IEUS vs. NORW

Last updated Jul 17, 2026

IEUS (iShares MSCI Europe Small-Cap ETF) and NORW (Global X MSCI Norway ETF) are both Europe Equities funds - IEUS tracks the MSCI Europe Small Cap Index while NORW tracks the MSCI Norway IMI 25/50 Index. Both are passively managed. Over the past 10 years, IEUS returned 8.20%/yr vs 9.19%/yr for NORW. A 0.71 correlation means they provide meaningful diversification when combined. IEUS charges 0.40%/yr vs 0.50%/yr for NORW.

Performance

IEUS vs. NORW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Europe Small-Cap ETF (IEUS) 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, IEUS achieves a 5.16% return, which is significantly lower than NORW's 17.49% return. Over the past 10 years, IEUS has underperformed NORW with an annualized return of 8.20%, while NORW has yielded a comparatively higher 9.19% annualized return.

IEUS

• 1D: -0.18%
• 1M: -1.17%
• 6M: 2.36%
• YTD: 5.16%
• 1Y: 9.24%
• 3Y*: 12.62%
• 5Y*: 3.59%
• 10Y*: 8.20%

NORW

• 1D: -1.54%
• 1M: -2.89%
• 6M: 14.83%
• YTD: 17.49%
• 1Y: 25.30%
• 3Y*: 17.88%
• 5Y*: 6.61%
• 10Y*: 9.19%

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

IEUS vs. NORW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IEUS iShares MSCI Europe Small-Cap ETF	5.16%	32.06%	-1.59%	17.34%	-27.07%	15.06%	12.99%	29.72%	-20.17%	35.04%
NORW Global X MSCI Norway ETF	17.49%	32.59%	-2.50%	5.03%	-12.55%	13.65%	26.00%	14.39%	-10.39%	24.03%

Correlation

The correlation between IEUS and NORW is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Aug 19, 2009	0.71

Over the past year, the correlation between IEUS and NORW has dropped to 0.42 - well below their long-term average of 0.71, suggesting their price drivers have been diverging.

IEUS vs. NORW - Sectors Allocation Comparison

Sectors	IEUS	NORW
Industrials	26.6%	14.7%
Financial Services	15.0%	22.9%
Consumer Cyclical	12.1%	0.2%
Real Estate	8.3%	0.4%
Technology	7.9%	4.4%
Healthcare	7.5%	-
Basic Materials	7.4%	11.5%
Energy	4.8%	27.3%
Communication Services	4.5%	5.9%
Consumer Defensive	3.6%	12.1%
Utilities	2.3%	0.6%

Return for Risk

IEUS vs. NORW — Risk / Return Rank

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

IEUS

IEUS Risk / Return Rank: 21
IEUS Sharpe Ratio Rank: 20
IEUS Sortino Ratio Rank: 20
IEUS Omega Ratio Rank: 19
IEUS Calmar Ratio Rank: 20
IEUS Martin Ratio Rank: 24

NORW

NORW Risk / Return Rank: 48
NORW Sharpe Ratio Rank: 53
NORW Sortino Ratio Rank: 53
NORW Omega Ratio Rank: 49
NORW Calmar Ratio Rank: 42
NORW Martin Ratio Rank: 44

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.

IEUS vs. NORW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Europe Small-Cap ETF (IEUS) 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.

	IEUS	NORW	Difference
Sharpe ratio: Return per unit of total volatility	0.56	1.48	-0.91
Sortino ratio: Return per unit of downside risk	0.91	2.12	-1.21
Omega ratio: Gain probability vs. loss probability	1.11	1.26	-0.15
Calmar ratio: Return relative to maximum drawdown	0.72	1.75	-1.03
Martin ratio: Return relative to average drawdown	2.37	5.75	-3.38

IEUS vs. NORW - Sharpe Ratio Comparison

The current IEUS Sharpe Ratio is 0.56, which is lower than the NORW Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of IEUS 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

IEUS vs. NORW - Drawdown Comparison

The maximum IEUS drawdown since its inception was -63.09%, which is greater than NORW's maximum drawdown of -35.62%. Use the drawdown chart below to compare losses from any high point for IEUS and NORW.

Drawdown Indicators

	IEUS	NORW	Difference
Max Drawdown Largest peak-to-trough decline	-63.09%	-35.62%	-27.47%
Max Drawdown (1Y) Largest decline over 1 year	-12.81%	-14.49%	+1.68%
Max Drawdown (3Y) Largest decline over 3 years	-18.05%	-16.06%	-1.99%
Max Drawdown (5Y) Largest decline over 5 years	-44.86%	-32.78%	-12.08%
Max Drawdown (10Y) Largest decline over 10 years	-44.86%	-33.86%	-11.00%
Current Drawdown Current decline from peak	-2.45%	-10.27%	+7.82%
Average Drawdown Average peak-to-trough decline	-15.46%	-10.13%	-5.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.90%	4.41%	-0.51%

Volatility

IEUS vs. NORW - Volatility Comparison

The current volatility for iShares MSCI Europe Small-Cap ETF (IEUS) is 4.46%, while Global X MSCI Norway ETF (NORW) has a volatility of 5.50%. This indicates that IEUS 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.

Volatility by Period

	IEUS	NORW	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.46%	5.50%	-1.04%
Volatility (6M) Calculated over the trailing 6-month period	14.11%	14.06%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	16.43%	17.22%	-0.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.86%	21.99%	-1.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.92%	20.53%	-0.61%

IEUS vs. NORW - Expense Ratio Comparison

IEUS has a 0.40% expense ratio, which is lower than NORW's 0.50% expense ratio.

Dividends

IEUS vs. NORW - Dividend Comparison

IEUS's dividend yield for the trailing twelve months is around 3.19%, less than NORW's 7.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IEUS iShares MSCI Europe Small-Cap ETF	3.19%	3.19%	3.25%	2.97%	3.00%	2.63%	1.21%	4.03%	3.21%	2.13%	2.48%	2.06%
NORW Global X MSCI Norway ETF	7.66%	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 IEUS and NORW in my portfolio?

IEUS and NORW have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IEUS or NORW?

NORW has higher volatility (5.50%) compared to IEUS (4.46%). In terms of maximum drawdown, IEUS dropped -63.09% vs NORW's -35.62%.

Which ETF is better, IEUS or NORW?

On 10-year performance, NORW leads with 9.19% vs 8.20% for IEUS. On fees, IEUS is cheaper at 0.40% per year. On volatility, IEUS has been the lower-risk option at 4.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IEUS or NORW?

Over the 10-year period, NORW has performed better with a 9.19% return vs 8.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IEUS or NORW?

IEUS is cheaper with a 0.40% expense ratio, compared with 0.50% for NORW.

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

NORW has the higher dividend yield at 7.66%, compared with 3.19% for IEUS.

What is the main difference between IEUS and NORW?

IEUS tracks MSCI Europe Small Cap Index, while NORW tracks MSCI Norway IMI 25/50 Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.40% for IEUS and 0.50% for NORW.

Which has better risk-adjusted returns?

NORW currently has the higher Sharpe Ratio (1.48 vs 0.56), 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.