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NORW vs. IYZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

NORW vs. IYZ

Last updated Jun 4, 2026

NORW (Global X MSCI Norway ETF) and IYZ (iShares U.S. Telecommunications ETF) are both exchange-traded funds - NORW is a Europe Equities fund tracking the MSCI Norway IMI 25/50 Index, while IYZ is a Communications Equities fund tracking the Dow Jones U.S. Select Telecommunications Index. Both are passively managed. Over the past 10 years, NORW returned 9.61%/yr vs 6.28%/yr for IYZ. A 0.51 correlation means they provide meaningful diversification when combined. NORW charges 0.50%/yr vs 0.42%/yr for IYZ.

Performance

NORW vs. IYZ - Performance Comparison

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

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Returns By Period

In the year-to-date period, NORW achieves a 26.31% return, which is significantly lower than IYZ's 32.03% return. Over the past 10 years, NORW has outperformed IYZ with an annualized return of 9.61%, while IYZ has yielded a comparatively lower 6.28% annualized 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%

IYZ

1D
-2.96%
1M
4.94%
YTD
32.03%
6M
38.73%
1Y
59.79%
3Y*
30.34%
5Y*
8.18%
10Y*
6.28%
*Multi-year figures are annualized to reflect compound growth (CAGR)

NORW vs. IYZ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
NORW
Global X MSCI Norway ETF		26.31%32.59%-2.50%5.03%-12.55%13.65%26.00%14.39%-10.39%24.03%
IYZ
iShares U.S. Telecommunications ETF		32.03%29.28%20.53%3.90%-30.29%11.69%4.13%16.14%-8.59%-11.86%

Correlation

The correlation between NORW and IYZ is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.26

Correlation (3Y)
Calculated over the trailing 3-year period

0.37

Correlation (5Y)
Calculated over the trailing 5-year period

0.43

Correlation (10Y)
Calculated over the trailing 10-year period

0.47

Correlation (All Time)
Calculated using the full available price history since Aug 20, 2009

0.51

Over the past year, the correlation between NORW and IYZ has dropped to 0.26 - well below their long-term average of 0.51, suggesting their price drivers have been diverging.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Global X MSCI Norway ETF

iShares U.S. Telecommunications ETF

Often compared with NORW:
NORW vs. ENORNORW vs. EWDNORW vs. EIRLNORW vs. VOONORW vs. EWYNORW vs. MGKNORW vs. SPY
Often compared with IYZ:
IYZ vs. XTLIYZ vs. VOXIYZ vs. XLCIYZ vs. IXPIYZ vs. IYRIYZ vs. FBMPXIYZ vs. SPY

Return for Risk

NORW vs. IYZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
NORW
NORW Risk / Return Rank: 6666
Overall Rank
NORW Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
NORW Sortino Ratio Rank: 6464
Sortino Ratio Rank
NORW Omega Ratio Rank: 6060
Omega Ratio Rank
NORW Calmar Ratio Rank: 7777
Calmar Ratio Rank
NORW Martin Ratio Rank: 6363
Martin Ratio Rank
IYZ
IYZ Risk / Return Rank: 9393
Overall Rank
IYZ Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
IYZ Sortino Ratio Rank: 9292
Sortino Ratio Rank
IYZ Omega Ratio Rank: 9090
Omega Ratio Rank
IYZ Calmar Ratio Rank: 9696
Calmar Ratio Rank
IYZ Martin Ratio Rank: 9595
Martin Ratio Rank
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. IYZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X MSCI Norway ETF (NORW) and iShares U.S. Telecommunications ETF (IYZ). 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.

