NORWvsFEZETF Comparison
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Global X MSCI Norway ETF (NORW) and State Street SPDR EURO STOXX 50 ETF (FEZ) belong to the same industry segment: Europe Blended Cap. NORW's top 3 sector exposures are Energy, Finance and Consumer Non-Cyclicals. In contrast, FEZ's top sector exposures are Industrials, Finance and Technology. NORW is more expensive with a Total Expense Ratio (TER) of 0.5%, versus 0.29% for FEZ. NORW is up 29.67% year-to-date (YTD) with +$19M in YTD flows. FEZ performs worse with 13.54% YTD performance, and -$917M in YTD flows. Run a side-by-side ETF comparison of NORW and FEZ 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 FEZ 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 FEZ | +8.56%+5.45% | +2.50%+9.73% | +29.67%+13.54% | +36.01%+22.27% | +77.89%+72.77% | +44.78%+74.71% |
| Flows | NORW FEZ | -$5M- | -$57M-$234M | +$19M-$917M | +$19M-$1.09B | +$9M+$280M | +$55M+$39M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | NORW FEZ | +15.99%+16.43% | +16.21%+18.30% | +18.58%+17.86% | +22.01%+20.92% |
| Max drawdown | NORW FEZ | -13.77%-3.44% | -13.77%-12.89% | -15.97%-15.03% | -33.23%-34.74% |
| Max drawdown duration | NORW FEZ | 85d15d | 85d107d | 48d44d | 1147d584d |
Trading data
NORW | FEZ | |
Last sale 8/14/2026 at 1:30 PM | $36.68 | $72.10 |
| Previous close 08/13/2026 | $36.16 | $72.04 |
| 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 | FEZ | |
|---|---|---|
| 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 | FEZ | |
|---|---|---|
| Last price | $36.68 | $72.10 |
| 1D performance | +1.44% | +0.08% |
| AuM | $90.81 M | $4.56 B |
| E/R | 0.5% | 0.29% |
Characteristics
NORW | FEZ | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Global X | State Street Investment Management |
| Benchmark | MSCI Norway IMI 25/50 Index | Euro Stoxx 50 Index |
| N° of holdings | 57 | 47 |
| Asset class | Equities | Equities |
| Trailing 12m distribution yield | Join | Join |
| Inception date | August 17, 2009 | October 15, 2002 |
| ESG | No | No |
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Exposure
Countries
NORW
Norway
88.68%
Other
11.32%
FEZ
France
29.4%
Germany
28.63%
Netherlands
18.57%
Italy
8.31%
Other
15.09%
Sectors
NORW
Energy
26.57%
Finance
25.26%
Consumer Non-Cycl.
12.09%
Industrials
11.16%
Non-Energy Materi.
9.69%
Other
15.22%
FEZ
Industrials
20.71%
Finance
19.78%
Technology
16.12%
Consumer Cyclical.
8.19%
Other
35.21%
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Diversification
NORW
Total weight of top 15 holdings out of 15
70.04%
FEZ
Total weight of top 15 holdings out of 15
53.05%
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%
FEZ
ASML Holding NV
10.36%
Siemens AG
4.65%
Schneider Electric SE
3.71%
Allianz SE
3.55%
TotalEnergies SE
3.49%
Iberdrola SA
3.10%
SAP SE
3.06%
Siemens Energy AG
3.04%
Safran SA
2.87%
LVMH Moët Hennessy Louis Vuitton SE
2.69%
UniCredit SpA
2.66%
Airbus SE
2.58%
Air Liquide SA
2.49%
Infineon Technologies AG
2.40%
BNP Paribas SA
2.39%
Frequently asked questions about NORW and FEZ
How have the NORW and FEZ ETFs performed in 2026?
As of August 14, 2026, NORW is up 29.67% year-to-date (YTD), while FEZ has returned 13.54%. That puts NORW better performer ahead so far this year.
Which ETF is attracting more investor money: NORW or FEZ?
Year-to-date, the NORW ETF saw +$19M in flows, compared to -$917M for FEZ.
Which ETF is more volatile: NORW or FEZ?
Over the past year, NORW had a volatility of 16.21%, while FEZ experienced 18.3%.
Which ETF is bigger: NORW or FEZ?
As of August 14, 2026, NORW holds $90.81 M in assets under management (AUM), while FEZ manages $4.56 B.
What sectors do the NORW and FEZ ETFs invest in?
NORW leans toward sectors like Energy, Finance and Consumer Non-Cyclicals. Meanwhile, FEZ focuses on Industrials, Finance and Technology.
What are the top holdings of the NORW ETF and FEZ ETF?
NORW top holdings include DNB Bank ASA, Equinor ASA and Kongsberg Gruppen ASA. FEZ holds in its top three: ASML Holding NV, Siemens AG and Schneider Electric SE.
Which ETF is more diversified: NORW or FEZ?
NORW holds 57 securities with 70.04% of its assets in the top 15. FEZ has 47 securities and a top 15 weight of 53.05%.
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Latest news about NORW & FEZ
The ETF Underdogs, Part 2: 5 More ETFs Under $50 Million AUM to Watch
January 10, 2025
NORW
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