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IYZ vs. NORW
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IYZ vs. NORW

Last updated Jun 4, 2026

IYZ (iShares U.S. Telecommunications ETF) and NORW (Global X MSCI Norway ETF) are both exchange-traded funds - IYZ is a Communications Equities fund tracking the Dow Jones U.S. Select Telecommunications Index, while NORW is a Europe Equities fund tracking the MSCI Norway IMI 25/50 Index. Both are passively managed. Over the past 10 years, IYZ returned 6.28%/yr vs 9.61%/yr for NORW. A 0.51 correlation means they provide meaningful diversification when combined. IYZ charges 0.42%/yr vs 0.50%/yr for NORW.

Performance

IYZ vs. NORW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Telecommunications ETF (IYZ) and Global X MSCI Norway ETF (NORW). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IYZ achieves a 32.03% return, which is significantly higher than NORW's 26.31% return. Over the past 10 years, IYZ has underperformed NORW with an annualized return of 6.28%, while NORW has yielded a comparatively higher 9.61% annualized return.

IYZ

1D
-2.96%
1M
4.94%
YTD
32.03%
6M
38.73%
1Y
59.79%
3Y*
30.34%
5Y*
8.18%
10Y*
6.28%

NORW

1D
-0.52%
1M
-2.27%
YTD
26.31%
6M
31.64%
1Y
36.12%
3Y*
23.02%
5Y*
7.99%
10Y*
9.61%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IYZ vs. NORW - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IYZ
iShares U.S. Telecommunications ETF		32.03%29.28%20.53%3.90%-30.29%11.69%4.13%16.14%-8.59%-11.86%
NORW
Global X MSCI Norway ETF		26.31%32.59%-2.50%5.03%-12.55%13.65%26.00%14.39%-10.39%24.03%

Correlation

The correlation between IYZ and NORW is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.26

Correlation (3Y)
Calculated over the trailing 3-year period

0.37

Correlation (5Y)
Calculated over the trailing 5-year period

0.43

Correlation (10Y)
Calculated over the trailing 10-year period

0.47

Correlation (All Time)
Calculated using the full available price history since Aug 20, 2009

0.51

Over the past year, the correlation between IYZ and NORW has dropped to 0.26 - well below their long-term average of 0.51, suggesting their price drivers have been diverging.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares U.S. Telecommunications ETF

Global X MSCI Norway ETF

Often compared with IYZ:
IYZ vs. XTLIYZ vs. VOXIYZ vs. XLCIYZ vs. IXPIYZ vs. IYRIYZ vs. FBMPXIYZ vs. SPY
Often compared with NORW:
NORW vs. ENORNORW vs. EWDNORW vs. EIRLNORW vs. VOONORW vs. EWYNORW vs. MGKNORW vs. SPY

Return for Risk

IYZ vs. NORW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IYZ
IYZ Risk / Return Rank: 9393
Overall Rank
IYZ Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
IYZ Sortino Ratio Rank: 9292
Sortino Ratio Rank
IYZ Omega Ratio Rank: 9090
Omega Ratio Rank
IYZ Calmar Ratio Rank: 9696
Calmar Ratio Rank
IYZ Martin Ratio Rank: 9595
Martin Ratio Rank
NORW
NORW Risk / Return Rank: 6666
Overall Rank
NORW Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
NORW Sortino Ratio Rank: 6464
Sortino Ratio Rank
NORW Omega Ratio Rank: 6060
Omega Ratio Rank
NORW Calmar Ratio Rank: 7777
Calmar Ratio Rank
NORW Martin Ratio Rank: 6363
Martin Ratio Rank
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.

IYZ vs. NORW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Telecommunications ETF (IYZ) 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.

