EWT vs. NORW

Last updated Jun 13, 2026

EWT (iShares MSCI Taiwan ETF) and NORW (Global X MSCI Norway ETF) are both exchange-traded funds - EWT is a Asia Pacific Equities fund tracking the MSCI Taiwan Index, while NORW is a Europe Equities fund tracking the MSCI Norway IMI 25/50 Index. Both are passively managed. Over the past 10 years, EWT returned 19.56%/yr vs 10.18%/yr for NORW. A 0.55 correlation means they provide meaningful diversification when combined. EWT charges 0.59%/yr vs 0.50%/yr for NORW.

Performance

EWT vs. NORW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Taiwan ETF (EWT) 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, EWT achieves a 61.53% return, which is significantly higher than NORW's 23.78% return. Over the past 10 years, EWT has outperformed NORW with an annualized return of 19.56%, while NORW has yielded a comparatively lower 10.18% annualized return.

EWT

• 1D: 0.17%
• 1M: 8.18%
• YTD: 61.53%
• 6M: 67.45%
• 1Y: 89.17%
• 3Y*: 34.98%
• 5Y*: 17.48%
• 10Y*: 19.56%

NORW

• 1D: -0.51%
• 1M: -3.45%
• YTD: 23.78%
• 6M: 28.35%
• 1Y: 27.30%
• 3Y*: 20.68%
• 5Y*: 7.51%
• 10Y*: 10.18%

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

EWT vs. NORW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWT iShares MSCI Taiwan ETF	61.53%	28.38%	16.11%	23.97%	-28.90%	26.18%	31.50%	33.36%	-9.90%	26.81%
NORW Global X MSCI Norway ETF	23.78%	32.59%	-2.50%	5.03%	-12.55%	13.65%	26.00%	14.39%	-10.39%	24.03%

Correlation

The correlation between EWT and NORW is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.52
Correlation (All Time) Calculated using the full available price history since Aug 19, 2009	0.55

Over the past year, the correlation between EWT and NORW has dropped to 0.33 - well below their long-term average of 0.55, suggesting their price drivers have been diverging.

EWT vs. NORW - Sectors Allocation Comparison

Sectors	EWT	NORW
Technology	72.9%	4.1%
Financial Services	13.0%	22.6%
Industrials	4.9%	13.3%
Basic Materials	3.5%	10.9%
Consumer Cyclical	1.9%	0.2%
Communication Services	1.9%	5.9%
Consumer Defensive	1.1%	12.5%
Healthcare	0.8%	-
Energy	-	29.4%
Real Estate	-	0.4%
Utilities	-	0.7%

Return for Risk

EWT vs. NORW — Risk / Return Rank

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

EWT

EWT Risk / Return Rank: 94
EWT Sharpe Ratio Rank: 95
EWT Sortino Ratio Rank: 92
EWT Omega Ratio Rank: 92
EWT Calmar Ratio Rank: 96
EWT Martin Ratio Rank: 95

NORW

NORW Risk / Return Rank: 56
NORW Sharpe Ratio Rank: 55
NORW Sortino Ratio Rank: 55
NORW Omega Ratio Rank: 50
NORW Calmar Ratio Rank: 67
NORW Martin Ratio Rank: 54

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.

EWT vs. NORW - Risk-Adjusted Trends Comparison

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

	EWT	NORW	Difference
Sharpe ratio: Return per unit of total volatility	3.36	1.63	+1.73
Sortino ratio: Return per unit of downside risk	3.88	2.32	+1.56
Omega ratio: Gain probability vs. loss probability	1.55	1.28	+0.27
Calmar ratio: Return relative to maximum drawdown	8.53	2.99	+5.54
Martin ratio: Return relative to average drawdown	25.15	8.18	+16.97

EWT vs. NORW - Sharpe Ratio Comparison

The current EWT Sharpe Ratio is 3.36, which is higher than the NORW Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of EWT 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

EWT vs. NORW - Drawdown Comparison

The maximum EWT drawdown since its inception was -64.37%, which is greater than NORW's maximum drawdown of -35.62%. Use the drawdown chart below to compare losses from any high point for EWT and NORW.

Drawdown Indicators

	EWT	NORW	Difference
Max Drawdown Largest peak-to-trough decline	-64.37%	-35.62%	-28.75%
Max Drawdown (1Y) Largest decline over 1 year	-10.51%	-9.18%	-1.33%
Max Drawdown (3Y) Largest decline over 3 years	-25.66%	-16.06%	-9.60%
Max Drawdown (5Y) Largest decline over 5 years	-38.88%	-32.78%	-6.10%
Max Drawdown (10Y) Largest decline over 10 years	-38.88%	-33.86%	-5.02%
Current Drawdown Current decline from peak	-4.19%	-5.47%	+1.28%
Average Drawdown Average peak-to-trough decline	-19.21%	-10.12%	-9.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.56%	3.35%	+0.21%

Volatility

EWT vs. NORW - Volatility Comparison

iShares MSCI Taiwan ETF (EWT) has a higher volatility of 13.55% compared to Global X MSCI Norway ETF (NORW) at 4.35%. This indicates that EWT'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

	EWT	NORW	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.55%	4.35%	+9.20%
Volatility (6M) Calculated over the trailing 6-month period	22.68%	13.08%	+9.60%
Volatility (1Y) Calculated over the trailing 1-year period	26.75%	16.91%	+9.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.95%	21.91%	+1.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.78%	20.78%	+1.00%

EWT vs. NORW - Expense Ratio Comparison

EWT has a 0.59% expense ratio, which is higher than NORW's 0.50% expense ratio.

Dividends

EWT vs. NORW - Dividend Comparison

EWT's dividend yield for the trailing twelve months is around 2.74%, less than NORW's 2.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWT iShares MSCI Taiwan ETF	2.74%	4.43%	3.32%	8.12%	18.82%	0.55%	1.83%	2.49%	3.16%	2.81%	2.39%	3.12%
NORW Global X MSCI Norway ETF	2.78%	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 EWT and NORW in my portfolio?

EWT and NORW have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWT or NORW?

EWT has higher volatility (13.55%) compared to NORW (4.35%). In terms of maximum drawdown, EWT dropped -64.37% vs NORW's -35.62%.

Which ETF is better, EWT or NORW?

On 10-year performance, EWT leads with 19.56% vs 10.18% for NORW. On fees, NORW is cheaper at 0.50% per year. On volatility, NORW has been the lower-risk option at 4.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWT or NORW?

Over the 10-year period, EWT has performed better with a 19.56% return vs 10.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWT or NORW?

NORW is cheaper with a 0.50% expense ratio, compared with 0.59% for EWT.

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

NORW has the higher dividend yield at 2.78%, compared with 2.74% for EWT.

What is the main difference between EWT and NORW?

EWT is categorized as Asia Pacific Equities, while NORW is Europe Equities. EWT tracks MSCI Taiwan Index, while NORW tracks MSCI Norway IMI 25/50 Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.59% for EWT and 0.50% for NORW.

Which has better risk-adjusted returns?

EWT currently has the higher Sharpe Ratio (3.36 vs 1.63), 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.