This version of the Icelandic / Nordic Vegvísir symbol,is often stated to be a viking compass, but it seems to be linked more with the general Nordic beliefs and runic staves and symbols, magical or otherwise :-)

The meaning or belief that the Vegvisir , translating to “That Which Shows the Way;” (pronounced “VEGG-vee-seer”) is described only in one modern Icelandic collection of spells, the so-called Huld manuscript.

That book has nothing more than this one sentence to say about it:
“If this sign is carried, one will never lose one’s way in storms or bad weather, even when the way is not known.”

You decide :-)