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Launched · SEC filings

Global X MSCI Norway ETF

NORWNYSE ArcaGlobal XC

$37.48−0.85 (−2.21%)

As of Nov 2, 2026, 3:59 PM ET

C44/ 100

Rank 27 of 38 in Developed Single Country

C44/100Rank 27 of 38inDeveloped Single Country
Intraday session: down, 79 prints from 38.33 to 37.48. Range 37.47 to 38.20. Use the arrow keys to read each point.37.6037.8038.0038.2010 AM12 PM2 PM4 PM
Expense ratio
0.50%
Fund size
$96M
1Y total return
+44.0%
Yield · Last 12 months
6.61%
Holdings
61
Avg volume · 30D
29.1K sh
52W range
low $27.84high $39.39
Launched
Filings
SEC EDGAR

The ETF.net NORW Grade

C

Score 44 out of 100

Category
Developed Single Country⁠
Rank
27 of 38
Six-pillar profile for NORW. Scores out of 100: Cost 55, Risk 62, Mission 14, Tradability 47, Holdings 60, Durability 39. Strongest: Risk (62). Weakest: Mission (14). Leans toward Risk and Holdings.

Score 44 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    B55 out of 100
    Rank 10 of 38

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    F14 out of 100
    Rank 34 of 35

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    B62 out of 100
    Rank 11 of 38

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C47 out of 100
    Rank 21 of 38

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    B60 out of 100
    Rank 14 of 36

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    D39 out of 100
    Rank 31 of 38

Our read on NORW

ETF.net Research

In short

CNorway in one ticker: not a skim of the blue chips, but the large, mid and small caps that make up nearly all of Oslo's investable market, with index caps that keep any single giant from taking over.

Stated mandate

NORW seeks to track, before fees and expenses, the price and yield performance of the MSCI Norway IMI 25/50 Index.

Why people hold it

  • The index reaches past the blue chips: large, mid and small caps covering roughly 99% of Norway's free-float market value, about 60 stocks in all.msci.com
  • A 25/50 capping rule borrowed from US fund tax law holds any one component to 25% of the index, so a single national champion cannot quietly become the whole fund.msci.commsci.com 2
  • Trading since 2010 under Global X, at a 0.50% expense ratio that sits right at the median for single-country developed-market funds.globalxetfs.com

Worth knowing

  • That 0.50% is median, not cheap. Broad single-country peers like FLKR and FLAU charge 0.09%, though neither one buys Norway.
  • One country, one currency, about 60 stocks. Results are measured in US dollars, so krone swings land in your return alongside the stocks themselves.msci.com
  • Distributions arrive once or twice a year rather than monthly, and volume is moderate rather than deep, which can matter on larger orders.

NORW Performance

Launched Nov 9, 2010

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

NORW$14,405
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. NORW $14,405. SPY $11,199. Use the arrow keys to read each point.$10,000$12,000$14,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for NORW. Periods over one year show the average yearly return.
PeriodNORW
Year to date+36.0%
1 month+8.4%
3 months+8.7%
1 year+44.0%
3 yearsper year+24.9%
5 yearsper year+8.9%
10 yearsper year+9.3%

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for NORW
YearReturn barNORW
2026 YTD+36.0%
2025+32.6%
2024−2.5%
2023+5.0%
2022−12.5%
2021+18.0%
2020+1.5%

NORW in the news

NORW Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 30, 2026.
6.61%Last 12 months
Payout per share
$2.53Last 12 months
Last payment
$2.10 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Twice a year

Distribution history

2017–2026

One bar per payment. 18 payments from 2017 to 2026 YTD. Dec 28, 2017 $0.83; Dec 28, 2018 $0.69; Jun 27, 2019 $0.52; Dec 30, 2019 $0.02; Jun 29, 2020 $0.13; Dec 30, 2020 $0.18; Jun 29, 2021 $0.31; Oct 29, 2021 $0.06; Dec 30, 2021 $0.15; Jun 29, 2022 $0.56; Dec 29, 2022 $0.47; Jun 29, 2023 $0.84; Dec 28, 2023 $0.50; Jun 27, 2024 $0.81; Dec 30, 2024 $0.60; Jun 27, 2025 $0.60; Dec 30, 2025 $0.43; Jun 29, 2026 $2.10. Use the arrow keys to read each point.2017201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Jun 29, 2026Jul 7, 2026$2.10
Dec 30, 2025Jan 7, 2026$0.43
Jun 27, 2025Jul 7, 2025$0.60
Dec 30, 2024Jan 7, 2025$0.60
Jun 27, 2024Jul 5, 2024$0.81
Dec 28, 2023Jan 8, 2024$0.50
Jun 29, 2023Jul 10, 2023$0.84
Dec 29, 2022Jan 9, 2023$0.47
Jun 29, 2022Jul 8, 2022$0.56
Dec 30, 2021Jan 7, 2022$0.15
Oct 29, 2021Nov 1, 2021$0.06
Jun 29, 2021Jul 8, 2021$0.31

See all 26 payments⁠

$10,000 in NORW 10 years ago paid $4,597 in dividends.⁠

NORW Risk

Risk pillarB62 out of 100Rank 11 of 38 in Developed Single Country
How much the fund’s monthly returns vary, scaled to a year.
18.4%
Annualised · 36 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
1.07
vs 3-month T-bills · to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−32.7%
Trough Sep 2022
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.46
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

NORW Cost

Compare NORW and FLKR

Overpaying vs FLKR, tied cheapest in Developed Single Country

$8,081

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • NORW 0.50%

    $9,979

  • FLKR 0.09% Tied cheapest

    $1,898

$10,000
30 years

Cost over time

  • NORW 0.50%
  • FLKR 0.09%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K$8K$10K051015202530NORW $9,979FLKR $1,898

Year by year

YearNORWFLKROverpaying
10$900$165$735
20$3,460$646$2,814
30$9,979$1,898$8,081

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