NORWvsEZUETF Comparison
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Global X MSCI Norway ETF (NORW) and iShares MSCI Eurozone ETF (EZU) belong to the same industry segment: Europe Blended Cap. NORW's top 3 sector exposures are Energy, Finance and Industrials. In contrast, EZU's top sector exposures are Finance, Industrials and Technology. Both NORW and EZU have the same Total Expense Ratio (TER) of 0.5%. NORW is up 29.12% year-to-date (YTD) with +$22M in YTD flows. EZU performs worse with 8.61% YTD performance, and +$116M in YTD flows. Run a side-by-side ETF comparison of NORW and EZU 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 EZU performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/28/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | NORW EZU | -1.89%-3.48% | +14.11%-0.34% | +29.12%+8.61% | +30.20%+14.48% | +77.08%+76.27% | +51.38%+62.10% |
| Flows | NORW EZU | --$21M | -$4M+$129M | +$22M+$116M | +$23M+$800M | +$12M-$564M | +$57M-$789M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | NORW EZU | +12.58%+13.70% | +15.98%+17.81% | +18.48%+16.82% | +21.90%+19.66% |
| Max drawdown | NORW EZU | -4.86%-5.41% | -13.77%-12.88% | -15.97%-14.55% | -33.23%-36.02% |
| Max drawdown duration | NORW EZU | 19d43d | 91d96d | 48d44d | 1147d830d |
Trading data
NORW | EZU | |
Last sale 9/29/2026 at 1:30 PM | $35.67 | $68.23 |
| Previous close 09/28/2026 | $36.26 | $68.52 |
| Consolidated volume 09/28/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of August 31, 2026
1-year trailing difference
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NORW | EZU | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 9/29/2026 at 1:30 PM
Live
Closed
NORW | EZU | |
|---|---|---|
| Last price | $35.67 | $68.23 |
| 1D performance | -1.63% | -0.42% |
| AuM | $93.70 M | $9.58 B |
| E/R | 0.5% | 0.5% |
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Exposure
Countries
NORW
Norway
89.66%
Other
10.34%
EZU
Germany
25.03%
France
24.89%
Netherlands
18.62%
Spain
11.17%
Italy
9.24%
Other
11.05%
Sectors
NORW
Energy
30.91%
Finance
25.3%
Industrials
12.59%
Consumer Non-Cycl.
11.42%
Non-Energy Materi.
9.46%
Other
10.32%
EZU
Finance
28.01%
Industrials
18.89%
Technology
15.58%
Consumer Cyclical.
7.39%
Other
30.12%
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Diversification
NORW
Total weight of top 15 holdings out of 15
70.71%
EZU
Total weight of top 15 holdings out of 15
38.17%
Top 15 holdings
Data as of August 31, 2026
NORW
Equinor ASA
11.88%
DNB Bank ASA
11.44%
Kongsberg Gruppen ASA
6.00%
Norsk Hydro ASA
5.46%
Aker BP ASA
5.11%
Mowi ASA
4.04%
Telenor ASA
3.82%
Storebrand ASA
3.64%
Subsea 7 SA
3.51%
Yara International ASA
3.28%
Orkla ASA
3.08%
Frontline Plc
2.69%
Gjensidige Forsikring ASA
2.56%
Vår Energi ASA
2.10%
Sparebank 1 Sør-Norge ASA
2.07%
EZU
ASML Holding NV
8.39%
Siemens AG
3.07%
SAP SE
2.88%
Banco Santander SA
2.69%
Allianz SE
2.55%
Schneider Electric SE
2.41%
TotalEnergies SE
2.18%
Banco Bilbao Vizcaya Argentaria SA
2.08%
Iberdrola SA
1.85%
Airbus SE
1.74%
Safran SA
1.73%
UniCredit SpA
1.70%
LVMH Moët Hennessy Louis Vuitton SE
1.67%
Siemens Energy AG
1.64%
Air Liquide SA
1.57%
Frequently asked questions about NORW and EZU
How have the NORW and EZU ETFs performed in 2026?
As of September 28, 2026, NORW is up 29.12% year-to-date (YTD), while EZU has returned 8.61%. That puts NORW better performer ahead so far this year.
Which ETF is attracting more investor money: NORW or EZU?
Year-to-date, the NORW ETF saw +$22M in flows, compared to +$116M for EZU.
Which ETF is more volatile: NORW or EZU?
Over the past year, NORW had a volatility of 15.98%, while EZU experienced 17.81%.
Which ETF is bigger: NORW or EZU?
As of September 28, 2026, NORW holds $93.70 M in assets under management (AUM), while EZU manages $9.58 B.
What sectors do the NORW and EZU ETFs invest in?
NORW leans toward sectors like Energy, Finance and Industrials. Meanwhile, EZU focuses on Finance, Industrials and Technology.
What are the top holdings of the NORW ETF and EZU ETF?
NORW top holdings include Equinor ASA, DNB Bank ASA and Kongsberg Gruppen ASA. EZU holds in its top three: ASML Holding NV, Siemens AG and SAP SE.
Which ETF is more diversified: NORW or EZU?
NORW holds 59 securities with 70.71% of its assets in the top 15. EZU has 217 securities and a top 15 weight of 38.17%.
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Latest news about NORW & EZU
The ETF Underdogs, Part 2: 5 More ETFs Under $50 Million AUM to Watch
January 10, 2025
NORW
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