NORW vs. UUP
NORW (Global X MSCI Norway ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - NORW is a Europe Equities fund tracking the MSCI Norway IMI 25/50 Index, while UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. Both are passively managed. Over the past 10 years, NORW returned 9.10%/yr vs 3.17%/yr for UUP. At a correlation of -0.41, they often move in opposite directions. NORW charges 0.50%/yr vs 0.75%/yr for UUP.
Performance
NORW vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, NORW achieves a 17.03% return, which is significantly higher than UUP's 5.44% return. Over the past 10 years, NORW has outperformed UUP with an annualized return of 9.10%, while UUP has yielded a comparatively lower 3.17% annualized return.
NORW
- 1D
- 0.58%
- 1M
- -5.46%
- 6M
- 15.05%
- YTD
- 17.03%
- 1Y
- 22.30%
- 3Y*
- 17.52%
- 5Y*
- 6.22%
- 10Y*
- 9.10%
UUP
- 1D
- 0.39%
- 1M
- 1.97%
- 6M
- 4.47%
- YTD
- 5.44%
- 1Y
- 8.28%
- 3Y*
- 5.86%
- 5Y*
- 5.89%
- 10Y*
- 3.17%
NORW vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NORW Global X MSCI Norway ETF | 17.03% | 32.59% | -2.50% | 5.03% | -12.55% | 13.65% | 26.00% | 14.39% | -10.39% | 24.03% |
UUP Invesco DB US Dollar Index Bullish Fund | 5.44% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
Correlation
The correlation between NORW and UUP is -0.31, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.45 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.37 |
Correlation (All Time) Calculated using the full available price history since Aug 19, 2009 | -0.41 |
The correlation between NORW and UUP shifts across timeframes, from -0.45 (5 years) to -0.31 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
NORW vs. UUP — Risk / Return Rank
NORW
UUP
NORW vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X MSCI Norway ETF (NORW) and Invesco DB US Dollar Index Bullish Fund (UUP). 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 | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.08 | ||
| Sortino ratioReturn per unit of downside risk | -0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.25 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.55 | 2.28 | -0.73 |
| Martin ratioReturn relative to average drawdown | 5.20 | 6.26 | -1.06 |
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Drawdowns
NORW vs. UUP - Drawdown Comparison
The maximum NORW drawdown since its inception was -35.62%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for NORW and UUP.
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Drawdown Indicators
| NORW | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.62% | -22.19% | -13.43% |
Max Drawdown (1Y)Largest decline over 1 year | -14.49% | -3.65% | -10.84% |
Max Drawdown (3Y)Largest decline over 3 years | -16.06% | -10.05% | -6.01% |
Max Drawdown (5Y)Largest decline over 5 years | -32.78% | -10.37% | -22.41% |
Max Drawdown (10Y)Largest decline over 10 years | -33.86% | -14.24% | -19.62% |
Current DrawdownCurrent decline from peak | -10.63% | -1.26% | -9.37% |
Average DrawdownAverage peak-to-trough decline | -10.13% | -8.88% | -1.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.30% | 1.33% | +2.97% |
Volatility
NORW vs. UUP - Volatility Comparison
Global X MSCI Norway ETF (NORW) has a higher volatility of 5.67% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.45%. This indicates that NORW's price experiences larger fluctuations and is considered to be riskier than UUP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NORW | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.67% | 1.45% | +4.22% |
Volatility (6M)Calculated over the trailing 6-month period | 13.89% | 4.34% | +9.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.20% | 6.03% | +11.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.97% | 7.22% | +14.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.53% | 6.90% | +13.63% |
NORW vs. UUP - Expense Ratio Comparison
NORW has a 0.50% expense ratio, which is lower than UUP's 0.75% expense ratio.
Dividends
NORW vs. UUP - Dividend Comparison
NORW's dividend yield for the trailing twelve months is around 7.69%, more than UUP's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NORW Global X MSCI Norway ETF | 7.69% | 3.44% | 6.02% | 5.27% | 4.01% | 1.51% | 1.13% | 2.47% | 3.53% | 3.64% | 3.79% | 2.95% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.25% | 3.43% | 4.48% | 6.44% | 0.89% | 0.00% | 0.00% | 2.03% | 1.08% | 0.10% | 0.00% | 0.00% |
Frequently Asked Questions
NORW and UUP have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NORW has higher volatility (5.67%) compared to UUP (1.45%). In terms of maximum drawdown, NORW dropped -35.62% vs UUP's -22.19%.
On 10-year performance, NORW leads with 9.10% vs 3.17% for UUP. On fees, NORW is cheaper at 0.50% per year. On volatility, UUP has been the lower-risk option at 1.45%. 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 9.10% return vs 3.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NORW is cheaper with a 0.50% expense ratio, compared with 0.75% for UUP.
NORW has the higher dividend yield at 7.69%, compared with 3.25% for UUP.
NORW is categorized as Europe Equities, while UUP is Currency. NORW tracks MSCI Norway IMI 25/50 Index, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. They also come from different issuers: Global X and Invesco. Their fees differ too: 0.50% for NORW and 0.75% for UUP.
UUP currently has the higher Sharpe Ratio (1.38 vs 1.31), 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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