NOK=X vs. EWU
NOK=X (USD/NOK) is a currency, while EWU (iShares MSCI United Kingdom ETF) is Europe Equities fund tracking the MSCI United Kingdom Index. Over the past 10 years, NOK=X returned 1.17%/yr vs 9.85%/yr for EWU. Their 0.12 correlation means their historical movements had little consistent relationship.
Performance
NOK=X vs. EWU - Performance Comparison
Loading charts...
Different Trading Currencies
NOK=X is traded in NOK, while EWU is traded in USD. To make them comparable, the EWU values have been converted to NOK using the latest available exchange rates.
Returns By Period
In the year-to-date period, NOK=X achieves a -6.04% return, which is significantly lower than EWU's 4.72% return. Over the past 10 years, NOK=X has underperformed EWU with an annualized return of 1.17%, while EWU has yielded a comparatively higher 9.85% annualized return.
NOK=X
- 1D
- 0.19%
- 1M
- -3.61%
- 6M
- -1.70%
- YTD
- -6.04%
- 1Y
- -7.40%
- 3Y*
- -2.55%
- 5Y*
- 1.49%
- 10Y*
- 1.17%
- ALL TIME*
- 2.80%
EWU
- 1D
- -1.19%
- 1M
- -1.36%
- 6M
- 4.60%
- YTD
- 4.72%
- 1Y
- 15.83%
- 3Y*
- 15.16%
- 5Y*
- 14.02%
- 10Y*
- 9.85%
- ALL TIME*
- 6.98%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| NOK 383.54M | NOK 629.93M | NOK 617.07M | |
NOK=X USD/NOK | NOK 1.10M | NOK 1.38M | NOK 1.39M |
NOK=X vs. EWU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NOK=X USD/NOK | -6.04% | -11.45% | 11.97% | 4.04% | 11.02% | 2.57% | -2.33% | 1.46% | 5.65% | -4.93% |
EWU iShares MSCI United Kingdom ETF | 4.72% | 19.50% | 19.52% | 16.94% | 6.14% | 21.24% | -13.85% | 23.05% | -9.45% | 15.55% |
Correlation
The correlation between NOK=X and EWU is 0.14, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.14 |
Correlation (3Y) Balances recent behavior with more history. | 0.27 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.21 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.18 |
Correlation (All Time) Calculated using the full available price history since Sep 18, 2007 | 0.12 |
The correlation between NOK=X and EWU shifts across timeframes, from 0.12 (all time) to 0.27 (3 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
NOK=X vs. EWU — Risk / Return Rank
NOK=X
EWU
NOK=X vs. EWU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for USD/NOK (NOK=X) and iShares MSCI United Kingdom ETF (EWU). 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.
| NOK=X | EWU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.83 | ||
| Sortino ratioReturn per unit of downside risk | -2.61 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.20 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.56 | 1.54 | -2.09 |
| Martin ratioReturn relative to average drawdown | -1.07 | 4.39 | -5.46 |
Loading charts...
Drawdowns
NOK=X vs. EWU - Drawdown Comparison
The maximum NOK=X drawdown since its inception was -35.52%, smaller than the maximum EWU drawdown of -52.10%. Use the drawdown chart below to compare losses from any high point for NOK=X and EWU.
Loading charts...
Drawdown Indicators
| NOK=X | EWU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.52% | -52.10% | +16.58% |
Max Drawdown (1Y)Largest decline over 1 year | -10.78% | -9.87% | -0.91% |
Max Drawdown (3Y)Largest decline over 3 years | -19.95% | -13.18% | -6.77% |
Max Drawdown (5Y)Largest decline over 5 years | -19.95% | -13.18% | -6.77% |
Max Drawdown (10Y)Largest decline over 10 years | -35.52% | -29.49% | -6.03% |
Current DrawdownCurrent decline from peak | -20.15% | -1.36% | -18.79% |
Average DrawdownAverage peak-to-trough decline | -13.04% | -10.91% | -2.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.82% | 3.45% | +2.37% |
Volatility
NOK=X vs. EWU - Volatility Comparison
The current volatility for USD/NOK (NOK=X) is 2.39%, while iShares MSCI United Kingdom ETF (EWU) has a volatility of 4.59%. This indicates that NOK=X experiences smaller price fluctuations and is considered to be less risky than EWU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| NOK=X | EWU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.39% | 4.59% | -2.20% |
Volatility (6M)Calculated over the trailing 6-month period | 5.85% | 12.16% | -6.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.07% | 14.00% | -5.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.60% | 13.10% | -1.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.80% | 14.59% | -1.79% |
Frequently Asked Questions
NOK=X and EWU have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWU has higher volatility (4.59%) compared to NOK=X (2.39%). In terms of maximum drawdown, NOK=X dropped -35.52% vs EWU's -52.10%.
EWU currently has the higher Sharpe Ratio (1.08 vs -0.74), 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.
Find the right allocation for NOK=X and EWU
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer