NORW vs. FLEH

Last updated Jun 25, 2026

NORW (Global X MSCI Norway ETF) and FLEH (Franklin FTSE Europe Hedged ETF) are both Europe Equities funds - NORW tracks the MSCI Norway IMI 25/50 Index while FLEH tracks the FTSE Developed Europe RIC Capped Index. Both are passively managed. Over the past 5 years, NORW returned 6.23%/yr vs 11.55%/yr for FLEH. A 0.57 correlation means they provide meaningful diversification when combined. NORW charges 0.50%/yr vs 0.09%/yr for FLEH.

Performance

NORW vs. FLEH - Performance Comparison

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

Returns By Period

In the year-to-date period, NORW achieves a 14.90% return, which is significantly higher than FLEH's 6.62% return.

NORW

• 1D: -1.37%
• 1M: -11.26%
• YTD: 14.90%
• 6M: 15.18%
• 1Y: 21.59%
• 3Y*: 19.97%
• 5Y*: 6.23%
• 10Y*: 9.60%

FLEH

• 1D: -0.72%
• 1M: 1.03%
• YTD: 6.62%
• 6M: 6.97%
• 1Y: 17.95%
• 3Y*: 17.21%
• 5Y*: 11.55%
• 10Y*: —

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

NORW vs. FLEH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NORW Global X MSCI Norway ETF	14.90%	32.59%	-2.50%	5.03%	-12.55%	13.65%	26.00%	14.39%	-10.39%	-0.76%
FLEH Franklin FTSE Europe Hedged ETF	6.62%	41.56%	2.26%	16.21%	-9.14%	23.27%	0.95%	26.94%	-8.54%	-1.24%

Correlation

The correlation between NORW and FLEH is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017	0.57

The correlation between NORW and FLEH shifts across timeframes, from 0.42 (1 year) to 0.57 (all time), reflecting how their relationship changes across market environments.

NORW vs. FLEH - Sectors Allocation Comparison

Sectors	NORW	FLEH
Energy	27.3%	5.5%
Financial Services	22.9%	16.0%
Industrials	14.7%	15.3%
Consumer Defensive	12.1%	12.1%
Basic Materials	11.5%	6.8%
Communication Services	5.9%	3.4%
Technology	4.4%	7.5%
Utilities	0.6%	4.0%
Real Estate	0.4%	1.3%
Consumer Cyclical	0.2%	10.8%
Healthcare	-	14.8%

Return for Risk

NORW vs. FLEH — Risk / Return Rank

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

NORW

NORW Risk / Return Rank: 39
NORW Sharpe Ratio Rank: 39
NORW Sortino Ratio Rank: 39
NORW Omega Ratio Rank: 36
NORW Calmar Ratio Rank: 39
NORW Martin Ratio Rank: 42

FLEH

FLEH Risk / Return Rank: 32
FLEH Sharpe Ratio Rank: 31
FLEH Sortino Ratio Rank: 31
FLEH Omega Ratio Rank: 31
FLEH Calmar Ratio Rank: 30
FLEH Martin Ratio Rank: 35

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. FLEH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X MSCI Norway ETF (NORW) and Franklin FTSE Europe Hedged ETF (FLEH). 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	FLEH	Difference
Sharpe ratio: Return per unit of total volatility	1.27	1.03	+0.24
Sortino ratio: Return per unit of downside risk	1.85	1.56	+0.29
Omega ratio: Gain probability vs. loss probability	1.22	1.19	+0.03
Calmar ratio: Return relative to maximum drawdown	1.77	1.34	+0.43
Martin ratio: Return relative to average drawdown	6.22	4.87	+1.35

NORW vs. FLEH - Sharpe Ratio Comparison

The current NORW Sharpe Ratio is 1.27, which is comparable to the FLEH Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of NORW and FLEH, 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. FLEH - Drawdown Comparison

The maximum NORW drawdown since its inception was -35.62%, roughly equal to the maximum FLEH drawdown of -33.94%. Use the drawdown chart below to compare losses from any high point for NORW and FLEH.

Drawdown Indicators

	NORW	FLEH	Difference
Max Drawdown Largest peak-to-trough decline	-35.62%	-33.94%	-1.68%
Max Drawdown (1Y) Largest decline over 1 year	-12.25%	-13.41%	+1.16%
Max Drawdown (3Y) Largest decline over 3 years	-16.06%	-15.67%	-0.39%
Max Drawdown (5Y) Largest decline over 5 years	-32.78%	-18.67%	-14.11%
Max Drawdown (10Y) Largest decline over 10 years	-33.86%	—	—
Current Drawdown Current decline from peak	-12.25%	-2.70%	-9.55%
Average Drawdown Average peak-to-trough decline	-10.12%	-4.68%	-5.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.48%	3.69%	-0.21%

Volatility

NORW vs. FLEH - Volatility Comparison

The current volatility for Global X MSCI Norway ETF (NORW) is 4.75%, while Franklin FTSE Europe Hedged ETF (FLEH) has a volatility of 5.42%. This indicates that NORW experiences smaller price fluctuations and is considered to be less risky than FLEH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NORW	FLEH	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.75%	5.42%	-0.67%
Volatility (6M) Calculated over the trailing 6-month period	13.58%	15.06%	-1.48%
Volatility (1Y) Calculated over the trailing 1-year period	17.15%	17.52%	-0.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.93%	16.47%	+5.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.59%	18.27%	+2.32%

NORW vs. FLEH - Expense Ratio Comparison

NORW has a 0.50% expense ratio, which is higher than FLEH's 0.09% expense ratio.

Dividends

NORW vs. FLEH - Dividend Comparison

NORW's dividend yield for the trailing twelve months is around 2.99%, more than FLEH's 1.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLEH Franklin FTSE Europe Hedged ETF	1.08%	2.22%	3.18%	3.25%	21.45%	3.03%	1.94%	6.06%	12.17%	0.07%	0.00%	0.00%
NORW Global X MSCI Norway ETF	2.99%	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 FLEH in my portfolio?

NORW and FLEH have a correlation of 0.42, 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 FLEH?

FLEH has higher volatility (5.42%) compared to NORW (4.75%). In terms of maximum drawdown, NORW dropped -35.62% vs FLEH's -33.94%.

Which ETF is better, NORW or FLEH?

On 5-year performance, FLEH leads with 11.55% vs 6.23% for NORW. On fees, FLEH is cheaper at 0.09% per year. On volatility, NORW has been the lower-risk option at 4.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NORW or FLEH?

Over the 5-year period, FLEH has performed better with a 11.55% return vs 6.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NORW or FLEH?

FLEH is cheaper with a 0.09% expense ratio, compared with 0.50% for NORW.

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

NORW has the higher dividend yield at 2.99%, compared with 1.08% for FLEH.

What is the main difference between NORW and FLEH?

NORW tracks MSCI Norway IMI 25/50 Index, while FLEH tracks FTSE Developed Europe RIC Capped Index. They also come from different issuers: Global X and Franklin Templeton. Their fees differ too: 0.50% for NORW and 0.09% for FLEH.

Which has better risk-adjusted returns?

NORW currently has the higher Sharpe Ratio (1.27 vs 1.03), 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.