How the Largest ETFs in Norway Performed

Each month, we check in on the performance of the largest Europe-domiciled stock, bond, and active exchange-traded funds available for sale in Norway.

The Morningstar Europe Index rose 1.11% during September, while the Morningstar Eurozone Core Bond Index gained 0.06%. Over the past year, the European stock market is up 9.96%, while the European bond market has risen 0.68%.

The Morningstar US Market Index rose 2.76% during September and is up 11.32% over the past year. The Morningstar US Core Bond Index rose 0.36% last month and is down 2.55% over the past year.

In the global markets, stocks gained 2.70% during September, as measured by the Morningstar Global Markets Index. Bonds fell 0.03%, as measured by the Morningstar Global Core Bond Index. Over the past year, global stocks are up 10.96% and global bonds are down 3.23%.

Performance of the Largest Stock ETFs

When evaluating ETFs, investors should focus on long-term returns across multiple years and market cycles. However, short-term returns can provide valuable information about biases within strategies.

Out of the 10 largest Europe-domiciled stock ETFs, the top performer last month was the NOK 313.2 billion iShares Core MSCI EM IMI UCITS ETF EIMI, which gained 5.64%. The bottom performer was the NOK 1.2 trillion iShares Core MSCI World UCITS ETF IWDA, which gained 2.50%.

Here’s more about the performance of the largest stock ETFs.

iShares VII PLC – iShares Core S&P 500 UCITS ETF CSSPX

• Morningstar Medalist Rating: Gold
• Morningstar Category: US Large-Cap Blend Equity

The NOK 1.4 trillion iShares VII PLC – iShares Core S&P 500 UCITS ETF rose 2.91% in September. The gain on the fund beat the 2.18% gain on the average fund in the US large-cap blend equity category, leaving it in the 26th percentile for performance. Over the past year, the iShares fund rose 11.12%, while the average fund in its category rose 8.36%. The fund, which launched in May 2010, has climbed 20.98% over the past three years annualized and gained 17.65% annualized over the past five years.

iShares Core MSCI World UCITS ETF IWDA

• Morningstar Medalist Rating: Silver
• Morningstar Category: Global Large-Cap Blend Equity

The iShares Core MSCI World UCITS ETF gained 2.50% in September, outperforming the average fund in the global large-cap blend equity category, which rose 1.77%. The NOK 1.2 trillion fund has gained 11.11% over the past year, while the average fund in its category is up 6.97%. The iShares fund, which launched in September 2009, has climbed 20.19% over the past three years annualized and gained 15.97% annualized over the past five years.

Vanguard S&P 500 UCITS ETF VUSD

• Morningstar Medalist Rating: Gold
• Morningstar Category: US Large-Cap Blend Equity

The NOK 776.9 billion Vanguard S&P 500 UCITS ETF rose 2.91% in September. The gain on the fund beat the 2.18% gain on the average fund in the US large-cap blend equity category, leaving it in the 27th percentile for performance. Over the past year, the Vanguard fund rose 11.11%, while the average fund in its category rose 8.36%. The fund, which launched in May 2012, has climbed 20.98% over the past three years annualized and gained 17.65% annualized over the past five years.

Invesco S&P 500 UCITS ETF SPXS

• Morningstar Medalist Rating: Silver
• Morningstar Category: US Large-Cap Blend Equity

The NOK 485.2 billion Invesco S&P 500 UCITS ETF rose 2.92% in September. The gain on the fund beat the 2.18% gain on the average fund in the US large-cap blend equity category, leaving it in the 24th percentile for performance. Over the past year, the Invesco fund rose 11.29%, while the average fund in its category rose 8.36%. The fund, which launched in May 2010, has climbed 21.21% over the past three years annualized and gained 17.88% annualized over the past five years.

SPDR S&P 500 UCITS ETF SPY5

• Morningstar Medalist Rating: Gold
• Morningstar Category: US Large-Cap Blend Equity

The NOK 326.9 billion SPDR S&P 500 UCITS ETF rose 2.90% in September. The gain on the fund beat the 2.18% gain on the average fund in the US large-cap blend equity category, leaving it in the 28th percentile for performance. Over the past year, the State Street fund rose 11.12%, while the average fund in its category rose 8.36%. The fund, which launched in March 2012, has climbed 20.97% over the past three years annualized and gained 17.63% annualized over the past five years.

