EWD vs. NORW

Last updated Jun 24, 2026

EWD (iShares MSCI Sweden ETF) and NORW (Global X MSCI Norway ETF) are both Europe Equities funds - EWD tracks the MSCI Sweden Index while NORW tracks the MSCI Norway IMI 25/50 Index. Both are passively managed. Over the past 10 years, EWD returned 9.98%/yr vs 9.75%/yr for NORW. A 0.79 correlation means they provide meaningful diversification when combined. EWD charges 0.55%/yr vs 0.50%/yr for NORW.

Performance

EWD vs. NORW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Sweden ETF (EWD) and Global X MSCI Norway ETF (NORW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWD achieves a 1.43% return, which is significantly lower than NORW's 16.50% return. Both investments have delivered pretty close results over the past 10 years, with EWD having a 9.98% annualized return and NORW not far behind at 9.75%.

EWD

• 1D: -2.77%
• 1M: -4.76%
• YTD: 1.43%
• 6M: 1.47%
• 1Y: 15.00%
• 3Y*: 16.23%
• 5Y*: 4.11%
• 10Y*: 9.98%

NORW

• 1D: -1.77%
• 1M: -10.03%
• YTD: 16.50%
• 6M: 17.32%
• 1Y: 21.71%
• 3Y*: 20.53%
• 5Y*: 6.59%
• 10Y*: 9.75%

*Multi-year figures are annualized to reflect compound growth (CAGR)

EWD vs. NORW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWD iShares MSCI Sweden ETF	1.43%	36.55%	-3.90%	25.07%	-27.84%	22.84%	22.27%	21.74%	-12.78%	21.86%
NORW Global X MSCI Norway ETF	16.50%	32.59%	-2.50%	5.03%	-12.55%	13.65%	26.00%	14.39%	-10.39%	24.03%

Correlation

The correlation between EWD and NORW is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since Aug 19, 2009	0.79

Over the past year, the correlation between EWD and NORW has dropped to 0.39 - well below their long-term average of 0.79, suggesting their price drivers have been diverging.

EWD vs. NORW - Sectors Allocation Comparison

Sectors	EWD	NORW
Industrials	45.3%	14.7%
Financial Services	24.1%	22.9%
Communication Services	13.2%	5.9%
Technology	7.5%	4.4%
Basic Materials	3.1%	11.5%
Consumer Cyclical	2.4%	0.2%
Consumer Defensive	2.2%	12.1%
Healthcare	1.2%	-
Real Estate	1.1%	0.4%
Energy	-	27.3%
Utilities	-	0.6%

Return for Risk

EWD vs. NORW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EWD

EWD Risk / Return Rank: 23
EWD Sharpe Ratio Rank: 22
EWD Sortino Ratio Rank: 22
EWD Omega Ratio Rank: 20
EWD Calmar Ratio Rank: 23
EWD Martin Ratio Rank: 26

NORW

NORW Risk / Return Rank: 39
NORW Sharpe Ratio Rank: 38
NORW Sortino Ratio Rank: 38
NORW Omega Ratio Rank: 34
NORW Calmar Ratio Rank: 42
NORW Martin Ratio Rank: 42

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EWD vs. NORW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Sweden ETF (EWD) and Global X MSCI Norway ETF (NORW). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	EWD	NORW	Difference
Sharpe ratio: Return per unit of total volatility	0.74	1.28	-0.54
Sortino ratio: Return per unit of downside risk	1.16	1.86	-0.70
Omega ratio: Gain probability vs. loss probability	1.14	1.22	-0.09
Calmar ratio: Return relative to maximum drawdown	1.04	1.98	-0.94
Martin ratio: Return relative to average drawdown	3.39	6.42	-3.03

EWD vs. NORW - Sharpe Ratio Comparison

The current EWD Sharpe Ratio is 0.74, which is lower than the NORW Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of EWD and NORW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EWD vs. NORW - Drawdown Comparison

The maximum EWD drawdown since its inception was -75.40%, which is greater than NORW's maximum drawdown of -35.62%. Use the drawdown chart below to compare losses from any high point for EWD and NORW.

Drawdown Indicators

	EWD	NORW	Difference
Max Drawdown Largest peak-to-trough decline	-75.40%	-35.62%	-39.78%
Max Drawdown (1Y) Largest decline over 1 year	-14.49%	-11.03%	-3.46%
Max Drawdown (3Y) Largest decline over 3 years	-17.84%	-16.06%	-1.78%
Max Drawdown (5Y) Largest decline over 5 years	-42.33%	-32.78%	-9.55%
Max Drawdown (10Y) Largest decline over 10 years	-42.33%	-33.86%	-8.47%
Current Drawdown Current decline from peak	-8.75%	-11.03%	+2.28%
Average Drawdown Average peak-to-trough decline	-19.20%	-10.12%	-9.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.44%	3.39%	+1.05%

Volatility

EWD vs. NORW - Volatility Comparison

iShares MSCI Sweden ETF (EWD) has a higher volatility of 6.67% compared to Global X MSCI Norway ETF (NORW) at 4.71%. This indicates that EWD's price experiences larger fluctuations and is considered to be riskier than NORW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWD	NORW	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.67%	4.71%	+1.96%
Volatility (6M) Calculated over the trailing 6-month period	17.20%	13.51%	+3.69%
Volatility (1Y) Calculated over the trailing 1-year period	20.34%	17.10%	+3.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.01%	21.93%	+2.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.23%	20.59%	+2.64%

EWD vs. NORW - Expense Ratio Comparison

EWD has a 0.55% expense ratio, which is higher than NORW's 0.50% expense ratio.

Dividends

EWD vs. NORW - Dividend Comparison

EWD's dividend yield for the trailing twelve months is around 3.68%, more than NORW's 2.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWD iShares MSCI Sweden ETF	3.68%	3.27%	1.77%	2.41%	3.68%	5.46%	0.98%	4.15%	5.17%	3.23%	3.91%	4.08%
NORW Global X MSCI Norway ETF	2.95%	3.44%	6.02%	5.27%	4.01%	1.51%	1.13%	2.47%	3.53%	3.64%	3.79%	2.95%

Frequently Asked Questions

Can I hold both EWD and NORW in my portfolio?

EWD and NORW have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWD or NORW?

EWD has higher volatility (6.67%) compared to NORW (4.71%). In terms of maximum drawdown, EWD dropped -75.40% vs NORW's -35.62%.

Which ETF is better, EWD or NORW?

On 10-year performance, EWD leads with 9.98% vs 9.75% for NORW. On fees, NORW is cheaper at 0.50% per year. On volatility, NORW has been the lower-risk option at 4.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWD or NORW?

Over the 10-year period, EWD has performed better with a 9.98% return vs 9.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWD or NORW?

NORW is cheaper with a 0.50% expense ratio, compared with 0.55% for EWD.

Which ETF pays a higher dividend yield, EWD or NORW?

EWD has the higher dividend yield at 3.68%, compared with 2.95% for NORW.

What is the main difference between EWD and NORW?

EWD tracks MSCI Sweden Index, while NORW tracks MSCI Norway IMI 25/50 Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.55% for EWD and 0.50% for NORW.

Which has better risk-adjusted returns?

NORW currently has the higher Sharpe Ratio (1.28 vs 0.74), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.