The Nigerian Exchange’s Exchange-Traded Funds (ETFs) extraordinary performance in January 2026, driven by order-flow driven rally and growing investor appetite for diversified investment vehicles and not fundamentals analysis.
Several ETFs outperformed the NGX-All-Share Index (ASI), which returned 6.27% in January 2026.
Some smaller ETFs posted impressive double-digit returns.
The month-to-date (MTD) performance in January was between 35% to 322%, which appears to be more outrageous when compared to the year-to-date (YTD) return of 2025, which was between 5% to 170%.
Total ETF trading volume in January reached 6.33 million units, while the total value rose to N1.51 billion, indicating a significant increase in market activity. Twelve ETFs are listed on NGX; the remaining two, Vetiva Grifin 30 ETF and NewGold Exchange Traded Fund (ETF), posted 36.64% and 35.25%, respectively.
If the NGX 30 Index did not rise 237% in January, then Stanbic IBTC ETF 30’s return reflects price dislocation rather than index replication. ETFs typically track a specific stock index, sector, or asset class such as banking stocks, consumer goods companies, industrial firms, or government bonds. Their strong showing in January suggests that investors preferred targeted exposure to specific sectors rather than buying the entire market.
Data as of January 30, 2026, computed by Nairametrics Research from the Nigerian Exchange Group (NGX), it also shows increased trading activity in ETFs. This reflects growing awareness and participation from both retail and institutional investors who want simple, low-cost exposure to structured portfolios.
Below are the top 10 best-performing ETFs for January 2026, ranked by year-to-date (YTD) return.
- YTDÂ return: 64.32%Â
- Total volume: 263,830Â
- Total value: N27,473,881Â
- Market capitalization: N4.45 billionÂ
Lotus Halal Equity ETF recorded a 64.32% return when the price reached N133.10 at the end of the month from N81, reflecting strong performance in Shariah-compliant stocks. This ETF made 170% returns in 2025.
The ETF is popular with investors who prioritize ethical investing, benefiting from a strong stock selection in this space. Managed by Lotus Capital, the fund offers exposure to socially responsible equities.
