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NORWvsEWLETF Comparison

ETF 1

NORW

Global X MSCI Norway ETF

This fund is part of

Europe Blended Cap

+0.58%

Full NORW fund page

VS

ETF 2

EWL

iShares MSCI Switzerland ETF

This fund is part of

Europe Blended Cap

+0.58%

Full EWL fund page

Global X MSCI Norway ETF (NORW) and iShares MSCI Switzerland ETF (EWL) belong to the same industry segment: Europe Blended Cap. NORW's top 3 sector exposures are Energy, Finance and Consumer Non-Cyclicals. In contrast, EWL's top sector exposures are Healthcare, Finance and Consumer Non-Cyclicals. Both NORW and EWL have the same Total Expense Ratio (TER) of 0.5%. NORW is up 13.49% year-to-date (YTD) with +$26M in YTD flows. EWL performs worse with 6.7% YTD performance, and +$342M in YTD flows. Run a side-by-side ETF comparison of NORW and EWL below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.

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NORW vs EWL performance and flow charts

Performance

Cumulative Flows

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Daily, global ETF data for advanced analysis or integration into apps (API), from our partner Trackinsight.

Data Services

Historic performance and flows

Data as of 06/30/2026

		1M	3M	YTD	1Y	3Y	5Y
Perf.	NORW EWL	-10.98%+3.19%	-7.95%+11.16%	+13.49%+6.70%	+18.68%+16.53%	+64.72%+43.94%	+35.06%+42.83%
Flows	NORW EWL	-$56M+$270M	-$50M+$378M	+$26M+$342M	+$24M+$438M	+$16M+$322M	+$65M+$123M

Volatility and drawdown

		3M	1Y	3Y	5Y
Volatility	NORW EWL	+15.59%+17.50%	+15.96%+15.46%	+18.99%+14.72%	+21.98%+15.84%
Max drawdown	NORW EWL	-13.77%-4.20%	-13.77%-13.49%	-15.97%-13.56%	-33.23%-28.82%
Max drawdown duration	NORW EWL	40d31d	40d121d	48d185d	1147d925d

Trading data

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	NORW	EWL
Last sale 7/1/2026 at 1:30 PM	$31.75	$62.50
Previous close 06/30/2026	$31.93	$62.85
Consolidated volume 06/30/2026
Average volume 30 days
Average discount or premium 30 days
Average Bid/Ask spread 30 days

Replication quality

Data as of June 30, 2026

1-year trailing difference

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	NORW	EWL
Tracking error
Tracking difference
1 year cumulative return difference
Best
Worst
Daily return difference
Average
Worst

Main metrics

Last update 7/1/2026 at 1:30 PM

Live

Closed

	NORW	EWL
Last price	$31.75	$62.50
1D performance	-0.56%	-0.56%
AuM	$86.51 M	$1.97 B
E/R	0.5%	0.5%

Characteristics

	NORW	EWL
Management strategy	Passive	Passive
Provider	Global X	iShares
Benchmark	MSCI Norway IMI 25/50 Index	MSCI Switzerland 25/50 Index
N° of holdings	57	38
Asset class	Equities	Equities
Trailing 12m distribution yield	Join	Join
Inception date	August 17, 2009	March 12, 1996
ESG	No	No

More NORW data on Trackinsight

More EWL data on Trackinsight

Exposure

Countries

NORW

Norway

89.3%

Other

10.7%

EWL

Switzerland

98.2%

Other

1.8%

Sectors

NORW

Energy

26.76%

Finance

23.6%

Consumer Non-Cycl.

11.93%

Industrials

11.4%

Non-Energy Materi.

11.16%

Other

15.15%

EWL

Healthcare

36.33%

Finance

18.22%

Consumer Non-Cycl.

14.48%

Industrials

9.59%

Non-Energy Materi.

