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EWI vs. ENOR
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWI vs. ENOR

Last updated Jun 24, 2026

EWI (iShares MSCI Italy ETF) and ENOR (iShares MSCI Norway ETF) are both Europe Equities funds from iShares - EWI tracks the MSCI Italy Index while ENOR tracks the MSCI Norway IMI 25/50 Index. Both are passively managed. Over the past 10 years, EWI returned 14.84%/yr vs 9.38%/yr for ENOR. A 0.62 correlation means they provide meaningful diversification when combined. EWI charges 0.49%/yr vs 0.53%/yr for ENOR.

Performance

EWI vs. ENOR - Performance Comparison

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

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Returns By Period

In the year-to-date period, EWI achieves a 11.51% return, which is significantly lower than ENOR's 17.50% return. Over the past 10 years, EWI has outperformed ENOR with an annualized return of 14.84%, while ENOR has yielded a comparatively lower 9.38% annualized return.

EWI

1D
-1.72%
1M
3.40%
YTD
11.51%
6M
11.36%
1Y
32.13%
3Y*
29.08%
5Y*
16.72%
10Y*
14.84%

ENOR

1D
-1.25%
1M
-10.30%
YTD
17.50%
6M
17.83%
1Y
21.63%
3Y*
20.52%
5Y*
7.02%
10Y*
9.38%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWI vs. ENOR - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWI
iShares MSCI Italy ETF		11.51%55.72%10.23%30.63%-14.16%14.38%1.69%26.98%-17.18%28.70%
ENOR
iShares MSCI Norway ETF		17.50%32.00%-2.29%4.80%-12.53%18.69%2.54%12.77%-8.50%21.98%

Correlation

The correlation between EWI and ENOR is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.38

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

0.50

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

0.61

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

0.63

Correlation (All Time)
Calculated using the full available price history since Jan 24, 2012

0.62

Over the past year, the correlation between EWI and ENOR has dropped to 0.38 - well below their long-term average of 0.62, suggesting their price drivers have been diverging.

EWI vs. ENOR - Sectors Allocation Comparison

Sectors
EWI
ENOR

Financial Services

47.9%
22.0%

Utilities

18.0%
0.7%

Industrials

11.1%
14.4%

Consumer Cyclical

9.8%
0.6%

Energy

7.4%
28.0%

Communication Services

2.5%
6.6%

Healthcare

1.4%

-

Basic Materials

1.1%
11.0%

Consumer Defensive

1.0%
12.0%

Real Estate

-

0.4%

Technology

-

4.4%

Financial Services

EWI
47.9%
ENOR
22.0%

Utilities

EWI
18.0%
ENOR
0.7%

Industrials

EWI
11.1%
ENOR
14.4%

Consumer Cyclical

EWI
9.8%
ENOR
0.6%

Energy

EWI
7.4%
ENOR
28.0%

Communication Services

EWI
2.5%
ENOR
6.6%

Healthcare

EWI
1.4%
ENOR

-

Basic Materials

EWI
1.1%
ENOR
11.0%

Consumer Defensive

EWI
1.0%
ENOR
12.0%

Real Estate

EWI

-

ENOR
0.4%

Technology

EWI

-

ENOR
4.4%

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 Italy ETF

iShares MSCI Norway ETF

Often compared with EWI:
EWI vs. SPYEWI vs. EWPEWI vs. EWQEWI vs. VOOEWI vs. FEZEWI vs. QQQEEWI vs. EIRL
Often compared with ENOR:
ENOR vs. NORWENOR vs. EDENENOR vs. QATENOR vs. CN1G.DEENOR vs. EIRLENOR vs. NATENOR vs. VOO

Return for Risk

EWI vs. ENOR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWI
EWI Risk / Return Rank: 5454
Overall Rank
EWI Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
EWI Sortino Ratio Rank: 5252
Sortino Ratio Rank
EWI Omega Ratio Rank: 4949
Omega Ratio Rank
EWI Calmar Ratio Rank: 5656
Calmar Ratio Rank
EWI Martin Ratio Rank: 5858
Martin Ratio Rank
ENOR
ENOR Risk / Return Rank: 3838
Overall Rank
ENOR Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
ENOR Sortino Ratio Rank: 3737
Sortino Ratio Rank
ENOR Omega Ratio Rank: 3333
Omega Ratio Rank
ENOR Calmar Ratio Rank: 4141
Calmar Ratio Rank
ENOR Martin Ratio Rank: 4242
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.

