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ENORvsEWLETF Comparison

ETF 1

ENOR

iShares MSCI Norway ETF

This fund is part of

Europe Blended Cap

-1.24%

Full ENOR fund page

VS

ETF 2

EWL

iShares MSCI Switzerland ETF

This fund is part of

Europe Blended Cap

-1.24%

Full EWL fund page

iShares MSCI Norway ETF (ENOR) and iShares MSCI Switzerland ETF (EWL) belong to the same industry segment: Europe Blended Cap. ENOR's top 3 sector exposures are Energy, Finance and Industrials. In contrast, EWL's top sector exposures are Healthcare, Finance and Consumer Non-Cyclicals. ENOR is more expensive with a Total Expense Ratio (TER) of 0.53%, versus 0.5% for EWL. ENOR is up 27.62% year-to-date (YTD) with +$177M in YTD flows. EWL performs worse with 0.25% YTD performance, and +$1.20B in YTD flows. Run a side-by-side ETF comparison of ENOR and EWL below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.

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ENOR vs EWL performance and flow charts

Performance

Cumulative Flows

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Daily, global ETF data for advanced analysis or integration into apps (API), from our partner Trackinsight.

Data Services

Historic performance and flows

Data as of 09/30/2026

		1M	3M	YTD	1Y	3Y	5Y
Perf.	ENOR EWL	-4.99%-6.10%	+11.47%-6.04%	+27.62%+0.25%	+29.34%+8.21%	+77.95%+44.67%	+53.68%+39.57%
Flows	ENOR EWL	+$143M+$405M	+$136M+$856M	+$177M+$1.20B	+$177M+$1.32B	+$176M+$1.23B	+$174M+$849M

Volatility and drawdown

		3M	1Y	3Y	5Y
Volatility	ENOR EWL	+13.88%+14.38%	+15.96%+15.52%	+17.45%+14.87%	+21.01%+15.98%
Max drawdown	ENOR EWL	-6.67%-8.66%	-13.66%-13.49%	-14.91%-13.56%	-32.63%-28.82%
Max drawdown duration	ENOR EWL	21d36d	89d156d	54d185d	1149d925d

Trading data

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	ENOR	EWL
Last sale 10/1/2026 at 5:50 PM	$34.83	$58.77
Previous close 09/30/2026	$35.01	$59.15
Consolidated volume 09/30/2026
Average volume 30 days
Average discount or premium 30 days
Average Bid/Ask spread 30 days

Replication quality

Data as of September 30, 2026

1-year trailing difference

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	ENOR	EWL
Tracking error
Tracking difference
1 year cumulative return difference
Best
Worst
Daily return difference
Average
Worst

Main metrics

Last update 10/1/2026 at 5:50 PM

Live

Closed

	ENOR	EWL
Last price	$34.83	$58.77
1D performance	-0.51%	-0.65%
AuM	$222.96 M	$2.67 B
E/R	0.53%	0.5%

Characteristics

	ENOR	EWL
Management strategy	Passive	Passive
Provider	iShares	iShares
Benchmark	MSCI Norway IMI 25/50 Index	MSCI Switzerland 25/50 Index
N° of holdings	59	38
Asset class	Equities	Equities
Trailing 12m distribution yield	Join	Join
Inception date	January 23, 2012	March 12, 1996
ESG	No	No

More ENOR data on Trackinsight

More EWL data on Trackinsight

Exposure

Countries

ENOR

Norway

89.66%

Other

10.34%

EWL

Switzerland

98.94%

Other

1.06%

Sectors

ENOR

Energy

30.91%

Finance

25.3%

Industrials

12.59%

Consumer Non-Cycl.

11.42%

Non-Energy Materi.

9.46%

Other

10.32%

EWL

Healthcare

37.06%

Finance

21.29%

Consumer Non-Cycl.

13.69%

Non-Energy Materi.

