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NORW vs. EWH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

NORW vs. EWH

Last updated Jul 21, 2026
Documentation

NORW (Global X MSCI Norway ETF) and EWH (iShares MSCI Hong Kong ETF) are both exchange-traded funds - NORW is a Europe Equities fund tracking the MSCI Norway IMI 25/50 Index, while EWH is a Asia Pacific Equities fund tracking the MSCI Hong Kong Index. Both are passively managed. Over the past 10 years, NORW returned 9.22%/yr vs 4.15%/yr for EWH. A 0.52 correlation means they provide meaningful diversification when combined. NORW charges 0.50%/yr vs 0.49%/yr for EWH.

Performance

NORW vs. EWH - Performance Comparison

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

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Returns By Period

In the year-to-date period, NORW achieves a 18.36% return, which is significantly higher than EWH's 5.87% return. Over the past 10 years, NORW has outperformed EWH with an annualized return of 9.22%, while EWH has yielded a comparatively lower 4.15% annualized return.

NORW

1D
-0.74%
1M
0.76%
6M
13.86%
YTD
18.36%
1Y
26.38%
3Y*
16.94%
5Y*
6.61%
10Y*
9.22%
ALL TIME*
8.60%

EWH

1D
0.45%
1M
4.04%
6M
-0.19%
YTD
5.87%
1Y
14.33%
3Y*
9.63%
5Y*
0.01%
10Y*
4.15%
ALL TIME*
4.82%
*Multi-year figures are annualized to reflect compound growth (CAGR)

NORW vs. EWH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
NORW
Global X MSCI Norway ETF		18.36%32.59%-2.50%5.03%-12.55%13.65%26.00%14.39%-10.39%24.03%
EWH
iShares MSCI Hong Kong ETF		5.87%34.50%0.00%-13.87%-6.81%-3.49%4.17%10.74%-8.76%36.46%

Correlation

The correlation between NORW and EWH is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.37

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

0.43

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

0.45

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

0.48

Correlation (All Time)
Calculated using the full available price history since Aug 19, 2009

0.52

The correlation between NORW and EWH shifts across timeframes, from 0.37 (1 year) to 0.52 (all time), reflecting how their relationship changes across market environments.

NORW vs. EWH - Sectors Allocation Comparison

Sectors
NORW
EWH

Energy

28.3%

-

Financial Services

23.8%
42.5%

Industrials

14.8%
19.8%

Consumer Defensive

11.7%
2.6%

Basic Materials

9.5%

-

Communication Services

6.5%
1.8%

Technology

3.7%

-

Utilities

0.7%
12.1%

Consumer Cyclical

0.6%
3.8%

Real Estate

0.4%
17.5%

Healthcare

-

-

Energy

NORW
28.3%
EWH

-

Financial Services

NORW
23.8%
EWH
42.5%

Industrials

NORW
14.8%
EWH
19.8%

Consumer Defensive

NORW
11.7%
EWH
2.6%

Basic Materials

NORW
9.5%
EWH

-

Communication Services

NORW
6.5%
EWH
1.8%

Technology

NORW
3.7%
EWH

-

Utilities

NORW
0.7%
EWH
12.1%

Consumer Cyclical

NORW
0.6%
EWH
3.8%

Real Estate

NORW
0.4%
EWH
17.5%

Healthcare

NORW

-

EWH

-

Compare stocks, funds, or ETFs

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

Global X MSCI Norway ETF

iShares MSCI Hong Kong ETF

Often compared with NORW:
NORW vs. ENORNORW vs. EWDNORW vs. EIRLNORW vs. MGKNORW vs. VOONORW vs. SPYNORW vs. DXJ
Often compared with EWH:
EWH vs. MCHIEWH vs. FXIEWH vs. EWSEWH vs. EWYEWH vs. EWTEWH vs. EWJEWH vs. EPP

Return for Risk

NORW vs. EWH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
NORW
NORW Risk / Return Rank: 5555
Overall Rank
NORW Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
NORW Sortino Ratio Rank: 6262
Sortino Ratio Rank
NORW Omega Ratio Rank: 5656
Omega Ratio Rank
NORW Calmar Ratio Rank: 4747
Calmar Ratio Rank
NORW Martin Ratio Rank: 4848
Martin Ratio Rank
EWH
EWH Risk / Return Rank: 2929
Overall Rank
EWH Sharpe Ratio Rank: 3131
Sharpe Ratio Rank
EWH Sortino Ratio Rank: 3131
Sortino Ratio Rank
EWH Omega Ratio Rank: 2828
Omega Ratio Rank
EWH Calmar Ratio Rank: 2828
Calmar Ratio Rank
EWH Martin Ratio Rank: 2828
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.

