- ISIN
- US37950E7470
- CUSIP
- 37950E747
- Issuer
- Global X
- Inception Date
- Nov 9, 2010
- Region
- North America (U.S.)
- Category
- Europe Equities
- Leveraged
- 1x (No leverage)
- Index Tracked
- MSCI Norway IMI 25/50 Index
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Large-Cap
- Asset Class Style
- Blend
- Assets Under Management
- $162M
Share Price Chart
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Performance
NORW Performance Chart
Global X MSCI Norway ETF (NORW) is up 26.3% since the beginning of the year. NORW is currently trading at $38 per share. Investors who bought $1,000 worth of NORW shares 5 years ago would now be looking at an investment worth $1,469.
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Returns By Period
Global X MSCI Norway ETF (NORW) has returned 26.31% so far this year and 36.12% over the past 12 months. Over the last ten years, NORW has returned 9.61% per year, falling short of the S&P 500 Index benchmark, which averaged 13.66% annually.
Global X MSCI Norway ETF
- 1D
- -0.52%
- 1M
- -2.27%
- YTD
- 26.31%
- 6M
- 31.64%
- 1Y
- 36.12%
- 3Y*
- 23.02%
- 5Y*
- 7.99%
- 10Y*
- 9.61%
Benchmark (S&P 500 Index)
- 1D
- -0.74%
- 1M
- 4.90%
- YTD
- 10.35%
- 6M
- 10.28%
- 1Y
- 26.52%
- 3Y*
- 20.83%
- 5Y*
- 12.30%
- 10Y*
- 13.66%
NORW Monthly Returns History
Based on dividend-adjusted daily data since Aug 19, 2009, NORW's average daily return is +0.04%, while the average monthly return is +0.86%. At this rate, an investment would double in approximately 6.7 years.
Historically, 56% of months were positive and 44% were negative. The best month was Sep 2010 with a return of +16.2%, while the worst month was Sep 2022 at -19.7%. The longest winning streak lasted 7 consecutive months, and the longest losing streak was 5 months.
On a daily basis, NORW closed higher 53% of trading days. The best single day was Apr 9, 2025 with a return of +9.3%, while the worst single day was Mar 12, 2020 at -9.3%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 8.51% | 9.72% | 6.82% | 0.94% | -1.32% | -0.29% | 26.31% | ||||||
| 2025 | 6.42% | -0.22% | 8.77% | -1.13% | 6.38% | 4.76% | -2.56% | 4.38% | 1.55% | -4.78% | 0.58% | 5.32% | 32.59% |
| 2024 | -5.36% | -1.33% | 3.12% | -0.34% | 12.17% | -3.43% | 0.29% | 1.29% | -1.09% | -2.64% | 0.82% | -4.91% | -2.50% |
| 2023 | 0.19% | -0.70% | -4.78% | 1.15% | -7.04% | 4.94% | 8.52% | -4.17% | 2.21% | -4.74% | 3.86% | 6.84% | 5.03% |
| 2022 | -2.13% | 2.61% | 4.21% | -8.35% | 3.60% | -12.05% | 7.66% | -3.20% | -19.67% | 11.64% | 10.11% | -2.77% | -12.55% |
| 2021 | 0.08% | 0.90% | 3.31% | 5.54% | 4.49% | -1.34% | 3.94% | 2.34% | -5.09% | 4.44% | -8.94% | 4.27% | 13.65% |
Benchmark Metrics
Global X MSCI Norway ETF has an annualized alpha of -1.31%, beta of 0.92, and R2 of 0.50 versus S&P 500 Index. Calculated based on daily prices since August 20, 2009.
- This ETF participated in 98.99% of S&P 500 Index downside but only 83.78% of its upside - more exposed to losses than it benefited from rallies.
- R2 of 0.50 means the benchmark explains less than half of this ETF's behavior - treat beta with caution or consider switching to a more representative benchmark.
- Alpha
- -1.31%
- Beta
- 0.92
- R²
- 0.50
- Upside Capture
- 83.78%
- Downside Capture
- 98.99%
Expense Ratio
NORW has an expense ratio of 0.50%, placing it in the medium range.
Return for Risk
Risk / Return Rank
NORW ranks 67 for risk / return — better than 67% of ETFs on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Global X MSCI Norway ETF (NORW) and compare them to S&P 500 Index.
| NORW | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.41 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 3.95 | 2.93 | +1.03 |
| Martin ratioReturn relative to average drawdown | 11.27 | 13.52 | -2.25 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Dividends
Dividend History
Global X MSCI Norway ETF provided a 2.72% dividend yield over the last twelve months, with an annual payout of $1.03 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $1.03 | $1.03 | $1.41 | $1.34 | $1.03 | $0.46 | $0.31 | $0.54 | $0.69 | $0.83 | $0.72 | $0.63 |
Dividend yield | 2.72% | 3.44% | 6.02% | 5.27% | 4.01% | 1.51% | 1.13% | 2.47% | 3.53% | 3.64% | 3.79% | 2.95% |
Monthly Dividends
The table displays the monthly dividend distributions for Global X MSCI Norway ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.60 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.43 | $1.03 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.81 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.60 | $1.41 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.84 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.50 | $1.34 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.56 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.47 | $1.03 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.31 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.15 | $0.46 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Global X MSCI Norway ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Global X MSCI Norway ETF was 35.62%, occurring on Sep 23, 2011. Recovery took 340 trading sessions.
The current Global X MSCI Norway ETF drawdown is 3.53%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2011 bear market2011 | -35.62%Sep 2011 | 4mo 24d | 1y 4mo | 1y 9moMay 2011 - Feb 2013 |
COVID crash2020 | -33.86%Mar 2020 | 2y 1mo | 3mo 24d | 2y 5moJan 2018 - Jul 2020 |
Bear market2022 | -32.78%Sep 2022 | 1y 1mo | 2y 7mo | 3y 9moAug 2021 - May 2025 |
2016 bear market2016 | -25.20%Nov 2016 | 2y 5mo | 9mo 18d | 3y 3moJun 2014 - Sep 2017 |
2010 correction2010 | -19.56%Jun 2010 | 1mo 18d | 3mo 14d | 5mo 2dApr 2010 - Sep 2010 |
Drawdown Indicators
| NORW | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.62% | -56.78% | +21.16% |
Max Drawdown (1Y)Largest decline over 1 year | -9.18% | -9.10% | -0.08% |
Max Drawdown (3Y)Largest decline over 3 years | -16.06% | -18.90% | +2.84% |
Max Drawdown (5Y)Largest decline over 5 years | -32.78% | -25.43% | -7.35% |
Max Drawdown (10Y)Largest decline over 10 years | -33.86% | -33.92% | +0.06% |
Current DrawdownCurrent decline from peak | -3.53% | -0.74% | -2.79% |
Average DrawdownAverage peak-to-trough decline | -10.13% | -10.72% | +0.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.21% | 1.97% | +1.24% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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