iShares MSCI Norway ETF (ENOR) Performance
ENOR total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +33.8% since Dec 31, 2025
- 1 year
- +34.9% total return
- 5 years
- +7.9% a year
- 10 years
- +9.5% a year
- Since first price
- +5.9% a year since 2012
ENOR trailing returns vs SPY, QQQ, AGG
| Period | ENOR total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +1.7% | +1.7% | −1.0% | −5.0% | +0.9% |
| 3 months | +7.4% | +7.4% | +3.2% | +1.9% | −0.4% |
| 6 months | +4.8% | +0.2% | +7.8% | +8.4% | −1.5% |
| YTD | +33.8% | +28.0% | +12.3% | +15.1% | −1.0% |
| 1 year | +34.9% | +27.8% | +14.4% | +15.9% | −1.1% |
| 3 years | +95.1%+25.0%/yr | +68.0% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +46.5%+7.9%/yr | +16.1% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +147.5%+9.5%/yr | +71.2% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| Since inceptionJan 24, 2012 | +134.5%+5.9%/yr | +44.0% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: ENOR vs SPY
From Jan 24, 2012: ENOR grew to $23,447, SPY to $74,594.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
ENOR returns by calendar year
8 of 13 full years positive. Best 2025 (+32.0%), worst 2014 (−22.0%). 2026 is year to date.
ENOR annual returns table
| Year | ENOR | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +33.8% | −14.6% | +12.3% | +15.1% | −1.0% |
| 2025 | +32.0% | −15.8% | +17.7% | +20.8% | +7.2% |
| 2024 | −2.3% | −11.4% | +24.9% | +25.6% | +1.3% |
| 2023 | +4.8% | −12.4% | +26.2% | +54.9% | +5.7% |
| 2022 | −12.5% | −32.7% | −18.2% | −32.6% | −13.0% |
| 2021 | +18.7% | −13.3% | +28.7% | +27.4% | −1.8% |
| 2020 | +2.5% | −48.7% | +18.3% | +48.6% | +7.5% |
| 2019 | +12.7% | −15.1% | +31.2% | +39.0% | +8.5% |
| 2018 | −8.5% | −24.2% | −4.6% | −0.1% | +0.1% |
| 2017 | +22.0% | −8.3% | +21.7% | +32.7% | +3.6% |
| 2016 | +18.6% | −13.9% | +12.0% | +7.1% | +2.4% |
| 2015 | −16.6% | −29.8% | +1.2% | +9.4% | +0.5% |
| 2014 | −22.0% | −36.0% | +13.5% | +19.2% | +6.0% |
| 2013 | +6.9% | −14.0% | +32.3% | +36.6% | −2.0% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
ENOR largest drawdowns
Now 2.5% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jun 6, 2014 | −55.3% | Mar 18, 2020 | Apr 15, 2021 | 5.8 years | 6.9 years |
| Mar 30, 2022 | −32.7% | Sep 30, 2022 | May 21, 2025 | 6 months | 3.1 years |
| Mar 20, 2012 | −24.7% | Jun 4, 2012 | Jan 2, 2013 | 2 months | 9 months |
| May 21, 2026 | −14.6% | Jun 26, 2026 | Aug 21, 2026 | 36 days | 3 months |
| Feb 1, 2013 | −14.0% | Jun 24, 2013 | Oct 22, 2013 | 5 months | 9 months |
| Oct 20, 2021 | −13.3% | Dec 14, 2021 | Mar 30, 2022 | 55 days | 5 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
ENOR risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2012 |
|---|---|---|---|---|
| Annualized return | +20.3% | +8.9% | +8.9% | +5.5% |
| Volatility (annualized) | 18.6% | 21.9% | 22.3% | 21.6% |
| Sharpe ratio | 0.85 | 0.34 | 0.40 | 0.28 |
| Sortino ratio | 1.57 | 0.49 | 0.58 | 0.42 |
| Best month | +12.2% | +12.2% | +22.3% | +22.3% |
| Worst month | −11.5% | −19.3% | −25.3% | −25.3% |
| Best 12 months | +50.9% | +50.9% | +81.4% | +81.4% |
| Worst 12 months | −2.3% | −25.5% | −35.3% | −35.3% |
| Positive months | 56% | 53% | 57% | 55% |
| Beta vs S&P 500 | 0.17 | 0.72 | 0.96 | — |
| Correlation with S&P 500 | 0.11 | 0.52 | 0.66 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
ENOR rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 166 | −35.3% | +6.9% | +81.4% | 61% |
| 3-year (a year) | 142 | −14.1% | +3.4% | +25.1% | 61% |
| 5-year (a year) | 118 | −4.5% | +2.7% | +15.1% | 75% |
| 10-year (a year) | 58 | −0.4% | +2.6% | +10.3% | 93% |
Every holding period starting at a month-end since 2012. Returns for 3 years and longer are annualized.
ENOR performance overview
iShares MSCI Norway ETF (ENOR) returned +34.9% over the past year and +9.5% a year over ten years, with distributions reinvested. Since its first recorded price in 2012 it has returned +5.9% a year, turning $10,000 into about $23,447. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −55.3%, from Jun 6, 2014 to Mar 18, 2020, and it took 1.1 years to get back to the old high. ENOR finished 8 of its 13 full calendar years with a gain; the best year was 2025 (+32.0%) and the worst 2014 (−22.0%). Volatility has been 21.6% a year.
Related: ENOR chart, ENOR holdings, ENOR dividends. See the ENOR overview for the latest quote and fund facts.
ENOR performance FAQ
What is the ENOR return over the past year?
ENOR returned +34.9% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 27.8%.
What is the average annual return of ENOR?
ENOR has returned +7.9% a year over 5 years, +9.5% a year over 10 years, +5.9% a year since January 24, 2012 (total return, distributions reinvested).
How much would $10,000 invested in ENOR be worth?
$10,000 invested in ENOR at its first recorded close on January 24, 2012 would be worth about $23,447 on October 23, 2026 with distributions reinvested.
What was the worst year for ENOR?
The worst calendar year was 2014, with a total return of −22.0%. The best was 2025 at +32.0%.
What is the biggest drawdown of ENOR?
The largest peak-to-trough decline was −55.3% between June 6, 2014 and March 18, 2020. It recovered to the old high on April 15, 2021, 1.1 years after the bottom.
How volatile is ENOR?
Over the past 3 years ENOR had an annualized volatility of 18.6% and a Sharpe ratio of 0.85 (excess return over 1–3 month T-bills per unit of risk).