EZU vs. NORW

Last updated Aug 2, 2026

EZU (iShares MSCI Eurozone ETF) and NORW (Global X MSCI Norway ETF) are both Europe Equities funds - EZU tracks the MSCI EMU Index while NORW tracks the MSCI Norway IMI 25/50 Index. Both are passively managed. Over the past 10 years, EZU returned 10.56%/yr vs 9.90%/yr for NORW. Their 0.76 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.50% expense ratio.

Performance

EZU vs. NORW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Eurozone ETF (EZU) 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, EZU achieves a 10.48% return, which is significantly lower than NORW's 25.23% return. Over the past 10 years, EZU has outperformed NORW with an annualized return of 10.56%, while NORW has yielded a comparatively lower 9.90% annualized return.

EZU

• 1D: -0.11%
• 1M: 0.51%
• 6M: 6.24%
• YTD: 10.48%
• 1Y: 24.34%
• 3Y*: 17.68%
• 5Y*: 10.01%
• 10Y*: 10.56%
• ALL TIME*: 5.20%

NORW

• 1D: 0.86%
• 1M: 8.72%
• 6M: 15.41%
• YTD: 25.23%
• 1Y: 34.00%
• 3Y*: 19.17%
• 5Y*: 7.45%
• 10Y*: 9.90%
• ALL TIME*: 8.95%

*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)
EZU iShares MSCI Eurozone ETF	$63.32M	$57.94M	$77.34M
NORW Global X MSCI Norway ETF	$730.42K	$1.20M	$2.79M

EZU vs. NORW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EZU iShares MSCI Eurozone ETF	10.48%	40.00%	2.23%	23.44%	-17.25%	13.92%	7.62%	23.27%	-16.76%	27.89%
NORW Global X MSCI Norway ETF	25.23%	32.59%	-2.50%	5.03%	-12.55%	13.65%	26.00%	14.39%	-10.39%	24.03%

Correlation

The correlation between EZU and NORW is 0.39, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.39
Correlation (3Y) Balances recent behavior with more history.	0.53
Correlation (5Y) Shows whether the relationship held over a longer period.	0.61
Correlation (10Y) Provides a long-term view across more market conditions.	0.69
Correlation (All Time) Calculated using the full available price history since Aug 19, 2009	0.76

Over the past year, the correlation between EZU and NORW has dropped to 0.39 - well below their long-term average of 0.76, suggesting their price drivers have been diverging.

EZU vs. NORW - Sectors Allocation Comparison

Sectors	EZU	NORW
Financial Services	24.7%	23.8%
Industrials	20.6%	14.8%
Technology	17.3%	3.7%
Consumer Cyclical	7.8%	0.6%
Utilities	6.5%	0.7%
Healthcare	5.8%	-
Consumer Defensive	5.4%	11.7%
Basic Materials	3.9%	9.5%
Communication Services	3.8%	6.5%
Energy	3.4%	28.3%
Real Estate	0.8%	0.4%

Return for Risk

EZU vs. NORW — Risk / Return Rank

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

EZU

EZU Risk / Return Rank: 54
EZU Sharpe Ratio Rank: 55
EZU Sortino Ratio Rank: 56
EZU Omega Ratio Rank: 53
EZU Calmar Ratio Rank: 50
EZU Martin Ratio Rank: 55

NORW

NORW Risk / Return Rank: 75
NORW Sharpe Ratio Rank: 84
NORW Sortino Ratio Rank: 84
NORW Omega Ratio Rank: 79
NORW Calmar Ratio Rank: 68
NORW Martin Ratio Rank: 61

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.

EZU vs. NORW - Risk-Adjusted Trends Comparison

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

	EZU	NORW	Difference
Sharpe ratio: Return per unit of total volatility	1.31	1.96	-0.66
Sortino ratio: Return per unit of downside risk	1.92	2.75	-0.82
Omega ratio: Gain probability vs. loss probability	1.24	1.33	-0.09
Calmar ratio: Return relative to maximum drawdown	1.78	2.35	-0.57
Martin ratio: Return relative to average drawdown	6.51	7.35	-0.84

EZU vs. NORW - Sharpe Ratio Comparison

The current EZU Sharpe Ratio is 1.31, which is lower than the NORW Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of EZU 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

EZU vs. NORW - Drawdown Comparison

The maximum EZU drawdown since its inception was -65.32%, which is greater than NORW's maximum drawdown of -35.62%. Use the drawdown chart below to compare losses from any high point for EZU and NORW.

Drawdown Indicators

	EZU	NORW	Difference
Max Drawdown Largest peak-to-trough decline	-65.32%	-35.62%	-29.70%
Max Drawdown (1Y) Largest decline over 1 year	-13.06%	-14.49%	+1.43%
Max Drawdown (3Y) Largest decline over 3 years	-15.02%	-16.06%	+1.04%
Max Drawdown (5Y) Largest decline over 5 years	-36.11%	-32.78%	-3.33%
Max Drawdown (10Y) Largest decline over 10 years	-41.37%	-33.86%	-7.51%
Current Drawdown Current decline from peak	-0.44%	-4.36%	+3.92%
Average Drawdown Average peak-to-trough decline	-19.12%	-10.12%	-9.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.56%	4.63%	-1.07%

Volatility

EZU vs. NORW - Volatility Comparison

iShares MSCI Eurozone ETF (EZU) and Global X MSCI Norway ETF (NORW) have volatilities of 4.96% and 5.02%, 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

	EZU	NORW	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.96%	5.02%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	15.57%	14.10%	+1.47%
Volatility (1Y) Calculated over the trailing 1-year period	17.79%	17.33%	+0.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.98%	22.01%	-2.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.10%	20.56%	-0.46%

EZU vs. NORW - Expense Ratio Comparison

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

Dividends

EZU vs. NORW - Dividend Comparison

EZU's dividend yield for the trailing twelve months is around 2.65%, less than NORW's 7.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EZU iShares MSCI Eurozone ETF	2.65%	2.85%	2.90%	2.56%	2.79%	2.46%	2.13%	2.84%	3.47%	1.91%	3.07%	2.18%
NORW Global X MSCI Norway ETF	7.19%	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 EZU and NORW in my portfolio?

EZU 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, EZU or NORW?

NORW has higher volatility (5.02%) compared to EZU (4.96%). In terms of maximum drawdown, EZU dropped -65.32% vs NORW's -35.62%.

Which ETF is better, EZU or NORW?

On 10-year performance, EZU leads with 10.56% vs 9.90% 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, EZU or NORW?

Over the 10-year period, EZU has performed better with a 10.56% return vs 9.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EZU or NORW?

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

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

NORW has the higher dividend yield at 7.19%, compared with 2.65% for EZU.

What is the main difference between EZU and NORW?

EZU tracks MSCI EMU 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 (1.96 vs 1.31), 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.