NORWvsIEURETF Comparison
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Global X MSCI Norway ETF (NORW) and iShares Core MSCI Europe ETF (IEUR) belong to the same industry segment: Europe Blended Cap. NORW's top 3 sector exposures are Energy, Finance and Consumer Non-Cyclicals. In contrast, IEUR's top sector exposures are Finance, Industrials and Healthcare. NORW is more expensive with a Total Expense Ratio (TER) of 0.5%, versus 0.1% for IEUR. NORW is up 12.89% year-to-date (YTD) with +$23M in YTD flows. IEUR performs worse with 6.91% YTD performance, and +$1.16B in YTD flows. Run a side-by-side ETF comparison of NORW and IEUR 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 IEUR performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 07/01/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | NORW IEUR | -11.45%+0.18% | -10.10%+6.49% | +12.89%+6.91% | +18.59%+16.24% | +62.24%+55.72% | +33.13%+52.06% |
| Flows | NORW IEUR | -$58M-$143M | -$54M-$254M | +$23M+$1.16B | +$20M+$854M | +$14M+$2.33B | +$62M+$2.04B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | NORW IEUR | +15.21%+18.68% | +15.97%+15.60% | +18.99%+15.10% | +21.98%+17.43% |
| Max drawdown | NORW IEUR | -13.77%-4.38% | -13.77%-11.85% | -15.97%-13.88% | -33.23%-32.66% |
| Max drawdown duration | NORW IEUR | 41d33d | 41d110d | 48d44d | 1147d902d |
Trading data
NORW | IEUR | |
Last sale 7/2/2026 at 1:30 PM | $32.44 | $75.87 |
| Previous close 07/01/2026 | $31.75 | $74.49 |
| 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 | IEUR | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 7/2/2026 at 1:30 PM
Live
Closed
NORW | IEUR | |
|---|---|---|
| Last price | $32.44 | $75.87 |
| 1D performance | +2.17% | +1.85% |
| AuM | $83.51 M | $8.56 B |
| E/R | 0.5% | 0.1% |
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Exposure
Countries
NORW
Norway
89.3%
Other
10.7%
IEUR
United Kingdom
21.5%
Switzerland
14.85%
Germany
13.35%
France
13.06%
Netherlands
9.36%
Other
27.88%
Sectors
NORW
Energy
26.76%
Finance
23.6%
Consumer Non-Cycl.
11.93%
Industrials
11.4%
Non-Energy Materi.
11.16%
Other
15.15%
IEUR
Finance
24.27%
Industrials
17.5%
Healthcare
11.82%
Technology
10.6%
Consumer Non-Cycl.
8.3%
Other
27.51%
Diversification
NORW
Total weight of top 15 holdings out of 15
70.28%
IEUR
Total weight of top 15 holdings out of 15
23.83%
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%
IEUR
ASML Holding NV
4.00%
HSBC Holdings Plc
2.06%
Roche Holding AG
1.89%
AstraZeneca PLC
1.80%
Novartis AG
1.77%
Nestlé SA
1.67%
Shell Plc
1.50%
Siemens AG
1.50%
SAP SE
1.20%
Banco Santander SA
1.14%
TotalEnergies SE
1.10%
Schneider Electric SE
1.10%
Allianz SE
1.08%
ABB Ltd.
1.07%
Rolls-Royce Holdings Plc
0.96%
Frequently asked questions about NORW and IEUR
How have the NORW and IEUR ETFs performed in 2026?
As of July 1, 2026, NORW is up 12.89% year-to-date (YTD), while IEUR has returned 6.91%. That puts NORW better performer ahead so far this year.
Which ETF is attracting more investor money: NORW or IEUR?
Year-to-date, the NORW ETF saw +$23M in flows, compared to +$1.16B for IEUR.
Which ETF is more volatile: NORW or IEUR?
Over the past year, NORW had a volatility of 15.97%, while IEUR experienced 15.6%.
Which ETF is bigger: NORW or IEUR?
As of July 1, 2026, NORW holds $83.51 M in assets under management (AUM), while IEUR manages $8.56 B.
What sectors do the NORW and IEUR ETFs invest in?
NORW leans toward sectors like Energy, Finance and Consumer Non-Cyclicals. Meanwhile, IEUR focuses on Finance, Industrials and Healthcare.
What are the top holdings of the NORW ETF and IEUR ETF?
NORW top holdings include Equinor ASA, DNB Bank ASA and Norsk Hydro ASA. IEUR holds in its top three: ASML Holding NV, HSBC Holdings Plc and Roche Holding AG.
Which ETF is more diversified: NORW or IEUR?
NORW holds 57 securities with 70.28% of its assets in the top 15. IEUR has 1015 securities and a top 15 weight of 23.83%.
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