EWK vs. NORW

Last updated Aug 5, 2026

EWK (iShares MSCI Belgium ETF) and NORW (Global X MSCI Norway ETF) are both Europe Equities funds - EWK tracks the MSCI Belgium Investable Market Index while NORW tracks the MSCI Norway IMI 25/50 Index. Both are passively managed. Over the past 10 years, EWK returned 6.90%/yr vs 10.03%/yr for NORW. Their 0.69 correlation means they have sometimes moved together and sometimes differently. EWK charges 0.49%/yr vs 0.50%/yr for NORW.

Performance

EWK vs. NORW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Belgium ETF (EWK) 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, EWK achieves a 12.08% return, which is significantly lower than NORW's 24.70% return. Over the past 10 years, EWK has underperformed NORW with an annualized return of 6.90%, while NORW has yielded a comparatively higher 10.03% annualized return.

EWK

• 1D: 1.05%
• 1M: -1.25%
• 6M: 2.98%
• YTD: 12.08%
• 1Y: 24.12%
• 3Y*: 15.65%
• 5Y*: 6.67%
• 10Y*: 6.90%
• ALL TIME*: 6.08%

NORW

• 1D: -0.06%
• 1M: 8.26%
• 6M: 13.70%
• YTD: 24.70%
• 1Y: 32.55%
• 3Y*: 18.95%
• 5Y*: 6.74%
• 10Y*: 10.03%
• ALL TIME*: 8.91%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EWK iShares MSCI Belgium ETF	$968.64K	$832.94K	$1.32M
NORW Global X MSCI Norway ETF	$1.53M	$1.47M	$2.79M

EWK vs. NORW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWK iShares MSCI Belgium ETF	12.08%	35.38%	0.14%	7.47%	-13.98%	12.84%	0.04%	25.92%	-20.40%	23.70%
NORW Global X MSCI Norway ETF	24.70%	32.59%	-2.50%	5.03%	-12.55%	13.65%	26.00%	14.39%	-10.39%	24.03%

Correlation

The correlation between EWK and NORW is 0.32, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.32
Correlation (3Y) Balances recent behavior with more history.	0.45
Correlation (5Y) Shows whether the relationship held over a longer period.	0.54
Correlation (10Y) Provides a long-term view across more market conditions.	0.61
Correlation (All Time) Calculated using the full available price history since Aug 19, 2009	0.69

Over the past year, the correlation between EWK and NORW has dropped to 0.32 - well below their long-term average of 0.69, suggesting their price drivers have been diverging.

EWK vs. NORW - Sectors Allocation Comparison

Sectors	EWK	NORW
Healthcare	28.5%	-
Consumer Defensive	25.2%	11.7%
Financial Services	15.9%	23.8%
Real Estate	9.7%	0.4%
Industrials	7.4%	14.8%
Basic Materials	4.8%	9.5%
Utilities	2.7%	0.7%
Consumer Cyclical	1.8%	0.6%
Technology	1.6%	3.7%
Communication Services	1.3%	6.5%
Energy	1.1%	28.3%

Return for Risk

EWK vs. NORW — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EWK

EWK Risk / Return Rank: 51
EWK Sharpe Ratio Rank: 57
EWK Sortino Ratio Rank: 58
EWK Omega Ratio Rank: 58
EWK Calmar Ratio Rank: 39
EWK Martin Ratio Rank: 44

NORW

NORW Risk / Return Rank: 64
NORW Sharpe Ratio Rank: 73
NORW Sortino Ratio Rank: 73
NORW Omega Ratio Rank: 66
NORW Calmar Ratio Rank: 56
NORW Martin Ratio Rank: 53

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EWK vs. NORW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Belgium ETF (EWK) 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.

	EWK	NORW	Difference
Sharpe ratio: Return per unit of total volatility	1.56	1.89	-0.33
Sortino ratio: Return per unit of downside risk	2.25	2.65	-0.41
Omega ratio: Gain probability vs. loss probability	1.29	1.32	-0.03
Calmar ratio: Return relative to maximum drawdown	1.57	2.26	-0.69
Martin ratio: Return relative to average drawdown	5.53	7.03	-1.49

EWK vs. NORW - Sharpe Ratio Comparison

The current EWK Sharpe Ratio is 1.56, which is comparable to the NORW Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of EWK 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

EWK vs. NORW - Drawdown Comparison

The maximum EWK drawdown since its inception was -74.10%, which is greater than NORW's maximum drawdown of -35.62%. Use the drawdown chart below to compare losses from any high point for EWK and NORW.

Drawdown Indicators

	EWK	NORW	Difference
Max Drawdown Largest peak-to-trough decline	-74.10%	-35.62%	-38.48%
Max Drawdown (1Y) Largest decline over 1 year	-15.47%	-14.49%	-0.98%
Max Drawdown (3Y) Largest decline over 3 years	-15.47%	-16.06%	+0.59%
Max Drawdown (5Y) Largest decline over 5 years	-33.24%	-32.78%	-0.46%
Max Drawdown (10Y) Largest decline over 10 years	-42.80%	-33.86%	-8.94%
Current Drawdown Current decline from peak	-1.60%	-4.77%	+3.17%
Average Drawdown Average peak-to-trough decline	-21.43%	-10.11%	-11.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.37%	4.64%	-0.27%

Volatility

EWK vs. NORW - Volatility Comparison

The current volatility for iShares MSCI Belgium ETF (EWK) is 3.31%, while Global X MSCI Norway ETF (NORW) has a volatility of 4.79%. This indicates that EWK experiences smaller price fluctuations and is considered to be less risky than NORW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWK	NORW	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.31%	4.79%	-1.48%
Volatility (6M) Calculated over the trailing 6-month period	13.30%	14.00%	-0.70%
Volatility (1Y) Calculated over the trailing 1-year period	15.56%	17.34%	-1.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.88%	22.01%	-4.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.79%	20.56%	-1.77%

EWK vs. NORW - Expense Ratio Comparison

EWK has a 0.49% expense ratio, which is lower than NORW's 0.50% expense ratio.

Dividends

EWK vs. NORW - Dividend Comparison

EWK's dividend yield for the trailing twelve months is around 1.83%, less than NORW's 7.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWK iShares MSCI Belgium ETF	1.83%	1.73%	3.25%	2.09%	2.58%	3.64%	1.66%	2.77%	2.78%	2.91%	1.75%	2.06%
NORW Global X MSCI Norway ETF	7.22%	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 EWK and NORW in my portfolio?

EWK and NORW have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWK or NORW?

NORW has higher volatility (4.79%) compared to EWK (3.31%). In terms of maximum drawdown, EWK dropped -74.10% vs NORW's -35.62%.

Which ETF is better, EWK or NORW?

On 10-year performance, NORW leads with 10.03% vs 6.90% for EWK. On fees, EWK is cheaper at 0.49% per year. On volatility, EWK has been the lower-risk option at 3.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWK or NORW?

Over the 10-year period, NORW has performed better with a 10.03% return vs 6.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWK or NORW?

EWK is cheaper with a 0.49% expense ratio, compared with 0.50% for NORW.

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

NORW has the higher dividend yield at 7.22%, compared with 1.83% for EWK.

What is the main difference between EWK and NORW?

EWK tracks MSCI Belgium Investable Market Index, while NORW tracks MSCI Norway IMI 25/50 Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.49% for EWK and 0.50% for NORW.

Which has better risk-adjusted returns?

NORW currently has the higher Sharpe Ratio (1.89 vs 1.56), 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.