iShares MSCI Norway ETF

10-Year Study

ENOR.US · · US · ETF

Executive Summary: iShares MSCI Norway ETF has compounded at 9.8% annually over the last 10 years, with a maximum drawdown of 92.4% and an annualized volatility of 93.3%.

1Y CAGR
+492.5%
3Y CAGR
+29.1%
5Y CAGR
-3.8%
10Y CAGR
+9.8%

History & Riski10-year historical performance analysis including CAGR, Max Drawdown, Sharpe & Sortino ratios, annual returns, and rolling volatility — all computed from daily market data.

10-Year Growth of $10,000

Max DrawdownMax DrawdownThe largest peak-to-trough decline in the asset's value over the measurement period.Click for full definition →
92.4%
Sharpe RatioSharpe RatioRisk-adjusted return: how much excess return you earn per unit of total risk (volatility).Click for full definition →
0.72
Sortino RatioSortino RatioLike Sharpe, but only penalizes downside volatility — a more accurate risk measure for asymmetric return distributions.Click for full definition →
2.53
Ann. VolatilityAnnualized VolatilityThe annualized standard deviation of an asset's returns — a measure of how much prices fluctuate.Click for full definition →
179.2%
Best YearBest & Worst YearThe single calendar year with the highest and lowest return in the measured period.Click for full definition →
2026 · +98.0%
Worst YearBest & Worst YearThe single calendar year with the highest and lowest return in the measured period.Click for full definition →
2024 · -52.8%
% Positive Years% Positive YearsThe percentage of calendar years in the measurement period where the asset delivered a positive return.Click for full definition →
60%

Annual Returns

Rolling 12-Month Returns

Rolling 12-Month Annualised Volatility

Historical Drawdowns

Monthly Returns

Monthly Returns Heatmap

YearJanFebMarAprMayJunJulAugSepOctNovDecAnn.
20261.082.57.20.2————————98.0%
2025-4.0-20.7-19.720.63.915.421.958.67.019.1-2.0-7.397.8%
2024-21.9-21.67.5-20.838.0-17.247.814.6-8.8-21.3-20.5-18.0-52.8%
20239.3-7.3-16.95.6-16.91.65.1-15.9-22.1-21.237.750.2-15.9%
2022-27.15.416.1-34.930.6-11.140.80.9-15.5-20.041.5-24.9-31.2%
2021236.7-10.1-2.2-19.3-8.624.7-5.6-16.20.428.3-20.5-23.768.6%
2020-7.2-10.0-25.312.08.11.38.08.4324.4-79.7341.2-69.92.5%
20198.01.6-0.82.3-5.83.6-4.5-3.33.40.10.38.212.7%
20185.9-1.91.23.4-0.40.51.9-1.95.9-9.0-5.2-7.9-8.5%
20175.5-2.1-2.30.62.6-0.511.42.03.80.1-3.83.622.0%
2016———8.6-2.7-0.3-0.60.86.1-0.8-0.13.114.3%

Risk X-RayiA 19-factor macroeconomic risk decomposition showing exactly which market forces (equity beta, rates, inflation, credit, commodity, crypto) drive this asset's volatility. Powered by multivariate regression against daily factor returns.

Risk Profile Insight: This asset has an estimated annualized volatility of 93.3%. The dominant macroeconomic risk driver is VTI.US, accounting for 32.1% of variance. Idiosyncratic stock-specific factors contribute 38.4%.

