IEUR vs. NORW

Last updated Jun 24, 2026

IEUR (iShares Core MSCI Europe ETF) and NORW (Global X MSCI Norway ETF) are both Europe Equities funds - IEUR tracks the MSCI Europe Investable Market Index while NORW tracks the MSCI Norway IMI 25/50 Index. Both are passively managed. Over the past 10 years, IEUR returned 10.23%/yr vs 9.75%/yr for NORW. A 0.75 correlation means they provide meaningful diversification when combined. IEUR charges 0.09%/yr vs 0.50%/yr for NORW.

Performance

IEUR vs. NORW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core MSCI Europe ETF (IEUR) 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, IEUR achieves a 6.23% return, which is significantly lower than NORW's 16.50% return. Both investments have delivered pretty close results over the past 10 years, with IEUR having a 10.23% annualized return and NORW not far behind at 9.75%.

IEUR

• 1D: -1.07%
• 1M: -0.12%
• YTD: 6.23%
• 6M: 6.35%
• 1Y: 18.45%
• 3Y*: 16.54%
• 5Y*: 8.37%
• 10Y*: 10.23%

NORW

• 1D: -1.77%
• 1M: -10.03%
• YTD: 16.50%
• 6M: 17.32%
• 1Y: 21.71%
• 3Y*: 20.53%
• 5Y*: 6.59%
• 10Y*: 9.75%

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

IEUR vs. NORW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IEUR iShares Core MSCI Europe ETF	6.23%	35.67%	1.40%	19.71%	-15.90%	16.71%	5.31%	24.95%	-14.86%	26.70%
NORW Global X MSCI Norway ETF	16.50%	32.59%	-2.50%	5.03%	-12.55%	13.65%	26.00%	14.39%	-10.39%	24.03%

Correlation

The correlation between IEUR and NORW is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Jun 12, 2014	0.75

Over the past year, the correlation between IEUR and NORW has dropped to 0.45 - well below their long-term average of 0.75, suggesting their price drivers have been diverging.

IEUR vs. NORW - Sectors Allocation Comparison

Sectors	IEUR	NORW
Financial Services	22.5%	22.9%
Industrials	20.3%	14.7%
Healthcare	12.5%	-
Technology	9.4%	4.4%
Consumer Defensive	7.7%	12.1%
Consumer Cyclical	7.0%	0.2%
Basic Materials	5.8%	11.5%
Energy	4.9%	27.3%
Utilities	4.4%	0.6%
Communication Services	3.9%	5.9%
Real Estate	1.5%	0.4%

Return for Risk

IEUR vs. NORW — Risk / Return Rank

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

IEUR

IEUR Risk / Return Rank: 34
IEUR Sharpe Ratio Rank: 34
IEUR Sortino Ratio Rank: 34
IEUR Omega Ratio Rank: 33
IEUR Calmar Ratio Rank: 32
IEUR Martin Ratio Rank: 38

NORW

NORW Risk / Return Rank: 39
NORW Sharpe Ratio Rank: 38
NORW Sortino Ratio Rank: 38
NORW Omega Ratio Rank: 34
NORW Calmar Ratio Rank: 42
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.

IEUR vs. NORW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Europe ETF (IEUR) 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.

	IEUR	NORW	Difference
Sharpe ratio: Return per unit of total volatility	1.18	1.28	-0.10
Sortino ratio: Return per unit of downside risk	1.75	1.86	-0.11
Omega ratio: Gain probability vs. loss probability	1.21	1.22	-0.01
Calmar ratio: Return relative to maximum drawdown	1.54	1.98	-0.44
Martin ratio: Return relative to average drawdown	5.77	6.42	-0.65

IEUR vs. NORW - Sharpe Ratio Comparison

The current IEUR Sharpe Ratio is 1.18, which is comparable to the NORW Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of IEUR 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

IEUR vs. NORW - Drawdown Comparison

The maximum IEUR drawdown since its inception was -36.96%, roughly equal to the maximum NORW drawdown of -35.62%. Use the drawdown chart below to compare losses from any high point for IEUR and NORW.

Drawdown Indicators

	IEUR	NORW	Difference
Max Drawdown Largest peak-to-trough decline	-36.96%	-35.62%	-1.34%
Max Drawdown (1Y) Largest decline over 1 year	-12.04%	-11.03%	-1.01%
Max Drawdown (3Y) Largest decline over 3 years	-14.25%	-16.06%	+1.81%
Max Drawdown (5Y) Largest decline over 5 years	-32.75%	-32.78%	+0.03%
Max Drawdown (10Y) Largest decline over 10 years	-36.96%	-33.86%	-3.10%
Current Drawdown Current decline from peak	-1.77%	-11.03%	+9.26%
Average Drawdown Average peak-to-trough decline	-8.19%	-10.12%	+1.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.21%	3.39%	-0.18%

Volatility

IEUR vs. NORW - Volatility Comparison

iShares Core MSCI Europe ETF (IEUR) and Global X MSCI Norway ETF (NORW) have volatilities of 4.86% and 4.71%, 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

	IEUR	NORW	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.86%	4.71%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	13.31%	13.51%	-0.20%
Volatility (1Y) Calculated over the trailing 1-year period	15.72%	17.10%	-1.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.79%	21.93%	-4.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.30%	20.59%	-2.29%

IEUR vs. NORW - Expense Ratio Comparison

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

Dividends

IEUR vs. NORW - Dividend Comparison

IEUR's dividend yield for the trailing twelve months is around 3.24%, more than NORW's 2.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IEUR iShares Core MSCI Europe ETF	3.24%	2.97%	3.54%	3.17%	3.05%	2.88%	2.13%	3.26%	3.76%	2.64%	3.19%	2.79%
NORW Global X MSCI Norway ETF	2.95%	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 IEUR and NORW in my portfolio?

IEUR and NORW have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IEUR or NORW?

IEUR has higher volatility (4.86%) compared to NORW (4.71%). In terms of maximum drawdown, IEUR dropped -36.96% vs NORW's -35.62%.

Which ETF is better, IEUR or NORW?

On 10-year performance, IEUR leads with 10.23% vs 9.75% for NORW. On fees, IEUR is cheaper at 0.09% per year. On volatility, NORW has been the lower-risk option at 4.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IEUR or NORW?

Over the 10-year period, IEUR has performed better with a 10.23% return vs 9.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IEUR or NORW?

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

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

IEUR has the higher dividend yield at 3.24%, compared with 2.95% for NORW.

What is the main difference between IEUR and NORW?

IEUR tracks MSCI Europe Investable Market Index, while NORW tracks MSCI Norway IMI 25/50 Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.09% for IEUR and 0.50% for NORW.

Which has better risk-adjusted returns?

NORW currently has the higher Sharpe Ratio (1.28 vs 1.18), 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.