Let H and G be two finite graphs. Define hH (G) to be the number of homomorphisms from H to G. The function hH (•) extends in a natural way to a function from the set of symmetric matrices to R such that for AG, the adjacency matrix of a graph G, we have hH (AG) = hH (G). Let m be the number of edges of H. It is easy to see that when H is the cycle of length 2n, then hH (•) 1/m is the 2n-th Schatten-von Neumann norm. We investigate a question of Lovász that asks for a characterization of graphs H for which the function hH (•) 1/m is a norm.We prove that hH (•) 1/m is a norm if and only if a Hölder type inequality holds for H. We use this inequality to prove both positive and negative results, showing that hH (•) 1/m is a norm for certain classes of graphs, and giving some necessary conditions on the structure of H when hH (•) 1/m is a norm. As an application we use the inequality to verify a conjecture of Sidorenko for certain graphs including hypercubes. In fact for such graphs we can prove statements that are much stronger than the assertion of Sidorenko's conjecture.We also investigate the hH (•) 1/m norms from a Banach space theoretic point of view, determining their moduli of smoothness and convexity. This generalizes the previously known result for the 2n-th Schatten-von Neumann norms.