NORWvsEWUETF Comparison
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Global X MSCI Norway ETF (NORW) and iShares MSCI United Kingdom ETF (EWU) belong to the same industry segment: Europe Blended Cap. NORW's top 3 sector exposures are Energy, Finance and Industrials. In contrast, EWU's top sector exposures are Finance, Consumer Non-Cyclicals and Energy. Both NORW and EWU have the same Total Expense Ratio (TER) of 0.5%. NORW is up 29.17% year-to-date (YTD) with +$20M in YTD flows. EWU performs worse with 10.76% YTD performance, and +$608M in YTD flows. Run a side-by-side ETF comparison of NORW and EWU 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 EWU 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 EWU | +1.72%+2.58% | +1.92%-0.95% | +29.17%+10.76% | +34.88%+13.61% | +83.17%+72.32% | +45.16%+73.66% |
| Flows | NORW EWU | -$3M-$38M | +$812K-$359M | +$20M+$608M | +$22M+$651M | +$11M-$126M | -$13M-$228M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | NORW EWU | +14.44%+13.86% | +16.02%+15.42% | +18.19%+14.30% | +21.92%+16.35% |
| Max drawdown | NORW EWU | -7.52%-7.30% | -13.77%-10.03% | -15.97%-12.53% | -33.23%-24.74% |
| Max drawdown duration | NORW EWU | 50d78d | 91d150d | 48d38d | 1147d427d |
Trading data
NORW | EWU | |
Last sale 11/12/2026 at 8:59 PM | $36.36 | $47.99 |
| Previous close 11/11/2026 | $36.56 | $47.76 |
| 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 | EWU | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 11/12/2026 at 8:59 PM
Live
Closed
NORW | EWU | |
|---|---|---|
| Last price | $36.36 | $47.99 |
| 1D performance | -0.55% | +0.47% |
| AuM | $91.19 M | $3.75 B |
| E/R | 0.5% | 0.5% |
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Exposure
Countries
NORW
Norway
89.24%
Other
10.76%
EWU
United Kingdom
94.86%
Other
5.14%
Sectors
NORW
Energy
31.76%
Finance
25.06%
Industrials
12.97%
Consumer Non-Cycl.
11.43%
Non-Energy Materi.
8.76%
Other
10.02%
EWU
Finance
26.18%
Consumer Non-Cycl.
14.88%
Energy
14.81%
Healthcare
12.75%
Industrials
9.91%
Other
21.46%
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Diversification
NORW
Total weight of top 15 holdings out of 15
70.6%
EWU
Total weight of top 15 holdings out of 15
65.86%
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%
EWU
HSBC Holdings Plc
11.04%
Shell Plc
8.87%
AstraZeneca PLC
7.97%
Rolls-Royce Holdings Plc
5.23%
Unilever Plc
4.26%
BP Plc
3.70%
British American Tobacco plc
3.55%
Rio Tinto Plc
3.25%
GSK Plc
3.18%
Lloyds Banking Group Plc
2.67%
Barclays PLC
2.65%
BAE Systems Plc
2.46%
National Grid Plc
2.45%
NatWest Group Plc
2.35%
Glencore Plc
2.24%
Frequently asked questions about NORW and EWU
How have the NORW and EWU ETFs performed in 2026?
As of November 11, 2026, NORW is up 29.17% year-to-date (YTD), while EWU has returned 10.76%. That puts NORW better performer ahead so far this year.
Which ETF is attracting more investor money: NORW or EWU?
Year-to-date, the NORW ETF saw +$20M in flows, compared to +$608M for EWU.
Which ETF is more volatile: NORW or EWU?
Over the past year, NORW had a volatility of 16.02%, while EWU experienced 15.42%.
Which ETF is bigger: NORW or EWU?
As of November 11, 2026, NORW holds $91.19 M in assets under management (AUM), while EWU manages $3.75 B.
What sectors do the NORW and EWU ETFs invest in?
NORW leans toward sectors like Energy, Finance and Industrials. Meanwhile, EWU focuses on Finance, Consumer Non-Cyclicals and Energy.
What are the top holdings of the NORW ETF and EWU ETF?
NORW top holdings include Equinor ASA, DNB Bank ASA and Kongsberg Gruppen ASA. EWU holds in its top three: HSBC Holdings Plc, Shell Plc and AstraZeneca PLC.
Which ETF is more diversified: NORW or EWU?
NORW holds 59 securities with 70.6% of its assets in the top 15. EWU has 67 securities and a top 15 weight of 65.86%.
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Latest news about NORW & EWU
The ETF Underdogs, Part 2: 5 More ETFs Under $50 Million AUM to Watch
January 10, 2025
NORW
An introduction to Country-Based ETFs
July 7, 2022
EWU
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