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FDD vs. ENOR
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FDD vs. ENOR

Last updated Jun 24, 2026

FDD (First Trust STOXX European Select Dividend Index Fund) and ENOR (iShares MSCI Norway ETF) are both Europe Equities funds - FDD tracks the STOXX Europe Select Dividend 30 while ENOR tracks the MSCI Norway IMI 25/50 Index. Both are passively managed. Over the past 10 years, FDD returned 10.75%/yr vs 9.38%/yr for ENOR. A 0.68 correlation means they provide meaningful diversification when combined. FDD charges 0.58%/yr vs 0.53%/yr for ENOR.

Performance

FDD vs. ENOR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust STOXX European Select Dividend Index Fund (FDD) 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, FDD achieves a 10.10% return, which is significantly lower than ENOR's 17.50% return. Over the past 10 years, FDD has outperformed ENOR with an annualized return of 10.75%, while ENOR has yielded a comparatively lower 9.38% annualized return.

FDD

1D
-1.94%
1M
-2.36%
YTD
10.10%
6M
10.41%
1Y
30.12%
3Y*
26.20%
5Y*
11.36%
10Y*
10.75%

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)

FDD vs. ENOR - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FDD
First Trust STOXX European Select Dividend Index Fund		10.10%62.50%0.28%14.16%-16.14%16.03%-3.80%23.79%-8.98%19.07%
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 FDD and ENOR is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.53

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

0.62

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

0.67

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

0.68

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

0.68

The correlation between FDD and ENOR shifts across timeframes, from 0.53 (1 year) to 0.68 (10 years), reflecting how their relationship changes across market environments.

FDD vs. ENOR - Sectors Allocation Comparison

Sectors
FDD
ENOR

Financial Services

52.0%
22.0%

Industrials

13.3%
14.4%

Consumer Cyclical

12.3%
0.6%

Energy

10.4%
28.0%

Utilities

6.0%
0.7%

Consumer Defensive

3.6%
12.0%

Real Estate

3.3%
0.4%

Basic Materials

3.1%
11.0%

Communication Services

2.1%
6.6%

Healthcare

-

-

Technology

-

4.4%

Financial Services

FDD
52.0%
ENOR
22.0%

Industrials

FDD
13.3%
ENOR
14.4%

Consumer Cyclical

FDD
12.3%
ENOR
0.6%

Energy

FDD
10.4%
ENOR
28.0%

Utilities

FDD
6.0%
ENOR
0.7%

Consumer Defensive

FDD
3.6%
ENOR
12.0%

Real Estate

FDD
3.3%
ENOR
0.4%

Basic Materials

FDD
3.1%
ENOR
11.0%

Communication Services

FDD
2.1%
ENOR
6.6%

Healthcare

FDD

-

ENOR

-

Technology

FDD

-

ENOR
4.4%

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First Trust STOXX European Select Dividend Index Fund

iShares MSCI Norway ETF

Often compared with FDD:
FDD vs. EUFNFDD vs. FLAXFDD vs. RFEUFDD vs. VTIFDD vs. IQDFFDD vs. DVYFDD vs. IEUR
Often compared with ENOR:
ENOR vs. NORWENOR vs. EDENENOR vs. QATENOR vs. CN1G.DEENOR vs. EIRLENOR vs. NATENOR vs. VOO

Return for Risk

FDD vs. ENOR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FDD
FDD Risk / Return Rank: 6060
Overall Rank
FDD Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
FDD Sortino Ratio Rank: 5858
Sortino Ratio Rank
FDD Omega Ratio Rank: 5454
Omega Ratio Rank
FDD Calmar Ratio Rank: 6767
Calmar Ratio Rank
FDD Martin Ratio Rank: 6262
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.

FDD vs. ENOR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust STOXX European Select Dividend Index Fund (FDD) 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.

FDDENORDifference
Sharpe ratioReturn per unit of total volatility
1.88
1.22

+0.66

Sortino ratioReturn per unit of downside risk
2.61
1.82

+0.79

Omega ratioGain probability vs. loss probability

1.32

1.21

+0.11

Calmar ratioReturn relative to maximum drawdown

3.22

1.93

+1.29

Martin ratioReturn relative to average drawdown

10.63

6.40

+4.24

FDD vs. ENOR - Sharpe Ratio Comparison

The current FDD Sharpe Ratio is 1.88, which is higher than the ENOR Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of FDD 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

FDD vs. ENOR - Drawdown Comparison

The maximum FDD drawdown since its inception was -74.77%, which is greater than ENOR's maximum drawdown of -55.35%. Use the drawdown chart below to compare losses from any high point for FDD and ENOR.

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Drawdown Indicators

FDDENORDifference

Max Drawdown

Largest peak-to-trough decline

-74.77%

-55.35%

-19.42%

Max Drawdown (1Y)

Largest decline over 1 year

-9.39%

-11.24%

+1.85%

Max Drawdown (3Y)

Largest decline over 3 years

-13.06%

-15.84%

+2.78%

Max Drawdown (5Y)

Largest decline over 5 years

-34.84%

-32.65%

-2.19%

Max Drawdown (10Y)

Largest decline over 10 years

-41.43%

-54.21%

+12.78%

Current Drawdown

Current decline from peak

-3.52%

-11.24%

+7.72%

Average Drawdown

Average peak-to-trough decline

-35.37%

-16.54%

-18.83%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.84%

3.40%

-0.56%

Volatility

FDD vs. ENOR - Volatility Comparison

First Trust STOXX European Select Dividend Index Fund (FDD) has a higher volatility of 5.51% compared to iShares MSCI Norway ETF (ENOR) at 4.36%. This indicates that FDD'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

FDDENORDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.51%

4.36%

+1.15%

Volatility (6M)

Calculated over the trailing 6-month period

13.16%

14.32%

-1.16%

Volatility (1Y)

Calculated over the trailing 1-year period

16.09%

17.79%

-1.70%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.48%

22.16%

-3.68%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.86%

23.78%

-3.92%

FDD vs. ENOR - Expense Ratio Comparison

FDD has a 0.58% expense ratio, which is higher than ENOR's 0.53% expense ratio.

Dividends

FDD vs. ENOR - Dividend Comparison

FDD's dividend yield for the trailing twelve months is around 3.59%, 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%
FDD
First Trust STOXX European Select Dividend Index Fund		3.59%3.99%7.65%6.85%6.07%3.44%4.01%4.69%5.05%2.78%4.88%4.35%

Frequently Asked Questions

FDD and ENOR have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FDD has higher volatility (5.51%) compared to ENOR (4.36%). In terms of maximum drawdown, FDD dropped -74.77% vs ENOR's -55.35%.

On 10-year performance, FDD leads with 10.75% vs 9.38% for ENOR. On fees, ENOR is cheaper at 0.53% 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, FDD has performed better with a 10.75% return vs 9.38%. 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 0.58% for FDD.

ENOR has the higher dividend yield at 5.68%, compared with 3.59% for FDD.

FDD tracks STOXX Europe Select Dividend 30, while ENOR tracks MSCI Norway IMI 25/50 Index. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.58% for FDD and 0.53% for ENOR.

FDD currently has the higher Sharpe Ratio (1.88 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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