Global X MSCI Norway ETF
ALTAR
Score™		 9.5% info Recommen-
dation		 SPECULATIVE
2025E    2026E
P/E
ratio		 11.9x P/Sales
ratio		 1.3x
P/BV
ratio		 1.6x Div.
yield		 4.8%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
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.

FUND BASICS
Category International Equities
Fund Sponsor Global X Management Co LLC
Website www.globalxfunds.com
Inception date Nov 09, 2010
Assets (mns) $59
Currency USD
Expense ratio 50 bp
Distributions Annually

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian Bank of New York Mellon
Weighting Market Cap
Index replication Full
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 56
Wgt avg mkt cap (mns) $20,110
Large cap (>$10bn) 55.7%
Mid cap ($2-10bn) 30.7%
Small cap (<$2bn) 12.4%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
DNB BANK ASA 12.9 %
STATOILHYDRO ASA 10.3 %
KONGSBERG GRUPPEN ASA 6.9 %
NORSK HYDRO ASA 5.9 %
MARINE HARVEST 5.7 %
DET NORSKE OLJESELSKAP ASA 4.3 %
TELENOR ASA 4.2 %
ORKLA ASA 4.1 %
STOREBRAND ASA 3.7 %
YARA INTERNATIONAL ASA 3.4 %
Total 61.4 %

TOP COUNTRY EXPOSURE
NORWAY 92.0 %
BERMUDA 3.1 %
BRITAIN 2.5 %
FAROE ISLANDS 1.3 %
SINGAPORE 0.7 %
DENMARK 0.6 %





HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru December 31)
Year-to-date 1 year 5 years 10 years Since Incep.
32.6% 32.6% 6.4% 7.2% 6.5%

Market Correlations
versus... Beta R-squared
S&P500 0.74 46%
MSCI EAFE 1.01 62%
MSCI Emg. Mkts. 0.84 49%

Technical Indicators
Recent close $30.63
30d moving avg. $29.40
Annualized volatility 15.9%
Short interest (ETF) 0.3%
Relative strength (RSI) 60

Liquidity measures
Avg. volume (thou.) 9
Turnover 0.5%
Bid/Ask (% of price) 0.64%
ADV underlying (mns) $242

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 214 potential alternatives to the Global X MSCI Norway ETF ETF based on the alternatives' overlap in portfolio holdings with NORW. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: NORW Expense: 50 bp ALTAR Score™: 9.5%


