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EWU vs. ENOR
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWU vs. ENOR

Last updated Aug 5, 2026
Documentation

EWU (iShares MSCI United Kingdom ETF) and ENOR (iShares MSCI Norway ETF) are both Europe Equities funds from iShares - EWU tracks the MSCI United Kingdom Index (Net) while ENOR tracks the MSCI Norway IMI 25/50 Index. Both are passively managed. Over the past 10 years, EWU returned 8.54%/yr vs 9.72%/yr for ENOR. Their 0.69 correlation means they have sometimes moved together and sometimes differently. EWU charges 0.50%/yr vs 0.53%/yr for ENOR.

Performance

EWU vs. ENOR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI United Kingdom ETF (EWU) 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, EWU achieves a 11.49% return, which is significantly lower than ENOR's 26.18% return. Over the past 10 years, EWU has underperformed ENOR with an annualized return of 8.54%, while ENOR has yielded a comparatively higher 9.72% annualized return.

EWU

1D
0.23%
1M
2.50%
6M
5.51%
YTD
11.49%
1Y
24.30%
3Y*
18.84%
5Y*
12.00%
10Y*
8.54%
ALL TIME*
6.08%

ENOR

1D
0.03%
1M
8.56%
6M
14.63%
YTD
26.18%
1Y
33.93%
3Y*
19.29%
5Y*
9.04%
10Y*
9.72%
ALL TIME*
5.68%
*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
$1.33M$1.85M$2.61M

EWU

iShares MSCI United Kingdom ETF
$58.72M$68.87M$65.85M

EWU vs. ENOR - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWU
iShares MSCI United Kingdom ETF		11.49%34.95%6.74%12.40%-4.39%18.19%-11.80%21.29%-14.30%21.54%
ENOR
iShares MSCI Norway ETF		26.18%32.00%-2.29%4.80%-12.53%18.69%2.54%12.77%-8.50%21.98%

Correlation

The correlation between EWU and ENOR is 0.45, which is low. Their historical price movements had little consistent relationship.

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

0.45

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

0.58

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

0.67

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

0.70

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

0.69

Over the past year, the correlation between EWU and ENOR has dropped to 0.45 - well below their long-term average of 0.69, suggesting their price drivers have been diverging.

EWU vs. ENOR - Sectors Allocation Comparison

Sectors
EWU
ENOR

Financial Services

27.5%
23.6%

Industrials

14.0%
14.5%

Consumer Defensive

13.9%
11.9%

Healthcare

13.2%

-

Energy

11.2%
30.1%

Basic Materials

7.7%
8.9%

Utilities

4.5%
0.6%

Consumer Cyclical

3.9%
0.6%

Communication Services

2.2%
5.6%

Real Estate

0.7%
0.4%

Technology

0.6%
3.5%

Financial Services

EWU
27.5%
ENOR
23.6%

Industrials

EWU
14.0%
ENOR
14.5%

Consumer Defensive

EWU
13.9%
ENOR
11.9%

Healthcare

EWU
13.2%
ENOR

-

Energy

EWU
11.2%
ENOR
30.1%

Basic Materials

EWU
7.7%
ENOR
8.9%

Utilities

EWU
4.5%
ENOR
0.6%

Consumer Cyclical

EWU
3.9%
ENOR
0.6%

Communication Services

EWU
2.2%
ENOR
5.6%

Real Estate

EWU
0.7%
ENOR
0.4%

Technology

EWU
0.6%
ENOR
3.5%

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 United Kingdom ETF

iShares MSCI Norway ETF

Often compared with EWU:
EWU vs. FLGBEWU vs. EWUSEWU vs. SPYEWU vs. FEZEWU vs. FKUEWU vs. BNDWEWU vs. VOO
Often compared with ENOR:
ENOR vs. NORWENOR vs. EDENENOR vs. QATENOR vs. EIRLENOR vs. CN1G.DEENOR vs. NATENOR vs. VOO

Return for Risk

EWU vs. ENOR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWU
EWU Risk / Return Rank: 6161
Overall Rank
EWU Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
EWU Sortino Ratio Rank: 6363
Sortino Ratio Rank
EWU Omega Ratio Rank: 5959
Omega Ratio Rank
EWU Calmar Ratio Rank: 6262
Calmar Ratio Rank
EWU Martin Ratio Rank: 6060
Martin Ratio Rank
ENOR
ENOR Risk / Return Rank: 6565
Overall Rank
ENOR Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
ENOR Sortino Ratio Rank: 7474
Sortino Ratio Rank
ENOR Omega Ratio Rank: 6666
Omega Ratio Rank
ENOR Calmar Ratio Rank: 5858
Calmar Ratio Rank
ENOR Martin Ratio Rank: 5555
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.

