IEV vs. NORW

Last updated Jun 26, 2026

IEV (iShares Europe ETF) and NORW (Global X MSCI Norway ETF) are both Europe Equities funds - IEV tracks the S&P Europe 350 Index while NORW tracks the MSCI Norway IMI 25/50 Index. Both are passively managed. Over the past 10 years, IEV returned 10.51%/yr vs 9.76%/yr for NORW. A 0.78 correlation means they provide meaningful diversification when combined. IEV charges 0.59%/yr vs 0.50%/yr for NORW.

Performance

IEV vs. NORW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Europe ETF (IEV) 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, IEV achieves a 7.06% return, which is significantly lower than NORW's 14.17% return. Over the past 10 years, IEV has outperformed NORW with an annualized return of 10.51%, while NORW has yielded a comparatively lower 9.76% annualized return.

IEV

• 1D: 1.15%
• 1M: -0.09%
• YTD: 7.06%
• 6M: 6.81%
• 1Y: 19.63%
• 3Y*: 16.63%
• 5Y*: 9.02%
• 10Y*: 10.51%

NORW

• 1D: -0.64%
• 1M: -11.94%
• YTD: 14.17%
• 6M: 14.44%
• 1Y: 21.70%
• 3Y*: 19.20%
• 5Y*: 6.10%
• 10Y*: 9.76%

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

IEV vs. NORW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IEV iShares Europe ETF	7.06%	35.63%	1.36%	20.14%	-14.24%	16.73%	4.07%	24.03%	-14.68%	24.84%
NORW Global X MSCI Norway ETF	14.17%	32.59%	-2.50%	5.03%	-12.55%	13.65%	26.00%	14.39%	-10.39%	24.03%

Correlation

The correlation between IEV 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	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since Aug 19, 2009	0.78

Over the past year, the correlation between IEV and NORW has dropped to 0.45 - well below their long-term average of 0.78, suggesting their price drivers have been diverging.

IEV vs. NORW - Sectors Allocation Comparison

Sectors	IEV	NORW
Financial Services	24.5%	22.9%
Industrials	18.8%	14.7%
Healthcare	12.1%	-
Technology	9.9%	4.4%
Consumer Defensive	8.6%	12.1%
Consumer Cyclical	6.8%	0.2%
Basic Materials	5.5%	11.5%
Energy	4.6%	27.3%
Utilities	4.6%	0.6%
Communication Services	3.3%	5.9%
Real Estate	0.6%	0.4%

Return for Risk

IEV vs. NORW — Risk / Return Rank

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

IEV

IEV Risk / Return Rank: 38
IEV Sharpe Ratio Rank: 39
IEV Sortino Ratio Rank: 39
IEV Omega Ratio Rank: 37
IEV Calmar Ratio Rank: 36
IEV Martin Ratio Rank: 41

NORW

NORW Risk / Return Rank: 39
NORW Sharpe Ratio Rank: 40
NORW Sortino Ratio Rank: 40
NORW Omega Ratio Rank: 37
NORW Calmar Ratio Rank: 38
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.

IEV vs. NORW - Risk-Adjusted Trends Comparison

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

	IEV	NORW	Difference
Sharpe ratio: Return per unit of total volatility	1.24	1.28	-0.04
Sortino ratio: Return per unit of downside risk	1.82	1.86	-0.04
Omega ratio: Gain probability vs. loss probability	1.22	1.22	0.00
Calmar ratio: Return relative to maximum drawdown	1.60	1.70	-0.10
Martin ratio: Return relative to average drawdown	5.84	6.09	-0.25

IEV vs. NORW - Sharpe Ratio Comparison

The current IEV Sharpe Ratio is 1.24, which is comparable to the NORW Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of IEV 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

IEV vs. NORW - Drawdown Comparison

The maximum IEV drawdown since its inception was -63.27%, which is greater than NORW's maximum drawdown of -35.62%. Use the drawdown chart below to compare losses from any high point for IEV and NORW.

Drawdown Indicators

	IEV	NORW	Difference
Max Drawdown Largest peak-to-trough decline	-63.27%	-35.62%	-27.65%
Max Drawdown (1Y) Largest decline over 1 year	-12.31%	-12.81%	+0.50%
Max Drawdown (3Y) Largest decline over 3 years	-14.63%	-16.06%	+1.43%
Max Drawdown (5Y) Largest decline over 5 years	-30.60%	-32.78%	+2.18%
Max Drawdown (10Y) Largest decline over 10 years	-36.62%	-33.86%	-2.76%
Current Drawdown Current decline from peak	-1.22%	-12.81%	+11.59%
Average Drawdown Average peak-to-trough decline	-15.01%	-10.12%	-4.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.37%	3.57%	-0.20%

Volatility

IEV vs. NORW - Volatility Comparison

iShares Europe ETF (IEV) has a higher volatility of 5.02% compared to Global X MSCI Norway ETF (NORW) at 4.70%. This indicates that IEV'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

	IEV	NORW	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.02%	4.70%	+0.32%
Volatility (6M) Calculated over the trailing 6-month period	13.54%	13.59%	-0.05%
Volatility (1Y) Calculated over the trailing 1-year period	15.95%	17.11%	-1.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.64%	21.93%	-4.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.28%	20.59%	-2.31%

IEV vs. NORW - Expense Ratio Comparison

IEV has a 0.59% expense ratio, which is higher than NORW's 0.50% expense ratio.

Dividends

IEV vs. NORW - Dividend Comparison

IEV's dividend yield for the trailing twelve months is around 2.82%, less than NORW's 3.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IEV iShares Europe ETF	2.82%	2.73%	3.10%	2.77%	3.06%	2.81%	1.76%	3.06%	3.43%	2.39%	3.08%	2.81%
NORW Global X MSCI Norway ETF	3.01%	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 IEV and NORW in my portfolio?

IEV 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, IEV or NORW?

IEV has higher volatility (5.02%) compared to NORW (4.70%). In terms of maximum drawdown, IEV dropped -63.27% vs NORW's -35.62%.

Which ETF is better, IEV or NORW?

On 10-year performance, IEV leads with 10.51% vs 9.76% for NORW. On fees, NORW is cheaper at 0.50% per year. On volatility, NORW has been the lower-risk option at 4.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IEV or NORW?

Over the 10-year period, IEV has performed better with a 10.51% return vs 9.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IEV or NORW?

NORW is cheaper with a 0.50% expense ratio, compared with 0.59% for IEV.

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

NORW has the higher dividend yield at 3.01%, compared with 2.82% for IEV.

What is the main difference between IEV and NORW?

IEV tracks S&P Europe 350 Index, while NORW tracks MSCI Norway IMI 25/50 Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.59% for IEV and 0.50% for NORW.

Which has better risk-adjusted returns?

NORW currently has the higher Sharpe Ratio (1.28 vs 1.24), 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.