NORWvsEWLETF Comparison
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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 Industrials. 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 29.17% year-to-date (YTD) with +$20M in YTD flows. EWL performs worse with 10.55% YTD performance, and +$1.37B 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
Historic performance and flows
Data as of 11/11/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | NORW EWL | +1.72%+9.36% | +1.92%+1.58% | +29.17%+10.55% | +34.88%+14.81% | +83.17%+59.99% | +45.16%+41.72% |
| Flows | NORW EWL | -$3M+$158M | +$812K+$809M | +$20M+$1.37B | +$22M+$1.46B | +$11M+$1.34B | -$13M+$1.12B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | NORW EWL | +14.44%+16.22% | +16.02%+16.16% | +18.19%+15.07% | +21.92%+16.13% |
| Max drawdown | NORW EWL | -7.52%-9.06% | -13.77%-13.49% | -15.97%-13.56% | -33.23%-28.82% |
| Max drawdown duration | NORW EWL | 50d66d | 91d156d | 48d185d | 1147d925d |
Trading data
NORW | EWL | |
Last sale 11/13/2026 at 2:30 PM | $36.49 | $64.78 |
| Previous close 11/11/2026 | $36.36 | $64.90 |
| Consolidated volume 11/11/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of October 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 | ||
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Main metrics
Last update 11/13/2026 at 2:30 PM
Live
Closed
NORW | EWL | |
|---|---|---|
| Last price | $36.49 | $64.78 |
| 1D performance | +0.36% | -0.18% |
| AuM | $91.19 M | $3.12 B |
| E/R | 0.5% | 0.5% |
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Exposure
Countries
NORW
Norway
89.24%
Other
10.76%
EWL
Switzerland
98.97%
Other
1.03%
Sectors
NORW
Energy
31.76%
Finance
25.06%
Industrials
12.97%
Consumer Non-Cycl.
11.43%
Non-Energy Materi.
8.76%
Other
10.02%
EWL
Healthcare
37.65%
Finance
20.27%
Consumer Non-Cycl.
13.52%
Non-Energy Materi.
8.91%
Industrials
7.98%
Other
11.68%
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Diversification
NORW
Total weight of top 15 holdings out of 15
70.6%
EWL
Total weight of top 15 holdings out of 15
75.4%
Top 15 holdings
Data as of September 30, 2026
NORW
Equinor ASA
12.16%
DNB Bank ASA
11.59%
Kongsberg Gruppen ASA
6.19%
Aker BP ASA
4.98%
Norsk Hydro ASA
4.92%
Mowi ASA
4.10%
Telenor ASA
3.66%
Storebrand ASA
3.51%
Subsea 7 SA
3.38%
Frontline Plc
3.19%
Yara International ASA
3.11%
Orkla ASA
3.07%
Gjensidige Forsikring ASA
2.40%
Vår Energi ASA
2.20%
Sparebank 1 Sør-Norge ASA
2.14%
EWL
Roche Holding AG
13.87%
Novartis AG
12.38%
Nestlé SA
10.97%
UBS Group AG
6.41%
ABB Ltd.
4.56%
Compagnie Financière Richemont SA
4.46%
Zurich Insurance Group AG
4.45%
Lonza Group AG
2.84%
Swiss Re AG
2.38%
Holcim Ltd.
2.36%
Givaudan SA
2.29%
Galderma Group AG
2.22%
Sandoz Group AG
2.14%
Sika AG
2.11%
Alcon AG
1.96%
Frequently asked questions about NORW and EWL
How have the NORW and EWL ETFs performed in 2026?
As of November 11, 2026, NORW is up 29.17% year-to-date (YTD), while EWL has returned 10.55%. 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 +$20M in flows, compared to +$1.37B for EWL.
Which ETF is more volatile: NORW or EWL?
Over the past year, NORW had a volatility of 16.02%, while EWL experienced 16.16%.
Which ETF is bigger: NORW or EWL?
As of November 11, 2026, NORW holds $91.19 M in assets under management (AUM), while EWL manages $3.12 B.
What sectors do the NORW and EWL ETFs invest in?
NORW leans toward sectors like Energy, Finance and Industrials. 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 Kongsberg Gruppen 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 59 securities with 70.6% of its assets in the top 15. EWL has 41 securities and a top 15 weight of 75.4%.
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Latest news about NORW & EWL
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
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