10-Year Historical Price Series (Growth of $10,000)
DateSimulated Value
2016-03-0110000
2016-04-0110861.39034200888
2016-05-0110565.793355543881
2016-06-0110538.95360969397
2016-07-0110476.49543436495
2016-08-0110559.749015995914
2016-09-0111199.585531002425
2016-10-0111105.898268008894
2016-11-0111095.536543069518
2016-12-0111434.379339871773
2017-01-0112065.22130197952
2017-02-0111812.942082274973
2017-03-0111539.507674152534
2017-04-0111607.866276183144
2017-05-0111912.817597662855
2017-06-0111858.13071603837
2017-07-0113204.86713246458
2017-08-0113467.795902801263
2017-09-0113977.535204680047
2017-10-0113993.653443474632
2017-11-0113457.074395745936
2017-12-0113946.593942708296
2018-01-0114773.66107085549
2018-02-0114487.130593712447
2018-03-0114654.717103322228
2018-04-0115146.683168673051
2018-05-0115087.175206694825
2018-06-0115168.989659861989
2018-07-0115460.55708662834
2018-08-0115174.458348024438
2018-09-0116076.791894828493
2018-10-0114629.820180898447
2018-11-0113864.995358810704
2018-12-0112764.49382254107
2019-01-0113783.036992797162
2019-02-0113998.906262367509
2019-03-0113882.696638915473
2019-04-0114203.72015700456
2019-05-0113384.487890510462
2019-06-0113869.162480709496
2019-07-0113249.09060853997
2019-08-0112811.056321557291
2019-09-0113243.400389985545
2019-10-0113254.775337254978
2019-11-0113300.286106011543
2019-12-0114391.644222504945
2020-01-0113356.31677954854
2020-02-0112023.544347207393
2020-03-018986.197363173736
2020-04-0110061.568381058547
2020-05-0110879.53455333739
2020-06-0111020.269331679843
2020-07-0111902.8214059952
2020-08-0112907.302813734363
2020-09-0154784.0243329499
2020-10-0111118.977330604954
2020-11-0149052.69237114066
2020-12-0114757.439085075626
2021-01-0149685.91240871091
2021-02-0144674.144678802826
2021-03-0143697.6971360402
2021-04-0135273.03897718526
2021-05-0132256.624750843857
2021-06-0140238.03053035144
2021-07-0137992.99089539734
2021-08-0131855.108875654747
2021-09-0131984.630656990535
2021-10-0141022.3556529205
2021-11-0132596.259156138636
2021-12-0124882.532456703593
2022-01-0118145.9710965348
2022-02-0119129.614446311625
2022-03-0122205.75263565697
2022-04-0114456.116896603511
2022-05-0118874.169473377082
2022-06-0116787.433475355683
2022-07-0123630.489485430902
2022-08-0123839.16377146297
2022-09-0120156.00168577948
2022-10-0116118.238520094028
2022-11-0122806.588110513712
2022-12-0117118.93742847574
2023-01-0118710.828908780422
2023-02-0117348.694070324138
2023-03-0114423.66508335716
2023-04-0115225.475344465376
2023-05-0112648.93175639122
2023-06-0112849.977910555102
2023-07-0113506.22096217515
2023-08-0111354.723387255935
2023-09-018842.58110536794
2023-10-016964.518020918758
2023-11-019591.791156344078
2023-12-0114402.07766231458
2024-01-0111246.789026962733
2024-02-018818.259744296314
2024-03-019483.856796050875
2024-04-017515.848182614047
2024-05-0110369.783749147064
2024-06-018584.401506174423
2024-07-0112686.781454243108
2024-08-0114535.198033387387
2024-09-0113251.495158204067
2024-10-0110433.68136256683
2024-11-018296.575401676004
2024-12-016803.47975772708
2025-01-016533.643170764145
2025-02-015178.272157583028
2025-03-014158.217790996203
2025-04-015015.362545380506
2025-05-015209.644874269221
2025-06-016011.958828143833
2025-07-017326.603124504246
2025-08-0111621.465763478169
2025-09-0112430.47183160058
2025-10-0114809.495114875619
2025-11-0114517.207829621973
2025-12-0113455.851685535647
2026-01-0113585.37209441158
2026-02-0124796.183431313995
2026-03-0126587.89836874789
2026-04-0126638.26786498097
Annual Return Matrix
YearAnnual Return
20170.21970712429282546
2018-0.08475905479310708
20190.12747472971395535
20200.025417169637828252
20210.6861009768197246
2022-0.3120098423155586
2023-0.15870492999418995
2024-0.5276042861836864
20250.977789626000299
20260.9796790636162964
Total Factor Risk
0.933336880461781
VTI.US Exposure
0.3205769716971719
VEA.US Exposure
0.0004866560835361325
VWO.US Exposure
-0.005533855763778804
QQQ.US Exposure
-0.07011570228883211
VTV.US Exposure
-0.06434594293387959
IJR.US Exposure
0.23790129809512425
QUAL.US Exposure
-0.009796574397874874
SHV.US Exposure
0.06008849861477673
TLT.US Exposure
0.04500060782646869
LQD.US Exposure
-0.01591256254717876
HYG.US Exposure
-0.015758900183657176
GLD.US Exposure
-0.0013796036088057023
USO.US Exposure
0.000031411958032160705
VNQ.US Exposure
-0.04441076626262604
BTC-USD.CC Exposure
-0.0016079318920942992
CPER.US Exposure
-0.008254434361277483
VIX.INDX Exposure
0.0032786354392601988
UUP.US Exposure
0.1305130306178053
TIP.US Exposure
0.055354323053311075
Idiosyncratic Exposure
0.38388484085451835
Value Score
44.2
Growth Score
50
Profit Score
37.5
Health Score
23.6
Yield Score
29.6
Moat Score
40