ALTERNATIVE ETFs BASED ON OVERLAP WITH NORW
Ticker Fund
Name		 Overlap1
vs NORW
(%)		 Expense
ratio
(bp)		 Savings
vs NORW
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs NORW
(%)
ENOR iShares MSCI Norway ETF 89.0 53 -3 9.3 -0.2
JIVE JPMorgan International Value ETF 17.6 55 -5 9.7 +0.2
GLCR GlacierShares Nasdaq Iceland ETF 8.9 95 -45 2.3 -7.2
MOO VanEck Agribusiness ETF 8.5 53 -3 9.7 +0.2
DFE WisdomTree Europe SmallCap Dividend Fund 7.8 58 -8 7.3 -2.2
EFAS Global X MSCI SuperDividend EAFE ETF 7.3 57 -7 7.7 -1.8
IDOG ALPS International Sector Dividend Dogs ETF 6.1 50 0 10.7 +1.2
VEGI iShares MSCI Agriculture Producers ETF 5.3 39 11 8.2 -1.3
VIDI Vident International Equity Strategy ETF 4.8 61 -11 9.3 -0.2
FYLD Cambria Foreign Shareholder Yield ETF 4.7 59 -9 10.4 +0.9
DLS WisdomTree International SmallCap Dividend Fund 4.6 58 -8 7.2 -2.3
FDD First Trust Stoxx European Select Dividend Index Fund 4.3 58 -8 9.9 +0.4
FPXE First Trust IPOX Europe Equity Opportunities ETF 4.2 70 -20 3.3 -6.2
IEUS iShares MSCI Europe Small-Cap ETF 4.1 42 8 6.6 -2.9
GDFN Tema International Defense Innov ETF 4.1 75 -25 2.0 -7.5
JHID John Hancock International High Dividend ETF 4.1 46 4 8.4 -1.1
FEP First Trust Europe AlphaDEX Fund 4.0 80 -30 6.9 -2.6
IVAL Alpha Architect International Quantitative Value ETF 4.0 49 1 9.0 -0.5
RCGE RockCreek Global Equality ETF 3.9 95 -45 6.1 -3.5
CCNR ALPS CoreCommodity Natural Resources ETF 3.9 39 11 7.4 -2.1
DTH WisdomTree International High Dividend Fund 3.8 58 -8 7.5 -2.0
GUNR FlexShares Morningstar Global Upstream Natural Resources Ind 3.4 46 4 8.3 -1.2
IDLV Invesco S&P International Developed Low Volatility ETF 3.2 25 25 6.3 -3.2
DIM WisdomTree International MidCap Dividend Fund 3.1 58 -8 6.5 -3.0
FPXI First Trust International Equity Opportunities ETF 2.9 70 -20 3.5 -6.0
VWID Virtus WMC International Dividend ETF 2.8 49 1 7.4 -2.1
DWMF WisdomTree International Multifactor Fund 2.7 38 12 6.4 -3.1
RODM Hartford Multifactor Developed Markets (ex-US) ETF 2.6 29 21 6.9 -2.6
AIVI WisdomTree International AI Enhanced Value Fund 2.4 58 -8 6.2 -3.3
ICOW Pacer Developed Markets International Cash Cows 100 ETF 2.4 65 -15 9.8 +0.3
SDIV Global X Superdividend ETF 2.3 58 -8 15.5 +6.0
FDTS First Trust Developed Markets ex-US Small Cap AlphaDEX Fund 2.2 80 -30 9.5 -0.0
EUDV ProShares MSCI Europe Dividend Growers ETF 2.2 55 -5 5.4 -4.1
NUDM Nuveen ESG International Developed Markets Equity ETF 2.2 31 19 5.8 -3.7
SCHC Schwab International Small-Cap Equity ETF 2.0 11 39 6.8 -2.7
GNR SPDR S&P Global Natural Resources ETF 2.0 40 10 9.1 -0.4
QINT American Century Quality Diversified International ETF 2.0 39 11 6.2 -3.4
BOAT SonicShares Global Shipping ETF 1.9 69 -19 25.0 +15.5
WWJD Inspire International ETF 1.9 80 -30 6.4 -3.1
FDFF Fidelity Disruptive Finance ETF 1.8 50 0 4.0 -5.5
EUSC WisdomTree Europe Hedged SmallCap Equity Fund 1.8 58 -8 7.3 -2.2
DFNL Davis Select Financial ETF 1.8 63 -13 6.6 -2.9