8.83%

Industrials

7.73%

Other

11.4%

Diversification

ENOR

Total weight of top 15 holdings out of 15

70.71%

EWL

Total weight of top 15 holdings out of 15

75.99%

Top 15 holdings

Data as of August 31, 2026

ENOR

Equinor ASA

11.88%

DNB Bank ASA

11.44%

Kongsberg Gruppen ASA

6.00%

Norsk Hydro ASA

5.46%

Aker BP ASA

5.11%

Mowi ASA

4.04%

Telenor ASA

3.82%

Storebrand ASA

3.64%

Subsea 7 SA

3.51%

Yara International ASA

3.28%

Orkla ASA

3.08%

Frontline Plc

2.69%

Gjensidige Forsikring ASA

2.56%

Vår Energi ASA

2.10%

Sparebank 1 Sør-Norge ASA

2.07%

EWL

Roche Holding AG

13.64%

Novartis AG

12.35%

Nestlé SA

11.06%

UBS Group AG

6.84%

Compagnie Financière Richemont SA

4.65%

Zurich Insurance Group AG

4.53%

ABB Ltd.

4.41%

Swiss Re AG

2.82%

Lonza Group AG

2.75%

Holcim Ltd.

2.45%

Galderma Group AG

2.18%

Givaudan SA

2.14%

Sika AG

2.13%

Alcon AG

2.06%

Sandoz Group AG

1.99%

Frequently asked questions about ENOR and EWL

How have the ENOR and EWL ETFs performed in 2026?

As of September 30, 2026, ENOR is up 27.62% year-to-date (YTD), while EWL has returned 0.25%. That puts ENOR better performer ahead so far this year.

Which ETF is attracting more investor money: ENOR or EWL?

Year-to-date, the ENOR ETF saw +$177M in flows, compared to +$1.20B for EWL.

Which ETF is more volatile: ENOR or EWL?

Over the past year, ENOR had a volatility of 15.96%, while EWL experienced 15.52%.

Which ETF is bigger: ENOR or EWL?

As of September 30, 2026, ENOR holds $222.96 M in assets under management (AUM), while EWL manages $2.67 B.

What sectors do the ENOR and EWL ETFs invest in?

ENOR leans toward sectors like Energy, Finance and Industrials. Meanwhile, EWL focuses on Healthcare, Finance and Consumer Non-Cyclicals.

What are the top holdings of the ENOR ETF and EWL ETF?

ENOR top holdings include Equinor ASA, DNB Bank ASA and Kongsberg Gruppen ASA. EWL holds in its top three: Roche Holding AG, Novartis AG and Nestlé SA.

Which ETF is more diversified: ENOR or EWL?

ENOR holds 59 securities with 70.71% of its assets in the top 15. EWL has 41 securities and a top 15 weight of 75.99%.

There’s an ETF for That? Switzerland

May 1, 2025

EWL

ENORvsEWLETF Comparison

iShares MSCI Norway ETF

iShares MSCI Switzerland ETF

ENOR vs EWL performance and flow charts

Performance

Cumulative Flows

Get all the metrics on this page, and more, through a reliable ETF data feed

Countries

Sectors

Diversification

Top 15 holdings

How have the ENOR and EWL ETFs performed in 2026?

As of September 30, 2026, ENOR is up 27.62% year-to-date (YTD), while EWL has returned 0.25%. That puts ENOR better performer ahead so far this year.

Which ETF is attracting more investor money: ENOR or EWL?

Year-to-date, the ENOR ETF saw +$177M in flows, compared to +$1.20B for EWL.

Which ETF is more volatile: ENOR or EWL?

Over the past year, ENOR had a volatility of 15.96%, while EWL experienced 15.52%.

Which ETF is bigger: ENOR or EWL?

As of September 30, 2026, ENOR holds $222.96 M in assets under management (AUM), while EWL manages $2.67 B.

What sectors do the ENOR and EWL ETFs invest in?

ENOR leans toward sectors like Energy, Finance and Industrials. Meanwhile, EWL focuses on Healthcare, Finance and Consumer Non-Cyclicals.

What are the top holdings of the ENOR ETF and EWL ETF?

ENOR top holdings include Equinor ASA, DNB Bank ASA and Kongsberg Gruppen ASA. EWL holds in its top three: Roche Holding AG, Novartis AG and Nestlé SA.

Which ETF is more diversified: ENOR or EWL?

ENOR holds 59 securities with 70.71% of its assets in the top 15. EWL has 41 securities and a top 15 weight of 75.99%.

There’s an ETF for That? Switzerland

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