Factor Risk Decomposition

Share of annualised volatility attributable to each macro factor.

Total Est. Vol
93.3%

FundamentalsiCompany financial health metrics: P/E valuation, dividend yield, Piotroski F-Score (9-point profitability signal), Altman Z-Score (bankruptcy risk proxy), and a radar chart across 6 fundamental dimensions. Note: ETFs may show N/A for some metrics.

Fundamental Dimensions

Core Valuation

P/E Ratio (TTM)P/E RatioPrice-to-Earnings ratio — the market price of a stock divided by its earnings per share, a key valuation measure.Click for full definition →14.5x
Dividend YieldDividend YieldAnnual dividend paid per share divided by the current share price — expressed as a percentage income return.Click for full definition →2.47%
Market Cap$15.7B
Piotroski F-ScorePiotroski F-ScoreA 9-point scoring system evaluating a company's financial strength across profitability, leverage, and operating efficiency.Click for full definition →
9-point profitability signal
0.0/ 9
Weak
Altman Z-ScoreAltman Z-ScoreA bankruptcy prediction model that combines 5 financial ratios into a single score indicating financial distress risk.Click for full definition →
Bankruptcy risk proxy
1.18
Distress Zone
Income Simulation

Based on $10,000 initial investment.

Total Income Generated
$0
Avg Yield on Cost
0.00%

Momentum & MacroiPrice momentum indicators relative to key technical levels: distance from 50-Day SMA (intermediate trend), 200-Day SMA (long-term trend), 52-Week High (bullish proximity), and Beta (market sensitivity coefficient).

vs 50-Day SMAMoving Averages (SMA)A rolling average of an asset's price over a defined window — used to identify trends and momentum signals.Click for full definition →
+5.9%
Above/below 50-day moving average
vs 200-Day SMAMoving Averages (SMA)A rolling average of an asset's price over a defined window — used to identify trends and momentum signals.Click for full definition →
+73.4%
Above/below 200-day moving average
vs 52-Week High52-Week HighThe highest price an asset reached in the past 52 weeks — a key reference for momentum and valuation context.Click for full definition →
1.5% from high
Distance from 52-week high
BetaBetaA measure of an asset's sensitivity to broad market movements relative to a benchmark (e.g. S&P 500).Click for full definition →
0.99
Market sensitivity coefficient

Frequently Asked Questions & Methodology

Is iShares MSCI Norway ETF a high-risk investment?

iShares MSCI Norway ETF (ENOR.US) has an annualized volatility of 93.3% and experienced a maximum drawdown of 92.4% over the last 10 years. Its primary macro risk driver is VTI.US.

What is the 10-year return of ENOR.US?

Over the past 10 years, ENOR.US has generated a Compound Annual Growth Rate (CAGR) of 9.8%. It has had a positive return in 60% of the years measured.

Data Methodology & Trust

The risk and return information on this page is pre-calculated mathematically using daily market data spanning a 10-year period. Fundamentals (such as P/E Ratio, Market Cap, and Dividend Yield) represent trailing averages and may not immediately reflect real-time live market fluctuations. Advanced scoring models like the Piotroski F-Score and Altman Z-Score are proxies applied to publicly available trailing-twelve-month financial statements and may not account for recent off-balance-sheet events, qualitative company shifts, or sector-specific capital structures. Macroeconomic factor exposures are estimated via multivariate regression against standard market indices. This data is provided for quantitative insight and backtesting research, and should not be misconstrued as tailored financial advice.

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