61%, compared with 2.90% for NORW.

What is the main difference between ENOR and NORW?

Both ETFs track MSCI Norway IMI 25/50 Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.53% for ENOR and 0.50% for NORW.

Which has better risk-adjusted returns?

NORW currently has the higher Sharpe Ratio (1.37 vs 1.30), 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.