NORW
Global X MSCI Norway ETF
Global X MSCI Norway 30 ETF is an exchange-traded fund incorporated in the USA. The Fund seeks to track the performance of the MSCI Norway IMI 25/50 Index.
International
EQUITY
Rules-Based
MANAGEMENT STYLE
50.0 M
ASSETS UNDER MGMT
50 bp
EXPENSES
Fund Basics
| Fund sponsor | Global X Management Co LLC |
| Category | International |
| Asset class | Equity |
| Website | link... |
| Inception date | Nov 09, 2010 |
| Assets (mns) | $50 |
| Expense ratio | 50 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Annually |
| Taxation | 1099 |
| Stock selection | Market Cap |
| Weighting | Market Cap |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| DNB BANK ASA | 13.6 % |
| STATOILHYDRO ASA | 12.1 % |
| KONGSBERG GRUPPEN ASA | 8.3 % |
| MARINE HARVEST | 5.2 % |
| TELENOR ASA | 5.0 % |
| ORKLA ASA | 5.0 % |
| NORSK HYDRO ASA | 4.4 % |
| DET NORSKE OLJESELSKAP ASA | 4.1 % |
| YARA INTERNATIONAL ASA | 3.0 % |
| STOREBRAND ASA | 3.0 % |
Constituent Breakdown
| Number of holdings | 59 |
| Herfindahl-Hirschman Index | 573 |
| Wgt avg mkt cap (mns) | $22,962 |
| Large cap (>$10bn) | 55.7% |
| Mid cap ($2-10bn) | 30.7% |
| Small cap (<$2bn) | 12.4% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
NORWAY | 91.8 % |
 |
BERMUDA | 3.1 % |
 |
BRITAIN | 1.9 % |
 |
FAROE ISLANDS | 1.5 % |
 |
DENMARK | 0.7 % |
 |
SINGAPORE | 0.5 % |
Historical Performance
Standardized Performance (as of 03/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 6.2% | 4.7% | -1.2% | -6.7% | 4.0% | 0.4% | -- | 1.8% |
| Dividend Yield | 9.3% | 12.2% | 11.2% | 5.2% | 11.3% | 4.7% | -- | 1.9% |
| Total Returns | 15.5% | 16.9% | 10.0% | -1.4% | 15.3% | 5.1% | -- | 3.6% | Ann. Volatility | 14.6% | 17.3% | 19.0% | 23.0% | 24.1% | 20.6% | -- | 21.7% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.88 | 43% |
| MSCI EAFE | 1.07 | 63% |
| MSCI Emg Mkts | 0.82 | 37% |
Liquidity Measures
| Avg. volume (000) | 17 |
| Turnover | 0.9% |
| Avg. Bid/Ask (% of price) | 0.39% |
| ADV of underlying (mns) | $242 |
Technical Indicators
| Recent close | $26.39 |
| 30d moving avg. | $26.15 |
| Annualized volatility | 23.4% |
| Relative strength (RSI) | 52 |
| Short interest (ETF) | 0.8% |
| Short interest (underlying) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. NORW |
Expenses vs. NORW |
ALTAR Score™ vs. NORW |
|---|---|---|---|---|
| ENOR | iShares MSCI Norway ETF | 97.2% | +3 bp | -0.1% |
Risk and Returns: NORW vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 4/28/2025
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
NORW
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
SPECULATIVE
Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.
ALTAR Score™
NORW
10.9%
Cat. Avg
7.8%
ALTAR Score™ Calculation
Category Overview
There are 258 funds in the International Equity category, with an average ALTAR Score™
of 7.8% and a standard deviation of
2.0%. NORW's ALTAR Score™ is approximately
1.5 standard deviations
above
the category average. This places NORW in the 94th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
NORWSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Rules-Based International Equity ETFs |
| # of ETFs | 152 |
| Avg. Expense Ratio | 42.9 bp |
| Std. Deviation | 24.3 bp |
| NORW (50 bp) Percentile rank | 61 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| NORW | 50.0 | 39.1 | 89.1 |
| Peer Avg. | 55.4 | 62.5 | 117.9 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .