NORW vs. SMIN

Last updated Aug 4, 2026

NORW (Global X MSCI Norway ETF) and SMIN (iShares MSCI India Small-Cap ETF) are both exchange-traded funds - NORW is a Europe Equities fund tracking the MSCI Norway IMI 25/50 Index, while SMIN is a India Equities fund tracking the MSCI India Small Cap Index. Both are passively managed. Over the past 10 years, NORW returned 10.04%/yr vs 9.02%/yr for SMIN. Their 0.37 correlation means their historical movements had little consistent relationship. NORW charges 0.50%/yr vs 0.74%/yr for SMIN.

Performance

NORW vs. SMIN - Performance Comparison

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

Returns By Period

In the year-to-date period, NORW achieves a 24.77% return, which is significantly higher than SMIN's 1.14% return. Over the past 10 years, NORW has outperformed SMIN with an annualized return of 10.04%, while SMIN has yielded a comparatively lower 9.02% annualized return.

NORW

• 1D: -0.37%
• 1M: 8.32%
• 6M: 15.30%
• YTD: 24.77%
• 1Y: 33.50%
• 3Y*: 18.97%
• 5Y*: 6.89%
• 10Y*: 10.04%
• ALL TIME*: 8.92%

SMIN

• 1D: 1.00%
• 1M: -0.14%
• 6M: 3.82%
• YTD: 1.14%
• 1Y: -1.18%
• 3Y*: 8.35%
• 5Y*: 6.49%
• 10Y*: 9.02%
• ALL TIME*: 8.86%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
NORW Global X MSCI Norway ETF	$1.19M	$1.33M	$2.84M
SMIN iShares MSCI India Small-Cap ETF	$8.99M	$9.39M	$10.84M

NORW vs. SMIN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NORW Global X MSCI Norway ETF	24.77%	32.59%	-2.50%	5.03%	-12.55%	13.65%	26.00%	14.39%	-10.39%	24.03%
SMIN iShares MSCI India Small-Cap ETF	1.14%	-6.68%	16.78%	35.41%	-14.23%	44.43%	19.59%	-5.21%	-25.55%	62.36%

Correlation

The correlation between NORW and SMIN is -0.00, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.00
Correlation (3Y) Balances recent behavior with more history.	0.17
Correlation (5Y) Shows whether the relationship held over a longer period.	0.29
Correlation (10Y) Provides a long-term view across more market conditions.	0.36
Correlation (All Time) Calculated using the full available price history since Feb 9, 2012	0.37

The correlation between NORW and SMIN shifts across timeframes, from -0.00 (1 year) to 0.37 (all time), reflecting how their relationship changes across market environments.

NORW vs. SMIN - Sectors Allocation Comparison

Sectors	NORW	SMIN
Energy	28.3%	1.0%
Financial Services	23.8%	17.0%
Industrials	14.8%	21.7%
Consumer Defensive	11.7%	4.0%
Basic Materials	9.5%	11.0%
Communication Services	6.5%	1.5%
Technology	3.7%	8.5%
Utilities	0.7%	2.6%
Consumer Cyclical	0.6%	14.5%
Real Estate	0.4%	3.4%
Healthcare	-	15.0%

Return for Risk

NORW vs. SMIN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NORW

NORW Risk / Return Rank: 72
NORW Sharpe Ratio Rank: 81
NORW Sortino Ratio Rank: 81
NORW Omega Ratio Rank: 75
NORW Calmar Ratio Rank: 64
NORW Martin Ratio Rank: 58

SMIN

SMIN Risk / Return Rank: 10
SMIN Sharpe Ratio Rank: 10
SMIN Sortino Ratio Rank: 10
SMIN Omega Ratio Rank: 10
SMIN Calmar Ratio Rank: 10
SMIN Martin Ratio Rank: 10

