NORW vs. EUSC

Last updated Apr 1, 2026

Compare and contrast key facts about Global X MSCI Norway ETF (NORW) and WisdomTree Europe Hedged SmallCap Equity Fund (EUSC).

NORW and EUSC are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. NORW is a passively managed fund by Global X that tracks the performance of the MSCI Norway IMI 25/50 Index. It was launched on Nov 9, 2010. EUSC is a passively managed fund by WisdomTree that tracks the performance of the WisdomTree Europe Hedged SmallCap Equity Index. It was launched on Mar 4, 2015. Both NORW and EUSC are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

NORW vs. EUSC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X MSCI Norway ETF (NORW) and WisdomTree Europe Hedged SmallCap Equity Fund (EUSC). The values are adjusted to include any dividend payments, if applicable.

NORW vs. EUSC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NORW Global X MSCI Norway ETF	27.18%	32.59%	-2.50%	5.03%	-12.55%	13.65%	26.00%	14.39%	-10.39%	24.03%
EUSC WisdomTree Europe Hedged SmallCap Equity Fund	4.74%	38.80%	10.42%	19.80%	-11.14%	23.52%	-2.92%	28.60%	-13.34%	22.25%

Returns By Period

In the year-to-date period, NORW achieves a 27.18% return, which is significantly higher than EUSC's 4.74% return. Over the past 10 years, NORW has underperformed EUSC with an annualized return of 9.91%, while EUSC has yielded a comparatively higher 12.04% annualized return.

NORW

• 1D: 2.44%
• 1M: 6.82%
• YTD: 27.18%
• 6M: 28.29%
• 1Y: 46.00%
• 3Y*: 22.15%
• 5Y*: 10.33%
• 10Y*: 9.91%

EUSC

• 1D: 2.89%
• 1M: -4.05%
• YTD: 4.74%
• 6M: 10.31%
• 1Y: 31.19%
• 3Y*: 20.96%
• 5Y*: 13.48%
• 10Y*: 12.04%

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

NORW vs. EUSC - Expense Ratio Comparison

NORW has a 0.50% expense ratio, which is lower than EUSC's 0.58% expense ratio.

EUSC

WisdomTree Europe Hedged SmallCap Equity Fund

NORW

Global X MSCI Norway ETF

Return for Risk

NORW vs. EUSC — Risk / Return Rank

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

NORW

NORW Risk / Return Rank: 91
NORW Sharpe Ratio Rank: 92
NORW Sortino Ratio Rank: 92
NORW Omega Ratio Rank: 93
NORW Calmar Ratio Rank: 90
NORW Martin Ratio Rank: 91

EUSC

EUSC Risk / Return Rank: 87
EUSC Sharpe Ratio Rank: 85
EUSC Sortino Ratio Rank: 87
EUSC Omega Ratio Rank: 89
EUSC Calmar Ratio Rank: 85
EUSC Martin Ratio Rank: 89

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.

NORW vs. EUSC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X MSCI Norway ETF (NORW) and WisdomTree Europe Hedged SmallCap Equity Fund (EUSC). 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.

	NORW	EUSC	Difference
Sharpe ratio Return per unit of total volatility	2.07	1.70	+0.37
Sortino ratio Return per unit of downside risk	2.73	2.38	+0.36
Omega ratio Gain probability vs. loss probability	1.41	1.37	+0.04
Calmar ratio Return relative to maximum drawdown	2.97	2.51	+0.46
Martin ratio Return relative to average drawdown	12.16	11.27	+0.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NORW vs. EUSC - Sharpe Ratio Comparison

The current NORW Sharpe Ratio is 2.07, which is comparable to the EUSC Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of NORW and EUSC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	NORW	EUSC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.07	1.70	+0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.88	-0.41
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.71	-0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.62	-0.21

Correlation

The correlation between NORW and EUSC is 0.65, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

NORW vs. EUSC - Dividend Comparison

NORW's dividend yield for the trailing twelve months is around 2.71%, less than EUSC's 2.93% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NORW Global X MSCI Norway ETF	2.71%	3.44%	6.02%	5.27%	4.01%	1.51%	1.13%	2.47%	3.53%	3.64%	3.79%	2.95%
EUSC WisdomTree Europe Hedged SmallCap Equity Fund	2.93%	2.95%	3.99%	3.53%	5.13%	2.39%	3.42%	3.08%	2.34%	1.46%	2.60%	4.39%

Drawdowns

NORW vs. EUSC - Drawdown Comparison

The maximum NORW drawdown since its inception was -35.62%, smaller than the maximum EUSC drawdown of -39.28%. Use the drawdown chart below to compare losses from any high point for NORW and EUSC.

Drawdown Indicators

	NORW	EUSC	Difference
Max Drawdown Largest peak-to-trough decline	-35.62%	-39.28%	+3.66%
Max Drawdown (1Y) Largest decline over 1 year	-15.77%	-11.85%	-3.92%
Max Drawdown (5Y) Largest decline over 5 years	-32.78%	-24.49%	-8.29%
Max Drawdown (10Y) Largest decline over 10 years	-33.86%	-39.28%	+5.42%
Current Drawdown Current decline from peak	0.00%	-4.58%	+4.58%
Average Drawdown Average peak-to-trough decline	-10.22%	-5.53%	-4.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.85%	2.64%	+1.21%

Volatility

NORW vs. EUSC - Volatility Comparison

Global X MSCI Norway ETF (NORW) and WisdomTree Europe Hedged SmallCap Equity Fund (EUSC) have volatilities of 7.20% and 6.96%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NORW	EUSC	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.20%	6.96%	+0.24%
Volatility (6M) Calculated over the trailing 6-month period	13.06%	10.05%	+3.01%
Volatility (1Y) Calculated over the trailing 1-year period	22.29%	18.46%	+3.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.93%	15.33%	+6.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.79%	17.10%	+3.69%