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EWU vs. NORW
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWU vs. NORW

Last updated Aug 5, 2026
Documentation

EWU (iShares MSCI United Kingdom ETF) and NORW (Global X MSCI Norway ETF) are both Europe Equities funds - EWU tracks the MSCI United Kingdom Index (Net) while NORW tracks the MSCI Norway IMI 25/50 Index. Both are passively managed. Over the past 10 years, EWU returned 8.54%/yr vs 10.03%/yr for NORW. Their 0.72 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.50% expense ratio.

Performance

EWU vs. NORW - Performance Comparison

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

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Returns By Period

In the year-to-date period, EWU achieves a 11.49% return, which is significantly lower than NORW's 24.70% return. Over the past 10 years, EWU has underperformed NORW with an annualized return of 8.54%, while NORW has yielded a comparatively higher 10.03% annualized return.

EWU

1D
0.23%
1M
2.50%
6M
5.51%
YTD
11.49%
1Y
24.30%
3Y*
18.84%
5Y*
12.00%
10Y*
8.54%
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

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EWU

iShares MSCI United Kingdom ETF
$58.72M$68.87M$65.85M

NORW

Global X MSCI Norway ETF
$1.53M$1.47M$2.79M

EWU vs. NORW - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWU
iShares MSCI United Kingdom ETF		11.49%34.95%6.74%12.40%-4.39%18.19%-11.80%21.29%-14.30%21.54%
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 EWU and NORW is 0.43, which is low. Their historical price movements had little consistent relationship.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.43

Correlation (3Y)
Balances recent behavior with more history.

0.57

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.66

Correlation (10Y)
Provides a long-term view across more market conditions.

0.68

Correlation (All Time)
Calculated using the full available price history since Aug 19, 2009

0.72

Over the past year, the correlation between EWU and NORW has dropped to 0.43 - well below their long-term average of 0.72, suggesting their price drivers have been diverging.

EWU vs. NORW - Sectors Allocation Comparison

Sectors
EWU
NORW

Financial Services

27.5%
23.8%

Industrials

14.0%
14.8%

Consumer Defensive

13.9%
11.7%

Healthcare

13.2%

-

Energy

11.2%
28.3%

Basic Materials

7.7%
9.5%

Utilities

4.5%
0.7%

Consumer Cyclical

3.9%
0.6%

Communication Services

2.2%
6.5%

Real Estate

0.7%
0.4%

Technology

0.6%
3.7%

Financial Services

EWU
27.5%
NORW
23.8%

Industrials

EWU
14.0%
NORW
14.8%

Consumer Defensive

EWU
13.9%
NORW
11.7%

Healthcare

EWU
13.2%
NORW

-

Energy

EWU
11.2%
NORW
28.3%

Basic Materials

EWU
7.7%
NORW
9.5%

Utilities

EWU
4.5%
NORW
0.7%

Consumer Cyclical

EWU
3.9%
NORW
0.6%

Communication Services

EWU
2.2%
NORW
6.5%

Real Estate

EWU
0.7%
NORW
0.4%

Technology

EWU
0.6%
NORW
3.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI United Kingdom ETF

Global X MSCI Norway ETF

Often compared with EWU:
EWU vs. FLGBEWU vs. EWUSEWU vs. SPYEWU vs. FEZEWU vs. FKUEWU vs. BNDWEWU vs. VOO
Often compared with NORW:
NORW vs. ENORNORW vs. EWDNORW vs. EIRLNORW vs. MGKNORW vs. VOONORW vs. SPYNORW vs. DXJ

Return for Risk

EWU vs. NORW — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWU
EWU Risk / Return Rank: 6161
Overall Rank
EWU Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
EWU Sortino Ratio Rank: 6363
Sortino Ratio Rank
EWU Omega Ratio Rank: 5959
Omega Ratio Rank
EWU Calmar Ratio Rank: 6262
Calmar Ratio Rank
EWU Martin Ratio Rank: 6060
Martin Ratio Rank
NORW
NORW Risk / Return Rank: 6464
Overall Rank
NORW Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
NORW Sortino Ratio Rank: 7373
Sortino Ratio Rank
NORW Omega Ratio Rank: 6666
Omega Ratio Rank
NORW Calmar Ratio Rank: 5656
Calmar Ratio Rank
NORW Martin Ratio Rank: 5353
Martin Ratio Rank
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.

