NORW vs. EWL

Last updated Jun 13, 2026

NORW (Global X MSCI Norway ETF) and EWL (iShares MSCI Switzerland ETF) are both Europe Equities funds - NORW tracks the MSCI Norway IMI 25/50 Index while EWL tracks the MSCI Switzerland Index. Both are passively managed. Over the past 10 years, NORW returned 10.18%/yr vs 10.14%/yr for EWL. A 0.67 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.

Performance

NORW vs. EWL - Performance Comparison

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

Returns By Period

In the year-to-date period, NORW achieves a 23.78% return, which is significantly higher than EWL's 4.60% return. Both investments have delivered pretty close results over the past 10 years, with NORW having a 10.18% annualized return and EWL not far behind at 10.14%.

NORW

• 1D: -0.51%
• 1M: -3.45%
• YTD: 23.78%
• 6M: 28.35%
• 1Y: 27.30%
• 3Y*: 20.68%
• 5Y*: 7.51%
• 10Y*: 10.18%

EWL

• 1D: -0.30%
• 1M: 1.55%
• YTD: 4.60%
• 6M: 7.45%
• 1Y: 13.57%
• 3Y*: 12.47%
• 5Y*: 6.50%
• 10Y*: 10.14%

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

NORW vs. EWL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NORW Global X MSCI Norway ETF	23.78%	32.59%	-2.50%	5.03%	-12.55%	13.65%	26.00%	14.39%	-10.39%	24.03%
EWL iShares MSCI Switzerland ETF	4.60%	32.92%	-2.80%	17.67%	-18.89%	20.20%	11.80%	31.58%	-9.21%	23.34%

Correlation

The correlation between NORW and EWL is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since Aug 19, 2009	0.67

Over the past year, the correlation between NORW and EWL has dropped to 0.33 - well below their long-term average of 0.67, suggesting their price drivers have been diverging.

NORW vs. EWL - Sectors Allocation Comparison

Sectors	NORW	EWL
Energy	29.4%	-
Financial Services	22.6%	18.6%
Industrials	13.3%	12.0%
Consumer Defensive	12.5%	14.9%
Basic Materials	10.9%	6.6%
Communication Services	5.9%	1.3%
Technology	4.1%	0.9%
Utilities	0.7%	0.4%
Real Estate	0.4%	0.9%
Consumer Cyclical	0.2%	5.4%
Healthcare	-	38.8%

Return for Risk

NORW vs. EWL — Risk / Return Rank

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

NORW

NORW Risk / Return Rank: 56
NORW Sharpe Ratio Rank: 55
NORW Sortino Ratio Rank: 55
NORW Omega Ratio Rank: 50
NORW Calmar Ratio Rank: 67
NORW Martin Ratio Rank: 54

EWL

EWL Risk / Return Rank: 26
EWL Sharpe Ratio Rank: 27
EWL Sortino Ratio Rank: 26
EWL Omega Ratio Rank: 25
EWL Calmar Ratio Rank: 24
EWL Martin Ratio Rank: 27

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. EWL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X MSCI Norway ETF (NORW) and iShares MSCI Switzerland ETF (EWL). 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	EWL	Difference
Sharpe ratio: Return per unit of total volatility	1.63	0.85	+0.78
Sortino ratio: Return per unit of downside risk	2.32	1.30	+1.02
Omega ratio: Gain probability vs. loss probability	1.28	1.15	+0.13
Calmar ratio: Return relative to maximum drawdown	2.99	1.01	+1.98
Martin ratio: Return relative to average drawdown	8.18	3.24	+4.93

NORW vs. EWL - Sharpe Ratio Comparison

The current NORW Sharpe Ratio is 1.63, which is higher than the EWL Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of NORW and EWL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NORW vs. EWL - Drawdown Comparison

The maximum NORW drawdown since its inception was -35.62%, smaller than the maximum EWL drawdown of -51.62%. Use the drawdown chart below to compare losses from any high point for NORW and EWL.

Drawdown Indicators

	NORW	EWL	Difference
Max Drawdown Largest peak-to-trough decline	-35.62%	-51.62%	+16.00%
Max Drawdown (1Y) Largest decline over 1 year	-9.18%	-13.48%	+4.30%
Max Drawdown (3Y) Largest decline over 3 years	-16.06%	-13.48%	-2.58%
Max Drawdown (5Y) Largest decline over 5 years	-32.78%	-28.99%	-3.79%
Max Drawdown (10Y) Largest decline over 10 years	-33.86%	-28.99%	-4.87%
Current Drawdown Current decline from peak	-5.47%	-3.63%	-1.84%
Average Drawdown Average peak-to-trough decline	-10.12%	-11.08%	+0.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.35%	4.22%	-0.87%

Volatility

NORW vs. EWL - Volatility Comparison

The current volatility for Global X MSCI Norway ETF (NORW) is 4.35%, while iShares MSCI Switzerland ETF (EWL) has a volatility of 5.12%. This indicates that NORW experiences smaller price fluctuations and is considered to be less risky than EWL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NORW	EWL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.35%	5.12%	-0.77%
Volatility (6M) Calculated over the trailing 6-month period	13.08%	12.70%	+0.38%
Volatility (1Y) Calculated over the trailing 1-year period	16.91%	16.09%	+0.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.91%	16.13%	+5.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.78%	16.47%	+4.31%

NORW vs. EWL - Expense Ratio Comparison

Both NORW and EWL have an expense ratio of 0.50%.

Dividends

NORW vs. EWL - Dividend Comparison

NORW's dividend yield for the trailing twelve months is around 2.78%, more than EWL's 1.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWL iShares MSCI Switzerland ETF	1.63%	1.71%	2.21%	2.12%	2.04%	1.73%	1.45%	1.85%	2.56%	2.05%	2.75%	2.58%
NORW Global X MSCI Norway ETF	2.78%	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

Can I hold both NORW and EWL in my portfolio?

NORW and EWL have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NORW or EWL?

EWL has higher volatility (5.12%) compared to NORW (4.35%). In terms of maximum drawdown, NORW dropped -35.62% vs EWL's -51.62%.

Which ETF is better, NORW or EWL?

On 10-year performance, NORW leads with 10.18% vs 10.14% for EWL. Both ETFs have the same 0.50% expense ratio. On volatility, NORW has been the lower-risk option at 4.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NORW or EWL?

Over the 10-year period, NORW has performed better with a 10.18% return vs 10.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NORW or EWL?

NORW and EWL have the same expense ratio: 0.50% per year.

Which ETF pays a higher dividend yield, NORW or EWL?

NORW has the higher dividend yield at 2.78%, compared with 1.63% for EWL.

What is the main difference between NORW and EWL?

NORW tracks MSCI Norway IMI 25/50 Index, while EWL tracks MSCI Switzerland Index. They also come from different issuers: Global X and iShares.

Which has better risk-adjusted returns?

NORW currently has the higher Sharpe Ratio (1.63 vs 0.85), 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.