GSEU vs. ENOR

Last updated Jun 4, 2026

GSEU (Goldman Sachs ActiveBeta Europe Equity ETF) and ENOR (iShares MSCI Norway ETF) are both Europe Equities funds - GSEU tracks the Goldman Sachs ActiveBeta Europe Equity Index while ENOR tracks the MSCI Norway IMI 25/50 Index. Both are passively managed. Over the past 10 years, GSEU returned 9.21%/yr vs 9.41%/yr for ENOR. A 0.68 correlation means they provide meaningful diversification when combined. GSEU charges 0.25%/yr vs 0.53%/yr for ENOR.

Performance

GSEU vs. ENOR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs ActiveBeta Europe Equity ETF (GSEU) 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, GSEU achieves a 5.62% return, which is significantly lower than ENOR's 28.21% return. Both investments have delivered pretty close results over the past 10 years, with GSEU having a 9.21% annualized return and ENOR not far ahead at 9.41%.

GSEU

• 1D: -1.00%
• 1M: 2.97%
• YTD: 5.62%
• 6M: 9.09%
• 1Y: 17.47%
• 3Y*: 16.51%
• 5Y*: 8.08%
• 10Y*: 9.21%

ENOR

• 1D: -0.57%
• 1M: -1.34%
• YTD: 28.21%
• 6M: 33.17%
• 1Y: 37.30%
• 3Y*: 23.56%
• 5Y*: 8.25%
• 10Y*: 9.41%

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

GSEU vs. ENOR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GSEU Goldman Sachs ActiveBeta Europe Equity ETF	5.62%	35.70%	2.00%	20.74%	-17.90%	17.33%	6.64%	24.57%	-14.29%	26.97%
ENOR iShares MSCI Norway ETF	28.21%	32.00%	-2.29%	4.80%	-12.53%	18.69%	2.54%	12.77%	-8.50%	21.98%

Correlation

The correlation between GSEU and ENOR is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Mar 7, 2016	0.68

Over the past year, the correlation between GSEU and ENOR has dropped to 0.42 - well below their long-term average of 0.68, suggesting their price drivers have been diverging.

GSEU vs. ENOR - Sectors Allocation Comparison

Sectors	GSEU	ENOR
Financial Services	24.7%	22.4%
Industrials	19.9%	13.9%
Healthcare	13.1%	-
Consumer Defensive	8.4%	12.4%
Technology	8.1%	4.1%
Consumer Cyclical	6.6%	0.2%
Basic Materials	5.0%	10.8%
Utilities	4.8%	0.7%
Communication Services	4.6%	5.8%
Energy	4.4%	29.2%
Real Estate	0.6%	0.4%

Return for Risk

GSEU vs. ENOR — Risk / Return Rank

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

GSEU

GSEU Risk / Return Rank: 32
GSEU Sharpe Ratio Rank: 32
GSEU Sortino Ratio Rank: 31
GSEU Omega Ratio Rank: 31
GSEU Calmar Ratio Rank: 30
GSEU Martin Ratio Rank: 35

ENOR

ENOR Risk / Return Rank: 66
ENOR Sharpe Ratio Rank: 64
ENOR Sortino Ratio Rank: 65
ENOR Omega Ratio Rank: 59
ENOR Calmar Ratio Rank: 80
ENOR Martin Ratio Rank: 65

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.

GSEU vs. ENOR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta Europe Equity ETF (GSEU) 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.

	GSEU	ENOR	Difference
Sharpe ratio: Return per unit of total volatility	1.16	2.15	-0.99
Sortino ratio: Return per unit of downside risk	1.68	3.04	-1.36
Omega ratio: Gain probability vs. loss probability	1.21	1.37	-0.16
Calmar ratio: Return relative to maximum drawdown	1.47	4.16	-2.68
Martin ratio: Return relative to average drawdown	5.54	11.78	-6.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GSEU vs. ENOR - Sharpe Ratio Comparison

The current GSEU Sharpe Ratio is 1.16, which is lower than the ENOR Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of GSEU 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

	GSEU	ENOR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.16	2.15	-0.99
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.37	+0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.39	+0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.25	+0.27

Drawdowns

GSEU vs. ENOR - Drawdown Comparison

The maximum GSEU drawdown since its inception was -35.71%, smaller than the maximum ENOR drawdown of -55.35%. Use the drawdown chart below to compare losses from any high point for GSEU and ENOR.

