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ENOR vs. QAT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ENOR vs. QAT

Last updated Jun 23, 2026

ENOR (iShares MSCI Norway ETF) and QAT (iShares MSCI Qatar ETF) are both exchange-traded funds - ENOR is a Europe Equities fund tracking the MSCI Norway IMI 25/50 Index, while QAT is a Emerging Markets Equities fund tracking the MSCI All Qatar Capped Index. Both are passively managed. Over the past 10 years, ENOR returned 9.52%/yr vs 4.48%/yr for QAT. At a 0.26 correlation, their price movements are largely independent. ENOR charges 0.53%/yr vs 0.59%/yr for QAT.

Performance

ENOR vs. QAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Norway ETF (ENOR) and iShares MSCI Qatar ETF (QAT). 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 18.99% return, which is significantly higher than QAT's 1.40% return. Over the past 10 years, ENOR has outperformed QAT with an annualized return of 9.52%, while QAT has yielded a comparatively lower 4.48% annualized return.

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%

QAT

1D
-0.63%
1M
2.48%
YTD
1.40%
6M
1.29%
1Y
8.99%
3Y*
5.98%
5Y*
3.69%
10Y*
4.48%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ENOR vs. QAT - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
QAT
iShares MSCI Qatar ETF		1.40%8.81%5.20%2.72%-7.23%14.42%6.94%-0.44%20.03%-11.66%

Correlation

The correlation between ENOR and QAT is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

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

-0.07

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

0.15

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

0.22

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

0.25

Correlation (All Time)
Calculated using the full available price history since May 1, 2014

0.26

The correlation between ENOR and QAT shifts across timeframes, from -0.07 (1 year) to 0.26 (all time), reflecting how their relationship changes across market environments.

ENOR vs. QAT - Sectors Allocation Comparison

Sectors
ENOR
QAT

Energy

28.0%
7.6%

Financial Services

22.0%
55.5%

Industrials

14.4%
8.4%

Consumer Defensive

12.0%
0.6%

Basic Materials

11.0%
12.6%

Communication Services

6.6%
6.3%

Technology

4.4%
1.0%

Utilities

0.7%
2.5%

Consumer Cyclical

0.6%
0.7%

Real Estate

0.4%
4.0%

Healthcare

-

0.8%

Energy

ENOR
28.0%
QAT
7.6%

Financial Services

ENOR
22.0%
QAT
55.5%

Industrials

ENOR
14.4%
QAT
8.4%

Consumer Defensive

ENOR
12.0%
QAT
0.6%

Basic Materials

ENOR
11.0%
QAT
12.6%

Communication Services

ENOR
6.6%
QAT
6.3%

Technology

ENOR
4.4%
QAT
1.0%

Utilities

ENOR
0.7%
QAT
2.5%

Consumer Cyclical

ENOR
0.6%
QAT
0.7%

Real Estate

ENOR
0.4%
QAT
4.0%

Healthcare

ENOR

-

QAT
0.8%

Compare stocks, funds, or ETFs

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iShares MSCI Norway ETF

iShares MSCI Qatar ETF

Often compared with ENOR:
ENOR vs. NORWENOR vs. EDENENOR vs. CN1G.DEENOR vs. EIRLENOR vs. NATENOR vs. VOOENOR vs. AVDV
Often compared with QAT:
QAT vs. UAEQAT vs. KSAQAT vs. SJMQAT vs. EDENQAT vs. VOOQAT vs. EIRLQAT vs. VHT

Return for Risk

ENOR vs. QAT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ENOR
ENOR Risk / Return Rank: 4040
Overall Rank
ENOR Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
ENOR Sortino Ratio Rank: 3838
Sortino Ratio Rank
ENOR Omega Ratio Rank: 3434
Omega Ratio Rank
ENOR Calmar Ratio Rank: 4343
Calmar Ratio Rank
ENOR Martin Ratio Rank: 4343
Martin Ratio Rank
QAT
QAT Risk / Return Rank: 1919
Overall Rank
QAT Sharpe Ratio Rank: 2020
Sharpe Ratio Rank
QAT Sortino Ratio Rank: 1919
Sortino Ratio Rank
QAT Omega Ratio Rank: 2020
Omega Ratio Rank
QAT Calmar Ratio Rank: 1919
Calmar Ratio Rank
QAT Martin Ratio Rank: 1616
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. QAT - Risk-Adjusted Trends Comparison

