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 1.94% during May, while the Morningstar Eurozone Core Bond Index lost 0.18%. Over the past year, the European stock market is up 9.19%, while the European bond market has fallen 6.07%.
The Morningstar US Market Index rose 4.41% during May and is up 17.02% over the past year. The Morningstar US Core Bond Index fell 0.43% last month and is down 4.96% over the past year.
In the global markets, stocks gained 4.26% during May, as measured by the Morningstar Global Markets Index. Bonds fell 0.37%, as measured by the Morningstar Global Core Bond Index. Over the past year, global stocks are up 18.23% and global bonds are down 6.60%.
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 280.7 billion iShares VII PLC - iShares NASDAQ 100 UCITS ETF CSNDX, which gained 9.74%. The bottom performer was the NOK 1.4 trillion iShares Core MSCI World UCITS ETF IWDA, which gained 3.78%.
Here’s more about the performance of the largest stock ETFs.
iShares Core S&P 500 UCITS ETF CSSPX
- : GoldMorningstar Medalist Rating
- : US Large-Cap Blend EquityMorningstar Category
The NOK 1.4 trillion iShares Core S&P 500 UCITS ETF rose 4.48% in May. The gain on the fund beat the 4.09% gain on the average fund in the US large-cap blend equity category, leaving it in the 41st percentile for performance. Over the past year, the iShares fund rose 17.02%, while the average fund in its category rose 14.12%. The fund, which launched in May 2010, has climbed 15.81% over the past three years annualized and gained 16.24% annualized over the past five years.
iShares Core MSCI World UCITS ETF IWDA
- : GoldMorningstar Medalist Rating
- : Global Large-Cap Blend EquityMorningstar Category
The iShares Core MSCI World UCITS ETF gained 3.78% in May, outperforming the average fund in the global large-cap blend equity category, which rose 3.42%. The NOK 1.4 trillion fund has gained 15.25% over the past year, while the average fund in its category is up 11.08%. The iShares fund, which launched in September 2009, has climbed 14.53% over the past three years annualized and gained 14.36% annualized over the past five years.
Vanguard S&P 500 UCITS ETF VUSD
- : GoldMorningstar Medalist Rating
- : US Large-Cap Blend EquityMorningstar Category
The Vanguard S&P 500 UCITS ETF gained 4.48% in May, outperforming the average fund in the US large-cap blend equity category, which rose 4.09%. The NOK 803 billion fund has gained 17.03% over the past year, while the average fund in its category is up 14.12%. The Vanguard fund, which launched in May 2012, has climbed 15.80% over the past three years annualized and gained 16.24% annualized over the past five years.
Invesco S&P 500 UCITS ETF SPXS
- : GoldMorningstar Medalist Rating
- : US Large-Cap Blend EquityMorningstar Category
In May, the Invesco S&P 500 UCITS ETF rose 4.49%, while the average US large-cap blend equity fund gained 4.09%. The fund placed in the 51st percentile for performance. The NOK 521.1 billion fund has climbed 17.17% over the past year, outperforming the average fund in its category, which rose 14.12%. The Invesco fund, which launched in May 2010, has climbed 15.99% over the past three years annualized and gained 16.46% annualized over the past five years.
iShares Core MSCI EM IMI UCITS ETF EIMI
- : BronzeMorningstar Medalist Rating
- : Global Emerging Markets EquityMorningstar Category
The NOK 424.1 billion iShares Core MSCI EM IMI UCITS ETF rose 8.03% in May. The gain on the fund was roughly in line with the 7.73% gain on the average fund in the global emerging markets equity category, leaving it in the 51st percentile for performance. Over the past year, the iShares fund rose 36.65%, while the average fund in its category rose 36.79%. The fund, which launched in May 2014, has climbed 16.86% over the past three years annualized and gained 10.17% 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 73.6 billion iShares J.P. Morgan $ EM Bond UCITS ETF IEMB, which gained 0.20%. The bottom performer was the NOK 98.6 billion iShares VII PLC - iShares VII PLC - iShares $ Treasury Bond 3-7yr UCITS ETF CSBGU7, which lost 0.85%.
Here’s more about the performance of the largest bond ETFs.
iShares $ Treasury Bond 0-1yr UCITS ETF IB01
- : NoneMorningstar Medalist Rating
- : USD Ultra Short-Term BondMorningstar Category
The NOK 243 billion iShares $ Treasury Bond 0-1yr UCITS ETF fell 0.43% in May. The loss on the fund was roughly in line with the 0.42% loss on the average fund in the USD ultra short-term bond category, leaving it in the 57th percentile for performance. Over the past year, the iShares fund fell 5.99%, while the average fund in its category fell 5.15%. The fund, which launched in February 2019, has dropped 1.61% over the past three years annualized and gained 5.56% annualized over the past five years.
iShares Core € Corp Bond UCITS ETF IEAC
- : BronzeMorningstar Medalist Rating
- : EUR Corporate BondMorningstar Category
In May, the iShares Core € Corp Bond UCITS ETF fell 0.33%, while the average EUR corporate bond fund lost 0.44%. The fund placed in the 24th percentile for performance. The NOK 151.6 billion fund has dropped 4.87% over the past year, falling less than the average fund in its category, which fell 5.26%. The iShares fund, which launched in March 2009, has climbed 1.29% over the past three years annualized and gained 1.35% annualized over the past five years.
iShares Core Global Aggregate Bond UCITS ETF AGGG
- : BronzeMorningstar Medalist Rating
- : Global Diversified BondMorningstar Category
In May, the iShares Core Global Aggregate Bond UCITS ETF fell 0.42%, while the average global diversified bond fund lost 0.43%. The fund placed in the 52nd percentile for performance. The NOK 133 billion fund has dropped 6.72% over the past year, performing roughly in line with the average fund in its category, which fell 6.85%. The iShares fund, which launched in November 2017, has dropped 2.71% over the past three years annualized and gained 0.47% annualized over the past five years.
iShares $ Treasury Bond 1-3yr UCITS ETF IBTS
- : NeutralMorningstar Medalist Rating
- : USD Government Bond - Short TermMorningstar Category
In May, the iShares $ Treasury Bond 1-3yr UCITS ETF fell 0.63%, while the average USD government bond - short term fund lost 0.58%. The fund placed in the 46th percentile for performance. The NOK 112.5 billion fund has dropped 6.44% over the past year, performing roughly in line with the average fund in its category, which fell 6.48%. The iShares fund, which launched in June 2006, has dropped 2.13% over the past three years annualized and gained 4.02% annualized over the past five years.
iShares VII PLC - iShares VII PLC - iShares $ Treasury Bond 3-7yr UCITS ETF CSBGU7
- : NeutralMorningstar Medalist Rating
- : USD Government BondMorningstar Category
In May, the iShares VII PLC - iShares VII PLC - iShares $ Treasury Bond 3-7yr UCITS ETF fell 0.85%, while the average USD government bond fund lost 0.53%. The fund placed in the 85th percentile for performance. The NOK 98.6 billion fund has dropped 6.51% over the past year, falling further than the average fund in its category, which fell 5.60%. The iShares fund, which launched in June 2009, has dropped 2.64% over the past three years annualized and gained 2.56% 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 26.3 billion Invesco Global Active ESG Equity UCITS ETF IQSA, which gained 3.94%. The bottom performer was the NOK 13.9 billion JPM Global Equity Premium Income Active UCITS ETF JEPG, which lost 1.84%.
Here’s more about the performance of the largest active ETFs.
JPMorgan ETFs (Ireland) ICAV - US Research Enhanced Index Equity Active UCITS ETF JREU
- : SilverMorningstar Medalist Rating
- : US Large-Cap Blend EquityMorningstar Category
The NOK 136.4 billion JPMorgan ETFs (Ireland) ICAV - US Research Enhanced Index Equity Active UCITS ETF rose 3.66% in May. The gain on the fund was shy of the 4.09% gain on the average fund in the US large-cap blend equity category, leaving it in the 69th percentile for performance. The fund lagged its benchmark, the S&P 500 Index, by 0.81 percentage points.
Over the past year, the JPMorgan fund rose 16.18%, while the average fund in its category rose 14.12%. The fund, which launched in October 2018, has climbed 15.33% over the past three years annualized and gained 16.18% annualized over the past five years.
JPMorgan ETFs (Ireland) ICAV - Global Research Enhanced Index Equity Active UCITS ETF JREG
- : GoldMorningstar Medalist Rating
- : Global Large-Cap Blend EquityMorningstar Category
The NOK 94.7 billion JPMorgan ETFs (Ireland) ICAV - Global Research Enhanced Index Equity Active UCITS ETF rose 3.15% in May. The gain on the fund was shy of the 3.42% gain on the average fund in the global large-cap blend equity category, leaving it in the 64th percentile for performance. The fund lagged its benchmark, the MSCI World Index, by 0.65 percentage points.
Over the past year, the JPMorgan fund rose 14.49%, while the average fund in its category rose 11.08%. The fund, which launched in October 2018, has climbed 14.00% over the past three years annualized and gained 14.63% annualized over the past five years.
JPMorgan ETFs (Ireland) ICAV - JPM Nasdaq Equity Premium Income Active UCITS ETF JEQA
- : GoldMorningstar Medalist Rating
- : US Equity IncomeMorningstar Category
The NOK 31.9 billion JPMorgan ETFs (Ireland) ICAV - JPM Nasdaq Equity Premium Income Active UCITS ETF rose 3.30% in May. The gain on the fund beat the 1.17% gain on the average fund in the US equity income category, leaving it in the 13th percentile for performance. The fund lagged its benchmark, the NASDAQ 100 Index, by 6.47 percentage points.
Over the past year, the JPMorgan fund rose 16.98%, while the average fund in its category rose 7.83%. The fund was launched in October 2024.
JPMorgan ETFs (Ireland) ICAV - Europe Research Enhanced Index Equity Active UCITS ETF JREE
- : GoldMorningstar Medalist Rating
- : Europe Large-Cap Blend EquityMorningstar Category
The NOK 30.6 billion JPMorgan ETFs (Ireland) ICAV - Europe Research Enhanced Index Equity Active UCITS ETF rose 1.51% in May. The gain on the fund was shy of the 1.96% gain on the average fund in the Europe large-cap blend equity category, leaving it in the 71st percentile for performance. The fund lagged its benchmark, the MSCI Europe Index, by 0.37 percentage points.
Over the past year, the JPMorgan fund rose 8.42%, while the average fund in its category rose 5.12%. The fund, which launched in October 2018, has climbed 10.01% over the past three years annualized and gained 11.48% annualized over the past five years.
Invesco Global Active ESG Equity UCITS ETF IQSA
- : SilverMorningstar Medalist Rating
- : Global Large-Cap Blend EquityMorningstar Category
In May, the Invesco Global Active ESG Equity UCITS ETF rose 3.94%, while the average global large-cap blend equity fund gained 3.42%. The fund placed in the 37th percentile for performance and performed roughly in line with its benchmark, the MSCI World Index.
The NOK 26.3 billion fund has climbed 18.65% over the past year, outperforming the average fund in its category, which rose 11.08%. The Invesco fund, which launched in July 2019, has climbed 18.60% over the past three years annualized and gained 16.85% annualized over the past five years.