Performance of the Largest Bond ETFs

When evaluating ETFs, investors should focus on long-term returns across multiple years and market cycles. However, short-term returns can provide valuable information about biases within strategies.

Out of the 10 largest Europe-domiciled bond ETFs, the top performer last month was the NOK 88.9 billion iShares $ Corp Bond UCITS ETF LQDE, which gained 1.14%. The bottom performer was the NOK 89.1 billion iShares VII PLC – iShares $ Treasury Bond 3-7yr UCITS ETF CSBGU7, which lost 0.52%.

Here’s more about the performance of the largest bond ETFs.

iShares $ Treasury Bond 0-1yr UCITS ETF IB01

• Morningstar Medalist Rating: Neutral
• Morningstar Category: USD Ultra Short-Term Bond

The NOK 244.9 billion iShares $ Treasury Bond 0-1yr UCITS ETF fell 0.33% in September. The loss on the fund was worse than the 0.13% loss on the average fund in the USD ultra short-term bond category, leaving it in the 59th percentile for performance. Over the past year, the iShares fund fell 1.09%, while the average fund in its category fell 1.00%. The fund, which launched in February 2019, has climbed 1.75% over the past three years annualized and gained 4.21% annualized over the past five years.

iShares Core € Corp Bond UCITS ETF IEAC

• Morningstar Medalist Rating: Bronze
• Morningstar Category: EUR Corporate Bond

The iShares Core € Corp Bond UCITS ETF gained 0.08% in September, outperforming the average fund in the EUR corporate bond category, which rose 0.06%. The NOK 161.1 billion fund has gained 3.36% over the past year, while the average fund in its category is up 3.13%. The iShares fund, which launched in March 2009, has climbed 8.82% over the past three years annualized and gained 1.50% annualized over the past five years.

iShares $ Treasury Bond 1-3yr UCITS ETF IBTS

• Morningstar Medalist Rating: Neutral
• Morningstar Category: USD Government Bond – Short Term

The NOK 126.2 billion iShares $ Treasury Bond 1-3yr UCITS ETF fell 0.39% in September. The loss on the fund was roughly in line with the 0.40% loss on the average fund in the USD government bond – short term category, leaving it in the 52nd percentile for performance. Over the past year, the iShares fund fell 1.56%, while the average fund in its category fell 1.71%. The fund, which launched in June 2006, has climbed 1.34% over the past three years annualized and gained 2.85% annualized over the past five years.

iShares Core Global Aggregate Bond UCITS ETF AGGG

• Morningstar Medalist Rating: Bronze
• Morningstar Category: Global Diversified Bond

The iShares Core Global Aggregate Bond UCITS ETF lost 0.14% in September, falling further than the average fund in the global diversified bond category, which fell 0.10%. The NOK 125.5 billion fund has lost 3.05% over the past year, while the average fund in its category is down 2.52%. The iShares fund, which launched in November 2017, has climbed 2.31% over the past three years annualized and lost 0.36% annualized over the past five years.

iShares VII PLC – iShares $ Treasury Bond 3-7yr UCITS ETF CSBGU7

• Morningstar Medalist Rating: Silver
• Morningstar Category: USD Government Bond

The NOK 89.1 billion iShares VII PLC – iShares $ Treasury Bond 3-7yr UCITS ETF fell 0.52% in September. The loss on the fund was worse than the 0.81% gain on the average fund in the USD government bond category, leaving it in the 97th percentile for performance. Over the past year, the iShares fund fell 1.94%, while the average fund in its category fell 4.13%. The fund, which launched in June 2009, has climbed 1.50% over the past three years annualized and gained 1.21% annualized over the past five years.

Performance of the Largest Active ETFs

While passive ETFs have portfolios where holdings are designed to track the performance of an index, active ETFs are managed by portfolio managers who make the decisions about which investments to own. Like index-tracking ETFs, active ETFs trade on an exchange and are typically lower-cost than traditional actively managed mutual funds.

When evaluating ETFs, investors should focus on long-term returns across multiple years and market cycles. However, short-term returns can provide valuable information about biases within strategies.

