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Its not another Children of Hurin, certainly. It belongs with Tolkien's translations of Gawain, Pearl & Orfeo
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Not exactly. Those were translations of existing Middle English poems.
Sigurd and
Gudrun are Tolkien's original retellings (in verse) of a pre-existing story, not simply translations of the very confused pieces found in the Poetic Edda and the (prose) Volsungasaga. This would be more like Morris' 'retelling,' except making use of the Old Norse verse-form.