Global X MSCI Norway ETF (NORW) Performance
NORW total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +32.7% since Dec 31, 2025
- 1 year
- +34.3% total return
- 5 years
- +7.9% a year
- 10 years
- +11.0% a year
- Since first price
- +9.2% a year since 2009
NORW trailing returns vs SPY, QQQ, AGG
| Period | NORW total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +2.4% | +2.4% | −1.0% | −5.0% | +0.9% |
| 3 months | +7.9% | +7.9% | +3.2% | +1.9% | −0.4% |
| 6 months | +5.0% | −1.6% | +7.8% | +8.4% | −1.5% |
| YTD | +32.7% | +24.4% | +12.3% | +15.1% | −1.0% |
| 1 year | +34.3% | +24.1% | +14.4% | +15.9% | −1.1% |
| 3 years | +94.4%+24.8%/yr | +63.1% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +46.4%+7.9%/yr | +12.3% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +183.1%+11.0%/yr | +85.7% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | +293.7%+9.6%/yr | +121.3% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionAug 19, 2009 | +350.3%+9.2%/yr | +150.9% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: NORW vs SPY
From Aug 19, 2009: NORW grew to $45,030, SPY to $103,165.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
NORW returns by calendar year
10 of 16 full years positive. Best 2025 (+32.6%), worst 2011 (−19.2%). 2026 is year to date.
NORW annual returns table
| Year | NORW | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +32.7% | −14.5% | +12.3% | +15.1% | −1.0% |
| 2025 | +32.6% | −16.1% | +17.7% | +20.8% | +7.2% |
| 2024 | −2.5% | −11.6% | +24.9% | +25.6% | +1.3% |
| 2023 | +5.0% | −12.8% | +26.2% | +54.9% | +5.7% |
| 2022 | −12.6% | −32.7% | −18.2% | −32.6% | −13.0% |
| 2021 | +14.6% | −13.1% | +28.7% | +27.4% | −1.8% |
| 2020 | +26.0% | −33.4% | +18.3% | +48.6% | +7.5% |
| 2019 | +14.4% | −9.5% | +31.2% | +39.0% | +8.5% |
| 2018 | −10.4% | −20.9% | −4.6% | −0.1% | +0.1% |
| 2017 | +24.0% | −7.2% | +21.7% | +32.7% | +3.6% |
| 2016 | −8.1% | −16.4% | +12.0% | +7.1% | +2.4% |
| 2015 | +0.0% | −15.4% | +1.2% | +9.4% | +0.5% |
| 2014 | −5.8% | −14.6% | +13.5% | +19.2% | +6.0% |
| 2013 | +27.6% | −11.4% | +32.3% | +36.6% | −2.0% |
| 2012 | +28.2% | −19.8% | +16.0% | +18.1% | +3.8% |
| 2011 | −19.2% | −35.6% | +1.9% | +3.4% | +7.7% |
| 2010 | +26.5% | −19.6% | +15.1% | +19.9% | +6.4% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
NORW largest drawdowns
Now 2.1% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Apr 29, 2011 | −35.6% | Sep 23, 2011 | Feb 1, 2013 | 5 months | 1.8 years |
| Jan 24, 2018 | −33.9% | Mar 23, 2020 | Jul 15, 2020 | 2.2 years | 2.5 years |
| Mar 30, 2022 | −32.7% | Sep 30, 2022 | May 20, 2025 | 6 months | 3.1 years |
| Jun 6, 2014 | −25.2% | Nov 23, 2016 | Sep 7, 2017 | 2.5 years | 3.3 years |
| Apr 20, 2010 | −19.6% | Jun 8, 2010 | Sep 20, 2010 | 49 days | 5 months |
| May 21, 2026 | −14.5% | Jun 26, 2026 | Aug 21, 2026 | 36 days | 3 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
NORW risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2009 |
|---|---|---|---|---|
| Annualized return | +19.7% | +8.3% | +10.1% | +8.5% |
| Volatility (annualized) | 18.4% | 21.7% | 18.7% | 19.0% |
| Sharpe ratio | 0.84 | 0.31 | 0.49 | 0.46 |
| Sortino ratio | 1.52 | 0.45 | 0.73 | 0.71 |
| Best month | +12.2% | +12.2% | +13.5% | +16.2% |
| Worst month | −10.5% | −19.7% | −19.7% | −19.7% |
| Best 12 months | +49.1% | +49.1% | +55.7% | +55.7% |
| Worst 12 months | −2.5% | −26.8% | −26.8% | −26.8% |
| Positive months | 58% | 57% | 59% | 56% |
| Beta vs S&P 500 | 0.16 | 0.70 | 0.75 | — |
| Correlation with S&P 500 | 0.11 | 0.51 | 0.62 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
NORW rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 195 | −26.8% | +9.6% | +55.7% | 64% |
| 3-year (a year) | 171 | −5.1% | +6.6% | +24.5% | 84% |
| 5-year (a year) | 147 | −1.8% | +6.5% | +14.5% | 93% |
| 10-year (a year) | 87 | +2.7% | +5.9% | +11.4% | 100% |
Every holding period starting at a month-end since 2009. Returns for 3 years and longer are annualized.
NORW performance overview
Global X MSCI Norway ETF (NORW) returned +34.3% over the past year and +11.0% a year over ten years, with distributions reinvested. Since its first recorded price in 2009 it has returned +9.2% a year, turning $10,000 into about $45,030. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −35.6%, from Apr 29, 2011 to Sep 23, 2011, and it took 1.4 years to get back to the old high. NORW finished 10 of its 16 full calendar years with a gain; the best year was 2025 (+32.6%) and the worst 2011 (−19.2%). Volatility has been 19.0% a year.
Related: NORW chart, NORW holdings, NORW dividends. See the NORW overview for the latest quote and fund facts.
NORW performance FAQ
What is the NORW return over the past year?
NORW returned +34.3% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 24.1%.
What is the average annual return of NORW?
NORW has returned +7.9% a year over 5 years, +11.0% a year over 10 years, +9.2% a year since August 19, 2009 (total return, distributions reinvested).
How much would $10,000 invested in NORW be worth?
$10,000 invested in NORW at its first recorded close on August 19, 2009 would be worth about $45,030 on October 23, 2026 with distributions reinvested.
What was the worst year for NORW?
The worst calendar year was 2011, with a total return of −19.2%. The best was 2025 at +32.6%.
What is the biggest drawdown of NORW?
The largest peak-to-trough decline was −35.6% between April 29, 2011 and September 23, 2011. It recovered to the old high on February 1, 2013, 1.4 years after the bottom.
How volatile is NORW?
Over the past 3 years NORW had an annualized volatility of 18.4% and a Sharpe ratio of 0.84 (excess return over 1–3 month T-bills per unit of risk).