NORWIYZDifference

Sharpe ratio

Return per unit of total volatility

2.18

3.35

-1.17

Sortino ratio

Return per unit of downside risk

3.00

4.45

-1.45

Omega ratio

Gain probability vs. loss probability

1.37

1.58

-0.21

Calmar ratio

Return relative to maximum drawdown

3.95

9.54

-5.59

Martin ratio

Return relative to average drawdown

11.27

32.08

-20.81

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. IYZ - Sharpe Ratio Comparison

The current NORW Sharpe Ratio is 2.18, which is lower than the IYZ Sharpe Ratio of 3.35. The chart below compares the historical Sharpe Ratios of NORW and IYZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

NORWIYZDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.18

3.35

-1.17

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.37

0.44

-0.07

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.46

0.33

+0.14

Sharpe Ratio (All Time)

Calculated using the full available price history

0.40

0.07

+0.33

Drawdowns

NORW vs. IYZ - Drawdown Comparison

The maximum NORW drawdown since its inception was -35.62%, smaller than the maximum IYZ drawdown of -77.11%. Use the drawdown chart below to compare losses from any high point for NORW and IYZ.

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Drawdown Indicators

NORWIYZDifference

Max Drawdown

Largest peak-to-trough decline

-35.62%

-77.11%

+41.49%

Max Drawdown (1Y)

Largest decline over 1 year

-9.18%

-6.30%

-2.88%

Max Drawdown (3Y)

Largest decline over 3 years

-16.06%

-13.85%

-2.21%

Max Drawdown (5Y)

Largest decline over 5 years

-32.78%

-39.74%

+6.96%

Max Drawdown (10Y)

Largest decline over 10 years

-33.86%

-39.74%

+5.88%

Current Drawdown

Current decline from peak

-3.53%

-2.96%

-0.57%

Average Drawdown

Average peak-to-trough decline

-10.13%

-40.14%

+30.01%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.21%

1.87%

+1.34%

Volatility

NORW vs. IYZ - Volatility Comparison

The current volatility for Global X MSCI Norway ETF (NORW) is 4.06%, while iShares U.S. Telecommunications ETF (IYZ) has a volatility of 7.44%. This indicates that NORW experiences smaller price fluctuations and is considered to be less risky than IYZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

NORWIYZDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.06%

7.44%

-3.38%

Volatility (6M)

Calculated over the trailing 6-month period

12.73%

14.76%

-2.03%

Volatility (1Y)

Calculated over the trailing 1-year period

16.70%

17.95%

-1.25%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.88%

18.75%

+3.13%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.80%

19.25%

+1.55%

NORW vs. IYZ - Expense Ratio Comparison

NORW has a 0.50% expense ratio, which is higher than IYZ's 0.42% expense ratio.

Dividends

NORW vs. IYZ - Dividend Comparison

NORW's dividend yield for the trailing twelve months is around 2.72%, more than IYZ's 1.50% yield.

PositionTTM20252024202320222021202020192018201720162015
IYZ
iShares U.S. Telecommunications ETF		1.50%2.04%1.94%2.27%2.55%2.51%2.60%2.36%2.15%3.54%2.27%1.98%
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 IYZ have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IYZ has higher volatility (7.44%) compared to NORW (4.06%). In terms of maximum drawdown, NORW dropped -35.62% vs IYZ's -77.11%.

On 10-year performance, NORW leads with 9.61% vs 6.28% for IYZ. On fees, IYZ is cheaper at 0.42% per year. On volatility, NORW has been the lower-risk option at 4.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, NORW has performed better with a 9.61% return vs 6.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IYZ is cheaper with a 0.42% expense ratio, compared with 0.50% for NORW.

NORW has the higher dividend yield at 2.72%, compared with 1.50% for IYZ.

NORW is categorized as Europe Equities, while IYZ is Communications Equities. NORW tracks MSCI Norway IMI 25/50 Index, while IYZ tracks Dow Jones U.S. Select Telecommunications Index. They also come from different issuers: Global X and iShares. Their fees differ too: 0.50% for NORW and 0.42% for IYZ.

IYZ currently has the higher Sharpe Ratio (3.35 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.

Portfolio Optimizer

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