NORWvsEWPETF Comparison
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Global X MSCI Norway ETF (NORW) and iShares MSCI Spain ETF (EWP) belong to the same industry segment: Europe Blended Cap. NORW's top 3 sector exposures are Energy, Finance and Consumer Non-Cyclicals. In contrast, EWP's top sector exposures are Finance, Utilities and Industrials. Both NORW and EWP have the same Total Expense Ratio (TER) of 0.5%. NORW is up 13.49% year-to-date (YTD) with +$26M in YTD flows. EWP performs worse with 12.13% YTD performance, and -$91M in YTD flows. Run a side-by-side ETF comparison of NORW and EWP 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 EWP performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 06/30/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | NORW EWP | -10.98%+5.15% | -7.95%+15.44% | +13.49%+12.13% | +18.68%+38.56% | +64.72%+127.57% | +35.06%+145.72% |
| Flows | NORW EWP | -$56M+$146M | -$50M-$45M | +$26M-$91M | +$24M+$95M | +$16M+$356M | +$65M+$434M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | NORW EWP | +15.59%+20.62% | +15.96%+18.09% | +18.99%+17.85% | +21.98%+19.39% |
| Max drawdown | NORW EWP | -13.77%-5.41% | -13.77%-11.32% | -15.97%-11.50% | -33.23%-30.28% |
| Max drawdown duration | NORW EWP | 40d53d | 40d106d | 48d113d | 1147d457d |
Trading data
NORW | EWP | |
Last sale 7/1/2026 at 1:30 PM | $31.75 | $58.97 |
| Previous close 06/30/2026 | $31.93 | $59.39 |
| 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 | EWP | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 7/1/2026 at 1:30 PM
Live
Closed
NORW | EWP | |
|---|---|---|
| Last price | $31.75 | $58.97 |
| 1D performance | -0.56% | -0.71% |
| AuM | $86.51 M | $1.89 B |
| E/R | 0.5% | 0.5% |
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Exposure
Countries
NORW
Norway
89.3%
Other
10.7%
EWP
Spain
92.99%
Other
7.01%
Sectors
NORW
Energy
26.76%
Finance
23.6%
Consumer Non-Cycl.
11.93%
Industrials
11.4%
Non-Energy Materi.
11.16%
Other
15.15%
EWP
Finance
42.08%
Utilities
21.2%
Industrials
20.29%
Other
16.44%
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Diversification
NORW
Total weight of top 15 holdings out of 15
70.28%
EWP
Total weight of top 15 holdings out of 15
88.89%
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%
EWP
Banco Santander SA
18.41%
Iberdrola SA
13.63%
Banco Bilbao Vizcaya Argentaria SA
12.64%
Industria de Diseño Textil SA
4.60%
CaixaBank SA
4.54%
Ferrovial NV
4.50%
ACS, Actividades de Construcción y Servicios SA
4.30%
Amadeus IT Group SA
4.16%
Repsol SA
4.07%
Aena S.M.E. SA
3.42%
Naturgy Energy Group SA
3.19%
Banco de Sabadell SA
3.06%
Endesa SA
2.81%
Telefónica SA
2.81%
Cellnex Telecom SA
2.75%
Frequently asked questions about NORW and EWP
How have the NORW and EWP ETFs performed in 2026?
As of June 30, 2026, NORW is up 13.49% year-to-date (YTD), while EWP has returned 12.13%. That puts NORW better performer ahead so far this year.
Which ETF is attracting more investor money: NORW or EWP?
Year-to-date, the NORW ETF saw +$26M in flows, compared to -$91M for EWP.
Which ETF is more volatile: NORW or EWP?
Over the past year, NORW had a volatility of 15.96%, while EWP experienced 18.09%.
Which ETF is bigger: NORW or EWP?
As of June 30, 2026, NORW holds $86.51 M in assets under management (AUM), while EWP manages $1.89 B.
What sectors do the NORW and EWP ETFs invest in?
NORW leans toward sectors like Energy, Finance and Consumer Non-Cyclicals. Meanwhile, EWP focuses on Finance, Utilities and Industrials.
What are the top holdings of the NORW ETF and EWP ETF?
NORW top holdings include Equinor ASA, DNB Bank ASA and Norsk Hydro ASA. EWP holds in its top three: Banco Santander SA, Iberdrola SA and Banco Bilbao Vizcaya Argentaria SA.
Which ETF is more diversified: NORW or EWP?
NORW holds 57 securities with 70.28% of its assets in the top 15. EWP has 22 securities and a top 15 weight of 88.89%.
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Latest news about NORW & EWP
The ETF Underdogs, Part 2: 5 More ETFs Under $50 Million AUM to Watch
January 10, 2025
NORW
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