XEML vs. NORW

Last updated Jun 26, 2026

XEML (Xtrackers Europe Market Leaders ETF) and NORW (Global X MSCI Norway ETF) are both Europe Equities funds - XEML tracks the STOXX Europe Total Market Leaders Index while NORW tracks the MSCI Norway IMI 25/50 Index. Both are passively managed. At a 0.21 correlation, their price movements are largely independent. XEML charges 0.35%/yr vs 0.50%/yr for NORW.

Performance

XEML vs. NORW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers Europe Market Leaders ETF (XEML) and Global X MSCI Norway ETF (NORW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XEML achieves a 4.05% return, which is significantly lower than NORW's 14.17% return.

XEML

• 1D: 0.95%
• 1M: 1.17%
• YTD: 4.05%
• 6M: 3.58%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

NORW

• 1D: -0.64%
• 1M: -11.94%
• YTD: 14.17%
• 6M: 14.44%
• 1Y: 21.70%
• 3Y*: 19.20%
• 5Y*: 6.10%
• 10Y*: 9.76%

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

XEML vs. NORW - Yearly Performance Comparison

	2026 (YTD)	2025
XEML Xtrackers Europe Market Leaders ETF	4.05%	-0.42%
NORW Global X MSCI Norway ETF	14.17%	1.75%

Correlation

The correlation between XEML and NORW is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 23, 2025	0.21

Return for Risk

XEML vs. NORW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

XEML

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

NORW

NORW Risk / Return Rank: 39
NORW Sharpe Ratio Rank: 40
NORW Sortino Ratio Rank: 40
NORW Omega Ratio Rank: 37
NORW Calmar Ratio Rank: 38
NORW Martin Ratio Rank: 42

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.

XEML vs. NORW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers Europe Market Leaders ETF (XEML) and Global X MSCI Norway ETF (NORW). 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.

	XEML	NORW	Difference
Sharpe ratio: Return per unit of total volatility	—	1.28	—
Sortino ratio: Return per unit of downside risk	—	1.86	—
Omega ratio: Gain probability vs. loss probability	—	1.22	—
Calmar ratio: Return relative to maximum drawdown	—	1.70	—
Martin ratio: Return relative to average drawdown	—	6.09	—

Drawdowns

XEML vs. NORW - Drawdown Comparison

The maximum XEML drawdown since its inception was -13.49%, smaller than the maximum NORW drawdown of -35.62%. Use the drawdown chart below to compare losses from any high point for XEML and NORW.

Drawdown Indicators

	XEML	NORW	Difference
Max Drawdown Largest peak-to-trough decline	-13.49%	-35.62%	+22.13%
Max Drawdown (1Y) Largest decline over 1 year	—	-12.81%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-16.06%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-32.78%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.86%	—
Current Drawdown Current decline from peak	-4.46%	-12.81%	+8.35%
Average Drawdown Average peak-to-trough decline	-4.91%	-10.12%	+5.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.57%	—

Volatility

Volatility by Period

	XEML	NORW	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.70%	—
Volatility (6M) Calculated over the trailing 6-month period	—	13.59%	—
Volatility (1Y) Calculated over the trailing 1-year period	19.55%	17.11%	+2.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.55%	21.93%	-2.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.55%	20.59%	-1.04%

XEML vs. NORW - Expense Ratio Comparison

XEML has a 0.35% expense ratio, which is lower than NORW's 0.50% expense ratio.

Dividends

XEML vs. NORW - Dividend Comparison

XEML's dividend yield for the trailing twelve months is around 1.79%, less than NORW's 3.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NORW Global X MSCI Norway ETF	3.01%	3.44%	6.02%	5.27%	4.01%	1.51%	1.13%	2.47%	3.53%	3.64%	3.79%	2.95%
XEML Xtrackers Europe Market Leaders ETF	1.79%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XEML and NORW in my portfolio?

XEML and NORW have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XEML or NORW?

On fees, XEML is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XEML or NORW?

XEML is cheaper with a 0.35% expense ratio, compared with 0.50% for NORW.

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

NORW has the higher dividend yield at 3.01%, compared with 1.79% for XEML.

What is the main difference between XEML and NORW?

XEML tracks STOXX Europe Total Market Leaders Index, while NORW tracks MSCI Norway IMI 25/50 Index. They also come from different issuers: Xtrackers and Global X. Their fees differ too: 0.35% for XEML and 0.50% for NORW.