XEML vs. ENOR
XEML (Xtrackers Europe Market Leaders ETF) and ENOR (iShares MSCI Norway ETF) are both Europe Equities funds - XEML tracks the STOXX Europe Total Market Leaders Index while ENOR tracks the MSCI Norway IMI 25/50 Index. Both are passively managed. At a 0.24 correlation, their price movements are largely independent. XEML charges 0.35%/yr vs 0.53%/yr for ENOR.
Performance
XEML vs. ENOR - Performance Comparison
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Returns By Period
In the year-to-date period, XEML achieves a 4.05% return, which is significantly lower than ENOR's 15.32% return.
XEML
- 1D
- 0.95%
- 1M
- 1.17%
- YTD
- 4.05%
- 6M
- 3.58%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ENOR
- 1D
- -0.47%
- 1M
- -11.71%
- YTD
- 15.32%
- 6M
- 14.48%
- 1Y
- 22.51%
- 3Y*
- 19.42%
- 5Y*
- 6.49%
- 10Y*
- 9.44%
XEML vs. ENOR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
XEML Xtrackers Europe Market Leaders ETF | 4.05% | -0.42% |
ENOR iShares MSCI Norway ETF | 15.32% | 1.18% |
Correlation
The correlation between XEML and ENOR is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Dec 23, 2025 | 0.24 |
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Return for Risk
XEML vs. ENOR — Risk / Return Rank
XEML
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
ENOR
XEML vs. ENOR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers Europe Market Leaders ETF (XEML) 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.
| XEML | ENOR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.22 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 1.75 | — |
| Martin ratioReturn relative to average drawdown | — | 6.32 | — |
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Drawdowns
XEML vs. ENOR - Drawdown Comparison
The maximum XEML drawdown since its inception was -13.49%, smaller than the maximum ENOR drawdown of -55.35%. Use the drawdown chart below to compare losses from any high point for XEML and ENOR.
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Drawdown Indicators
| XEML | ENOR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.49% | -55.35% | +41.86% |
Max Drawdown (1Y)Largest decline over 1 year | — | -12.89% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -15.84% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -32.65% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -54.21% | — |
Current DrawdownCurrent decline from peak | -4.46% | -12.89% | +8.43% |
Average DrawdownAverage peak-to-trough decline | -4.91% | -16.54% | +11.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 3.57% | — |
Volatility
XEML vs. ENOR - Volatility Comparison
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Volatility by Period
| XEML | ENOR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 4.41% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 14.38% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 19.55% | 17.74% | +1.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.55% | 22.17% | -2.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.55% | 23.77% | -4.22% |
XEML vs. ENOR - Expense Ratio Comparison
XEML has a 0.35% expense ratio, which is lower than ENOR's 0.53% expense ratio.
Dividends
XEML vs. ENOR - Dividend Comparison
XEML's dividend yield for the trailing twelve months is around 1.79%, less than ENOR's 5.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ENOR iShares MSCI Norway ETF | 5.79% | 2.96% | 6.32% | 5.06% | 4.02% | 2.24% | 2.39% | 3.15% | 2.79% | 2.47% | 2.96% | 3.24% |
XEML Xtrackers Europe Market Leaders ETF | 1.79% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
XEML and ENOR have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XEML is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XEML is cheaper with a 0.35% expense ratio, compared with 0.53% for ENOR.
ENOR has the higher dividend yield at 5.79%, compared with 1.79% for XEML.
XEML tracks STOXX Europe Total Market Leaders Index, while ENOR tracks MSCI Norway IMI 25/50 Index. They also come from different issuers: Xtrackers and iShares. Their fees differ too: 0.35% for XEML and 0.53% for ENOR.
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