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NORWvsEWUETF Comparison

ETF 1

NORW

Global X MSCI Norway ETF

This fund is part of

Europe Blended Cap

-0.88%

Full NORW fund page

VS

ETF 2

EWU

iShares MSCI United Kingdom ETF

This fund is part of

Europe Blended Cap

-0.88%

Full EWU fund page

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 Consumer Non-Cyclicals. In contrast, EWU's top sector exposures are Finance, Consumer Non-Cyclicals and Healthcare. Both NORW and EWU have the same Total Expense Ratio (TER) of 0.5%. NORW is up 12.89% year-to-date (YTD) with +$23M in YTD flows. EWU performs worse with 5.72% YTD performance, and +$710M 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

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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 07/01/2026

		1M	3M	YTD	1Y	3Y	5Y
Perf.	NORW EWU	-11.45%-0.31%	-10.10%+0.78%	+12.89%+5.72%	+18.59%+18.61%	+62.24%+59.60%	+33.13%+69.29%
Flows	NORW EWU	-$58M+$297M	-$54M+$297M	+$23M+$710M	+$20M+$218M	+$14M-$109M	+$62M-$690M

Volatility and drawdown

		3M	1Y	3Y	5Y
Volatility	NORW EWU	+15.21%+17.11%	+15.97%+14.42%	+18.99%+14.28%	+21.98%+16.32%
Max drawdown	NORW EWU	-13.77%-5.35%	-13.77%-10.03%	-15.97%-12.53%	-33.23%-24.74%
Max drawdown duration	NORW EWU	41d73d	41d122d	48d38d	1147d427d

Trading data

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	NORW	EWU
Last sale 7/2/2026 at 1:30 PM	$32.44	$47.16
Previous close 07/01/2026	$31.75	$45.94
Consolidated volume 07/01/2026
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	EWU
Tracking error
Tracking difference
1 year cumulative return difference
Best
Worst
Daily return difference
Average
Worst

Main metrics

Last update 7/2/2026 at 1:30 PM

Live

Closed

	NORW	EWU
Last price	$32.44	$47.16
1D performance	+2.17%	+2.66%
AuM	$83.51 M	$3.66 B
E/R	0.5%	0.5%

Characteristics

	NORW	EWU
Management strategy	Passive	Passive
Provider	Global X	iShares
Benchmark	MSCI Norway IMI 25/50 Index	MSCI UK Index
N° of holdings	57	67
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 EWU data on Trackinsight

Exposure

Countries

NORW

Norway

89.3%

Other

10.7%

EWU

United Kingdom

92.74%

Other

7.26%

Sectors

NORW

Energy

26.76%

Finance

23.6%

Consumer Non-Cycl.

11.93%

Industrials

11.4%

Non-Energy Materi.

11.16%

Other

15.15%

EWU

Finance

25.44%

Consumer Non-Cycl.

14.72%

Healthcare

13.94%

Energy

13.37%

Industrials

9.27%

Other

23.25%

Diversification

NORW

Total weight of top 15 holdings out of 15

70.28%

EWU

Total weight of top 15 holdings out of 15

64.86%

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%

EWU

HSBC Holdings Plc

10.32%

AstraZeneca PLC

8.99%

Shell Plc

7.55%

Rolls-Royce Holdings Plc

4.84%

British American Tobacco plc

3.97%

Unilever Plc

3.96%

Rio Tinto Plc

3.66%

BP Plc

3.53%

GSK Plc

3.29%

Barclays PLC

2.70%

Lloyds Banking Group Plc

2.57%

National Grid Plc

2.56%

BAE Systems Plc

2.55%

Glencore Plc

2.30%

NatWest Group Plc

2.06%

Frequently asked questions about NORW and EWU

How have the NORW and EWU ETFs performed in 2026?

As of July 1, 2026, NORW is up 12.89% year-to-date (YTD), while EWU has returned 5.72%. 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 +$23M in flows, compared to +$710M for EWU.

Which ETF is more volatile: NORW or EWU?

Over the past year, NORW had a volatility of 15.97%, while EWU experienced 14.42%.

Which ETF is bigger: NORW or EWU?

As of July 1, 2026, NORW holds $83.51 M in assets under management (AUM), while EWU manages $3.66 B.

What sectors do the NORW and EWU ETFs invest in?

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

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

NORW top holdings include Equinor ASA, DNB Bank ASA and Norsk Hydro ASA. EWU holds in its top three: HSBC Holdings Plc, AstraZeneca PLC and Shell Plc.

Which ETF is more diversified: NORW or EWU?

NORW holds 57 securities with 70.28% of its assets in the top 15. EWU has 67 securities and a top 15 weight of 64.86%.

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

NORWvsEWUETF Comparison

Global X MSCI Norway ETF

iShares MSCI United Kingdom ETF

NORW vs EWU 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 EWU ETFs performed in 2026?

As of July 1, 2026, NORW is up 12.89% year-to-date (YTD), while EWU has returned 5.72%. 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 +$23M in flows, compared to +$710M for EWU.

Which ETF is more volatile: NORW or EWU?

Over the past year, NORW had a volatility of 15.97%, while EWU experienced 14.42%.

Which ETF is bigger: NORW or EWU?

As of July 1, 2026, NORW holds $83.51 M in assets under management (AUM), while EWU manages $3.66 B.

What sectors do the NORW and EWU ETFs invest in?

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

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

NORW top holdings include Equinor ASA, DNB Bank ASA and Norsk Hydro ASA. EWU holds in its top three: HSBC Holdings Plc, AstraZeneca PLC and Shell Plc.

Which ETF is more diversified: NORW or EWU?

NORW holds 57 securities with 70.28% of its assets in the top 15. EWU has 67 securities and a top 15 weight of 64.86%.

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

An introduction to Country-Based ETFs

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