FRWD vs EWD
Comparison between Nomura Transformational Technologies ETF (FRWD, ETF) and ISHARES MSCI SWEDEN ETF (EWD, ETF).
FRWD vs EWD - Performance Comparison
Key Characteristics
Financial metrics and valuation ratios
Net Assets
Winner
FRWD
$285M
EWD
$285M
Expense Ratio
FRWD
0.65%
Winner
EWD
0.51%
Max Drawdown
Winner
FRWD
18.49%
EWD
79.94%
Sharpe Ratio
Winner
FRWD
1.40
EWD
0.66
5Y Beta
FRWD
2.08
Winner
EWD
0.86
P/E Ratio
FRWD
43.94
EWD
N/A
Forward P/E
FRWD
24.86
EWD
N/A
PEG Ratio
FRWD
0.28
EWD
N/A
5Y Dividends CAGR
FRWD
N/A
EWD
13.13%
5Y EPS CAGR
FRWD
34.63%
EWD
N/A
P/S Ratio
FRWD
4.51
EWD
N/A
P/B Ratio
FRWD
12.90
EWD
N/A
FRWD vs EWD - Holdings Comparison
FRWD and EWD have 2 common holdings. Overlap is 2.36%
FRWD's top 25 holdings weight is 99.42%. EWD's top 25 holdings weight is 84.35%.
| Rank | FRWD | EWD |
|---|---|---|
| #1 | NVIDIA CORP (NVDA) - 8.39% | INVESTOR AB CLASS B (n/a) - 9.50% |
| #2 | ADVANCED MICRO DEVICES INC (AMD) - 7.40% | SPOTIFY TECHNOLOGY SA (SPOT) - 9.45% |
| #3 | SEAGATE TECHNOLOGY HOLDINGS PLC (STX) - 6.98% | VOLVO AB CLASS B (VOLVF) - 7.16% |
| #4 | TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD ADR (TSM) - 6.10% | ATLAS COPCO AB CLASS A (n/a) - 6.66% |
| #5 | LAM RESEARCH CORP (LRCX) - 5.72% | SANDVIK AB (n/a) - 5.57% |
| #6 | ASML HOLDING NV ADR (ASML) - 4.79% | SWEDBANK AB CLASS A (n/a) - 4.16% |
| #7 | BROADCOM INC (AVGO) - 4.71% | SKANDINAVISKA ENSKILDA BANKEN AB CLASS A (n/a) - 4.12% |
| #8 | MICRON TECHNOLOGY INC (MU) - 4.60% | ASSA ABLOY AB CLASS B (n/a) - 4.04% |
| #9 | WESTERN DIGITAL CORP (WDC) - 4.36% | TELEFONAKTIEBOLAGET L M ERICSSON CLASS B (n/a) - 3.65% |
| #10 | TEXAS INSTRUMENTS INC (TXN) - 3.94% | ATLAS COPCO AB CLASS B (n/a) - 3.46% |
| #11 | NETFLIX INC (NFLX) - 3.79% | SVENSKA HANDELSBANKEN AB CLASS A (n/a) - 2.81% |
| #12 | SAMSUNG ELECTRONICS CO LTD (n/a) - 3.76% | EPIROC AB ORDINARY SHARES CLASS A (n/a) - 2.27% |
| #13 | DOORDASH INC ORDINARY SHARES CLASS A (DASH) - 3.64% | SAAB AB CLASS B (n/a) - 2.25% |
| #14 | ALPHABET INC CLASS A (GOOGL) - 3.44% | ESSITY AB CLASS B (n/a) - 2.25% |
| #15 | MICROSOFT CORP (MSFT) - 3.13% | HEXAGON AB CLASS B (n/a) - 2.21% |
| #16 | AMAZON.COM INC (AMZN) - 3.05% | ALFA LAVAL AB (n/a) - 2.19% |
| #17 | KRATOS DEFENSE & SECURITY SOLUTIONS INC (KTOS) - 2.90% | BOLIDEN AB (n/a) - 2.02% |
| #18 | SPOTIFY TECHNOLOGY SA (SPOT) - 2.68% | EQT AB ORDINARY SHARES (n/a) - 1.88% |
| #19 | CELESTICA INC ORDINARY SHARES (SUBORDINATE VOTING) (CLS) - 2.63% | TELIA COMPANY AB (n/a) - 1.48% |
| #20 | MERCADOLIBRE INC (MELI) - 2.57% | TELE2 AB CLASS B (n/a) - 1.26% |
| #21 | SPACE EXPLORATION TECHNOLOGIES CORP CLASS A (SPCX) - 2.51% | EVOLUTION AB (n/a) - 1.24% |
| #22 | BOOKING HOLDINGS INC (BKNG) - 2.25% | SWEDISH ORPHAN BIOVITRUM AB (n/a) - 1.20% |
| #23 | SHOPIFY INC REGISTERED SHS -A- SUBORD VTG (SHOP) - 2.16% | SKF AB CLASS B (n/a) - 1.19% |
| #24 | SERVICENOW INC (NOW) - 1.99% | ADDTECH AB CLASS B (n/a) - 1.18% |
| #25 | CADENCE DESIGN SYSTEMS INC (CDNS) - 1.93% | EPIROC AB SHARE B (n/a) - 1.15% |
| Total Holdings | 27 | 53 |
FRWD vs EWD - Historical Returns
Returns include dividend reinvestment.
