This article shows that all four Nordic countries, i.e., Denmark, Finland, Norway and Sweden, have adjusted their alignment strategies when responding to the changes in their external environment during the twenty-first century. Furthermore, our findings indicate a great diversity among the four states in their responses. All too often, security policy analyses cluster small states into allies and non-allies, respectively. However, this article suggests that alliance affiliation in isolation is not sufficient for explaining small states’ behavior and adjustments of their strategies. Occasionally, previous experiences of armed conflicts as well as perceptions of strategic exposure provide stronger explanatory power.