EWP vs. ENOR

Last updated Jun 3, 2026

EWP (iShares MSCI Spain ETF) and ENOR (iShares MSCI Norway ETF) are both Europe Equities funds from iShares - EWP tracks the MSCI Spain Index while ENOR tracks the MSCI Norway IMI 25/50 Index. Both are passively managed. Over the past 10 years, EWP returned 11.11%/yr vs 9.47%/yr for ENOR. A 0.60 correlation means they provide meaningful diversification when combined. EWP charges 0.50%/yr vs 0.53%/yr for ENOR.

Performance

EWP vs. ENOR - Performance Comparison

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

Returns By Period

In the year-to-date period, EWP achieves a 6.62% return, which is significantly lower than ENOR's 28.94% return. Over the past 10 years, EWP has outperformed ENOR with an annualized return of 11.11%, while ENOR has yielded a comparatively lower 9.47% annualized return.

EWP

• 1D: 0.02%
• 1M: 1.54%
• YTD: 6.62%
• 6M: 12.03%
• 1Y: 34.29%
• 3Y*: 31.36%
• 5Y*: 17.20%
• 10Y*: 11.11%

ENOR

• 1D: -0.32%
• 1M: -0.67%
• YTD: 28.94%
• 6M: 35.80%
• 1Y: 36.63%
• 3Y*: 23.79%
• 5Y*: 8.78%
• 10Y*: 9.47%

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

EWP vs. ENOR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWP iShares MSCI Spain ETF	6.62%	78.03%	5.70%	30.26%	-5.18%	0.25%	-3.94%	11.93%	-15.32%	26.98%
ENOR iShares MSCI Norway ETF	28.94%	32.00%	-2.29%	4.80%	-12.53%	18.69%	2.54%	12.77%	-8.50%	21.98%

Correlation

The correlation between EWP and ENOR is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since Jan 25, 2012	0.60

Over the past year, the correlation between EWP and ENOR has dropped to 0.35 - well below their long-term average of 0.60, suggesting their price drivers have been diverging.

EWP vs. ENOR - Sectors Allocation Comparison

Sectors	EWP	ENOR
Financial Services	41.4%	22.4%
Utilities	21.2%	0.7%
Industrials	16.1%	13.9%
Energy	5.3%	29.2%
Technology	4.9%	4.1%
Consumer Cyclical	4.0%	0.2%
Communication Services	2.9%	5.8%
Real Estate	2.9%	0.4%
Healthcare	1.3%	-
Basic Materials	-	10.8%
Consumer Defensive	-	12.4%

Return for Risk

EWP vs. ENOR — Risk / Return Rank

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

EWP

EWP Risk / Return Rank: 56
EWP Sharpe Ratio Rank: 54
EWP Sortino Ratio Rank: 50
EWP Omega Ratio Rank: 50
EWP Calmar Ratio Rank: 63
EWP Martin Ratio Rank: 62

ENOR

ENOR Risk / Return Rank: 67
ENOR Sharpe Ratio Rank: 62
ENOR Sortino Ratio Rank: 63
ENOR Omega Ratio Rank: 58
ENOR Calmar Ratio Rank: 83
ENOR Martin Ratio Rank: 68

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.

EWP vs. ENOR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Spain ETF (EWP) 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.

	EWP	ENOR	Difference
Sharpe ratio Return per unit of total volatility	1.84	2.11	-0.27
Sortino ratio Return per unit of downside risk	2.48	2.99	-0.51
Omega ratio Gain probability vs. loss probability	1.32	1.36	-0.04
Calmar ratio Return relative to maximum drawdown	3.18	4.48	-1.30
Martin ratio Return relative to average drawdown	11.33	12.74	-1.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWP vs. ENOR - Sharpe Ratio Comparison

The current EWP Sharpe Ratio is 1.84, which is comparable to the ENOR Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of EWP 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.

Sharpe Ratios by Period

	EWP	ENOR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.84	2.11	-0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	0.40	+0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.40	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.25	+0.06

Drawdowns

EWP vs. ENOR - Drawdown Comparison

The maximum EWP drawdown since its inception was -61.19%, which is greater than ENOR's maximum drawdown of -55.35%. Use the drawdown chart below to compare losses from any high point for EWP and ENOR.

Drawdown Indicators

	EWP	ENOR	Difference
Max Drawdown Largest peak-to-trough decline	-61.19%	-55.35%	-5.84%
Max Drawdown (1Y) Largest decline over 1 year	-11.38%	-9.01%	-2.37%
Max Drawdown (3Y) Largest decline over 3 years	-12.19%	-15.84%	+3.65%
Max Drawdown (5Y) Largest decline over 5 years	-33.91%	-32.65%	-1.26%
Max Drawdown (10Y) Largest decline over 10 years	-46.36%	-54.21%	+7.85%
Current Drawdown Current decline from peak	-1.56%	-2.60%	+1.04%
Average Drawdown Average peak-to-trough decline	-21.44%	-16.58%	-4.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.19%	3.17%	+0.02%

Volatility

EWP vs. ENOR - Volatility Comparison

iShares MSCI Spain ETF (EWP) has a higher volatility of 6.86% compared to iShares MSCI Norway ETF (ENOR) at 5.11%. This indicates that EWP'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.

Volatility by Period

	EWP	ENOR	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.86%	5.11%	+1.75%
Volatility (6M) Calculated over the trailing 6-month period	15.60%	13.60%	+2.00%
Volatility (1Y) Calculated over the trailing 1-year period	18.76%	17.62%	+1.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.24%	22.18%	-1.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.23%	24.02%	-1.79%

EWP vs. ENOR - Expense Ratio Comparison

EWP has a 0.50% expense ratio, which is lower than ENOR's 0.53% expense ratio.

Dividends

EWP vs. ENOR - Dividend Comparison

EWP's dividend yield for the trailing twelve months is around 2.13%, less than ENOR's 2.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ENOR iShares MSCI Norway ETF	2.29%	2.96%	6.32%	5.06%	4.02%	2.24%	2.39%	3.15%	2.79%	2.47%	2.96%	3.24%
EWP iShares MSCI Spain ETF	2.13%	2.27%	4.35%	2.70%	3.07%	3.29%	2.56%	3.72%	3.69%	2.72%	4.65%	3.85%

Frequently Asked Questions

Can I hold both EWP and ENOR in my portfolio?

EWP and ENOR have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWP or ENOR?

EWP has higher volatility (6.86%) compared to ENOR (5.11%). In terms of maximum drawdown, EWP dropped -61.19% vs ENOR's -55.35%.

Which ETF is better, EWP or ENOR?

On 10-year performance, EWP leads with 11.11% vs 9.47% for ENOR. On fees, EWP is cheaper at 0.50% per year. On volatility, ENOR has been the lower-risk option at 5.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWP or ENOR?

Over the 10-year period, EWP has performed better with a 11.11% return vs 9.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWP or ENOR?

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

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

ENOR has the higher dividend yield at 2.29%, compared with 2.13% for EWP.

What is the main difference between EWP and ENOR?

EWP tracks MSCI Spain Index, while ENOR tracks MSCI Norway IMI 25/50 Index. Their fees differ too: 0.50% for EWP and 0.53% for ENOR.

Which has better risk-adjusted returns?

ENOR currently has the higher Sharpe Ratio (2.11 vs 1.84), 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.