FNORX vs. EDEN
FNORX (Fidelity Nordic Fund) and EDEN (iShares MSCI Denmark ETF) are both funds - FNORX is a Foreign Large Cap Equities fund managed by Fidelity, while EDEN is a Europe Equities fund tracking the MSCI Denmark IMI 25/50 Index. Over the past 10 years, FNORX returned 9.65%/yr vs 9.34%/yr for EDEN. A 0.76 correlation means they provide meaningful diversification when combined. FNORX charges 0.92%/yr vs 0.53%/yr for EDEN.
Performance
FNORX vs. EDEN - Performance Comparison
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Returns By Period
In the year-to-date period, FNORX achieves a 7.85% return, which is significantly higher than EDEN's -3.26% return. Both investments have delivered pretty close results over the past 10 years, with FNORX having a 9.65% annualized return and EDEN not far behind at 9.34%.
FNORX
- 1D
- -0.23%
- 1M
- -4.30%
- YTD
- 7.85%
- 6M
- 9.69%
- 1Y
- 15.06%
- 3Y*
- 11.94%
- 5Y*
- 5.78%
- 10Y*
- 9.65%
EDEN
- 1D
- 2.17%
- 1M
- -1.56%
- YTD
- -3.26%
- 6M
- -1.59%
- 1Y
- -1.90%
- 3Y*
- 3.26%
- 5Y*
- 2.39%
- 10Y*
- 9.34%
FNORX vs. EDEN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FNORX Fidelity Nordic Fund | 7.85% | 25.85% | -4.51% | 20.85% | -19.29% | 12.77% | 43.03% | 17.26% | -11.56% | 22.48% |
EDEN iShares MSCI Denmark ETF | -3.26% | 10.58% | -3.94% | 17.99% | -11.47% | 14.81% | 42.56% | 24.37% | -14.43% | 35.39% |
Correlation
The correlation between FNORX and EDEN is 0.74, 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 | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.82 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Jan 26, 2012 | 0.76 |
The correlation between FNORX and EDEN has been stable across timeframes, ranging from 0.74 to 0.82 - a consistent structural relationship.
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Return for Risk
FNORX vs. EDEN — Risk / Return Rank
FNORX
EDEN
FNORX vs. EDEN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Nordic Fund (FNORX) and iShares MSCI Denmark ETF (EDEN). 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.
| FNORX | EDEN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.92 | ||
| Sortino ratioReturn per unit of downside risk | +1.22 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.00 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 1.12 | -0.09 | +1.21 |
| Martin ratioReturn relative to average drawdown | 3.40 | -0.19 | +3.59 |
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Drawdowns
FNORX vs. EDEN - Drawdown Comparison
The maximum FNORX drawdown since its inception was -69.72%, which is greater than EDEN's maximum drawdown of -36.61%. Use the drawdown chart below to compare losses from any high point for FNORX and EDEN.
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Drawdown Indicators
| FNORX | EDEN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -69.72% | -36.61% | -33.11% |
Max Drawdown (1Y)Largest decline over 1 year | -12.98% | -21.17% | +8.19% |
Max Drawdown (3Y)Largest decline over 3 years | -18.76% | -29.31% | +10.55% |
Max Drawdown (5Y)Largest decline over 5 years | -38.15% | -36.61% | -1.54% |
Max Drawdown (10Y)Largest decline over 10 years | -38.15% | -36.61% | -1.54% |
Current DrawdownCurrent decline from peak | -5.57% | -13.74% | +8.17% |
Average DrawdownAverage peak-to-trough decline | -17.42% | -7.38% | -10.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.28% | 9.78% | -5.50% |
Volatility
FNORX vs. EDEN - Volatility Comparison
Fidelity Nordic Fund (FNORX) has a higher volatility of 5.84% compared to iShares MSCI Denmark ETF (EDEN) at 4.82%. This indicates that FNORX's price experiences larger fluctuations and is considered to be riskier than EDEN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FNORX | EDEN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.84% | 4.82% | +1.02% |
Volatility (6M)Calculated over the trailing 6-month period | 14.09% | 15.74% | -1.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.56% | 20.76% | -3.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.07% | 20.28% | -1.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.99% | 19.38% | -0.39% |
FNORX vs. EDEN - Expense Ratio Comparison
FNORX has a 0.92% expense ratio, which is higher than EDEN's 0.53% expense ratio.
Dividends
FNORX vs. EDEN - Dividend Comparison
FNORX's dividend yield for the trailing twelve months is around 8.11%, more than EDEN's 3.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EDEN iShares MSCI Denmark ETF | 3.17% | 2.79% | 1.50% | 1.92% | 1.47% | 0.74% | 0.42% | 2.36% | 2.01% | 2.03% | 1.28% | 1.46% |
FNORX Fidelity Nordic Fund | 8.11% | 8.74% | 6.14% | 0.05% | 0.00% | 14.85% | 3.29% | 4.59% | 10.78% | 3.13% | 1.71% | 1.32% |
Frequently Asked Questions
FNORX and EDEN have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FNORX has higher volatility (5.84%) compared to EDEN (4.82%). In terms of maximum drawdown, FNORX dropped -69.72% vs EDEN's -36.61%.
FNORX currently has the higher Sharpe Ratio (0.83 vs -0.09), 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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