NGX ETFs post mixed 9M returns as Greenwich Alpha gains 97.63%

The Greenwich Alpha ETF delivered the strongest year-to-date return among Exchange Traded Funds listed on the Nigerian Exchange in the nine months to September 30, 2026, gaining 97.63% to lead a segment where nine of twelve tracked funds recorded gains.

Nairametrics Research analysis of NGX trading data shows that total trading volume reached 153.05 million units during the period, with transaction value standing at N25.30 billion across the twelve funds.

Price performance remained broadly positive, although the nine-month period produced a more mixed picture than H1 2026, with three funds ending in negative territory and some earlier leaders giving back significant gains.

Returns are calculated from the change in market price between the final trading session of 2025 and September 30, 2026, and exclude any distributions.

ETF price movements on the NGX may also deviate significantly from net asset value because of relatively thin market liquidity.

Greenwich Alpha ETF leads returns

Price performance across the ETF segment was broadly positive over the nine months to September 30, with nine gainers and three losers.

• Greenwich Alpha ETF recorded the strongest return, gaining 97.63% to close at N751.00 from N380.00 at the start of the year.
• Vetiva Griffin 30 ETF followed with an 88.58% gain to N101.85, while Vetiva Industrial ETF advanced 85.88% to N111.53 and Vetiva Banking ETF gained 84.00% to N27.60.
• Lotus Halal Equity ETF rose 62.10%, NewGold Exchange Traded Fund gained 55.93%, Stanbic IBTC ETF 30 advanced 53.22%, SIAML Pension ETF 40 rose 33.42%, while Vetiva Consumer Goods ETF gained 25.64%.

On the losing side, Vetiva S&P Nigeria Sovereign Bond ETF fell 4.23%, Meristem Value ETF declined 63.79%, while Meristem Growth ETF recorded the steepest loss at 69.41%.

Stanbic IBTC ETF 30’s nine-month return of 53.22% represented a significant retreat from its 219.64% H1 2026 gain, while the Vetiva Sovereign Bond ETF moved from a 15.01% H1 gain into negative territory.

The results show that the third quarter materially reshaped the performance table even though most NGX-listed ETFs remained in positive territory.

ETF trading value hits N25.30 billion

Total nine-month ETF trading volume across all twelve funds stood at 153.05 million units, while transaction value reached N25.30 billion. Compared with H1 2026, this represented a 27.2% increase in volume and a 37.5% rise in transaction value.

• Stanbic IBTC ETF 30 recorded the highest traded value at N7.18 billion despite trading only 3.46 million units, reflecting its relatively high unit price.
• Vetiva Griffin 30 ETF followed, with N3.11 billion in transaction value, while SIAML Pension ETF 40 recorded N2.54 billion.
• By volume, Vetiva Banking ETF led with 61.63 million units traded, followed by Vetiva Griffin 30 ETF with 31.59 million units and Vetiva Consumer Goods ETF with 20.36 million units.

NewGold ETF remained the least traded by volume, with 17,886 units exchanged, but its high unit price meant transactions still reached N2.06 billion.

The figures show a market where trading activity is concentrated differently depending on whether performance is measured by units exchanged or the monetary value of transactions.

Stanbic ETF gives back H1 gains

The nine-month performance marks a notable shift from the ETF rankings recorded at the end of H1 2026. Nairametrics had earlier reported that ten of the twelve tracked ETFs recorded gains during the first six months of the year.

• Stanbic IBTC ETF 30 led the H1 ranking with a 219.64% gain, closing at N3,098.00 from N969.22, before falling back to N1,485.00 by September 30 for a nine-month return of 53.22%.
• H1 gains across the segment ranged from 15.01% to 219.64%, with only Meristem Value ETF and Meristem Growth ETF closing the first half in negative territory.
• By the end of September, Vetiva S&P Nigeria Sovereign Bond ETF had joined both Meristem funds among the losers, increasing the number of negative-performing ETFs to three.

The nine-month data therefore show that while most NGX-listed ETFs remained positive in 2026, third-quarter price movements significantly altered both the size of returns and the composition of the market’s leading and losing funds.