NORW vs. EWH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X MSCI Norway ETF (NORW) and iShares MSCI Hong Kong ETF (EWH). 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.

NORWEWHDifference
Sharpe ratioReturn per unit of total volatility
1.53
0.86

+0.67

Sortino ratioReturn per unit of downside risk
2.19
1.30

+0.89

Omega ratioGain probability vs. loss probability

1.26

1.15

+0.11

Calmar ratioReturn relative to maximum drawdown

1.83

1.07

+0.76

Martin ratioReturn relative to average drawdown

5.89

2.84

+3.05

NORW vs. EWH - Sharpe Ratio Comparison

The current NORW Sharpe Ratio is 1.53, which is higher than the EWH Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of NORW and EWH, 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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Drawdowns

NORW vs. EWH - Drawdown Comparison

The maximum NORW drawdown since its inception was -35.62%, smaller than the maximum EWH drawdown of -66.44%. Use the drawdown chart below to compare losses from any high point for NORW and EWH.

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Drawdown Indicators

NORWEWHDifference

Max Drawdown

Largest peak-to-trough decline

-35.62%

-66.44%

+30.82%

Max Drawdown (1Y)

Largest decline over 1 year

-14.49%

-13.41%

-1.08%

Max Drawdown (3Y)

Largest decline over 3 years

-16.06%

-24.93%

+8.87%

Max Drawdown (5Y)

Largest decline over 5 years

-32.78%

-41.12%

+8.34%

Max Drawdown (10Y)

Largest decline over 10 years

-33.86%

-42.71%

+8.85%

Current Drawdown

Current decline from peak

-9.61%

-8.36%

-1.25%

Average Drawdown

Average peak-to-trough decline

-10.13%

-19.45%

+9.32%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.49%

5.06%

-0.57%

Volatility

NORW vs. EWH - Volatility Comparison

Global X MSCI Norway ETF (NORW) has a higher volatility of 5.55% compared to iShares MSCI Hong Kong ETF (EWH) at 3.86%. This indicates that NORW's price experiences larger fluctuations and is considered to be riskier than EWH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

NORWEWHDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.55%

3.86%

+1.69%

Volatility (6M)

Calculated over the trailing 6-month period

14.15%

12.14%

+2.01%

Volatility (1Y)

Calculated over the trailing 1-year period

17.30%

16.70%

+0.60%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.99%

20.13%

+1.86%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.54%

19.52%

+1.02%

NORW vs. EWH - Expense Ratio Comparison

NORW has a 0.50% expense ratio, which is higher than EWH's 0.49% expense ratio.

Dividends

NORW vs. EWH - Dividend Comparison

NORW's dividend yield for the trailing twelve months is around 7.60%, more than EWH's 4.68% yield.

PositionTTM20252024202320222021202020192018201720162015
EWH
iShares MSCI Hong Kong ETF		4.68%5.20%4.17%4.28%2.91%2.78%2.56%2.71%2.93%4.35%3.08%2.63%
NORW
Global X MSCI Norway ETF		7.60%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 EWH have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

NORW has higher volatility (5.55%) compared to EWH (3.86%). In terms of maximum drawdown, NORW dropped -35.62% vs EWH's -66.44%.

On 10-year performance, NORW leads with 9.22% vs 4.15% for EWH. On fees, EWH is cheaper at 0.49% per year. On volatility, EWH has been the lower-risk option at 3.86%. 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 9.22% return vs 4.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWH is cheaper with a 0.49% expense ratio, compared with 0.50% for NORW.

NORW has the higher dividend yield at 7.60%, compared with 4.68% for EWH.

NORW is categorized as Europe Equities, while EWH is Asia Pacific Equities. NORW tracks MSCI Norway IMI 25/50 Index, while EWH tracks MSCI Hong Kong Index. They also come from different issuers: Global X and iShares. Their fees differ too: 0.50% for NORW and 0.49% for EWH.

NORW currently has the higher Sharpe Ratio (1.53 vs 0.86), 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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