NORW vs HECO
Comparison between GLOBAL X MSCI NORWAY ETF (NORW, ETF) and SPDR GALAXY HEDGED DIGITAL ASSET ECOSYSTEM ETF (HECO, ETF).
NORW vs HECO - Performance Comparison
Key Characteristics
Financial metrics and valuation ratios
Net Assets
Winner
NORW
$87M
HECO
$86M
Expense Ratio
Winner
NORW
0.50%
HECO
0.90%
Max Drawdown
Winner
NORW
42.58%
HECO
45.90%
Sharpe Ratio
NORW
1.33
Winner
HECO
1.93
5Y Beta
Winner
NORW
0.66
HECO
1.81
P/E Ratio
NORW
N/A
HECO
-426.15
Forward P/E
NORW
N/A
HECO
24.21
PEG Ratio
NORW
N/A
HECO
-0.19
5Y Dividends CAGR
NORW
32.53%
HECO
N/A
5Y EPS CAGR
NORW
N/A
HECO
32.57%
P/S Ratio
NORW
N/A
HECO
6.40
P/B Ratio
NORW
N/A
HECO
5.42
NORW vs HECO - Holdings Comparison
NORW and HECO have 1 common holdings. Overlap is -0.32%
NORW's top 25 holdings weight is 84.27%. HECO's top 25 holdings weight is 92.99%.
| Rank | NORW | HECO |
|---|---|---|
| #1 | EQUINOR ASA (n/a) - 11.81% | RIOT PLATFORMS INC (RIOT) - 6.53% |
| #2 | DNB BANK ASA (n/a) - 11.52% | CIPHER DIGITAL INC (CIFR) - 5.94% |
| #3 | KONGSBERG GRUPPEN ASA (n/a) - 5.59% | KEEL INFRASTRUCTURE CORP (n/a) - 5.09% |
| #4 | NORSK HYDRO ASA (n/a) - 5.48% | CME GROUP INC CLASS A (CME) - 4.92% |
| #5 | AKER BP ASA (n/a) - 4.91% | JPMORGAN CHASE & CO (JPM) - 4.85% |
| #6 | TELENOR ASA (n/a) - 4.34% | NVIDIA CORP (NVDA) - 4.73% |
| #7 | MOWI ASA (n/a) - 3.92% | PALO ALTO NETWORKS INC (PANW) - 4.66% |
| #8 | ORKLA ASA (n/a) - 3.67% | CROWDSTRIKE HOLDINGS INC CLASS A (CRWD) - 4.49% |
| #9 | STOREBRAND ASA (n/a) - 3.64% | ROBINHOOD MARKETS INC CLASS A (HOOD) - 4.38% |
| #10 | YARA INTERNATIONAL ASA (n/a) - 3.57% | MICROSOFT CORP (MSFT) - 4.31% |
| #11 | SUBSEA 7 SA (n/a) - 3.53% | CLEANSPARK INC (CLSK) - 4.23% |
| #12 | GJENSIDIGE FORSIKRING ASA (n/a) - 2.70% | CITIGROUP INC (C) - 4.14% |
| #13 | FRONTLINE PLC (FRO) - 2.61% | STATE STREET INSTL US GOVT MMKT PREMIER (GVMXX) - 4.13% |
| #14 | SPAREBANK 1 SOR NORGE ASA (n/a) - 2.00% | MASTERCARD INC CLASS A (MA) - 4.09% |
| #15 | VAR ENERGI ASA (n/a) - 1.97% | VISA INC CLASS A (V) - 4.07% |
| #16 | VEND MARKETPLACES ASA ORDINARY SHARES (n/a) - 1.93% | BANK OF NEW YORK MELLON CORP (BNY) - 4.07% |
| #17 | SALMAR ASA (n/a) - 1.54% | BLACKROCK INC (BLK) - 3.04% |
| #18 | NORDIC SEMICONDUCTOR ASA (n/a) - 1.41% | DATADOG INC CLASS A (DDOG) - 3.04% |
| #19 | AKER ASA CLASS A (n/a) - 1.36% | MICRON TECHNOLOGY INC (MU) - 2.48% |
| #20 | TGS ASA (n/a) - 1.26% | MORGAN STANLEY (MS) - 2.00% |
| #21 | PROTECTOR FORSIKRING ASA (n/a) - 1.20% | HYPERLIQUID STRATEGIES INC (PURR) - 1.79% |
| #22 | SPAREBANK 1 SMN DEPOSITORY RECEIPTS (n/a) - 1.13% | n/a (TSM) - 1.78% |
| #23 | KONGSBERG MARITIME ASA (n/a) - 1.12% | TERAWULF INC (WULF) - 1.63% |
| #24 | TOMRA SYSTEMS ASA (n/a) - 1.03% | AMPHENOL CORP CLASS A (APH) - 1.36% |
| #25 | BAKKAFROST P/F (n/a) - 1.03% | LAM RESEARCH CORP (LRCX) - 1.24% |
| Total Holdings | 63 | 65 |
NORW vs HECO - Historical Returns
Returns include dividend reinvestment.
