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QAT vs. ENOR
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QAT vs. ENOR

Last updated Aug 2, 2026
Documentation

QAT (iShares MSCI Qatar ETF) and ENOR (iShares MSCI Norway ETF) are both exchange-traded funds - QAT is a Emerging Markets Equities fund tracking the MSCI All Qatar Capped Index, while ENOR is a Europe Equities fund tracking the MSCI Norway IMI 25/50 Index. Both are passively managed. Over the past 10 years, QAT returned 2.88%/yr vs 9.85%/yr for ENOR. Their 0.26 correlation means their historical movements had little consistent relationship. QAT charges 0.59%/yr vs 0.53%/yr for ENOR.

Performance

QAT vs. ENOR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Qatar ETF (QAT) 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, QAT achieves a -4.44% return, which is significantly lower than ENOR's 26.80% return. Over the past 10 years, QAT has underperformed ENOR with an annualized return of 2.88%, while ENOR has yielded a comparatively higher 9.85% annualized return.

QAT

1D
-0.46%
1M
-3.26%
6M
-8.76%
YTD
-4.44%
1Y
-7.45%
3Y*
1.12%
5Y*
2.65%
10Y*
2.88%
ALL TIME*
0.92%

ENOR

1D
1.22%
1M
9.09%
6M
15.26%
YTD
26.80%
1Y
35.98%
3Y*
19.48%
5Y*
9.47%
10Y*
9.85%
ALL TIME*
5.72%
*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
$864.77K$1.77M$2.58M

QAT

iShares MSCI Qatar ETF
$941.21K$596.55K$1.10M

QAT vs. ENOR - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QAT
iShares MSCI Qatar ETF		-4.44%8.81%5.20%2.72%-7.23%14.42%6.94%-0.44%20.03%-11.66%
ENOR
iShares MSCI Norway ETF		26.80%32.00%-2.29%4.80%-12.53%18.69%2.54%12.77%-8.50%21.98%

Correlation

The correlation between QAT and ENOR is -0.04, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

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

-0.04

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

0.15

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

0.21

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

0.25

Correlation (All Time)
Calculated using the full available price history since May 1, 2014

0.26

The correlation between QAT and ENOR shifts across timeframes, from -0.04 (1 year) to 0.26 (all time), reflecting how their relationship changes across market environments.

QAT vs. ENOR - Sectors Allocation Comparison

Sectors
QAT
ENOR

Financial Services

55.7%
23.6%

Basic Materials

11.9%
8.9%

Industrials

8.6%
14.5%

Energy

7.7%
30.1%

Communication Services

6.4%
5.6%

Real Estate

3.9%
0.4%

Utilities

2.5%
0.6%

Technology

1.0%
3.5%

Healthcare

0.8%

-

Consumer Cyclical

0.8%
0.6%

Consumer Defensive

0.7%
11.9%

Financial Services

QAT
55.7%
ENOR
23.6%

Basic Materials

QAT
11.9%
ENOR
8.9%

Industrials

QAT
8.6%
ENOR
14.5%

Energy

QAT
7.7%
ENOR
30.1%

Communication Services

QAT
6.4%
ENOR
5.6%

Real Estate

QAT
3.9%
ENOR
0.4%

Utilities

QAT
2.5%
ENOR
0.6%

Technology

QAT
1.0%
ENOR
3.5%

Healthcare

QAT
0.8%
ENOR

-

Consumer Cyclical

QAT
0.8%
ENOR
0.6%

Consumer Defensive

QAT
0.7%
ENOR
11.9%

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 Qatar ETF

iShares MSCI Norway ETF

Often compared with QAT:
QAT vs. UAEQAT vs. KSAQAT vs. SJMQAT vs. EDENQAT vs. EIRLQAT vs. VOOQAT vs. VHT
Often compared with ENOR:
ENOR vs. NORWENOR vs. EDENENOR vs. EIRLENOR vs. CN1G.DEENOR vs. NATENOR vs. VOOENOR vs. AKRBY

Return for Risk

QAT vs. ENOR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
QAT
QAT Risk / Return Rank: 44
Overall Rank
QAT Sharpe Ratio Rank: 55
Sharpe Ratio Rank
QAT Sortino Ratio Rank: 44
Sortino Ratio Rank
QAT Omega Ratio Rank: 44
Omega Ratio Rank
QAT Calmar Ratio Rank: 44
Calmar Ratio Rank
QAT Martin Ratio Rank: 44
Martin Ratio Rank
ENOR
ENOR Risk / Return Rank: 7777
Overall Rank
ENOR Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
ENOR Sortino Ratio Rank: 8585
Sortino Ratio Rank
ENOR Omega Ratio Rank: 8080
Omega Ratio Rank
ENOR Calmar Ratio Rank: 7171
Calmar Ratio Rank
ENOR Martin Ratio Rank: 6464
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.

