##  [# Countries In Review: January 2022](/sections/countries-review-january-2022) 

 

# Countries In Review: January 2022

 

 

Emerging market country ETFs stood out from the pack in December.



 

 

 

 

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December was a strong month for country ETFs, with only a few exhibiting negative performance. The [**iShares MSCI Mexico ETF (EWW)**](https://www.etf.com/EWW) led the way, with a return of 13.26% for the month, as Mexico’s stock market saw its best year in terms of performance since 2009. It was followed by the [**iShares MSCI Ireland ETF (EIRL)**](https://www.etf.com/eirl) and the [**Global X MSCI Argentina ETF (ARGT)**](https://www.etf.com/argt), up 8.97% and 8.38%, respectively. At the other end of the spectrum, the [**iShares MSCI Chile ETF (ECH)**](https://www.etf.com/ech) was down more than any other country ETF, with a return of -5.73%, largely due to the election of leftist Gabriel Boric as president. That was followed by the [**iShares China Large-Cap ETF (FXI)**](https://www.etf.com/fxi), down 3.11% and the [**Global X MSCI Nigeria ETF (NGE)**](https://www.etf.com/nge), which dropped by 1.74%. Meanwhile, flows were extremely lopsided, with the [**SPDR S&P 500 ETF Trust (SPY)**](https://www.etf.com/spy) pulling in a stunning $23.6 billion in assets, the [**iShares MSCI Brazil ETF (EWZ)**](https://www.etf.com/ewz) gaining $447.6 million and FXI adding just $145.9 million. In terms of outflows, the [**iShares MSCI Japan ETF (EWJ)**](https://www.etf.com/ewj) lost $478.2 million, the [**iShares MSCI South Korea ETF (EWY)**](https://www.etf.com/ewy) saw outflows of $192.1 million and the [**VanEck Russia ETF (RSX)**](https://www.etf.com/rsx) decreased by $72.6 million.

[![Countries](/sites/default/files/images/Magazines/ETF%20Report/2022/01/CountriesJanuaryFig1.jpg)](/sites/default/files/images/Magazines/ETF%20Report/2022/01/CountriesJanuaryFig1b.jpg)

*For a larger view, please click on the image above.*



[![Pop-up Image](/sites/default/files/images/Magazines/ETF%20Report/2022/01/CountriesJanuaryFig2.jpg)](/sites/default/files/images/Magazines/ETF%20Report/2022/01/CountriesJanuaryFig2b.jpg)

(For a larger view, click on the image above)



*Note: This list intends to capture the returns of some of the most liquid ETFs tracking individual countries around the world. It does not capture every country in the MSCI All Country World Index.*





 

 


 Related Topics  [Emerging Markets](http://www.etf.com/topics/emerging-markets) 

 [Argentina](http://www.etf.com/topics/argentina) 

 [Asia-Pacific](http://www.etf.com/topics/asia-pacific) 

 [Blackrock](http://www.etf.com/topics/blackrock) 

 [Brazil](http://www.etf.com/topics/brazil)