NOK=X vs. EWU

Last updated Jun 6, 2026

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 1.54%/yr vs 9.35%/yr for EWU. At a 0.11 correlation, their price movements are largely independent.

Performance

NOK=X vs. EWU - Performance Comparison

The chart below illustrates the hypothetical performance of a NOK 10,000 investment in USD/NOK (NOK=X) and iShares MSCI United Kingdom ETF (EWU). The values are adjusted to include any dividend payments, if applicable.

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 -6.33% return, which is significantly lower than EWU's -1.22% return. Over the past 10 years, NOK=X has underperformed EWU with an annualized return of 1.54%, while EWU has yielded a comparatively higher 9.35% annualized return.

NOK=X

• 1D: 1.14%
• 1M: 1.57%
• YTD: -6.33%
• 6M: -6.44%
• 1Y: -6.06%
• 3Y*: -5.21%
• 5Y*: 2.64%
• 10Y*: 1.54%

EWU

• 1D: 0.06%
• 1M: -0.70%
• YTD: -1.22%
• 6M: 2.34%
• 1Y: 12.68%
• 3Y*: 10.93%
• 5Y*: 13.54%
• 10Y*: 9.35%

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

NOK=X vs. EWU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NOK=X USD/NOK	-6.33%	-11.45%	11.97%	4.04%	11.02%	2.57%	-2.33%	1.46%	5.65%	-4.93%
EWU iShares MSCI United Kingdom ETF	-1.22%	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 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.20
Correlation (10Y) Calculated over the trailing 10-year period	0.17
Correlation (All Time) Calculated using the full available price history since Jul 11, 2007	0.11

The correlation between NOK=X and EWU shifts across timeframes, from 0.11 (all time) to 0.28 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

NOK=X vs. EWU — Risk / Return Rank

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

NOK=X

NOK=X Risk / Return Rank: 23
NOK=X Sharpe Ratio Rank: 23
NOK=X Sortino Ratio Rank: 23
NOK=X Omega Ratio Rank: 23
NOK=X Calmar Ratio Rank: 25
NOK=X Martin Ratio Rank: 21

EWU

EWU Risk / Return Rank: 42
EWU Sharpe Ratio Rank: 41
EWU Sortino Ratio Rank: 41
EWU Omega Ratio Rank: 39
EWU Calmar Ratio Rank: 43
EWU Martin Ratio Rank: 46

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.

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.

	NOK=X	EWU	Difference
Sharpe ratio: Return per unit of total volatility	-0.62	0.96	-1.57
Sortino ratio: Return per unit of downside risk	-0.78	1.45	-2.23
Omega ratio: Gain probability vs. loss probability	0.91	1.18	-0.27
Calmar ratio: Return relative to maximum drawdown	-0.44	1.29	-1.73
Martin ratio: Return relative to average drawdown	-0.90	3.87	-4.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NOK=X vs. EWU - Sharpe Ratio Comparison

The current NOK=X Sharpe Ratio is -0.62, which is lower than the EWU Sharpe Ratio of 0.96. The chart below compares the historical Sharpe Ratios of NOK=X and EWU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NOK=X	EWU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.62	0.96	-1.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	1.05	-0.84
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.11	0.63	-0.52
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.32	-0.13

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 -53.89%. Use the drawdown chart below to compare losses from any high point for NOK=X and EWU.

Drawdown Indicators

	NOK=X	EWU	Difference
Max Drawdown Largest peak-to-trough decline	-35.52%	-53.89%	+18.37%
Max Drawdown (1Y) Largest decline over 1 year	-11.22%	-9.87%	-1.35%
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 Drawdown Current decline from peak	-20.41%	-5.64%	-14.77%
Average Drawdown Average peak-to-trough decline	-13.16%	-11.86%	-1.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.58%	3.28%	+2.30%

Volatility

NOK=X vs. EWU - Volatility Comparison

The current volatility for USD/NOK (NOK=X) is 1.85%, while iShares MSCI United Kingdom ETF (EWU) has a volatility of 4.36%. 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.

Volatility by Period

	NOK=X	EWU	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.85%	4.36%	-2.51%
Volatility (6M) Calculated over the trailing 6-month period	6.41%	11.41%	-5.00%
Volatility (1Y) Calculated over the trailing 1-year period	7.97%	13.32%	-5.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.71%	13.00%	-1.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.92%	14.92%	-2.00%

Frequently Asked Questions

Can I hold both NOK=X and EWU in my portfolio?

NOK=X and EWU have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NOK=X or EWU?

EWU has higher volatility (4.36%) compared to NOK=X (1.85%). In terms of maximum drawdown, NOK=X dropped -35.52% vs EWU's -53.89%.

Which has better risk-adjusted returns?

EWU currently has the higher Sharpe Ratio (0.96 vs -0.62), 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.