NORW vs. QYLD

Last updated Jun 24, 2026

NORW (Global X MSCI Norway ETF) and QYLD (Global X NASDAQ 100 Covered Call ETF) are both exchange-traded funds - NORW is a Europe Equities fund tracking the MSCI Norway IMI 25/50 Index, while QYLD is a Nasdaq-100 fund tracking the CBOE NASDAQ-100 Buy Write V2. Both are passively managed. Over the past 10 years, NORW returned 9.75%/yr vs 9.99%/yr for QYLD. At a 0.46 correlation, their price movements are largely independent. NORW charges 0.50%/yr vs 0.60%/yr for QYLD.

Performance

NORW vs. QYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X MSCI Norway ETF (NORW) and Global X NASDAQ 100 Covered Call ETF (QYLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NORW achieves a 16.50% return, which is significantly higher than QYLD's 7.89% return. Both investments have delivered pretty close results over the past 10 years, with NORW having a 9.75% annualized return and QYLD not far ahead at 9.99%.

NORW

• 1D: -1.77%
• 1M: -10.03%
• YTD: 16.50%
• 6M: 17.32%
• 1Y: 21.71%
• 3Y*: 20.53%
• 5Y*: 6.59%
• 10Y*: 9.75%

QYLD

• 1D: -1.97%
• 1M: 1.41%
• YTD: 7.89%
• 6M: 7.59%
• 1Y: 22.55%
• 3Y*: 13.99%
• 5Y*: 8.26%
• 10Y*: 9.99%

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

NORW vs. QYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NORW Global X MSCI Norway ETF	16.50%	32.59%	-2.50%	5.03%	-12.55%	13.65%	26.00%	14.39%	-10.39%	24.03%
QYLD Global X NASDAQ 100 Covered Call ETF	7.89%	9.28%	19.35%	22.77%	-19.08%	10.41%	8.72%	22.69%	-3.07%	18.79%

Correlation

The correlation between NORW and QYLD 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	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since Dec 12, 2013	0.46

The correlation between NORW and QYLD shifts across timeframes, from 0.26 (1 year) to 0.46 (all time), reflecting how their relationship changes across market environments.

NORW vs. QYLD - Sectors Allocation Comparison

Sectors	NORW	QYLD
Energy	27.3%	0.5%
Financial Services	22.9%	0.2%
Industrials	14.7%	2.6%
Consumer Defensive	12.1%	6.4%
Basic Materials	11.5%	1.0%
Communication Services	5.9%	14.3%
Technology	4.4%	58.7%
Utilities	0.6%	1.2%
Real Estate	0.4%	0.1%
Consumer Cyclical	0.2%	11.4%
Healthcare	-	3.7%

Return for Risk

NORW vs. QYLD — 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: 38
NORW Sortino Ratio Rank: 38
NORW Omega Ratio Rank: 34
NORW Calmar Ratio Rank: 42
NORW Martin Ratio Rank: 42

QYLD

QYLD Risk / Return Rank: 84
QYLD Sharpe Ratio Rank: 76
QYLD Sortino Ratio Rank: 77
QYLD Omega Ratio Rank: 87
QYLD Calmar Ratio Rank: 85
QYLD Martin Ratio Rank: 94

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. QYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X MSCI Norway ETF (NORW) and Global X NASDAQ 100 Covered Call ETF (QYLD). 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	QYLD	Difference
Sharpe ratio: Return per unit of total volatility	1.28	2.34	-1.06
Sortino ratio: Return per unit of downside risk	1.86	3.28	-1.42
Omega ratio: Gain probability vs. loss probability	1.22	1.52	-0.30
Calmar ratio: Return relative to maximum drawdown	1.98	4.56	-2.58
Martin ratio: Return relative to average drawdown	6.42	25.38	-18.97

NORW vs. QYLD - Sharpe Ratio Comparison

The current NORW Sharpe Ratio is 1.28, which is lower than the QYLD Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of NORW and QYLD, 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. QYLD - Drawdown Comparison

The maximum NORW drawdown since its inception was -35.62%, which is greater than QYLD's maximum drawdown of -24.75%. Use the drawdown chart below to compare losses from any high point for NORW and QYLD.

Drawdown Indicators

	NORW	QYLD	Difference
Max Drawdown Largest peak-to-trough decline	-35.62%	-24.75%	-10.87%
Max Drawdown (1Y) Largest decline over 1 year	-11.03%	-4.97%	-6.06%
Max Drawdown (3Y) Largest decline over 3 years	-16.06%	-19.06%	+3.00%
Max Drawdown (5Y) Largest decline over 5 years	-32.78%	-24.61%	-8.17%
Max Drawdown (10Y) Largest decline over 10 years	-33.86%	-24.75%	-9.11%
Current Drawdown Current decline from peak	-11.03%	-2.10%	-8.93%
Average Drawdown Average peak-to-trough decline	-10.12%	-3.82%	-6.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.39%	0.89%	+2.50%

Volatility

NORW vs. QYLD - Volatility Comparison

Global X MSCI Norway ETF (NORW) and Global X NASDAQ 100 Covered Call ETF (QYLD) have volatilities of 4.71% and 4.78%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NORW	QYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.71%	4.78%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	13.51%	8.50%	+5.01%
Volatility (1Y) Calculated over the trailing 1-year period	17.10%	9.70%	+7.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.93%	14.84%	+7.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.59%	15.56%	+5.03%

NORW vs. QYLD - Expense Ratio Comparison

NORW has a 0.50% expense ratio, which is lower than QYLD's 0.60% expense ratio.

Dividends

NORW vs. QYLD - Dividend Comparison

NORW's dividend yield for the trailing twelve months is around 2.95%, less than QYLD's 11.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NORW Global X MSCI Norway ETF	2.95%	3.44%	6.02%	5.27%	4.01%	1.51%	1.13%	2.47%	3.53%	3.64%	3.79%	2.95%
QYLD Global X NASDAQ 100 Covered Call ETF	11.68%	11.55%	12.50%	11.78%	13.75%	12.85%	11.16%	9.84%	12.44%	7.69%	9.15%	9.42%

Frequently Asked Questions

Can I hold both NORW and QYLD in my portfolio?

NORW and QYLD 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.

Which is riskier, NORW or QYLD?

QYLD has higher volatility (4.78%) compared to NORW (4.71%). In terms of maximum drawdown, NORW dropped -35.62% vs QYLD's -24.75%.

Which ETF is better, NORW or QYLD?

On 10-year performance, QYLD leads with 9.99% vs 9.75% for NORW. On fees, NORW is cheaper at 0.50% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NORW or QYLD?

Over the 10-year period, QYLD has performed better with a 9.99% return vs 9.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NORW or QYLD?

NORW is cheaper with a 0.50% expense ratio, compared with 0.60% for QYLD.

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

QYLD has the higher dividend yield at 11.68%, compared with 2.95% for NORW.

What is the main difference between NORW and QYLD?

NORW is categorized as Europe Equities, while QYLD is Nasdaq-100. NORW tracks MSCI Norway IMI 25/50 Index, while QYLD tracks CBOE NASDAQ-100 Buy Write V2. Their fees differ too: 0.50% for NORW and 0.60% for QYLD.

Which has better risk-adjusted returns?

QYLD currently has the higher Sharpe Ratio (2.34 vs 1.28), 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.