8.49%

Other

12.89%

Diversification

NORW

Total weight of top 15 holdings out of 15

70.28%

EWL

Total weight of top 15 holdings out of 15

74.58%

Top 15 holdings

Data as of May 31, 2026

NORW

Equinor ASA

11.00%

DNB Bank ASA

10.91%

Norsk Hydro ASA

6.80%

Kongsberg Gruppen ASA

6.48%

Aker BP ASA

4.91%

Telenor ASA

4.35%

Mowi ASA

4.14%

Yara International ASA

3.74%

Storebrand ASA

3.32%

Orkla ASA

3.31%

Subsea 7 SA

3.21%

Gjensidige Forsikring ASA

2.39%

Vår Energi ASA

1.99%

Vend Marketplaces ASA

1.88%

Sparebank 1 Sør-Norge ASA

1.86%

EWL

Roche Holding AG

13.27%

Novartis AG

12.31%

Nestlé SA

11.62%

ABB Ltd.

6.32%

Compagnie Financière Richemont SA

4.76%

UBS Group AG

4.47%

Zurich Insurance Group AG

4.24%

Holcim Ltd.

2.77%

Lonza Group AG

2.48%

Swiss Re AG

2.42%

Galderma Group AG

2.25%

Sandoz Group AG

2.00%

Givaudan SA

1.97%

Alcon AG

1.91%

Sika AG

1.78%

Frequently asked questions about NORW and EWL

How have the NORW and EWL ETFs performed in 2026?

As of June 30, 2026, NORW is up 13.49% year-to-date (YTD), while EWL has returned 6.7%. That puts NORW better performer ahead so far this year.

Which ETF is attracting more investor money: NORW or EWL?

Year-to-date, the NORW ETF saw +$26M in flows, compared to +$342M for EWL.

Which ETF is more volatile: NORW or EWL?

Over the past year, NORW had a volatility of 15.96%, while EWL experienced 15.46%.

Which ETF is bigger: NORW or EWL?

As of June 30, 2026, NORW holds $86.51 M in assets under management (AUM), while EWL manages $1.97 B.

What sectors do the NORW and EWL ETFs invest in?

NORW leans toward sectors like Energy, Finance and Consumer Non-Cyclicals. Meanwhile, EWL focuses on Healthcare, Finance and Consumer Non-Cyclicals.

What are the top holdings of the NORW ETF and EWL ETF?

NORW top holdings include Equinor ASA, DNB Bank ASA and Norsk Hydro ASA. EWL holds in its top three: Roche Holding AG, Novartis AG and Nestlé SA.

Which ETF is more diversified: NORW or EWL?

NORW holds 57 securities with 70.28% of its assets in the top 15. EWL has 41 securities and a top 15 weight of 74.58%.

There’s an ETF for That? Switzerland

May 1, 2025

EWL

The ETF Underdogs, Part 2: 5 More ETFs Under $50 Million AUM to Watch

January 10, 2025

NORW

NORWvsEWLETF Comparison

Global X MSCI Norway ETF

iShares MSCI Switzerland ETF

NORW vs EWL performance and flow charts

Performance

Cumulative Flows

Get all the metrics on this page, and more, through a reliable ETF data feed

Countries

Sectors

Diversification

Top 15 holdings

How have the NORW and EWL ETFs performed in 2026?

As of June 30, 2026, NORW is up 13.49% year-to-date (YTD), while EWL has returned 6.7%. That puts NORW better performer ahead so far this year.

Which ETF is attracting more investor money: NORW or EWL?

Year-to-date, the NORW ETF saw +$26M in flows, compared to +$342M for EWL.

Which ETF is more volatile: NORW or EWL?

Over the past year, NORW had a volatility of 15.96%, while EWL experienced 15.46%.

Which ETF is bigger: NORW or EWL?

As of June 30, 2026, NORW holds $86.51 M in assets under management (AUM), while EWL manages $1.97 B.

What sectors do the NORW and EWL ETFs invest in?

NORW leans toward sectors like Energy, Finance and Consumer Non-Cyclicals. Meanwhile, EWL focuses on Healthcare, Finance and Consumer Non-Cyclicals.

What are the top holdings of the NORW ETF and EWL ETF?

NORW top holdings include Equinor ASA, DNB Bank ASA and Norsk Hydro ASA. EWL holds in its top three: Roche Holding AG, Novartis AG and Nestlé SA.

Which ETF is more diversified: NORW or EWL?

NORW holds 57 securities with 70.28% of its assets in the top 15. EWL has 41 securities and a top 15 weight of 74.58%.

There’s an ETF for That? Switzerland

The ETF Underdogs, Part 2: 5 More ETFs Under $50 Million AUM to Watch

The ETF Industry Is Evolving Fast