FLGR vs. NORW

Last updated Jun 25, 2026

FLGR (Franklin FTSE Germany ETF) and NORW (Global X MSCI Norway ETF) are both Europe Equities funds - FLGR tracks the FTSE Germany RIC Capped Index while NORW tracks the MSCI Norway IMI 25/50 Index. Both are passively managed. Over the past 5 years, FLGR returned 6.08%/yr vs 6.23%/yr for NORW. A 0.61 correlation means they provide meaningful diversification when combined. FLGR charges 0.09%/yr vs 0.50%/yr for NORW.

Performance

FLGR vs. NORW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin FTSE Germany ETF (FLGR) 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, FLGR achieves a -2.86% return, which is significantly lower than NORW's 14.90% return.

FLGR

• 1D: -1.28%
• 1M: -3.55%
• YTD: -2.86%
• 6M: -3.03%
• 1Y: -0.38%
• 3Y*: 16.15%
• 5Y*: 6.08%
• 10Y*: —

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)

FLGR vs. NORW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLGR Franklin FTSE Germany ETF	-2.86%	36.67%	10.63%	24.22%	-21.96%	5.40%	12.11%	19.99%	-21.50%	-0.16%
NORW Global X MSCI Norway ETF	14.90%	32.59%	-2.50%	5.03%	-12.55%	13.65%	26.00%	14.39%	-10.39%	-0.76%

Correlation

The correlation between FLGR and NORW is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017	0.61

Over the past year, the correlation between FLGR and NORW has dropped to 0.39 - well below their long-term average of 0.61, suggesting their price drivers have been diverging.

FLGR vs. NORW - Sectors Allocation Comparison

Sectors	FLGR	NORW
Industrials	29.9%	14.7%
Financial Services	20.5%	22.9%
Technology	16.1%	4.4%
Consumer Cyclical	8.7%	0.2%
Communication Services	6.4%	5.9%
Healthcare	5.6%	-
Basic Materials	5.6%	11.5%
Utilities	4.5%	0.6%
Consumer Defensive	1.4%	12.1%
Real Estate	1.2%	0.4%
Energy	-	27.3%

Return for Risk

FLGR vs. NORW — Risk / Return Rank

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

FLGR

FLGR Risk / Return Rank: 9
FLGR Sharpe Ratio Rank: 9
FLGR Sortino Ratio Rank: 8
FLGR Omega Ratio Rank: 8
FLGR Calmar Ratio Rank: 9
FLGR Martin Ratio Rank: 8

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.

FLGR vs. NORW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Germany ETF (FLGR) 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.

	FLGR	NORW	Difference
Sharpe ratio: Return per unit of total volatility	-0.02	1.27	-1.29
Sortino ratio: Return per unit of downside risk	0.09	1.85	-1.76
Omega ratio: Gain probability vs. loss probability	1.01	1.22	-0.21
Calmar ratio: Return relative to maximum drawdown	-0.03	1.77	-1.80
Martin ratio: Return relative to average drawdown	-0.07	6.22	-6.30

FLGR vs. NORW - Sharpe Ratio Comparison

The current FLGR Sharpe Ratio is -0.02, which is lower than the NORW Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of FLGR 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

FLGR vs. NORW - Drawdown Comparison

The maximum FLGR drawdown since its inception was -46.21%, which is greater than NORW's maximum drawdown of -35.62%. Use the drawdown chart below to compare losses from any high point for FLGR and NORW.

Drawdown Indicators

	FLGR	NORW	Difference
Max Drawdown Largest peak-to-trough decline	-46.21%	-35.62%	-10.59%
Max Drawdown (1Y) Largest decline over 1 year	-14.44%	-12.25%	-2.19%
Max Drawdown (3Y) Largest decline over 3 years	-15.53%	-16.06%	+0.53%
Max Drawdown (5Y) Largest decline over 5 years	-42.69%	-32.78%	-9.91%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.86%	—
Current Drawdown Current decline from peak	-7.40%	-12.25%	+4.85%
Average Drawdown Average peak-to-trough decline	-12.32%	-10.12%	-2.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.17%	3.48%	+1.69%

Volatility

FLGR vs. NORW - Volatility Comparison

Franklin FTSE Germany ETF (FLGR) has a higher volatility of 5.40% compared to Global X MSCI Norway ETF (NORW) at 4.75%. This indicates that FLGR'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

	FLGR	NORW	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.40%	4.75%	+0.65%
Volatility (6M) Calculated over the trailing 6-month period	14.60%	13.58%	+1.02%
Volatility (1Y) Calculated over the trailing 1-year period	17.51%	17.15%	+0.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.32%	21.93%	-1.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.41%	20.59%	+0.82%

FLGR vs. NORW - Expense Ratio Comparison

FLGR has a 0.09% expense ratio, which is lower than NORW's 0.50% expense ratio.

Dividends

FLGR vs. NORW - Dividend Comparison

FLGR's dividend yield for the trailing twelve months is around 0.33%, less than NORW's 2.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLGR Franklin FTSE Germany ETF	0.33%	1.72%	2.40%	2.99%	3.50%	2.67%	2.61%	2.52%	3.06%	0.00%	0.00%	0.00%
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 FLGR and NORW in my portfolio?

FLGR 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, FLGR or NORW?

FLGR has higher volatility (5.40%) compared to NORW (4.75%). In terms of maximum drawdown, FLGR dropped -46.21% vs NORW's -35.62%.

Which ETF is better, FLGR or NORW?

On 5-year performance, NORW leads with 6.23% vs 6.08% for FLGR. On fees, FLGR is cheaper at 0.09% per year. On volatility, NORW has been the lower-risk option at 4.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLGR or NORW?

Over the 5-year period, NORW has performed better with a 6.23% return vs 6.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLGR or NORW?

FLGR is cheaper with a 0.09% expense ratio, compared with 0.50% for NORW.

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

NORW has the higher dividend yield at 2.99%, compared with 0.33% for FLGR.

What is the main difference between FLGR and NORW?

FLGR tracks FTSE Germany RIC Capped Index, while NORW tracks MSCI Norway IMI 25/50 Index. They also come from different issuers: Franklin Templeton and Global X. Their fees differ too: 0.09% for FLGR and 0.50% for NORW.

Which has better risk-adjusted returns?

NORW currently has the higher Sharpe Ratio (1.27 vs -0.02), 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.