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 1.8 40 10 6.4 -3.1
SCZ iShares MSCI EAFE Small-Cap ETF 1.8 40 10 6.2 -3.3
DWM WisdomTree International Equity Fund 1.8 48 2 6.4 -3.2
DSTX Distillate International Fundamental Stability & Value ETF 1.7 55 -5 6.7 -2.8
GCOW Pacer Global Cash Cows Dividend ETF 1.7 60 -10 9.7 +0.2
FTRI First Trust Indxx Global Natural Resources Income ETF 1.6 70 -20 6.5 -3.0
PDN Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF 1.6 49 1 6.2 -3.3
AVDV Avantis International Small Cap Value ETF 1.6 36 14 7.7 -1.8
FIDI Fidelity International High Dividend ETF 1.6 18 32 7.4 -2.1
JPIN J.P. Morgan Diversified Return International Equity ETF 1.6 37 13 7.3 -2.2
PPIE Putnam PanAgora ESG International Equity ETF 1.6 49 1 6.9 -2.6
KNO AXS Knowledge Leaders ETF 1.6 78 -28 5.1 -4.4
FNDC Schwab Fundamental International Small Co. Index ETF 1.5 39 11 5.3 -4.2
HAP VanEck Natural Resources ETF 1.5 50 0 7.8 -1.7
DOL WisdomTree International LargeCap Dividend Fund 1.5 48 2 6.1 -3.4
OAIM OneAscent International Equity ETF 1.5 95 -45 4.6 -4.9
UIVM VictoryShares International Value Momentum ETF 1.5 35 15 7.6 -1.9
FID First Trust S&P International Dividend Aristocrats ETF 1.4 60 -10 7.4 -2.2
AVDS Avantis International Small Cap Equity ETF 1.4 30 20 6.0 -3.5
TPIF Timothy Plan International ETF 1.4 62 -12 5.4 -4.1
SCHY Schwab International Dividend Equity ETF 1.3 14 36 8.8 -0.7
HDMV First Trust Horizon Managed Volatility Developed Intl ETF 1.3 80 -30 5.6 -4.0
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 1.3 8 42 6.5 -3.0
PABD iShares Paris-Aligned Climate MSCI World ex USA ETF 1.3 12 38 5.2 -4.3
EFAD ProShares MSCI EAFE Dividend Growers ETF 1.3 50 0 5.4 -4.1
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 1.3 25 25 6.4 -3.1
LCTD BlackRock World ex U.S. Carbon Transition Readiness ETF 1.3 20 30 5.6 -3.9
IQDF FlexShares International Quality Dividend Index Fund 1.2 47 3 7.6 -1.9
WDIV SPDR S&P Global Dividend ETF 1.2 40 10 8.4 -1.1
SDG iShares MSCI Global Sustainable Development Goals ETF 1.2 49 1 4.8 -4.7
GWX SPDR S&P International Small Cap ETF 1.2 40 10 6.0 -3.6
FDT First Trust Developed Markets ex-US AlphaDEX Fund 1.2 80 -30 7.4 -2.1
SNSR Global X Internet of Things ETF 1.2 68 -18 4.2 -5.3
EAFG Pacer Developed Markets Cash Cows Growth Leaders ETF 1.1 65 -15 4.0 -5.5
MOTG VanEck Morningstar Global Wide Moat ETF 1.1 52 -2 8.6 -0.9
DEEF Xtrackers FTSE Developed ex US Multifactor ETF 1.1 24 26 6.5 -3.0
EFAV iShares MSCI EAFE Min Vol Factor ETF 1.1 22 28 5.6 -3.9
DEW WisdomTree Global High Dividend Fund 1.1 58 -8 7.6 -1.9
IEUR iShares Core MSCI Europe ETF 1.1 11 39 6.3 -3.2
CIL VictoryShares International Volatility Wtd ETF 1.1 45 5 5.8 -3.8
SPEU SPDR Portfolio Europe ETF 1.1 7 43 6.3 -3.2
FEOE First Eagle Overseas Equity ETF 1.1 79 -29 5.9 -3.6
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 1.1 39 11 6.8 -2.7
