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NORWvsEWPETF Comparison

ETF 1

NORW

Global X MSCI Norway ETF

This fund is part of

Europe Blended Cap

-0.19%

Full NORW fund page

VS

ETF 2

EWP

iShares MSCI Spain ETF

This fund is part of

Europe Blended Cap

-0.19%

Full EWP fund page

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, Financials and Consumer Staples. In contrast, EWP's top sector exposures are Financials, Utilities and Energy. Both NORW and EWP have the same Total Expense Ratio (TER) of 0.5%. NORW is up 26.95% year-to-date (YTD) with +$76M in YTD flows. EWP performs worse with 6.18% YTD performance, and -$129M 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

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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 05/11/2026

		1M	3M	YTD	1Y	3Y	5Y
Perf.	NORW EWP	-0.93%-0.86%	+10.72%+0.44%	+26.95%+6.18%	+45.45%+44.54%	+84.26%+123.49%	+55.41%+125.39%
Flows	NORW EWP	-$32M-$142M	+$72M-$107M	+$76M-$129M	+$77M+$131M	+$65M+$352M	+$116M+$493M

Volatility and drawdown

		3M	1Y	3Y	5Y
Volatility	NORW EWP	+18.70%+25.05%	+15.80%+17.82%	+19.28%+17.69%	+21.94%+19.30%
Max drawdown	NORW EWP	-4.29%-11.32%	-9.34%-11.32%	-15.97%-11.50%	-33.23%-33.80%
Max drawdown duration	NORW EWP	11d75d	115d75d	48d113d	1147d673d

Trading data

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	NORW	EWP
Last sale 5/12/2026 at 3:09 PM	$38.16	$56.13
Previous close 05/11/2026	$38.19	$56.98
Consolidated volume 05/11/2026
Average volume 30 days
Average discount or premium 30 days
Average Bid/Ask spread 30 days

Replication quality

Data as of April 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

Main metrics

Last update 5/12/2026 at 3:09 PM

Live

Closed

	NORW	EWP
Last price	$38.16	$56.13
1D performance	-0.08%	-1.50%
AuM	$155.01 M	$1.78 B
E/R	0.5%	0.5%

Characteristics

	NORW	EWP
Management strategy	Passive	Passive
Provider	Global X	iShares
Benchmark	MSCI Norway IMI 25/50 Index	MSCI Spain 25/50 Index
N° of holdings	50	21
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 EWP data on Trackinsight

Exposure

Countries

NORW

Norway

90.52%

Other

9.48%

EWP

Spain

95.56%

Other

4.44%

Sectors

NORW

Energy

26.59%

Financials

22.12%

Consumer Staples

12.05%

Materials

10.85%

Other

28.39%

EWP

Financials

40.18%

Utilities

23.89%

Other

35.93%

Diversification

NORW

Total weight of top 15 holdings out of 15

75.48%

EWP

Total weight of top 15 holdings out of 15

88.53%

Top 15 holdings

Data as of March 31, 2026

NORW

EQUINOR

15.16%

DNB BANK

11.55%

NO0013536151

7.75%

NORSK HYDRO

6.19%

AKER BP ASA

5.04%

MOWI ASA

4.53%

YARA INTL

4.09%

TELENOR

3.87%

ORKLA

3.71%

UNI STOREBRAND

3.19%

SUBSEA

2.90%

GJENSIDIGE

2.19%

SPAREBANK1 SRANK

1.90%

SCHIBSTED

1.74%

SALMAR

1.67%

EWP

BANCO SANTANDER SA

16.94%

IBERDROLA SA

14.80%

BBVA

11.73%

REPSOL YPF SA

5.97%

CAIXABANK SA

4.57%

NL0015001FS8

4.15%

ACS CONS Y SERV

4.08%

INDUSTRIA DISENO TEXTIL

3.99%

AMADEUS IT GROUP SA

3.87%

ES0105046017

3.76%

BCO DE SABADELL

3.48%

ENDESA SA

3.07%

TELEFONICA SA

2.93%

CELLNEX TELECOM

2.87%

ACCIONA SA

2.31%

Frequently asked questions about NORW and EWP

How have the NORW and EWP ETFs performed in 2026?

As of May 11, 2026, NORW is up 26.95% year-to-date (YTD), while EWP has returned 6.18%. 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 +$76M in flows, compared to -$129M for EWP.

Which ETF is more volatile: NORW or EWP?

Over the past year, NORW had a volatility of 15.8%, while EWP experienced 17.82%.

Which ETF is bigger: NORW or EWP?

As of May 11, 2026, NORW holds $155.01 M in assets under management (AUM), while EWP manages $1.78 B.

What sectors do the NORW and EWP ETFs invest in?

NORW leans toward sectors like Energy, Financials and Consumer Staples. Meanwhile, EWP focuses on Financials and Utilities.

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

NORW top holdings include EQUINOR, DNB BANK and NO0013536151. EWP holds in its top three: BANCO SANTANDER SA, IBERDROLA SA and BBVA.

Which ETF is more diversified: NORW or EWP?

NORW holds 53 securities with 75.48% of its assets in the top 15. EWP has 23 securities and a top 15 weight of 88.53%.

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

January 10, 2025

NORW

NORWvsEWPETF Comparison

Global X MSCI Norway ETF

iShares MSCI Spain ETF

NORW vs EWP 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 EWP ETFs performed in 2026?

As of May 11, 2026, NORW is up 26.95% year-to-date (YTD), while EWP has returned 6.18%. 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 +$76M in flows, compared to -$129M for EWP.

Which ETF is more volatile: NORW or EWP?

Over the past year, NORW had a volatility of 15.8%, while EWP experienced 17.82%.

Which ETF is bigger: NORW or EWP?

As of May 11, 2026, NORW holds $155.01 M in assets under management (AUM), while EWP manages $1.78 B.

What sectors do the NORW and EWP ETFs invest in?

NORW leans toward sectors like Energy, Financials and Consumer Staples. Meanwhile, EWP focuses on Financials and Utilities.

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

NORW top holdings include EQUINOR, DNB BANK and NO0013536151. EWP holds in its top three: BANCO SANTANDER SA, IBERDROLA SA and BBVA.

Which ETF is more diversified: NORW or EWP?

NORW holds 53 securities with 75.48% of its assets in the top 15. EWP has 23 securities and a top 15 weight of 88.53%.

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

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