QAT vs. ENOR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Qatar ETF (QAT) 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.

QATENORDifference
Sharpe ratioReturn per unit of total volatility
-0.56
1.98

-2.54

Sortino ratioReturn per unit of downside risk
-0.73
2.79

-3.52

Omega ratioGain probability vs. loss probability

0.91

1.33

-0.42

Calmar ratioReturn relative to maximum drawdown

-0.65

2.46

-3.11

Martin ratioReturn relative to average drawdown

-1.14

7.68

-8.81

QAT vs. ENOR - Sharpe Ratio Comparison

The current QAT Sharpe Ratio is -0.56, which is lower than the ENOR Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of QAT 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

QAT vs. ENOR - Drawdown Comparison

The maximum QAT drawdown since its inception was -45.21%, smaller than the maximum ENOR drawdown of -55.35%. Use the drawdown chart below to compare losses from any high point for QAT and ENOR.

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Drawdown Indicators

QATENORDifference

Max Drawdown

Largest peak-to-trough decline

-45.21%

-55.35%

+10.14%

Max Drawdown (1Y)

Largest decline over 1 year

-11.48%

-14.56%

+3.08%

Max Drawdown (3Y)

Largest decline over 3 years

-15.47%

-15.84%

+0.37%

Max Drawdown (5Y)

Largest decline over 5 years

-33.17%

-32.65%

-0.52%

Max Drawdown (10Y)

Largest decline over 10 years

-34.04%

-54.21%

+20.17%

Current Drawdown

Current decline from peak

-16.32%

-4.22%

-12.10%

Average Drawdown

Average peak-to-trough decline

-19.10%

-16.49%

-2.61%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.53%

4.66%

+1.87%

Volatility

QAT vs. ENOR - Volatility Comparison

The current volatility for iShares MSCI Qatar ETF (QAT) is 3.27%, while iShares MSCI Norway ETF (ENOR) has a volatility of 5.25%. This indicates that QAT 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

QATENORDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.27%

5.25%

-1.98%

Volatility (6M)

Calculated over the trailing 6-month period

10.99%

14.54%

-3.55%

Volatility (1Y)

Calculated over the trailing 1-year period

13.33%

18.08%

-4.75%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.08%

22.13%

-7.05%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.49%

23.73%

-6.24%

QAT vs. ENOR - Expense Ratio Comparison

QAT has a 0.59% expense ratio, which is higher than ENOR's 0.53% expense ratio.

Dividends

QAT vs. ENOR - Dividend Comparison

QAT's dividend yield for the trailing twelve months is around 4.89%, less than ENOR's 5.27% yield.

PositionTTM20252024202320222021202020192018201720162015
ENOR
iShares MSCI Norway ETF		5.27%2.96%6.32%5.06%4.02%2.24%2.39%3.15%2.79%2.47%2.96%3.24%
QAT
iShares MSCI Qatar ETF		4.89%3.51%5.90%3.92%4.78%2.33%2.63%3.57%4.63%4.10%3.51%4.49%

Frequently Asked Questions

QAT and ENOR have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ENOR has higher volatility (5.25%) compared to QAT (3.27%). In terms of maximum drawdown, QAT dropped -45.21% vs ENOR's -55.35%.

On 10-year performance, ENOR leads with 9.85% vs 2.88% for QAT. On fees, ENOR is cheaper at 0.53% per year. On volatility, QAT has been the lower-risk option at 3.27%. 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 9.85% return vs 2.88%. 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 0.59% for QAT.

ENOR has the higher dividend yield at 5.27%, compared with 4.89% for QAT.

QAT is categorized as Emerging Markets Equities, while ENOR is Europe Equities. QAT tracks MSCI All Qatar Capped Index, while ENOR tracks MSCI Norway IMI 25/50 Index. Their fees differ too: 0.59% for QAT and 0.53% for ENOR.

ENOR currently has the higher Sharpe Ratio (1.98 vs -0.56), 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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