EWI vs. ENOR - Risk-Adjusted Trends Comparison

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

EWIENORDifference
Sharpe ratioReturn per unit of total volatility
1.75
1.22

+0.53

Sortino ratioReturn per unit of downside risk
2.42
1.82

+0.60

Omega ratioGain probability vs. loss probability

1.30

1.21

+0.08

Calmar ratioReturn relative to maximum drawdown

2.59

1.93

+0.65

Martin ratioReturn relative to average drawdown

9.64

6.40

+3.25

EWI vs. ENOR - Sharpe Ratio Comparison

The current EWI Sharpe Ratio is 1.75, which is higher than the ENOR Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of EWI and ENOR, 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

EWI vs. ENOR - Drawdown Comparison

The maximum EWI drawdown since its inception was -70.38%, which is greater than ENOR's maximum drawdown of -55.35%. Use the drawdown chart below to compare losses from any high point for EWI and ENOR.

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Drawdown Indicators

EWIENORDifference

Max Drawdown

Largest peak-to-trough decline

-70.38%

-55.35%

-15.03%

Max Drawdown (1Y)

Largest decline over 1 year

-12.48%

-11.24%

-1.24%

Max Drawdown (3Y)

Largest decline over 3 years

-16.80%

-15.84%

-0.96%

Max Drawdown (5Y)

Largest decline over 5 years

-35.25%

-32.65%

-2.60%

Max Drawdown (10Y)

Largest decline over 10 years

-43.00%

-54.21%

+11.21%

Current Drawdown

Current decline from peak

-2.17%

-11.24%

+9.07%

Average Drawdown

Average peak-to-trough decline

-28.89%

-16.54%

-12.35%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.34%

3.40%

-0.06%

Volatility

EWI vs. ENOR - Volatility Comparison

iShares MSCI Italy ETF (EWI) has a higher volatility of 5.76% compared to iShares MSCI Norway ETF (ENOR) at 4.36%. This indicates that EWI's price experiences larger fluctuations and is considered to be riskier than ENOR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWIENORDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.76%

4.36%

+1.40%

Volatility (6M)

Calculated over the trailing 6-month period

15.40%

14.32%

+1.08%

Volatility (1Y)

Calculated over the trailing 1-year period

18.44%

17.79%

+0.65%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.16%

22.16%

-1.00%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.66%

23.78%

-1.12%

EWI vs. ENOR - Expense Ratio Comparison

EWI has a 0.49% expense ratio, which is lower than ENOR's 0.53% expense ratio.

Dividends

EWI vs. ENOR - Dividend Comparison

EWI's dividend yield for the trailing twelve months is around 3.16%, less than ENOR's 5.68% yield.

PositionTTM20252024202320222021202020192018201720162015
ENOR
iShares MSCI Norway ETF		5.68%2.96%6.32%5.06%4.02%2.24%2.39%3.15%2.79%2.47%2.96%3.24%
EWI
iShares MSCI Italy ETF		3.16%2.80%4.07%3.40%4.57%2.63%1.66%3.80%4.71%2.19%3.64%2.31%

Frequently Asked Questions

EWI and ENOR have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWI has higher volatility (5.76%) compared to ENOR (4.36%). In terms of maximum drawdown, EWI dropped -70.38% vs ENOR's -55.35%.

On 10-year performance, EWI leads with 14.84% vs 9.38% for ENOR. On fees, EWI is cheaper at 0.49% per year. On volatility, ENOR has been the lower-risk option at 4.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWI has performed better with a 14.84% return vs 9.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWI is cheaper with a 0.49% expense ratio, compared with 0.53% for ENOR.

ENOR has the higher dividend yield at 5.68%, compared with 3.16% for EWI.

EWI tracks MSCI Italy Index, while ENOR tracks MSCI Norway IMI 25/50 Index. Their fees differ too: 0.49% for EWI and 0.53% for ENOR.

EWI currently has the higher Sharpe Ratio (1.75 vs 1.22), 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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