LVHI Franklin International Low Volatility High Dividend Index ET 1.1 40 10 9.2 -0.3
HDEF Xtrackers MSCI EAFE High Dividend Yield Equity ETF 1.0 9 41 8.4 -1.1
ESGD iShares ESG Aware MSCI EAFE ETF 1.0 20 30 5.7 -3.8
DIVI Franklin International Core Dividend Tilt Index ETF 1.0 9 41 6.9 -2.6
VGK Vanguard FTSE Europe ETF 1.0 6 44 6.4 -3.1
IXC iShares Global Energy ETF 1.0 44 6 9.3 -0.2
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 1.0 14 36 5.5 -4.0
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 1.0 39 11 5.8 -3.7
EFRA iShares Environmental Infrastructure and Industrials ETF 1.0 47 3 4.9 -4.7
INTF iShares International Equity Factor ETF 1.0 15 35 6.6 -2.9
BLES Inspire Global Hope ETF 1.0 61 -11 6.1 -3.4
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 1.0 42 8 5.5 -4.0
ERTH Invesco MSCI Sustainable Future ETF 0.9 62 -12 3.1 -6.4
BLKC Invesco Alerian Galaxy Blockchain Users and Decentralized Co 0.9 61 -11 1.7 -7.8
SATO Invesco Alerian Galaxy Crypto Economy ETF 0.9 61 -11 -0.6 -10.1
EUFN iShares MSCI Europe Financials ETF 0.9 51 -1 6.8 -2.7
FGD First Trust Dow Jones Global Select Dividend Index Fund 0.9 56 -6 10.1 +0.6
ICPY Tweedy, Browne International Insider Value ETF 0.9 80 -30 10.0 +0.5
IDV iShares International Select Dividend ETF 0.9 51 -1 9.6 +0.1
BBEU JPMorgan BetaBuilders Europe ETF 0.8 9 41 6.2 -3.3
TTAI FCF International Quality ETF 0.8 59 -9 6.5 -3.0
GSIE Goldman Sachs ActiveBeta International Equity ETF 0.8 25 25 6.2 -3.3
PICK iShares MSCI Global Metals & Mining Producers ETF 0.8 39 11 8.8 -0.7
FNDF Schwab Fundamental International Large Co. Index ETF 0.8 25 25 8.2 -1.3
FOWF Pacer Solactive Whitney Fututre of Warfare ETF 0.8 60 -10 3.2 -6.3
FDEV Fidelity International Multifactor ETF 0.8 18 32 6.6 -2.9
CEFA Global X S&P Catholic Values Developed ex-US ETF 0.8 35 15 5.7 -3.8
ROBO ROBO Global Robotics & Automation Index ETF 0.8 95 -45 2.7 -6.8
DTEC ALPS Disruptive Technologies ETF 0.8 50 0 3.3 -6.2
IBOT Vaneck Robotics ETF 0.8 47 3 3.3 -6.2
BOTZ Global X Robotics & Artificial Intelligence ETF 0.8 69 -19 1.7 -7.8
FLEE Franklin FTSE Europe ETF 0.8 9 41 6.3 -3.2
DBEU Xtrackers MSCI Europe Hedged Equity ETF 0.8 46 4 5.9 -3.6
EFV iShares MSCI EAFE Value ETF 0.8 34 16 7.8 -1.7
GLOV Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF 0.8 25 25 5.4 -4.1
PBD Invesco Global Clean Energy ETF 0.7 75 -25 0.6 -8.9
TAN Invesco Solar ETF 0.7 67 -17 5.0 -4.5
RNRG Global X Renewable Energy Producers ETF 0.7 66 -16 5.0 -4.5
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 0.7 45 5 7.5 -2.0
IEV iShares Europe ETF 0.7 67 -17 5.8 -3.8
EUDG WisdomTree Europe Quality Dividend Growth Fund 0.7 58 -8 5.8 -3.8
DMXF iShares ESG Advanced MSCI EAFE ETF 0.7 12 38 5.0 -4.5
IVLU iShares MSCI Intl Value Factor ETF 0.7 30 20 8.7 -0.8
IEFA iShares Core MSCI EAFE ETF 0.7 7 43 6.1 -3.4
QEFA SPDR MSCI EAFE StrategicFactors ETF 0.7 30 20 6.0 -3.5
IQSI IQ Candriam International Equity ETF 0.7 15 35 5.6 -3.9