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

ENORQATDifference
Sharpe ratioReturn per unit of total volatility
1.30
0.68

+0.62

Sortino ratioReturn per unit of downside risk
1.92
1.06

+0.86

Omega ratioGain probability vs. loss probability

1.23

1.14

+0.09

Calmar ratioReturn relative to maximum drawdown

2.11

0.85

+1.26

Martin ratioReturn relative to average drawdown

6.91

1.57

+5.34

ENOR vs. QAT - Sharpe Ratio Comparison

The current ENOR Sharpe Ratio is 1.30, which is higher than the QAT Sharpe Ratio of 0.68. The chart below compares the historical Sharpe Ratios of ENOR and QAT, 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. QAT - Drawdown Comparison

The maximum ENOR drawdown since its inception was -55.35%, which is greater than QAT's maximum drawdown of -45.21%. Use the drawdown chart below to compare losses from any high point for ENOR and QAT.

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Drawdown Indicators

ENORQATDifference

Max Drawdown

Largest peak-to-trough decline

-55.35%

-45.21%

-10.14%

Max Drawdown (1Y)

Largest decline over 1 year

-10.91%

-10.60%

-0.31%

Max Drawdown (3Y)

Largest decline over 3 years

-15.84%

-17.41%

+1.57%

Max Drawdown (5Y)

Largest decline over 5 years

-32.65%

-33.17%

+0.52%

Max Drawdown (10Y)

Largest decline over 10 years

-54.21%

-34.04%

-20.17%

Current Drawdown

Current decline from peak

-10.12%

-11.21%

+1.09%

Average Drawdown

Average peak-to-trough decline

-16.54%

-19.15%

+2.61%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.33%

5.74%

-2.41%

Volatility

ENOR vs. QAT - Volatility Comparison

The current volatility for iShares MSCI Norway ETF (ENOR) is 4.43%, while iShares MSCI Qatar ETF (QAT) has a volatility of 5.69%. This indicates that ENOR experiences smaller price fluctuations and is considered to be less risky than QAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ENORQATDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.43%

5.69%

-1.26%

Volatility (6M)

Calculated over the trailing 6-month period

14.25%

11.07%

+3.18%

Volatility (1Y)

Calculated over the trailing 1-year period

17.77%

13.27%

+4.50%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.15%

15.07%

+7.08%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.96%

17.56%

+6.40%

ENOR vs. QAT - Expense Ratio Comparison

ENOR has a 0.53% expense ratio, which is lower than QAT's 0.59% expense ratio.

Dividends

ENOR vs. QAT - Dividend Comparison

ENOR's dividend yield for the trailing twelve months is around 5.61%, more than QAT's 4.61% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
QAT
iShares MSCI Qatar ETF		4.61%3.51%5.90%3.92%4.78%2.33%2.63%3.57%4.63%4.10%3.51%4.49%

Frequently Asked Questions

ENOR and QAT have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

QAT has higher volatility (5.69%) compared to ENOR (4.43%). In terms of maximum drawdown, ENOR dropped -55.35% vs QAT's -45.21%.

On 10-year performance, ENOR leads with 9.52% vs 4.48% for QAT. On fees, ENOR is cheaper at 0.53% 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.

Over the 10-year period, ENOR has performed better with a 9.52% return vs 4.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ENOR is cheaper with a 0.53% expense ratio, compared with 0.59% for QAT.

ENOR has the higher dividend yield at 5.61%, compared with 4.61% for QAT.

ENOR is categorized as Europe Equities, while QAT is Emerging Markets Equities. ENOR tracks MSCI Norway IMI 25/50 Index, while QAT tracks MSCI All Qatar Capped Index. Their fees differ too: 0.53% for ENOR and 0.59% for QAT.

ENOR currently has the higher Sharpe Ratio (1.30 vs 0.68), 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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