NORW vs. EWP

Last updated Jun 3, 2026

NORW (Global X MSCI Norway ETF) and EWP (iShares MSCI Spain ETF) are both Europe Equities funds - NORW tracks the MSCI Norway IMI 25/50 Index while EWP tracks the MSCI Spain Index. Both are passively managed. Over the past 10 years, NORW returned 9.67%/yr vs 11.11%/yr for EWP. A 0.66 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.

Performance

NORW vs. EWP - Performance Comparison

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

Returns By Period

In the year-to-date period, NORW achieves a 26.97% return, which is significantly higher than EWP's 6.62% return. Over the past 10 years, NORW has underperformed EWP with an annualized return of 9.67%, while EWP has yielded a comparatively higher 11.11% annualized return.

NORW

• 1D: -0.45%
• 1M: -1.09%
• YTD: 26.97%
• 6M: 34.10%
• 1Y: 35.24%
• 3Y*: 23.23%
• 5Y*: 8.31%
• 10Y*: 9.67%

EWP

• 1D: 0.02%
• 1M: 1.54%
• YTD: 6.62%
• 6M: 12.03%
• 1Y: 34.29%
• 3Y*: 31.36%
• 5Y*: 17.20%
• 10Y*: 11.11%

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

NORW vs. EWP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NORW Global X MSCI Norway ETF	26.97%	32.59%	-2.50%	5.03%	-12.55%	13.65%	26.00%	14.39%	-10.39%	24.03%
EWP iShares MSCI Spain ETF	6.62%	78.03%	5.70%	30.26%	-5.18%	0.25%	-3.94%	11.93%	-15.32%	26.98%

Correlation

The correlation between NORW and EWP is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since Aug 20, 2009	0.66

Over the past year, the correlation between NORW and EWP has dropped to 0.35 - well below their long-term average of 0.66, suggesting their price drivers have been diverging.

NORW vs. EWP - Sectors Allocation Comparison

Sectors	NORW	EWP
Energy	29.4%	5.3%
Financial Services	22.6%	41.4%
Industrials	13.3%	16.1%
Consumer Defensive	12.5%	-
Basic Materials	10.9%	-
Communication Services	5.9%	2.9%
Technology	4.1%	4.9%
Utilities	0.7%	21.2%
Real Estate	0.4%	2.9%
Consumer Cyclical	0.2%	4.0%
Healthcare	-	1.3%

Return for Risk

NORW vs. EWP — Risk / Return Rank

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

NORW

NORW Risk / Return Rank: 66
NORW Sharpe Ratio Rank: 63
NORW Sortino Ratio Rank: 62
NORW Omega Ratio Rank: 58
NORW Calmar Ratio Rank: 80
NORW Martin Ratio Rank: 65

EWP

EWP Risk / Return Rank: 56
EWP Sharpe Ratio Rank: 54
EWP Sortino Ratio Rank: 50
EWP Omega Ratio Rank: 50
EWP Calmar Ratio Rank: 63
EWP Martin Ratio Rank: 62

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. EWP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X MSCI Norway ETF (NORW) and iShares MSCI Spain ETF (EWP). 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	EWP	Difference
Sharpe ratio Return per unit of total volatility	2.12	1.84	+0.28
Sortino ratio Return per unit of downside risk	2.93	2.48	+0.45
Omega ratio Gain probability vs. loss probability	1.36	1.32	+0.04
Calmar ratio Return relative to maximum drawdown	4.20	3.18	+1.03
Martin ratio Return relative to average drawdown	12.03	11.33	+0.70
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. EWP - Sharpe Ratio Comparison

The current NORW Sharpe Ratio is 2.12, which is comparable to the EWP Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of NORW and EWP, 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

	NORW	EWP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.12	1.84	+0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.85	-0.47
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.50	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.31	+0.09

Drawdowns

NORW vs. EWP - Drawdown Comparison

The maximum NORW drawdown since its inception was -35.62%, smaller than the maximum EWP drawdown of -61.19%. Use the drawdown chart below to compare losses from any high point for NORW and EWP.

Drawdown Indicators

	NORW	EWP	Difference
Max Drawdown Largest peak-to-trough decline	-35.62%	-61.19%	+25.57%
Max Drawdown (1Y) Largest decline over 1 year	-9.18%	-11.38%	+2.20%
Max Drawdown (3Y) Largest decline over 3 years	-16.06%	-12.19%	-3.87%
Max Drawdown (5Y) Largest decline over 5 years	-32.78%	-33.91%	+1.13%
Max Drawdown (10Y) Largest decline over 10 years	-33.86%	-46.36%	+12.50%
Current Drawdown Current decline from peak	-3.03%	-1.56%	-1.47%
Average Drawdown Average peak-to-trough decline	-10.13%	-21.44%	+11.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.21%	3.19%	+0.02%

Volatility

NORW vs. EWP - Volatility Comparison

The current volatility for Global X MSCI Norway ETF (NORW) is 4.11%, while iShares MSCI Spain ETF (EWP) has a volatility of 6.86%. This indicates that NORW experiences smaller price fluctuations and is considered to be less risky than EWP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NORW	EWP	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.11%	6.86%	-2.75%
Volatility (6M) Calculated over the trailing 6-month period	12.73%	15.60%	-2.87%
Volatility (1Y) Calculated over the trailing 1-year period	16.86%	18.76%	-1.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.88%	20.24%	+1.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.81%	22.23%	-1.42%

NORW vs. EWP - Expense Ratio Comparison

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

Dividends

NORW vs. EWP - Dividend Comparison

NORW's dividend yield for the trailing twelve months is around 2.71%, more than EWP's 2.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWP iShares MSCI Spain ETF	2.13%	2.27%	4.35%	2.70%	3.07%	3.29%	2.56%	3.72%	3.69%	2.72%	4.65%	3.85%
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%

Frequently Asked Questions

Can I hold both NORW and EWP in my portfolio?

NORW and EWP have a correlation of 0.35, 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 EWP?

EWP has higher volatility (6.86%) compared to NORW (4.11%). In terms of maximum drawdown, NORW dropped -35.62% vs EWP's -61.19%.

Which ETF is better, NORW or EWP?

On 10-year performance, EWP leads with 11.11% vs 9.67% for NORW. Both ETFs have the same 0.50% expense ratio. On volatility, NORW has been the lower-risk option at 4.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NORW or EWP?

Over the 10-year period, EWP has performed better with a 11.11% return vs 9.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NORW or EWP?

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

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

NORW has the higher dividend yield at 2.71%, compared with 2.13% for EWP.

What is the main difference between NORW and EWP?

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

Which has better risk-adjusted returns?

NORW currently has the higher Sharpe Ratio (2.12 vs 1.84), 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.