EWU vs. NORW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI United Kingdom ETF (EWU) 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.

EWUNORWDifference
Sharpe ratioReturn per unit of total volatility
1.63
1.89

-0.25

Sortino ratioReturn per unit of downside risk
2.35
2.65

-0.30

Omega ratioGain probability vs. loss probability

1.29

1.32

-0.03

Calmar ratioReturn relative to maximum drawdown

2.46

2.26

+0.20

Martin ratioReturn relative to average drawdown

8.07

7.03

+1.04

EWU vs. NORW - Sharpe Ratio Comparison

The current EWU Sharpe Ratio is 1.63, which is comparable to the NORW Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of EWU 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.

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Drawdowns

EWU vs. NORW - Drawdown Comparison

The maximum EWU drawdown since its inception was -63.99%, which is greater than NORW's maximum drawdown of -35.62%. Use the drawdown chart below to compare losses from any high point for EWU and NORW.

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Drawdown Indicators

EWUNORWDifference

Max Drawdown

Largest peak-to-trough decline

-63.99%

-35.62%

-28.37%

Max Drawdown (1Y)

Largest decline over 1 year

-9.92%

-14.49%

+4.57%

Max Drawdown (3Y)

Largest decline over 3 years

-12.63%

-16.06%

+3.43%

Max Drawdown (5Y)

Largest decline over 5 years

-24.91%

-32.78%

+7.87%

Max Drawdown (10Y)

Largest decline over 10 years

-43.33%

-33.86%

-9.47%

Current Drawdown

Current decline from peak

-0.70%

-4.77%

+4.07%

Average Drawdown

Average peak-to-trough decline

-14.10%

-10.11%

-3.99%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.02%

4.64%

-1.62%

Volatility

EWU vs. NORW - Volatility Comparison

The current volatility for iShares MSCI United Kingdom ETF (EWU) is 3.70%, while Global X MSCI Norway ETF (NORW) has a volatility of 4.79%. This indicates that EWU 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.

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Volatility by Period

EWUNORWDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.70%

4.79%

-1.09%

Volatility (6M)

Calculated over the trailing 6-month period

12.88%

14.00%

-1.12%

Volatility (1Y)

Calculated over the trailing 1-year period

14.95%

17.34%

-2.39%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.39%

22.01%

-5.62%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.23%

20.56%

-2.33%

EWU vs. NORW - Expense Ratio Comparison

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

Dividends

EWU vs. NORW - Dividend Comparison

EWU's dividend yield for the trailing twelve months is around 3.09%, less than NORW's 7.22% yield.

PositionTTM20252024202320222021202020192018201720162015
EWU
iShares MSCI United Kingdom ETF		3.09%3.73%4.16%4.14%3.43%4.35%2.48%4.13%4.98%3.91%3.97%4.11%
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

EWU and NORW have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

NORW has higher volatility (4.79%) compared to EWU (3.70%). In terms of maximum drawdown, EWU dropped -63.99% vs NORW's -35.62%.

On 10-year performance, NORW leads with 10.03% vs 8.54% for EWU. Both ETFs have the same 0.50% expense ratio. On volatility, EWU has been the lower-risk option at 3.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, NORW has performed better with a 10.03% return vs 8.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

NORW has the higher dividend yield at 7.22%, compared with 3.09% for EWU.

EWU tracks MSCI United Kingdom Index (Net), while NORW tracks MSCI Norway IMI 25/50 Index. They also come from different issuers: iShares and Global X.

NORW currently has the higher Sharpe Ratio (1.89 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.

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