NORW vs. GSST
NORW (Global X MSCI Norway ETF) and GSST (Goldman Sachs Ultra Short Bond ETF) are both exchange-traded funds - NORW is a Europe Equities fund tracking the MSCI Norway IMI 25/50 Index, while GSST is a Ultrashort Bond fund actively managed by Goldman Sachs. NORW is passively managed, while GSST is actively managed. Over the past 5 years, NORW returned 7.99%/yr vs 3.75%/yr for GSST. At a 0.01 correlation, their price movements are largely independent. NORW charges 0.50%/yr vs 0.16%/yr for GSST.
Performance
NORW vs. GSST - Performance Comparison
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Returns By Period
In the year-to-date period, NORW achieves a 26.31% return, which is significantly higher than GSST's 1.55% return.
NORW
- 1D
- -0.52%
- 1M
- -2.27%
- YTD
- 26.31%
- 6M
- 31.64%
- 1Y
- 36.12%
- 3Y*
- 23.02%
- 5Y*
- 7.99%
- 10Y*
- 9.61%
GSST
- 1D
- 0.00%
- 1M
- 0.32%
- YTD
- 1.55%
- 6M
- 1.88%
- 1Y
- 4.61%
- 3Y*
- 5.52%
- 5Y*
- 3.75%
- 10Y*
- —
NORW vs. GSST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
NORW Global X MSCI Norway ETF | 26.31% | 32.59% | -2.50% | 5.03% | -12.55% | 13.65% | 26.00% | 2.25% |
GSST Goldman Sachs Ultra Short Bond ETF | 1.55% | 5.20% | 6.01% | 6.08% | 0.13% | 0.05% | 1.74% | 2.65% |
Correlation
The correlation between NORW and GSST is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Apr 18, 2019 | 0.01 |
The correlation between NORW and GSST shifts across timeframes, from -0.08 (1 year) to 0.04 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
NORW vs. GSST — Risk / Return Rank
NORW
GSST
NORW vs. GSST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X MSCI Norway ETF (NORW) and Goldman Sachs Ultra Short Bond ETF (GSST). 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 | GSST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.80 | ||
| Sortino ratioReturn per unit of downside risk | -13.58 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 3.94 | -2.58 |
| Calmar ratioReturn relative to maximum drawdown | 3.95 | 29.99 | -26.03 |
| Martin ratioReturn relative to average drawdown | 11.27 | 185.54 | -174.27 |
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 | GSST | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.18 | 7.98 | -5.80 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.37 | 5.99 | -5.62 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.46 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.40 | 3.78 | -3.38 |
Drawdowns
NORW vs. GSST - Drawdown Comparison
The maximum NORW drawdown since its inception was -35.62%, which is greater than GSST's maximum drawdown of -3.51%. Use the drawdown chart below to compare losses from any high point for NORW and GSST.
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Drawdown Indicators
| NORW | GSST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.62% | -3.51% | -32.11% |
Max Drawdown (1Y)Largest decline over 1 year | -9.18% | -0.15% | -9.03% |
Max Drawdown (3Y)Largest decline over 3 years | -16.06% | -0.25% | -15.81% |
Max Drawdown (5Y)Largest decline over 5 years | -32.78% | -1.19% | -31.59% |
Max Drawdown (10Y)Largest decline over 10 years | -33.86% | — | — |
Current DrawdownCurrent decline from peak | -3.53% | 0.00% | -3.53% |
Average DrawdownAverage peak-to-trough decline | -10.13% | -0.16% | -9.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.21% | 0.02% | +3.19% |
Volatility
NORW vs. GSST - Volatility Comparison
Global X MSCI Norway ETF (NORW) has a higher volatility of 4.06% compared to Goldman Sachs Ultra Short Bond ETF (GSST) at 0.13%. This indicates that NORW's price experiences larger fluctuations and is considered to be riskier than GSST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NORW | GSST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.06% | 0.13% | +3.93% |
Volatility (6M)Calculated over the trailing 6-month period | 12.73% | 0.41% | +12.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.70% | 0.58% | +16.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.88% | 0.63% | +21.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.80% | 0.86% | +19.94% |
NORW vs. GSST - Expense Ratio Comparison
NORW has a 0.50% expense ratio, which is higher than GSST's 0.16% expense ratio.
Dividends
NORW vs. GSST - Dividend Comparison
NORW's dividend yield for the trailing twelve months is around 2.72%, less than GSST's 4.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GSST Goldman Sachs Ultra Short Bond ETF | 4.32% | 4.56% | 5.45% | 4.98% | 1.97% | 0.71% | 1.12% | 1.66% | 0.00% | 0.00% | 0.00% | 0.00% |
NORW Global X MSCI Norway ETF | 2.72% | 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 GSST have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NORW has higher volatility (4.06%) compared to GSST (0.13%). In terms of maximum drawdown, NORW dropped -35.62% vs GSST's -3.51%.
On 5-year performance, NORW leads with 7.99% vs 3.75% for GSST. On fees, GSST is cheaper at 0.16% per year. On volatility, GSST has been the lower-risk option at 0.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, NORW has performed better with a 7.99% return vs 3.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSST is cheaper with a 0.16% expense ratio, compared with 0.50% for NORW.
GSST has the higher dividend yield at 4.32%, compared with 2.72% for NORW.
NORW is categorized as Europe Equities, while GSST is Ultrashort Bond. They also come from different issuers: Global X and Goldman Sachs. Their fees differ too: 0.50% for NORW and 0.16% for GSST.
GSST currently has the higher Sharpe Ratio (7.98 vs 2.18), 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.
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