EWU vs. ENOR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI United Kingdom ETF (EWU) 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.

EWUENORDifference
Sharpe ratioReturn per unit of total volatility
1.63
1.89

-0.25

Sortino ratioReturn per unit of downside risk
2.35
2.67

-0.32

Omega ratioGain probability vs. loss probability

1.29

1.32

-0.03

Calmar ratioReturn relative to maximum drawdown

2.46

2.34

+0.12

Martin ratioReturn relative to average drawdown

8.07

7.26

+0.80

EWU vs. ENOR - Sharpe Ratio Comparison

The current EWU Sharpe Ratio is 1.63, which is comparable to the ENOR Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of EWU 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

EWU vs. ENOR - Drawdown Comparison

The maximum EWU drawdown since its inception was -63.99%, which is greater than ENOR's maximum drawdown of -55.35%. Use the drawdown chart below to compare losses from any high point for EWU and ENOR.

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Drawdown Indicators

EWUENORDifference

Max Drawdown

Largest peak-to-trough decline

-63.99%

-55.35%

-8.64%

Max Drawdown (1Y)

Largest decline over 1 year

-9.92%

-14.56%

+4.64%

Max Drawdown (3Y)

Largest decline over 3 years

-12.63%

-15.84%

+3.21%

Max Drawdown (5Y)

Largest decline over 5 years

-24.91%

-32.65%

+7.74%

Max Drawdown (10Y)

Largest decline over 10 years

-43.33%

-54.21%

+10.88%

Current Drawdown

Current decline from peak

-0.70%

-4.68%

+3.98%

Average Drawdown

Average peak-to-trough decline

-14.10%

-16.48%

+2.38%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.02%

4.68%

-1.66%

Volatility

EWU vs. ENOR - Volatility Comparison

The current volatility for iShares MSCI United Kingdom ETF (EWU) is 3.70%, while iShares MSCI Norway ETF (ENOR) has a volatility of 5.02%. This indicates that EWU experiences smaller price fluctuations and is considered to be less risky 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

EWUENORDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.70%

5.02%

-1.32%

Volatility (6M)

Calculated over the trailing 6-month period

12.88%

14.48%

-1.60%

Volatility (1Y)

Calculated over the trailing 1-year period

14.95%

18.09%

-3.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.39%

22.13%

-5.74%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.23%

23.74%

-5.51%

EWU vs. ENOR - Expense Ratio Comparison

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

Dividends

EWU vs. ENOR - Dividend Comparison

EWU's dividend yield for the trailing twelve months is around 3.09%, less than ENOR's 5.29% yield.

PositionTTM20252024202320222021202020192018201720162015
ENOR
iShares MSCI Norway ETF		5.29%2.96%6.32%5.06%4.02%2.24%2.39%3.15%2.79%2.47%2.96%3.24%
EWU
iShares MSCI United Kingdom ETF		3.09%3.73%4.16%4.14%3.43%4.35%2.48%4.13%4.98%3.91%3.97%4.11%

Frequently Asked Questions

EWU and ENOR have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ENOR has higher volatility (5.02%) compared to EWU (3.70%). In terms of maximum drawdown, EWU dropped -63.99% vs ENOR's -55.35%.

On 10-year performance, ENOR leads with 9.72% vs 8.54% for EWU. On fees, EWU is cheaper at 0.50% per year. On volatility, EWU has been the lower-risk option at 3.70%. 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 9.72% return vs 8.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

ENOR has the higher dividend yield at 5.29%, compared with 3.09% for EWU.

EWU tracks MSCI United Kingdom Index (Net), while ENOR tracks MSCI Norway IMI 25/50 Index. Their fees differ too: 0.50% for EWU and 0.53% for ENOR.

ENOR currently has the higher Sharpe Ratio (1.89 vs 1.63), 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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