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ENOR vs. RFEU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ENOR vs. RFEU

Last updated Aug 2, 2026
Documentation

ENOR (iShares MSCI Norway ETF) and RFEU (First Trust RiverFront Dynamic Europe ETF) are both Europe Equities funds. ENOR is passively managed, while RFEU is actively managed. Over the past 10 years, ENOR returned 9.85%/yr vs 7.31%/yr for RFEU. Their 0.63 correlation means they have sometimes moved together and sometimes differently. ENOR charges 0.53%/yr vs 0.83%/yr for RFEU.

Performance

ENOR vs. RFEU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Norway ETF (ENOR) and First Trust RiverFront Dynamic Europe ETF (RFEU). 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 RFEU's 1.50% return. Over the past 10 years, ENOR has outperformed RFEU with an annualized return of 9.85%, while RFEU has yielded a comparatively lower 7.31% annualized 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%

RFEU

1D
0.00%
1M
0.00%
6M
0.00%
YTD
1.50%
1Y
15.37%
3Y*
10.80%
5Y*
3.04%
10Y*
7.31%
ALL TIME*
7.21%
*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

RFEU

First Trust RiverFront Dynamic Europe ETF
$0.00$0.00$0.00

ENOR vs. RFEU - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ENOR
iShares MSCI Norway ETF		26.80%32.00%-2.29%4.80%-12.53%18.69%2.54%12.77%-8.50%21.98%
RFEU
First Trust RiverFront Dynamic Europe ETF		1.50%30.78%-1.78%16.19%-24.17%22.83%6.25%23.21%-17.57%26.58%

Correlation

The correlation between ENOR and RFEU is 0.28, which is low. Their historical price movements had little consistent relationship.

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

0.28

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

0.50

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

0.57

Correlation (10Y)
Provides a long-term view across more market conditions.

0.62

Correlation (All Time)
Calculated using the full available price history since Apr 14, 2016

0.63

Over the past year, the correlation between ENOR and RFEU has dropped to 0.28 - well below their long-term average of 0.63, suggesting their price drivers have been diverging.

ENOR vs. RFEU - Sectors Allocation Comparison

Sectors
ENOR
RFEU

Energy

30.1%
8.7%

Financial Services

23.6%
18.9%

Industrials

14.5%
15.4%

Consumer Defensive

11.9%
9.3%

Basic Materials

8.9%
1.2%

Communication Services

5.6%
3.8%

Technology

3.5%
12.5%

Utilities

0.6%
6.4%

Consumer Cyclical

0.6%
10.6%

Real Estate

0.4%

-

Healthcare

-

13.3%

Energy

ENOR
30.1%
RFEU
8.7%

Financial Services

ENOR
23.6%
RFEU
18.9%

Industrials

ENOR
14.5%
RFEU
15.4%

Consumer Defensive

ENOR
11.9%
RFEU
9.3%

Basic Materials

ENOR
8.9%
RFEU
1.2%

Communication Services

ENOR
5.6%
RFEU
3.8%

Technology

ENOR
3.5%
RFEU
12.5%

Utilities

ENOR
0.6%
RFEU
6.4%

Consumer Cyclical

ENOR
0.6%
RFEU
10.6%

Real Estate

ENOR
0.4%
RFEU

-

Healthcare

ENOR

-

RFEU
13.3%

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

First Trust RiverFront Dynamic Europe ETF

Often compared with ENOR:
ENOR vs. NORWENOR vs. EDENENOR vs. QATENOR vs. EIRLENOR vs. CN1G.DEENOR vs. NATENOR vs. VOO
Often compared with RFEU:
RFEU vs. FDDRFEU vs. SPMORFEU vs. ONEQRFEU vs. HEDJRFEU vs. VTAPXRFEU vs. VEUR.LRFEU vs. IEV

Return for Risk

ENOR vs. RFEU — 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
RFEU
RFEU Risk / Return Rank: 9292
Overall Rank
RFEU Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
RFEU Sortino Ratio Rank: 9393
Sortino Ratio Rank
RFEU Omega Ratio Rank: 9696
Omega Ratio Rank
RFEU Calmar Ratio Rank: 8787
Calmar Ratio Rank
RFEU Martin Ratio Rank: 9393
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. RFEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Norway ETF (ENOR) and First Trust RiverFront Dynamic Europe ETF (RFEU). 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.