Out of the 10 largest Europe-domiciled active ETFs, the top performer last month was the NOK 3.3 billion ARK Innovation UCITS ETF ARKK, which gained 10.49%. The bottom performer was the NOK 27.5 billion PIMCO ETFs PLC – US Dollar Short Maturity UCITS ETF MINT, which lost 0.33%.

Here’s more about the performance of the largest active ETFs.

JPMorgan ETFs (Ireland) ICAV – US Research Enhanced Index Equity Active UCITS ETF JREU

• Morningstar Medalist Rating: Bronze
• Morningstar Category: US Large-Cap Blend Equity

In September, the JPMorgan ETFs (Ireland) ICAV – US Research Enhanced Index Equity Active UCITS ETF rose 2.53%, while the average US large-cap blend equity fund gained 2.18%. The fund placed in the 50th percentile for performance and lagged its benchmark, the S&P 500 Index, by 0.37 percentage points.

The NOK 131 billion fund has climbed 8.88% over the past year, outperforming the average fund in its category, which rose 8.36%. The JPMorgan fund, which launched in October 2018, has climbed 20.68% over the past three years annualized and gained 17.73% annualized over the past five years.

JPMorgan ETFs (Ireland) ICAV – Global Research Enhanced Index Equity Active UCITS ETF JREG

• Morningstar Medalist Rating: Silver
• Morningstar Category: Global Large-Cap Blend Equity

The NOK 104.1 billion JPMorgan ETFs (Ireland) ICAV – Global Research Enhanced Index Equity Active UCITS ETF rose 2.20% in September. The gain on the fund beat the 1.77% gain on the average fund in the global large-cap blend equity category, leaving it in the 41st percentile for performance. The fund lagged its benchmark, the MSCI World Index, by 0.30 percentage points.

Over the past year, the JPMorgan fund rose 8.65%, while the average fund in its category rose 6.97%. The fund, which launched in October 2018, has climbed 19.89% over the past three years annualized and gained 16.25% annualized over the past five years.

JPMorgan ETFs (Ireland) ICAV – Europe Research Enhanced Index Equity Active UCITS ETF JREE

• Morningstar Medalist Rating: Silver
• Morningstar Category: Europe Large-Cap Blend Equity

In September, the JPMorgan ETFs (Ireland) ICAV – Europe Research Enhanced Index Equity Active UCITS ETF rose 1.23%, while the average Europe large-cap blend equity fund gained 0.96%. The fund placed in the 41st percentile for performance and performed roughly in line with its benchmark, the MSCI Europe Index.

The NOK 34.3 billion fund has climbed 6.99% over the past year, outperforming the average fund in its category, which rose 5.87%. The JPMorgan fund, which launched in October 2018, has climbed 18.91% over the past three years annualized and gained 13.41% annualized over the past five years.

PIMCO ETFs PLC – US Dollar Short Maturity UCITS ETF MINT

• Morningstar Medalist Rating: Gold
• Morningstar Category: USD Ultra Short-Term Bond

In September, the PIMCO ETFs PLC – US Dollar Short Maturity UCITS ETF fell 0.33%, while the average USD ultra short-term bond fund lost 0.13%. The fund placed in the 58th percentile for performance and performed roughly in line with its benchmark, the FTSE Treasury Bill 3 Month Index.

The NOK 27.5 billion fund has dropped 0.65% over the past year, falling less than the average fund in its category, which fell 1.00%. The PIMCO fund, which launched in February 2011, has climbed 2.28% over the past three years annualized and gained 4.18% annualized over the past five years.

PIMCO ETFs PLC – Euro Short Maturity UCITS ETF PJS1

• Morningstar Medalist Rating: Silver
• Morningstar Category: EUR Ultra Short-Term Bond

The NOK 20.6 billion PIMCO ETFs PLC – Euro Short Maturity UCITS ETF fell 0.11% in September. The loss on the fund edged out the 0.13% loss on the average fund in the EUR ultra short-term bond category, leaving it in the 33rd percentile for performance. The fund edged out its benchmark, the ICE BofA 3 Month German Treasury Bill Index, by 0.02 percentage points.

Over the past year, the PIMCO fund rose 2.91%, while the average fund in its category rose 2.56%. The fund, which launched in January 2011, has climbed 6.96% over the past three years annualized and gained 2.87% annualized over the past five years.