DFIV Dimensional International Value ETF 0.7 27 23 8.1 -1.4
COPY Tweedy, Browne Insider + Value ETF 0.7 80 -30 10.3 +0.8
DISV Dimensional International Small Cap Value ETF 0.6 42 8 8.0 -1.5
GSID Goldman Sachs MarketBeta International Equity ETF 0.6 20 30 5.8 -3.7
FRNW Fidelity Clean Energy ETF 0.6 39 11 2.1 -7.4
DFAI Dimensional International Core Equity Market ETF 0.6 18 32 6.0 -3.5
MXI iShares Global Materials ETF 0.6 41 9 6.2 -3.3
VYMI Vanguard International High Dividend Yield ETF 0.6 17 33 8.2 -1.3
IDEV iShares Core MSCI International Developed Markets ETF 0.6 4 46 6.1 -3.4
AVSD Avantis Responsible International Equity ETF 0.6 23 27 4.7 -4.9
OCEN IQ Clean Oceans ETF 0.6 45 5 5.0 -4.5
SHPP Pacer Industrials and Logistics ETF 0.6 60 -10 7.5 -2.0
ISCF iShares International SmallCap Equity Factor ETF 0.6 23 27 7.4 -2.1
DXIV Dimensional International Vector Equity ETF 0.6 34 16 6.7 -2.8
DIHP Dimensional International High Profitability ETF 0.6 29 21 5.8 -3.7
DFIS Dimensional International Small Cap ETF 0.6 39 11 6.2 -3.3
DFIC Dimensional International Core Equity 2 ETF 0.6 23 27 6.4 -3.1
BKIE BNY Mellon International Equity ETF 0.6 4 46 6.0 -3.5
DTAN Sparkline International Intangible Value ETF 0.6 55 -5 7.3 -2.2
DFSI Dimensional International Sustainability Core 1 ETF 0.6 24 26 5.5 -4.0
SPDW SPDR Portfolio Developed World ex-US ETF 0.5 3 47 6.0 -3.5
VEA Vanguard FTSE Developed Markets ETF 0.5 3 47 6.1 -3.4
CZAR Themes Natural Monopoly ETF 0.5 35 15 4.9 -4.6
IQLT iShares MSCI Intl Quality Factor ETF 0.5 30 20 5.4 -4.1
NXTG First Trust Indxx NextG ETF 0.5 70 -20 4.4 -5.1
IDMO Invesco S&P International Developed Momentum ETF 0.5 25 25 5.1 -4.4
AVDE Avantis International Equity ETF 0.5 23 27 6.4 -3.1
EFA iShares MSCI EAFE ETF 0.5 35 15 5.8 -3.7
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 0.5 36 14 5.8 -3.7
KXI iShares Global Consumer Staples ETF 0.5 41 9 5.2 -4.3
BCOR Grayscale Bitcoin Adopters ETF 0.5 59 -9 2.1 -7.5
ZSB USCF Sustainable Battery Metals Strategy Fund 0.5 61 -11 4.1 -5.4
AVIV Avantis International Large Cap Value ETF 0.5 25 25 7.5 -2.0
HFXI IQ FTSE International Equity Currency Neutral ETF 0.5 20 30 6.0 -3.5
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.5 20 30 4.8 -4.7
RFDI First Trust Riverfront Dynamic Developed International ETF 0.5 83 -33 8.0 -1.5
AIRL Themes Airlines ETF 0.4 35 15 2.0 -7.5
JETS U.S. Global Jets ETF 0.4 60 -10 2.1 -7.4
IDHQ Invesco S&P International Developed High Quality ETF 0.4 29 21 5.3 -4.2
IXUS iShares Core MSCI Total International Stock ETF 0.4 7 43 6.7 -2.8
EFAX SPDR MSCI EAFE Fossil Fuel Reserves Free ETF 0.4 20 30 5.4 -4.1
VSGX Vanguard ESG International Stock ETF 0.4 10 40 6.7 -2.8
GLOF iShares Global Equity Factor ETF 0.4 20 30 5.9 -3.6
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.4 30 20 6.6 -2.9
SCHF Schwab International Equity ETF 0.4 6 44 6.2 -3.3
IQDY FlexShares International Quality Dividend Dynamic Index Fund 0.4 47 3 7.0 -2.5