IYZNORWDifference
Sharpe ratioReturn per unit of total volatility
3.35
2.18

+1.17

Sortino ratioReturn per unit of downside risk
4.45
3.00

+1.45

Omega ratioGain probability vs. loss probability

1.58

1.37

+0.21

Calmar ratioReturn relative to maximum drawdown

9.54

3.95

+5.59

Martin ratioReturn relative to average drawdown

32.08

11.27

+20.81

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IYZ vs. NORW - Sharpe Ratio Comparison

The current IYZ Sharpe Ratio is 3.35, which is higher than the NORW Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of IYZ 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.

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Sharpe Ratios by Period

IYZNORWDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.35

2.18

+1.17

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.44

0.37

+0.07

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.33

0.46

-0.14

Sharpe Ratio (All Time)

Calculated using the full available price history

0.07

0.40

-0.33

Drawdowns

IYZ vs. NORW - Drawdown Comparison

The maximum IYZ drawdown since its inception was -77.11%, which is greater than NORW's maximum drawdown of -35.62%. Use the drawdown chart below to compare losses from any high point for IYZ and NORW.

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Drawdown Indicators

IYZNORWDifference

Max Drawdown

Largest peak-to-trough decline

-77.11%

-35.62%

-41.49%

Max Drawdown (1Y)

Largest decline over 1 year

-6.30%

-9.18%

+2.88%

Max Drawdown (3Y)

Largest decline over 3 years

-13.85%

-16.06%

+2.21%

Max Drawdown (5Y)

Largest decline over 5 years

-39.74%

-32.78%

-6.96%

Max Drawdown (10Y)

Largest decline over 10 years

-39.74%

-33.86%

-5.88%

Current Drawdown

Current decline from peak

-2.96%

-3.53%

+0.57%

Average Drawdown

Average peak-to-trough decline

-40.14%

-10.13%

-30.01%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.87%

3.21%

-1.34%

Volatility

IYZ vs. NORW - Volatility Comparison

iShares U.S. Telecommunications ETF (IYZ) has a higher volatility of 7.44% compared to Global X MSCI Norway ETF (NORW) at 4.06%. This indicates that IYZ'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.

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Volatility by Period

IYZNORWDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.44%

4.06%

+3.38%

Volatility (6M)

Calculated over the trailing 6-month period

14.76%

12.73%

+2.03%

Volatility (1Y)

Calculated over the trailing 1-year period

17.95%

16.70%

+1.25%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.75%

21.88%

-3.13%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.25%

20.80%

-1.55%

IYZ vs. NORW - Expense Ratio Comparison

IYZ has a 0.42% expense ratio, which is lower than NORW's 0.50% expense ratio.

Dividends

IYZ vs. NORW - Dividend Comparison

IYZ's dividend yield for the trailing twelve months is around 1.50%, less than NORW's 2.72% yield.

PositionTTM20252024202320222021202020192018201720162015
IYZ
iShares U.S. Telecommunications ETF		1.50%2.04%1.94%2.27%2.55%2.51%2.60%2.36%2.15%3.54%2.27%1.98%
NORW
Global X MSCI Norway ETF		2.72%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

IYZ and NORW have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IYZ has higher volatility (7.44%) compared to NORW (4.06%). In terms of maximum drawdown, IYZ dropped -77.11% vs NORW's -35.62%.

On 10-year performance, NORW leads with 9.61% vs 6.28% for IYZ. On fees, IYZ is cheaper at 0.42% per year. On volatility, NORW has been the lower-risk option at 4.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, NORW has performed better with a 9.61% return vs 6.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IYZ is cheaper with a 0.42% expense ratio, compared with 0.50% for NORW.

NORW has the higher dividend yield at 2.72%, compared with 1.50% for IYZ.

IYZ is categorized as Communications Equities, while NORW is Europe Equities. IYZ tracks Dow Jones U.S. Select Telecommunications Index, while NORW tracks MSCI Norway IMI 25/50 Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.42% for IYZ and 0.50% for NORW.

IYZ currently has the higher Sharpe Ratio (3.35 vs 2.18), 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.

Portfolio Optimizer

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