1M
Winner
NORW
+1.70%
HECO
-2.76%
3M
NORW
-3.84%
Winner
HECO
+39.26%
6M
NORW
+14.85%
Winner
HECO
+46.78%
1Y
NORW
+28.13%
Winner
HECO
+97.78%
5Y(CAGR)
NORW
+7.00%
HECO
N/A
10Y(CAGR)
NORW
+9.43%
HECO
N/A
Max(CAGR)
NORW
+8.62%
Winner
HECO
+72.04%
NORW vs HECO - Annual Returns (2009 - 2026)
Returns include dividend reinvestment.
| Year | NORW | HECO |
|---|---|---|
| 2026 | +19.15% | +59.45% |
| 2025 | +30.87% | +23.32% |
| 2024 | -0.60% | +27.48% |
| 2023 | +7.95% | N/A |
| 2022 | -13.23% | N/A |
| 2021 | +11.44% | N/A |
| 2020 | +24.91% | N/A |
| 2019 | +14.86% | N/A |
| 2018 | -11.15% | N/A |
| 2017 | +23.44% | N/A |
| 2016 | -6.19% | N/A |
| 2015 | +0.12% | N/A |
| 2014 | -3.61% | N/A |
| 2013 | +25.62% | N/A |
| 2012 | +23.24% | N/A |
| 2011 | -20.61% | N/A |
| 2010 | +21.10% | N/A |
| 2009 | +7.52% | N/A |
NORW vs HECO Drawdown Comparison
The maximum drawdown for NORW was -35.62%, occurring on Sep 23, 2011. Recovery took 442 trading sessions.
The maximum drawdown for HECO was -44.54%, occurring on Apr 8, 2025. Recovery took 185 trading sessions.
The current NORW drawdown is -7.89%. The current HECO drawdown is -2.76%.
| Rank | NORW | HECO |
|---|---|---|
| #1 | -35.62% Apr 29, 2011 - Feb 1, 2013 | -44.54% Dec 16, 2024 - Sep 15, 2025 |
| #2 | -33.89% Jan 24, 2018 - Jul 15, 2020 | -21.03% Jan 16, 2026 - Apr 15, 2026 |
| #3 | -32.77% Aug 16, 2021 - May 21, 2025 | -19.38% Oct 15, 2025 - Jan 16, 2026 |
| #4 | -25.23% Jun 6, 2014 - Sep 7, 2017 | -9.16% Nov 11, 2024 - Dec 4, 2024 |
| #5 | -19.56% Apr 20, 2010 - Sep 20, 2010 | -8.57% Dec 6, 2024 - Dec 16, 2024 |
| #6 | -14.49% May 21, 2026 - Jun 26, 2026 | -8.45% Jun 22, 2026 - Jul 17, 2026 |
| #7 | -11.87% Jan 11, 2010 - Apr 1, 2010 | -8.13% Jun 1, 2026 - Jun 18, 2026 |
| #8 | -11.38% May 21, 2013 - Jul 25, 2013 | -7.93% Oct 29, 2024 - Nov 6, 2024 |
| #9 | -9.63% Oct 12, 2020 - Nov 10, 2020 | -5.53% Apr 24, 2026 - May 4, 2026 |
| #10 | -9.61% Nov 4, 2010 - Dec 30, 2010 | -5.32% Sep 26, 2024 - Oct 11, 2024 |
| #11 | -9.18% Sep 16, 2025 - Jan 2, 2026 | -5.27% May 14, 2026 - May 21, 2026 |
| #12 | -8.99% Nov 11, 2009 - Jan 11, 2010 | -3.38% Sep 22, 2025 - Sep 29, 2025 |
| #13 | -8.87% Feb 1, 2011 - Mar 30, 2011 | -2.22% Oct 22, 2024 - Oct 28, 2024 |
| #14 | -7.95% Sep 22, 2009 - Oct 20, 2009 | -2.12% Apr 20, 2026 - Apr 22, 2026 |
| #15 | -7.16% Oct 11, 2017 - Jan 12, 2018 | -1.98% Oct 9, 2025 - Oct 13, 2025 |
Correlation
Correlation between NORW and HECO is 0.74 which considered as a strong positive correlation - the stocks tend to move together.
0.74
-101
Dividend Comparison (2009 - 2026)
NORW vs HECO dividend yield comparison.
| Year | NORW | HECO |
|---|---|---|
| 2026 | 6.19% | 0.00% |
| 2025 | 3.44% | 0.00% |
| 2024 | 6.02% | 2.61% |
| 2023 | 5.27% | 0.00% |
| 2022 | 4.01% | 0.00% |
| 2021 | 1.51% | 0.00% |
| 2020 | 1.13% | 0.00% |
| 2019 | 2.47% | 0.00% |
| 2018 | 3.53% | 0.00% |
| 2017 | 3.64% | 0.00% |
| 2016 | 3.79% | 0.00% |
| 2015 | 2.95% | 0.00% |
| 2014 | 3.85% | 0.00% |
| 2013 | 2.58% | 0.00% |
| 2012 | 2.53% | 0.00% |
| 2011 | 3.78% | 0.00% |
| 2010 | 0.82% | 0.00% |
| 2009 | 0.06% | 0.00% |
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