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NORW vs. SMIN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X MSCI Norway ETF (NORW) and iShares MSCI India Small-Cap ETF (SMIN). 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	SMIN	Difference
Sharpe ratio: Return per unit of total volatility	1.94	-0.06	+2.00
Sortino ratio: Return per unit of downside risk	2.72	0.05	+2.67
Omega ratio: Gain probability vs. loss probability	1.33	1.01	+0.32
Calmar ratio: Return relative to maximum drawdown	2.32	-0.05	+2.38
Martin ratio: Return relative to average drawdown	7.25	-0.13	+7.38

NORW vs. SMIN - Sharpe Ratio Comparison

The current NORW Sharpe Ratio is 1.94, which is higher than the SMIN Sharpe Ratio of -0.06. The chart below compares the historical Sharpe Ratios of NORW and SMIN, 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. SMIN - Drawdown Comparison

The maximum NORW drawdown since its inception was -35.62%, smaller than the maximum SMIN drawdown of -60.50%. Use the drawdown chart below to compare losses from any high point for NORW and SMIN.

Drawdown Indicators

	NORW	SMIN	Difference
Max Drawdown Largest peak-to-trough decline	-35.62%	-60.50%	+24.88%
Max Drawdown (1Y) Largest decline over 1 year	-14.49%	-21.99%	+7.50%
Max Drawdown (3Y) Largest decline over 3 years	-16.06%	-27.58%	+11.52%
Max Drawdown (5Y) Largest decline over 5 years	-32.78%	-27.58%	-5.20%
Max Drawdown (10Y) Largest decline over 10 years	-33.86%	-60.50%	+26.64%
Current Drawdown Current decline from peak	-4.71%	-11.54%	+6.83%
Average Drawdown Average peak-to-trough decline	-10.12%	-14.60%	+4.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.63%	8.75%	-4.12%

Volatility

NORW vs. SMIN - Volatility Comparison

Global X MSCI Norway ETF (NORW) and iShares MSCI India Small-Cap ETF (SMIN) have volatilities of 4.78% and 4.94%, 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	SMIN	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.78%	4.94%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	14.00%	15.72%	-1.72%
Volatility (1Y) Calculated over the trailing 1-year period	17.37%	19.11%	-1.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.02%	19.00%	+3.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.57%	22.84%	-2.27%

NORW vs. SMIN - Expense Ratio Comparison

NORW has a 0.50% expense ratio, which is lower than SMIN's 0.74% expense ratio.

Dividends

NORW vs. SMIN - Dividend Comparison

NORW's dividend yield for the trailing twelve months is around 7.21%, more than SMIN's 1.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NORW Global X MSCI Norway ETF	7.21%	3.44%	6.02%	5.27%	4.01%	1.51%	1.13%	2.47%	3.53%	3.64%	3.79%	2.95%
SMIN iShares MSCI India Small-Cap ETF	1.99%	2.01%	6.84%	0.41%	0.01%	1.27%	1.06%	1.75%	1.68%	0.89%	2.30%	0.93%

Frequently Asked Questions

Can I hold both NORW and SMIN in my portfolio?

NORW and SMIN have a correlation of -0.00, 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 SMIN?

SMIN has higher volatility (4.94%) compared to NORW (4.78%). In terms of maximum drawdown, NORW dropped -35.62% vs SMIN's -60.50%.

Which ETF is better, NORW or SMIN?

On 10-year performance, NORW leads with 10.04% vs 9.02% for SMIN. On fees, NORW is cheaper at 0.50% per year. On volatility, NORW has been the lower-risk option at 4.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NORW or SMIN?

Over the 10-year period, NORW has performed better with a 10.04% return vs 9.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NORW or SMIN?

NORW is cheaper with a 0.50% expense ratio, compared with 0.74% for SMIN.

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

NORW has the higher dividend yield at 7.21%, compared with 1.99% for SMIN.

What is the main difference between NORW and SMIN?

NORW is categorized as Europe Equities, while SMIN is India Equities. NORW tracks MSCI Norway IMI 25/50 Index, while SMIN tracks MSCI India Small Cap Index. They also come from different issuers: Global X and iShares. Their fees differ too: 0.50% for NORW and 0.74% for SMIN.

Which has better risk-adjusted returns?

NORW currently has the higher Sharpe Ratio (1.94 vs -0.06), 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.