KESKOB.HE vs. EFNL

Last updated Aug 1, 2026

KESKOB.HE (Kesko Oyj) is a stock, while EFNL (iShares MSCI Finland ETF) is Europe Equities fund tracking the MSCI Finland IMI 25/50 Index. Over the past 10 years, KESKOB.HE returned 52.55%/yr vs 8.41%/yr for EFNL. Their 0.41 correlation means their historical movements had little consistent relationship.

Performance

KESKOB.HE vs. EFNL - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Kesko Oyj (KESKOB.HE) and iShares MSCI Finland ETF (EFNL). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

KESKOB.HE is traded in EUR, while EFNL is traded in USD. To make them comparable, the EFNL values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, KESKOB.HE achieves a 16.05% return, which is significantly higher than EFNL's 11.31% return. Over the past 10 years, KESKOB.HE has outperformed EFNL with an annualized return of 52.55%, while EFNL has yielded a comparatively lower 8.41% annualized return.

KESKOB.HE

• 1D: -0.46%
• 1M: 11.86%
• 6M: 3.50%
• YTD: 16.05%
• 1Y: 18.45%
• 3Y*: 11.60%
• 5Y*: -5.22%
• 10Y*: 52.55%
• ALL TIME*: 141.87%

EFNL

• 1D: -0.10%
• 1M: -1.38%
• 6M: 9.16%
• YTD: 11.31%
• 1Y: 30.72%
• 3Y*: 16.67%
• 5Y*: 4.59%
• 10Y*: 8.41%
• ALL TIME*: 9.55%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EFNL iShares MSCI Finland ETF	€455.65K	€2.44M	€3.38M
KESKOB.HE Kesko Oyj	€11.80M	€10.69M	€11.68M

KESKOB.HE vs. EFNL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KESKOB.HE Kesko Oyj	16.05%	11.29%	6.05%	-7.85%	-26.23%	43.33%	38.21%	98.46%	355.33%	241.17%
EFNL iShares MSCI Finland ETF	11.31%	35.37%	0.97%	-3.11%	-12.16%	18.76%	10.28%	16.21%	-2.49%	8.56%

Correlation

The correlation between KESKOB.HE and EFNL is 0.19, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.19
Correlation (3Y) Balances recent behavior with more history.	0.34
Correlation (5Y) Shows whether the relationship held over a longer period.	0.38
Correlation (10Y) Provides a long-term view across more market conditions.	0.37
Correlation (All Time) Calculated using the full available price history since Jan 26, 2012	0.41

Over the past year, the correlation between KESKOB.HE and EFNL has dropped to 0.19 - well below their long-term average of 0.41, suggesting their price drivers have been diverging.

Return for Risk

KESKOB.HE vs. EFNL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

KESKOB.HE

KESKOB.HE Risk / Return Rank: 72
KESKOB.HE Sharpe Ratio Rank: 76
KESKOB.HE Sortino Ratio Rank: 68
KESKOB.HE Omega Ratio Rank: 71
KESKOB.HE Calmar Ratio Rank: 72
KESKOB.HE Martin Ratio Rank: 71

EFNL

EFNL Risk / Return Rank: 66
EFNL Sharpe Ratio Rank: 70
EFNL Sortino Ratio Rank: 65
EFNL Omega Ratio Rank: 64
EFNL Calmar Ratio Rank: 72
EFNL Martin Ratio Rank: 61

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.

KESKOB.HE vs. EFNL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kesko Oyj (KESKOB.HE) and iShares MSCI Finland ETF (EFNL). 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.

	KESKOB.HE	EFNL	Difference
Sharpe ratio: Return per unit of total volatility	1.01	1.68	-0.68
Sortino ratio: Return per unit of downside risk	1.41	2.26	-0.85
Omega ratio: Gain probability vs. loss probability	1.20	1.30	-0.09
Calmar ratio: Return relative to maximum drawdown	1.41	2.66	-1.25
Martin ratio: Return relative to average drawdown	3.04	8.55	-5.51

KESKOB.HE vs. EFNL - Sharpe Ratio Comparison

The current KESKOB.HE Sharpe Ratio is 1.01, which is lower than the EFNL Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of KESKOB.HE and EFNL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

KESKOB.HE vs. EFNL - Drawdown Comparison

The maximum KESKOB.HE drawdown since its inception was -55.22%, which is greater than EFNL's maximum drawdown of -35.74%. Use the drawdown chart below to compare losses from any high point for KESKOB.HE and EFNL.

Drawdown Indicators

	KESKOB.HE	EFNL	Difference
Max Drawdown Largest peak-to-trough decline	-55.22%	-35.74%	-19.48%
Max Drawdown (1Y) Largest decline over 1 year	-13.29%	-11.02%	-2.27%
Max Drawdown (3Y) Largest decline over 3 years	-15.73%	-15.93%	+0.20%
Max Drawdown (5Y) Largest decline over 5 years	-55.22%	-30.05%	-25.17%
Max Drawdown (10Y) Largest decline over 10 years	-55.22%	-35.74%	-19.48%
Current Drawdown Current decline from peak	-26.29%	-9.58%	-16.71%
Average Drawdown Average peak-to-trough decline	-17.84%	-8.16%	-9.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.15%	3.43%	+2.72%

Volatility

KESKOB.HE vs. EFNL - Volatility Comparison

Kesko Oyj (KESKOB.HE) and iShares MSCI Finland ETF (EFNL) have volatilities of 5.52% and 5.40%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KESKOB.HE	EFNL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.52%	5.40%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	15.84%	14.83%	+1.01%
Volatility (1Y) Calculated over the trailing 1-year period	18.63%	17.46%	+1.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.22%	16.85%	+7.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	129.81%	17.97%	+111.84%

Dividends

KESKOB.HE vs. EFNL - Dividend Comparison

KESKOB.HE's dividend yield for the trailing twelve months is around 4.17%, more than EFNL's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EFNL iShares MSCI Finland ETF	1.04%	3.40%	5.05%	4.31%	5.94%	2.29%	2.94%	5.70%	3.83%	3.30%	2.40%	1.57%
KESKOB.HE Kesko Oyj	4.17%	4.83%	4.24%	6.03%	5.14%	2.56%	2.99%	29.68%	74.70%	70.73%	0.00%	74.17%

Frequently Asked Questions

Can I hold both KESKOB.HE and EFNL in my portfolio?

KESKOB.HE and EFNL have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.