JHMD John Hancock Multifactor Developed International ETF 0.4 39 11 6.5 -3.0
VXUS Vanguard Total International Stock ETF 0.4 5 45 6.8 -2.7
CUT Invesco MSCI Global Timber ETF 0.4 61 -11 9.7 +0.2
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.4 12 38 4.3 -5.2
JSTC Adasina Social Justice All Cap Global ETF 0.4 89 -39 4.2 -5.3
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.4 18 32 6.5 -3.0
CWI SPDR MSCI ACWI ex-US ETF 0.3 30 20 6.4 -3.1
IMFL Invesco International Developed Dynamic Multifactor ETF 0.3 34 16 5.1 -4.4
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.3 41 9 6.4 -3.1
ACWX iShares MSCI ACWI ex U.S. ETF 0.3 34 16 6.5 -3.0
FIVA Fidelity International Value Factor ETF 0.3 18 32 8.1 -1.4
VEU Vanguard FTSE All-World ex-US Index Fund 0.3 4 46 6.8 -2.7
EFG iShares MSCI EAFE Growth ETF 0.3 36 14 3.6 -5.9
ESGG FlexShares STOXX Global ESG Select Index Fund 0.2 42 8 4.7 -4.8
FENI Fidelity Enhanced International ETF 0.2 28 22 5.6 -3.9
IQDG WisdomTree International Quality Dividend Growth Fund 0.2 42 8 6.0 -3.6
IXP iShares Global Comm Services ETF 0.2 42 8 5.3 -4.2
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 0.2 58 -8 5.8 -3.7
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.2 9 41 4.9 -4.6
IXG iShares Global Financials ETF 0.2 42 8 5.9 -3.6
KNCT Invesco Next Gen Connectivity ETF 0.2 40 10 3.9 -5.6
VT Vanguard Total World Stock ETF 0.1 6 44 5.1 -4.4
KOKU Xtrackers MSCI Kokusai Equity ETF 0.1 9 41 4.5 -5.0
AFK VanEck Africa Index ETF 0.1 98 -48 10.9 +1.4
TOK iShares MSCI Kokusai ETF 0.1 26 24 4.3 -5.2
JIRE JPMorgan International Research Enhanced Equity ETF 0.1 24 26 6.3 -3.2
URTH iShares MSCI World ETF 0.1 24 26 4.4 -5.1
QWLD SPDR MSCI World StrategicFactors ETF 0.1 30 20 5.1 -4.4
IGRO iShares International Dividend Growth ETF 0.1 15 35 6.3 -3.2
ACWI iShares MSCI ACWI ETF 0.1 32 18 4.7 -4.8
KLMT Invesco MSCI Global Climate 500 ETF 0.1 10 40 4.9 -4.6
HAUZ DBX ETF Trust - Xtrackers International Real Estate ETF 0.1 10 40 6.3 -3.2
IFGL iShares International Developed Real Estate ETF 0.1 48 2 6.6 -2.9
VIGI Vanguard International Dividend Appreciation ETF 0.1 10 40 5.7 -3.8
IMTM iShares MSCI Intl Momentum Factor ETF 0.1 30 20 4.7 -4.8
VNQI Vanguard Global ex-U.S. Real Estate ETF 0.1 12 38 8.0 -1.5
ERET iShares Environmentally Aware Real Estate ETF 0.0 30 20 7.0 -2.5

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2020 2021 2022 2023 2024 2025E 2026E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2024 2025E 2026E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 Global X MSCI Norway ETF
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

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™


Calculation of ALTAR Score™
Avg. Return on Equity 15.6 %
Divided by: Fwd. P/BV 1.6 x
Less: Expense ratio 50 bp
Equals: ALTAR Score 9.5 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.84 CATEGORY
AVERAGE		 1.64
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.