ENOR vs. TYLD

Last updated Jun 4, 2026

ENOR (iShares MSCI Norway ETF) and TYLD (Cambria Tactical Yield ETF) are both exchange-traded funds - ENOR is a Europe Equities fund tracking the MSCI Norway IMI 25/50 Index, while TYLD is a fund fund actively managed by Cambria. ENOR is passively managed, while TYLD is actively managed. Over the past year, ENOR returned 37.30% vs 4.06% for TYLD. At a correlation of -0.04, they often move in opposite directions. ENOR charges 0.53%/yr vs 0.59%/yr for TYLD.

Performance

ENOR vs. TYLD - Performance Comparison

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

Returns By Period

In the year-to-date period, ENOR achieves a 28.21% return, which is significantly higher than TYLD's 1.50% 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%

TYLD

• 1D: 0.00%
• 1M: 0.40%
• YTD: 1.50%
• 6M: 1.92%
• 1Y: 4.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ENOR vs. TYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ENOR iShares MSCI Norway ETF	28.21%	32.00%	-2.14%
TYLD Cambria Tactical Yield ETF	1.50%	4.05%	5.15%

Correlation

The correlation between ENOR and TYLD is -0.11, 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	-0.11
Correlation (All Time) Calculated using the full available price history since Jan 5, 2024	-0.04

Return for Risk

ENOR vs. TYLD — Risk / Return Rank

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

ENOR

ENOR Risk / Return Rank: 66
ENOR Sharpe Ratio Rank: 64
ENOR Sortino Ratio Rank: 65
ENOR Omega Ratio Rank: 59
ENOR Calmar Ratio Rank: 80
ENOR Martin Ratio Rank: 65

TYLD

TYLD Risk / Return Rank: 99
TYLD Sharpe Ratio Rank: 98
TYLD Sortino Ratio Rank: 99
TYLD Omega Ratio Rank: 99
TYLD Calmar Ratio Rank: 99
TYLD Martin Ratio Rank: 99

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. TYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Norway ETF (ENOR) and Cambria Tactical Yield ETF (TYLD). 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	TYLD	Difference
Sharpe ratio: Return per unit of total volatility	2.15	5.42	-3.27
Sortino ratio: Return per unit of downside risk	3.04	10.93	-7.89
Omega ratio: Gain probability vs. loss probability	1.37	2.55	-1.18
Calmar ratio: Return relative to maximum drawdown	4.16	34.31	-30.15
Martin ratio: Return relative to average drawdown	11.78	125.35	-113.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ENOR vs. TYLD - Sharpe Ratio Comparison

The current ENOR Sharpe Ratio is 2.15, which is lower than the TYLD Sharpe Ratio of 5.42. The chart below compares the historical Sharpe Ratios of ENOR and TYLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ENOR	TYLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.15	5.42	-3.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.39	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	2.53	-2.28

Drawdowns

ENOR vs. TYLD - Drawdown Comparison

The maximum ENOR drawdown since its inception was -55.35%, which is greater than TYLD's maximum drawdown of -1.06%. Use the drawdown chart below to compare losses from any high point for ENOR and TYLD.

Drawdown Indicators

	ENOR	TYLD	Difference
Max Drawdown Largest peak-to-trough decline	-55.35%	-1.06%	-54.29%
Max Drawdown (1Y) Largest decline over 1 year	-9.01%	-0.12%	-8.89%
Max Drawdown (3Y) Largest decline over 3 years	-15.84%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-32.65%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-54.21%	—	—
Current Drawdown Current decline from peak	-3.15%	0.00%	-3.15%
Average Drawdown Average peak-to-trough decline	-16.58%	-0.11%	-16.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.18%	0.03%	+3.15%

Volatility

ENOR vs. TYLD - Volatility Comparison

iShares MSCI Norway ETF (ENOR) has a higher volatility of 5.14% compared to Cambria Tactical Yield ETF (TYLD) at 0.26%. This indicates that ENOR's price experiences larger fluctuations and is considered to be riskier than TYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ENOR	TYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.14%	0.26%	+4.88%
Volatility (6M) Calculated over the trailing 6-month period	13.62%	0.55%	+13.07%
Volatility (1Y) Calculated over the trailing 1-year period	17.43%	0.75%	+16.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.18%	1.77%	+20.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.02%	1.77%	+22.25%

ENOR vs. TYLD - Expense Ratio Comparison

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

Dividends

ENOR vs. TYLD - Dividend Comparison

ENOR's dividend yield for the trailing twelve months is around 2.31%, less than TYLD's 4.69% 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%
TYLD Cambria Tactical Yield ETF	4.69%	4.38%	4.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ENOR and TYLD in my portfolio?

ENOR and TYLD have a correlation of -0.11, 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 TYLD?

ENOR has higher volatility (5.14%) compared to TYLD (0.26%). In terms of maximum drawdown, ENOR dropped -55.35% vs TYLD's -1.06%.

Which ETF is better, ENOR or TYLD?

On 1-year performance, ENOR leads with 37.30% vs 4.06% for TYLD. On fees, ENOR is cheaper at 0.53% per year. On volatility, TYLD has been the lower-risk option at 0.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ENOR or TYLD?

Over the 1-year period, ENOR has performed better with a 37.30% return vs 4.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ENOR or TYLD?

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

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

TYLD has the higher dividend yield at 4.69%, compared with 2.31% for ENOR.

What is the main difference between ENOR and TYLD?

They also come from different issuers: iShares and Cambria. Their fees differ too: 0.53% for ENOR and 0.59% for TYLD.

Which has better risk-adjusted returns?

TYLD currently has the higher Sharpe Ratio (5.42 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.