##  [# Countries In Review: April 2019](/sections/etf-report-departments/countries-review-april-2019) 

 

# Countries In Review: April 2019

 

 

Emerging and frontier markets had a rougher experience than developed countries.



 

 

 

 

 [![HeatherBell_green_bg](/sites/default/files/styles/author_image_icon/public/2023-03/heather2.png?itok=5J9vBlda)](/contributors/heather-bell) 

[By Heather Bell](/contributors/heather-bell)

 Apr 01, 2019

 Edited by: Heather Bell

 

 

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February was a fairly positive month for country ETFs, though the best and worst performers were found mainly in emerging markets. The [Global X MSCI Greece ETF (GREK)](/GREK) was the best-performing fund, with a gain of 9.66%. It was followed by the [VanEck Vectors Vietnam ETF (VNM)](/VNM), which was up 6.58%, and the [iShares MSCI Hong Kong ETF (EWH)](/EWH), which was up 5.76%. At the other end of the spectrum was the [iShares MSCI South Africa ETF (EZA)](/EZA), with a 5.64% decline; the [iShares MSCI Qatar ETF (QAT)](/QAT), down 5.49%; and the [iShares MSCI Brazil ETF (EWZ)](/EWZ), down 4.62%. The [SPDR S&amp;P 500 ETF Trust (SPY)](/SPY) saw the most inflows in the country space, pulling in $2.5 billion during the month. EWH came in a distant second, with a gain of $302.4 million, while the [iShares MSCI France ETF (EWQ)](/EWQ) saw inflows of $179.1 million. The [iShares MSCI Japan ETF (EWJ)](/EWJ) lost $461.7 million during the month, and the [iShares MSCI Spain ETF (EWP)](/EWP) and [iShares MSCI Taiwan ETF (EWT)](/EWT) had outflows of $201.3 million and $85.2 million, respectively.

[![Countries](/sites/default/files/images/Magazines/ETF%20Report/2019/04/CountriesAprilFig1.jpg)](/sites/default/files/images/Magazines/ETF%20Report/2019/04/CountriesAprilFig1b.jpg)

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



![](/sites/default/files/images/Magazines/ETF%20Report/2019/04/CountriesAprilFig2.jpg)

*Index Data Source: MSCI.  
 ETF Return Data Source: Bloomberg.  
 All return data from 01/31/2019 to 02/28/2019.*

*Note: This list intends to capture the returns of most liquid ETFs tracking individual countries around the world. It does not capture every country in the MSCI All Country World Index. Also, as indicated by the design above, frontier market countries are not included in the MSCI All Country World Index.*





 

 

 [ Heather Bell ](/contributors/heather-bell) 

 

 

  Heather Bell is a former managing editor of etf.com. She has also held editorial positions at Dow Jones Indexes and Lehman Brothers. Bell is a…   [View Bio](/contributors/heather-bell)

 



 

 


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

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

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

 [Broad-based](http://www.etf.com/topics/broad-based) 

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