Global X MSCI Norway ETF

NORW

Market cap $156M

Norway's annual core inflation rose in line with expectations in April, Statistics ​Norway (SSB) data showed on Monday, supporting expectations interest ‌rates could increase further this year.

The Global X MSCI Norway ETF tracks 56 Norwegian stocks and has delivered total returns of 54% since January 2025, outperforming European and global peers by 2-2.7x. Norway's GDP growth which was expected to come in at 1.7% for 2026, could see further upside given how well positioned the country is in serving Europe's energy appetite. However, the Norwegian central bank which had been on a rate cutting spree since mid-2025 could be forced to hike going forward.

A sustained spike in natural gas prices due to the escalating Middle East conflict could weigh heavily on European growth, analysts warn, as quoted on CNBC.

The S&P 500 is off to a dismal start in 2026, lagging most developed-market indexes as investors pull back from U.S. tech stocks with elevated valuations.

Early 2026 is shaping up as a stock-picker's market, with investors increasingly rewarding countries where inflation is peaking, policy clarity is improving, or growth drivers are strengthening.

ACWX tops SPY early in 2026. Norway, Turkey, South Korea and Japan ETFs hover near 52-week highs on higher oil price, easing inflation and chip rally.

NORW hasn't fared too well since our HOLD rating in February 2022, but we are prepared to turn bullish now. Real GDP growth is set to improve even further this year, while fiscal and monetary policy is expected to be more supportive. NORW's valuations look the most compelling across all the Nordic economies, more so in light of the long-term earnings potential.

Wall Street has been hovering around a record high.