We prove a stochastic version of the classical RAGE theorem that applies to the two-point motion generated by noisy transport equations. As a consequence, we identify a necessary and sufficient condition for the corresponding diffusive equation to be dissipation enhancing. This involves the identification of a non-trivial, finite dimensional subspace that is invariant for the family of self-adjoint operator characterizing the structure of the transport noise. We discuss several examples and prove a sharp enhanced dissipation rate for stochastic shear flows.