NORW vs. EZU
Compare and contrast key facts about Global X MSCI Norway ETF (NORW) and iShares MSCI Eurozone ETF (EZU).
NORW and EZU 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. EZU is a passively managed fund by iShares that tracks the performance of the MSCI EMU. It was launched on Jul 25, 2000. Both NORW and EZU 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. EZU - Performance Comparison
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NORW vs. EZU - 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% |
EZU iShares MSCI Eurozone ETF | -2.28% | 40.00% | 2.23% | 23.44% | -17.25% | 13.92% | 7.62% | 23.27% | -16.76% | 27.89% |
Returns By Period
In the year-to-date period, NORW achieves a 27.18% return, which is significantly higher than EZU's -2.28% return. Over the past 10 years, NORW has outperformed EZU with an annualized return of 9.91%, while EZU has yielded a comparatively lower 9.17% 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%
EZU
- 1D
- 3.79%
- 1M
- -8.66%
- YTD
- -2.28%
- 6M
- 2.10%
- 1Y
- 21.26%
- 3Y*
- 14.77%
- 5Y*
- 8.73%
- 10Y*
- 9.17%
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NORW vs. EZU - Expense Ratio Comparison
NORW has a 0.50% expense ratio, which is lower than EZU's 0.51% expense ratio.
Return for Risk
NORW vs. EZU — Risk / Return Rank
NORW
EZU
NORW vs. EZU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X MSCI Norway ETF (NORW) and iShares MSCI Eurozone ETF (EZU). 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 | EZU | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.07 | 1.12 | +0.95 |
Sortino ratioReturn per unit of downside risk | 2.73 | 1.68 | +1.06 |
Omega ratioGain probability vs. loss probability | 1.41 | 1.23 | +0.18 |
Calmar ratioReturn relative to maximum drawdown | 2.97 | 1.52 | +1.45 |
Martin ratioReturn relative to average drawdown | 12.16 | 5.80 | +6.36 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| NORW | EZU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.07 | 1.12 | +0.95 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.47 | 0.45 | +0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.48 | 0.45 | +0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.41 | 0.19 | +0.21 |
Correlation
The correlation between NORW and EZU is 0.77, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
NORW vs. EZU - Dividend Comparison
NORW's dividend yield for the trailing twelve months is around 2.71%, less than EZU's 2.92% 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% |
EZU iShares MSCI Eurozone ETF | 2.92% | 2.85% | 2.90% | 2.56% | 2.79% | 2.46% | 2.13% | 2.84% | 3.47% | 1.91% | 3.07% | 2.18% |
Drawdowns
NORW vs. EZU - Drawdown Comparison
The maximum NORW drawdown since its inception was -35.62%, smaller than the maximum EZU drawdown of -65.32%. Use the drawdown chart below to compare losses from any high point for NORW and EZU.
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Drawdown Indicators
| NORW | EZU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.62% | -65.32% | +29.70% |
Max Drawdown (1Y)Largest decline over 1 year | -15.77% | -13.06% | -2.71% |
Max Drawdown (5Y)Largest decline over 5 years | -32.78% | -36.11% | +3.33% |
Max Drawdown (10Y)Largest decline over 10 years | -33.86% | -41.37% | +7.51% |
Current DrawdownCurrent decline from peak | 0.00% | -9.52% | +9.52% |
Average DrawdownAverage peak-to-trough decline | -10.22% | -19.35% | +9.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.85% | 3.41% | +0.44% |
Volatility
NORW vs. EZU - Volatility Comparison
The current volatility for Global X MSCI Norway ETF (NORW) is 7.20%, while iShares MSCI Eurozone ETF (EZU) has a volatility of 8.65%. This indicates that NORW experiences smaller price fluctuations and is considered to be less risky than EZU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NORW | EZU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.20% | 8.65% | -1.45% |
Volatility (6M)Calculated over the trailing 6-month period | 13.06% | 12.02% | +1.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.29% | 19.11% | +3.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.93% | 19.63% | +2.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.79% | 20.44% | +0.35% |