1M
FRWD
-7.62%
Winner
EWD
-0.16%
3M
Winner
FRWD
+17.20%
EWD
-3.31%
6M
Winner
FRWD
+26.34%
EWD
-0.49%
1Y
FRWD
N/A
EWD
+14.71%
5Y(CAGR)
FRWD
N/A
EWD
+4.55%
10Y(CAGR)
FRWD
N/A
EWD
+9.54%
Max(CAGR)
Winner
FRWD
+58.34%
EWD
+6.62%
FRWD vs EWD - Annual Returns (1999 - 2026)
Returns include dividend reinvestment.
| Year | FRWD | EWD |
|---|---|---|
| 2026 | +26.85% | +3.36% |
| 2025 | N/A | +36.16% |
| 2024 | N/A | -1.94% |
| 2023 | N/A | +23.68% |
| 2022 | N/A | -28.45% |
| 2021 | N/A | +21.34% |
| 2020 | N/A | +18.94% |
| 2019 | N/A | +23.80% |
| 2018 | N/A | -13.43% |
| 2017 | N/A | +21.04% |
| 2016 | N/A | +4.52% |
| 2015 | N/A | -3.90% |
| 2014 | N/A | -5.97% |
| 2013 | N/A | +21.95% |
| 2012 | N/A | +19.94% |
| 2011 | N/A | -18.22% |
| 2010 | N/A | +31.31% |
| 2009 | N/A | +48.46% |
| 2008 | N/A | -46.58% |
| 2007 | N/A | -2.28% |
| 2006 | N/A | +38.19% |
| 2005 | N/A | +9.32% |
| 2004 | N/A | +34.96% |
| 2003 | N/A | +57.95% |
| 2002 | N/A | -31.32% |
| 2001 | N/A | -22.76% |
| 2000 | N/A | -27.76% |
| 1999 | N/A | +27.13% |
FRWD vs EWD Drawdown Comparison
The maximum drawdown for FRWD was -18.49%, occurring on Mar 30, 2026. Recovery took 53 trading sessions.
The maximum drawdown for EWD was -75.34%, occurring on Oct 9, 2002. Recovery took 1668 trading sessions.
The current FRWD drawdown is -8.32%. The current EWD drawdown is -6.31%.
| Rank | FRWD | EWD |
|---|---|---|
| #1 | -18.49% Jan 28, 2026 - Apr 15, 2026 | -75.34% Mar 3, 2000 - Oct 20, 2006 |
| #2 | -12.65% Jun 18, 2026 - Jul 17, 2026 | -68.10% Jul 12, 2007 - Apr 21, 2011 |
| #3 | -9.94% Jun 2, 2026 - Jun 15, 2026 | -42.26% Aug 13, 2021 - Feb 18, 2025 |
| #4 | -5.01% May 14, 2026 - May 22, 2026 | -37.22% Feb 12, 2020 - Jul 17, 2020 |
| #5 | -2.67% Apr 24, 2026 - May 1, 2026 | -36.19% May 2, 2011 - Mar 7, 2013 |
| #6 | -1.87% Jan 16, 2026 - Jan 22, 2026 | -25.57% May 21, 2014 - May 2, 2017 |
| #7 | -1.81% Jun 15, 2026 - Jun 18, 2026 | -23.30% Jan 24, 2018 - Jan 2, 2020 |
| #8 | -1.60% May 11, 2026 - May 14, 2026 | -17.84% Mar 7, 2025 - May 13, 2025 |
| #9 | -1.53% Jan 13, 2026 - Jan 16, 2026 | -14.49% Feb 27, 2026 - Mar 20, 2026 |
| #10 | -1.34% May 6, 2026 - May 8, 2026 | -12.59% May 21, 2013 - Jul 23, 2013 |
| #11 | -0.89% Apr 22, 2026 - Apr 24, 2026 | -9.09% Feb 26, 2007 - Mar 21, 2007 |
| #12 | -0.59% Apr 17, 2026 - Apr 22, 2026 | -8.75% May 7, 2007 - Jul 6, 2007 |
| #13 | -0.09% May 1, 2026 - May 5, 2026 | -8.18% Oct 12, 2020 - Nov 6, 2020 |
| #14 | N/A | -8.16% Sep 18, 2013 - Dec 30, 2013 |
| #15 | N/A | -7.82% Oct 27, 2025 - Dec 10, 2025 |
Correlation
Correlation between FRWD and EWD is 0.05 which considered as a very weak or no correlation - the stocks move independently of each other.
0.05
-101
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