Drawdown Indicators

	GSEU	ENOR	Difference
Max Drawdown Largest peak-to-trough decline	-35.71%	-55.35%	+19.64%
Max Drawdown (1Y) Largest decline over 1 year	-11.90%	-9.01%	-2.89%
Max Drawdown (3Y) Largest decline over 3 years	-14.12%	-15.84%	+1.72%
Max Drawdown (5Y) Largest decline over 5 years	-33.98%	-32.65%	-1.33%
Max Drawdown (10Y) Largest decline over 10 years	-35.71%	-54.21%	+18.50%
Current Drawdown Current decline from peak	-2.16%	-3.15%	+0.99%
Average Drawdown Average peak-to-trough decline	-6.60%	-16.58%	+9.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.16%	3.18%	-0.02%

Volatility

GSEU vs. ENOR - Volatility Comparison

Goldman Sachs ActiveBeta Europe Equity ETF (GSEU) has a higher volatility of 5.58% compared to iShares MSCI Norway ETF (ENOR) at 5.14%. This indicates that GSEU'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

	GSEU	ENOR	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.58%	5.14%	+0.44%
Volatility (6M) Calculated over the trailing 6-month period	12.48%	13.62%	-1.14%
Volatility (1Y) Calculated over the trailing 1-year period	15.13%	17.43%	-2.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.14%	22.18%	-5.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.11%	24.02%	-5.91%

GSEU vs. ENOR - Expense Ratio Comparison

GSEU has a 0.25% expense ratio, which is lower than ENOR's 0.53% expense ratio.

Dividends

GSEU vs. ENOR - Dividend Comparison

GSEU's dividend yield for the trailing twelve months is around 2.58%, more than ENOR's 2.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ENOR iShares MSCI Norway ETF	2.31%	2.96%	6.32%	5.06%	4.02%	2.24%	2.39%	3.15%	2.79%	2.47%	2.96%	3.24%
GSEU Goldman Sachs ActiveBeta Europe Equity ETF	2.58%	2.72%	2.35%	3.41%	3.34%	2.71%	1.84%	3.69%	3.40%	2.51%	2.74%	0.00%

Frequently Asked Questions

Can I hold both GSEU and ENOR in my portfolio?

GSEU and ENOR have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GSEU or ENOR?

GSEU has higher volatility (5.58%) compared to ENOR (5.14%). In terms of maximum drawdown, GSEU dropped -35.71% vs ENOR's -55.35%.

Which ETF is better, GSEU or ENOR?

On 10-year performance, ENOR leads with 9.41% vs 9.21% for GSEU. On fees, GSEU is cheaper at 0.25% per year. On volatility, ENOR has been the lower-risk option at 5.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSEU or ENOR?

Over the 10-year period, ENOR has performed better with a 9.41% return vs 9.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSEU or ENOR?

GSEU is cheaper with a 0.25% expense ratio, compared with 0.53% for ENOR.

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

GSEU has the higher dividend yield at 2.58%, compared with 2.31% for ENOR.

What is the main difference between GSEU and ENOR?

GSEU tracks Goldman Sachs ActiveBeta Europe Equity Index, while ENOR tracks MSCI Norway IMI 25/50 Index. They also come from different issuers: Goldman Sachs and iShares. Their fees differ too: 0.25% for GSEU and 0.53% for ENOR.

Which has better risk-adjusted returns?

ENOR currently has the higher Sharpe Ratio (2.15 vs 1.16), 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.