Global stocks have posted strong gains in early 2026, carrying out 2025's winning momentum. iShares MSCI ACWI ex US ETF ACWX has added 3.6% so far this year, in comparison to 0.9% gains added to the SPDR S&P 500 ETF Trust SPY. iShares MSCI Emerging Markets ETF EEM has jumped 5% in the year-to-date frame (as of Jan. 23, 2026).
Against this backdrop, below we highlight a few winning country ETFs that have been hovering around a 52-week high level.
Country ETF Winners
Norway
Norway iShares MSCI ETF ENOR – at a 52-week-high price of $30.82 on Jan. 23, slightly down from its 52-week high of $30.86.
Global X MSCI Norway ETF NORW – at $31.93 on Jan. 23, slightly down from its 52-week high of $31.97
Norges Bank kept the policy rate at 4.00% at its final meeting of the year. Analysts expect the next rate cut to come in mid-2026, per Morningstar. Any rate cut should be favorable for the country’s stocks. High oil prices (Brent around $65 despite dips) and robust commodity demand supported heavyweights in the energy space.
Turkey
Turkey iShares MSCI ETF TUR – at $39.40 on Jan. 23, slightly down from 52-Week High of $39.44
Turkey's stocks have rallied strongly into 2026. Turkey's annual inflation rate slowed to 30.89% in December 2025 from 31.07% in the previous month, below market expectations of 31%. It marked the lowest reading since November 2021, per tradingeconomics. This reinforced the Central Bank's rate-cutting cycle and boosted investor confidence.
South Korea
South Korea iShares MSCI ETF EWY – at $117.99 on Jan. 23, slightly down from 52-Week High of $118.41
Franklin FTSE South Korea ETF FLKR – at $38.66 on Jan. 23, slightly down from 52-Week High of $38.75
South Korea's KOSPI index has surged impressively in early 2026, reaching record highs. The strong chip rally can be held responsible for this jump. Booming AI chip demand, December export surges, and optimism around HBM4 technology mainly led to the gains.
Japan Small-Cap
iShares MSCI Japan Small-Cap ETF SCJ – at $96.66 on Jan. 23, slightly down from 52-Week High of $96.78
Japanese stocks have surged to record highs and bond yields have risen lately on reports that Prime Minister Sanae Takaichi may call snap elections soon. Takaichi is hoping to convert her high approval ratings into a parliamentary majority for her party (read: Why Japanese Stocks Are Hitting Record Highs).
Takaichi dissolved the lower house of parliament on Jan. 23, setting the stage for an early election on Feb. 8. Takaichi may introduce aggressive fiscal spending, including increased defense outlays and tax cuts to support economic growth. Such hopes are fueling Japanese stocks.
The Japanese central bank now expects the economy to expand 0.9% in the fiscal year ending March 2026, up from a previous forecast of 0.7%. For fiscal 2026, the growth outlook has been raised more significantly to 1.0% from 0.7% (read: Japan ETFs to Shine as BOJ Upgrades Economic Growth Forecast).
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SPDR S&P 500 ETF (SPY): ETF Research Reports iShares MSCI Emerging Markets ETF (EEM): ETF Research Reports iShares MSCI Turkey ETF (TUR): ETF Research Reports iShares MSCI South Korea ETF (EWY): ETF Research Reports Global X MSCI Norway ETF (NORW): ETF Research Reports iShares MSCI Japan Small-Cap ETF (SCJ): ETF Research Reports iShares MSCI ACWI ex U.S. ETF (ACWX): ETF Research Reports iShares MSCI Norway ETF (ENOR): ETF Research Reports Franklin FTSE South Korea ETF (FLKR): ETF Research ReportsThis article originally published on Zacks Investment Research (zacks.com).
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