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 Consumer Non-Cyclicals. 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 29.67% year-to-date (YTD) with +$19M in YTD flows. EZU performs worse with 14.2% YTD performance, and +$44M 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 08/14/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | NORW EZU | +8.56%+5.32% | +2.50%+8.48% | +29.67%+14.20% | +36.01%+21.49% | +77.89%+72.22% | +44.78%+62.92% |
| Flows | NORW EZU | -$5M+$57M | -$57M-$2M | +$19M+$44M | +$19M+$527M | +$9M-$1.44B | +$55M-$1.02B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | NORW EZU | +15.99%+18.29% | +16.21%+17.75% | +18.58%+16.87% | +22.01%+19.71% |
| Max drawdown | NORW EZU | -13.77%-3.35% | -13.77%-12.88% | -15.97%-14.55% | -33.23%-36.27% |
| Max drawdown duration | NORW EZU | 85d25d | 85d96d | 48d44d | 1147d901d |
Trading data
NORW | EZU | |
Last sale 8/14/2026 at 1:30 PM | $36.68 | $71.99 |
| Previous close 08/13/2026 | $36.16 | $71.88 |
| Consolidated volume 08/13/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of July 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 8/14/2026 at 1:30 PM
Live
Closed
NORW | EZU | |
|---|---|---|
| Last price | $36.68 | $71.99 |
| 1D performance | +1.44% | +0.15% |
| AuM | $90.81 M | $10.00 B |
| E/R | 0.5% | 0.5% |
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Exposure
Countries
NORW
Norway
88.68%
Other
11.32%
EZU
France
24.81%
Germany
24.34%
Netherlands
20.29%
Spain
10.66%
Italy
8.79%
Other
11.11%
Sectors
NORW
Energy
26.57%
Finance
25.26%
Consumer Non-Cycl.
12.09%
Industrials
11.16%
Non-Energy Materi.
9.69%
Other
15.22%
EZU
Finance
26.25%
Industrials
19.31%
Technology
17.47%
Consumer Cyclical.
7.21%
Other
29.75%
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Diversification
NORW
Total weight of top 15 holdings out of 15
70.04%
EZU
Total weight of top 15 holdings out of 15
38.41%
Top 15 holdings
Data as of June 30, 2026
NORW
DNB Bank ASA
11.71%
Equinor ASA
10.75%
Kongsberg Gruppen ASA
6.02%
Norsk Hydro ASA
5.67%
Aker BP ASA
4.71%
Telenor ASA
4.33%
Mowi ASA
4.06%
Orkla ASA
3.79%
Storebrand ASA
3.62%
Subsea 7 SA
3.61%
Yara International ASA
3.38%
Gjensidige Forsikring ASA
2.64%
Sparebank 1 Sør-Norge ASA
1.97%
Vend Marketplaces ASA
1.91%
Vår Energi ASA
1.87%
EZU
ASML Holding NV
9.89%
Siemens AG
3.09%
Banco Santander SA
2.56%
Allianz SE
2.33%
Schneider Electric SE
2.32%
SAP SE
2.07%
TotalEnergies SE
1.98%
Iberdrola SA
1.97%
Siemens Energy AG
1.90%
Banco Bilbao Vizcaya Argentaria SA
1.82%
LVMH Moët Hennessy Louis Vuitton SE
1.78%
Safran SA
1.76%
Airbus SE
1.71%
Air Liquide SA
1.63%
Infineon Technologies AG
1.58%
Frequently asked questions about NORW and EZU
How have the NORW and EZU ETFs performed in 2026?
As of August 14, 2026, NORW is up 29.67% year-to-date (YTD), while EZU has returned 14.2%. 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 +$19M in flows, compared to +$44M for EZU.
Which ETF is more volatile: NORW or EZU?
Over the past year, NORW had a volatility of 16.21%, while EZU experienced 17.75%.
Which ETF is bigger: NORW or EZU?
As of August 14, 2026, NORW holds $90.81 M in assets under management (AUM), while EZU manages $10.00 B.
What sectors do the NORW and EZU ETFs invest in?
NORW leans toward sectors like Energy, Finance and Consumer Non-Cyclicals. Meanwhile, EZU focuses on Finance, Industrials and Technology.
What are the top holdings of the NORW ETF and EZU ETF?
NORW top holdings include DNB Bank ASA, Equinor ASA and Kongsberg Gruppen ASA. EZU holds in its top three: ASML Holding NV, Siemens AG and Banco Santander SA.
Which ETF is more diversified: NORW or EZU?
NORW holds 57 securities with 70.04% of its assets in the top 15. EZU has 223 securities and a top 15 weight of 38.41%.
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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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