ENOR vs SPY
iShares MSCI Norway ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. ENOR delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | ENOR | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.53% | 0.09% | |
| AUM | $92M | $789.1B | |
| Dividend Yield | 5.84% | 1.01% | |
| Holdings | 67 | 505 | |
| YTD Return | +21.04% | +14.47% | |
| 1Y Return | +29.85% | +21.96% | |
| 3Y Return (annualized) | +18.94% | +21.70% | |
| 5Y Return (annualized) | +8.31% | +13.30% | |
| Volatility (annualized) | 28.7% | 15.3% | |
| Max Drawdown | -70.2% | -56.5% | |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jan 23, 2012 | Jan 22, 1993 |
ENOR vs SPY Performance
iShares MSCI Norway ETF (ENOR) is a ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year ENOR returned +29.85% while SPY returned +21.96%. Year to date, ENOR is up 21.04% versus a gain of 14.47% for SPY.
Over three years, ENOR compounded at +18.94% per year against +21.70% for SPY; over five years the annualized figures are +8.31% and +13.30% respectively. Across the full 15-year window we track, SPY has the edge at +8.87% annualized vs +5.61%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
ENOR has been the more volatile fund, with annualized monthly volatility of 28.7% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -70.2% for ENOR and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.50. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
ENOR charges 0.53% per year while SPY charges 0.09%. On a $10,000 position that is $53 vs $9 annually, a gap of $44 per year that compounds over a long holding period. On income, ENOR currently yields 5.84% against 1.01% for SPY.
Holdings Overlap
ENOR and SPY share 0 holdings out of 564 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, ENOR or SPY?
ENOR has an expense ratio of 0.53% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $44 per year of difference.
Which performed better, ENOR or SPY?
Over the past year ENOR returned +29.85% vs +21.96% for SPY, so ENOR leads on 1-year performance. Over the longest common window we track (15 years), ENOR annualized +5.61% vs +8.87% for SPY. Past performance does not guarantee future results.
Which is riskier, ENOR or SPY?
ENOR has been the more volatile fund at 28.7% annualized versus 15.3% for SPY. Worst drawdown: ENOR -70.2% vs SPY -56.5%.
Should I hold both ENOR and SPY?
ENOR and SPY have a monthly-return correlation of 0.50, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between ENOR and SPY?
ENOR and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 564 unique securities.
Which pays a higher dividend, ENOR or SPY?
ENOR yields 5.84% while SPY yields 1.01%, so ENOR currently pays the higher dividend yield.
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