EWL vs. NORW

Last updated Jun 25, 2026

EWL (iShares MSCI Switzerland ETF) and NORW (Global X MSCI Norway ETF) are both Europe Equities funds - EWL tracks the MSCI Switzerland Index while NORW tracks the MSCI Norway IMI 25/50 Index. Both are passively managed. Over the past 10 years, EWL returned 10.38%/yr vs 9.60%/yr for NORW. A 0.67 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.

Performance

EWL vs. NORW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Switzerland ETF (EWL) 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, EWL achieves a 5.55% return, which is significantly lower than NORW's 14.90% return. Over the past 10 years, EWL has outperformed NORW with an annualized return of 10.38%, while NORW has yielded a comparatively lower 9.60% annualized return.

EWL

• 1D: 1.15%
• 1M: 1.04%
• YTD: 5.55%
• 6M: 4.56%
• 1Y: 16.51%
• 3Y*: 12.98%
• 5Y*: 6.83%
• 10Y*: 10.38%

NORW

• 1D: -1.37%
• 1M: -11.26%
• YTD: 14.90%
• 6M: 15.18%
• 1Y: 21.59%
• 3Y*: 19.97%
• 5Y*: 6.23%
• 10Y*: 9.60%

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

EWL vs. NORW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWL iShares MSCI Switzerland ETF	5.55%	32.92%	-2.80%	17.67%	-18.89%	20.20%	11.80%	31.58%	-9.21%	23.34%
NORW Global X MSCI Norway ETF	14.90%	32.59%	-2.50%	5.03%	-12.55%	13.65%	26.00%	14.39%	-10.39%	24.03%

Correlation

The correlation between EWL and NORW is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since Aug 19, 2009	0.67

Over the past year, the correlation between EWL and NORW has dropped to 0.34 - well below their long-term average of 0.67, suggesting their price drivers have been diverging.

EWL vs. NORW - Sectors Allocation Comparison

Sectors	EWL	NORW
Healthcare	33.3%	-
Financial Services	17.7%	22.9%
Consumer Defensive	15.9%	12.1%
Industrials	12.6%	14.7%
Consumer Cyclical	7.8%	0.2%
Basic Materials	7.4%	11.5%
Communication Services	1.3%	5.9%
Technology	1.1%	4.4%
Real Estate	0.9%	0.4%
Utilities	0.4%	0.6%
Energy	-	27.3%

Return for Risk

EWL vs. NORW — Risk / Return Rank

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

EWL

EWL Risk / Return Rank: 30
EWL Sharpe Ratio Rank: 32
EWL Sortino Ratio Rank: 32
EWL Omega Ratio Rank: 30
EWL Calmar Ratio Rank: 27
EWL Martin Ratio Rank: 30

NORW

NORW Risk / Return Rank: 39
NORW Sharpe Ratio Rank: 39
NORW Sortino Ratio Rank: 39
NORW Omega Ratio Rank: 36
NORW Calmar Ratio Rank: 39
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.

EWL vs. NORW - Risk-Adjusted Trends Comparison

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

	EWL	NORW	Difference
Sharpe ratio: Return per unit of total volatility	1.05	1.27	-0.22
Sortino ratio: Return per unit of downside risk	1.57	1.85	-0.28
Omega ratio: Gain probability vs. loss probability	1.19	1.22	-0.03
Calmar ratio: Return relative to maximum drawdown	1.23	1.77	-0.54
Martin ratio: Return relative to average drawdown	3.91	6.22	-2.31

EWL vs. NORW - Sharpe Ratio Comparison

The current EWL Sharpe Ratio is 1.05, which is comparable to the NORW Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of EWL 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

EWL vs. NORW - Drawdown Comparison

The maximum EWL drawdown since its inception was -51.62%, which is greater than NORW's maximum drawdown of -35.62%. Use the drawdown chart below to compare losses from any high point for EWL and NORW.

Drawdown Indicators

	EWL	NORW	Difference
Max Drawdown Largest peak-to-trough decline	-51.62%	-35.62%	-16.00%
Max Drawdown (1Y) Largest decline over 1 year	-13.48%	-12.25%	-1.23%
Max Drawdown (3Y) Largest decline over 3 years	-13.48%	-16.06%	+2.58%
Max Drawdown (5Y) Largest decline over 5 years	-28.99%	-32.78%	+3.79%
Max Drawdown (10Y) Largest decline over 10 years	-28.99%	-33.86%	+4.87%
Current Drawdown Current decline from peak	-2.75%	-12.25%	+9.50%
Average Drawdown Average peak-to-trough decline	-11.08%	-10.12%	-0.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.23%	3.48%	+0.75%

Volatility

EWL vs. NORW - Volatility Comparison

iShares MSCI Switzerland ETF (EWL) and Global X MSCI Norway ETF (NORW) have volatilities of 4.84% and 4.75%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWL	NORW	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.84%	4.75%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	12.68%	13.58%	-0.90%
Volatility (1Y) Calculated over the trailing 1-year period	15.83%	17.15%	-1.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.13%	21.93%	-5.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.30%	20.59%	-4.29%

EWL vs. NORW - Expense Ratio Comparison

Both EWL and NORW have an expense ratio of 0.50%.

Dividends

EWL vs. NORW - Dividend Comparison

EWL's dividend yield for the trailing twelve months is around 1.75%, less than NORW's 2.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWL iShares MSCI Switzerland ETF	1.75%	1.71%	2.21%	2.12%	2.04%	1.73%	1.45%	1.85%	2.56%	2.05%	2.75%	2.58%
NORW Global X MSCI Norway ETF	2.99%	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 EWL and NORW in my portfolio?

EWL and NORW have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWL or NORW?

EWL has higher volatility (4.84%) compared to NORW (4.75%). In terms of maximum drawdown, EWL dropped -51.62% vs NORW's -35.62%.

Which ETF is better, EWL or NORW?

On 10-year performance, EWL leads with 10.38% vs 9.60% for NORW. Both ETFs have the same 0.50% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWL or NORW?

Over the 10-year period, EWL has performed better with a 10.38% return vs 9.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWL or NORW?

EWL and NORW have the same expense ratio: 0.50% per year.

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

NORW has the higher dividend yield at 2.99%, compared with 1.75% for EWL.

What is the main difference between EWL and NORW?

EWL tracks MSCI Switzerland Index, while NORW tracks MSCI Norway IMI 25/50 Index. They also come from different issuers: iShares and Global X.

Which has better risk-adjusted returns?

NORW currently has the higher Sharpe Ratio (1.27 vs 1.05), 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.