ENORRFEUDifference
Sharpe ratioReturn per unit of total volatility
1.98
2.36

-0.38

Sortino ratioReturn per unit of downside risk
2.79
3.60

-0.81

Omega ratioGain probability vs. loss probability

1.33

1.65

-0.32

Calmar ratioReturn relative to maximum drawdown

2.46

3.43

-0.97

Martin ratioReturn relative to average drawdown

7.68

16.81

-9.14

ENOR vs. RFEU - Sharpe Ratio Comparison

The current ENOR Sharpe Ratio is 1.98, which is comparable to the RFEU Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of ENOR and RFEU, 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. RFEU - Drawdown Comparison

The maximum ENOR drawdown since its inception was -55.35%, which is greater than RFEU's maximum drawdown of -39.74%. Use the drawdown chart below to compare losses from any high point for ENOR and RFEU.

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Drawdown Indicators

ENORRFEUDifference

Max Drawdown

Largest peak-to-trough decline

-55.35%

-39.74%

-15.61%

Max Drawdown (1Y)

Largest decline over 1 year

-14.56%

-4.83%

-9.73%

Max Drawdown (3Y)

Largest decline over 3 years

-15.84%

-13.48%

-2.36%

Max Drawdown (5Y)

Largest decline over 5 years

-32.65%

-35.92%

+3.27%

Max Drawdown (10Y)

Largest decline over 10 years

-54.21%

-39.74%

-14.47%

Current Drawdown

Current decline from peak

-4.22%

-0.11%

-4.11%

Average Drawdown

Average peak-to-trough decline

-16.49%

-9.47%

-7.02%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.66%

1.30%

+3.36%

Volatility

ENOR vs. RFEU - Volatility Comparison

iShares MSCI Norway ETF (ENOR) has a higher volatility of 5.25% compared to First Trust RiverFront Dynamic Europe ETF (RFEU) at 0.00%. This indicates that ENOR's price experiences larger fluctuations and is considered to be riskier than RFEU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ENORRFEUDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.25%

0.00%

+5.25%

Volatility (6M)

Calculated over the trailing 6-month period

14.54%

1.44%

+13.10%

Volatility (1Y)

Calculated over the trailing 1-year period

18.08%

7.08%

+11.00%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.13%

16.67%

+5.46%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.73%

17.42%

+6.31%

ENOR vs. RFEU - Expense Ratio Comparison

ENOR has a 0.53% expense ratio, which is lower than RFEU's 0.83% expense ratio.

Dividends

ENOR vs. RFEU - Dividend Comparison

ENOR's dividend yield for the trailing twelve months is around 5.27%, more than RFEU's 1.37% 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%
RFEU
First Trust RiverFront Dynamic Europe ETF		1.37%2.87%5.45%3.37%4.98%1.82%2.32%3.08%2.84%1.35%3.16%0.00%

Frequently Asked Questions

ENOR and RFEU have a correlation of 0.28, 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 RFEU (0.00%). In terms of maximum drawdown, ENOR dropped -55.35% vs RFEU's -39.74%.

On 10-year performance, ENOR leads with 9.85% vs 7.31% for RFEU. On fees, ENOR is cheaper at 0.53% per year. On volatility, RFEU has been the lower-risk option at 0.00%. 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 9.85% return vs 7.31%. 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 0.83% for RFEU.

ENOR has the higher dividend yield at 5.27%, compared with 1.37% for RFEU.

They also come from different issuers: iShares and First Trust. Their fees differ too: 0.53% for ENOR and 0.83% for RFEU.

RFEU currently has the higher Sharpe Ratio (2.36 vs 1.98), 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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