NORW vs. BSMW
NORW (Global X MSCI Norway ETF) and BSMW (Invesco BulletShares 2032 Municipal Bond ETF) are both exchange-traded funds - NORW is a Europe Equities fund tracking the MSCI Norway IMI 25/50 Index, while BSMW is a Municipal Bonds fund tracking the Invesco BulletShares USD Municipal Bond 2032 Index. Both are passively managed. Over the past 3 years, NORW returned 20.53%/yr vs 2.88%/yr for BSMW. At a 0.02 correlation, their price movements are largely independent. NORW charges 0.50%/yr vs 0.18%/yr for BSMW.
Performance
NORW vs. BSMW - Performance Comparison
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Returns By Period
In the year-to-date period, NORW achieves a 16.50% return, which is significantly higher than BSMW's 1.38% return.
NORW
- 1D
- -1.77%
- 1M
- -10.03%
- YTD
- 16.50%
- 6M
- 17.32%
- 1Y
- 21.71%
- 3Y*
- 20.53%
- 5Y*
- 6.59%
- 10Y*
- 9.75%
BSMW
- 1D
- -0.06%
- 1M
- 1.23%
- YTD
- 1.38%
- 6M
- 1.51%
- 1Y
- 6.18%
- 3Y*
- 2.88%
- 5Y*
- —
- 10Y*
- —
NORW vs. BSMW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
NORW Global X MSCI Norway ETF | 16.50% | 32.59% | -2.50% | 5.56% |
BSMW Invesco BulletShares 2032 Municipal Bond ETF | 1.38% | 3.42% | -0.35% | 7.00% |
Correlation
The correlation between NORW and BSMW is -0.10, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 2023 | 0.02 |
The correlation between NORW and BSMW shifts across timeframes, from -0.10 (1 year) to 0.05 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
NORW vs. BSMW — Risk / Return Rank
NORW
BSMW
NORW vs. BSMW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X MSCI Norway ETF (NORW) and Invesco BulletShares 2032 Municipal Bond ETF (BSMW). 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.
| NORW | BSMW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.04 | ||
| Sortino ratioReturn per unit of downside risk | -1.44 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.47 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | 1.98 | 2.13 | -0.15 |
| Martin ratioReturn relative to average drawdown | 6.42 | 6.54 | -0.12 |
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Drawdowns
NORW vs. BSMW - Drawdown Comparison
The maximum NORW drawdown since its inception was -35.62%, which is greater than BSMW's maximum drawdown of -7.57%. Use the drawdown chart below to compare losses from any high point for NORW and BSMW.
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Drawdown Indicators
| NORW | BSMW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.62% | -7.57% | -28.05% |
Max Drawdown (1Y)Largest decline over 1 year | -11.03% | -2.92% | -8.11% |
Max Drawdown (3Y)Largest decline over 3 years | -16.06% | -7.34% | -8.72% |
Max Drawdown (5Y)Largest decline over 5 years | -32.78% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -33.86% | — | — |
Current DrawdownCurrent decline from peak | -11.03% | -0.90% | -10.13% |
Average DrawdownAverage peak-to-trough decline | -10.12% | -1.71% | -8.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.39% | 0.95% | +2.44% |
Volatility
NORW vs. BSMW - Volatility Comparison
Global X MSCI Norway ETF (NORW) has a higher volatility of 4.71% compared to Invesco BulletShares 2032 Municipal Bond ETF (BSMW) at 0.48%. This indicates that NORW's price experiences larger fluctuations and is considered to be riskier than BSMW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NORW | BSMW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.71% | 0.48% | +4.23% |
Volatility (6M)Calculated over the trailing 6-month period | 13.51% | 1.95% | +11.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.10% | 2.68% | +14.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.93% | 4.96% | +16.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.59% | 4.96% | +15.63% |
NORW vs. BSMW - Expense Ratio Comparison
NORW has a 0.50% expense ratio, which is higher than BSMW's 0.18% expense ratio.
Dividends
NORW vs. BSMW - Dividend Comparison
NORW's dividend yield for the trailing twelve months is around 2.95%, less than BSMW's 3.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BSMW Invesco BulletShares 2032 Municipal Bond ETF | 3.20% | 3.24% | 3.48% | 2.36% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
NORW Global X MSCI Norway ETF | 2.95% | 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
NORW and BSMW have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NORW has higher volatility (4.71%) compared to BSMW (0.48%). In terms of maximum drawdown, NORW dropped -35.62% vs BSMW's -7.57%.
On 3-year performance, NORW leads with 20.53% vs 2.88% for BSMW. On fees, BSMW is cheaper at 0.18% per year. On volatility, BSMW has been the lower-risk option at 0.48%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, NORW has performed better with a 20.53% return vs 2.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BSMW is cheaper with a 0.18% expense ratio, compared with 0.50% for NORW.
BSMW has the higher dividend yield at 3.20%, compared with 2.95% for NORW.
NORW is categorized as Europe Equities, while BSMW is Municipal Bonds. NORW tracks MSCI Norway IMI 25/50 Index, while BSMW tracks Invesco BulletShares USD Municipal Bond 2032 Index. They also come from different issuers: Global X and Invesco. Their fees differ too: 0.50% for NORW and 0.18% for BSMW.
BSMW currently has the higher Sharpe Ratio (2.32 vs 1.28), 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.
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