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

 

# Countries In Review: December 2019

 

 

Frontier markets trailed developed and emerging markets in October



 

 

 

 

 [![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)

 Dec 01, 2019

 Edited by: Heather Bell

 

 

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October ended on an upbeat note for country ETFs, with the majority recording positive performance. The [iShares MSCI Taiwan ETF (EWT)](/EWT) led the way, up 7.4%; it was followed by the [Global X MSCI Pakistan ETF (PAK)](/PAK), up 7.17%; and the [Global X MSCI Colombia ETF (GXG)](/GXG), up 6.59%. Emerging and frontier markets saw most of the losses, with the [iShares MSCI Chile ETF (ECH)](/ECH) down 8.18%. The [Global X MSCI Nigeria ETF (NGE)](/NGE) was down 7.49%, and the [iShares MSCI Turkey ETF (TUR)](/TUR) was down 7.06%. The [SPDR S&amp;P 500 ETF Trust (SPY)](/SPY) saw the biggest losses in the category by far, with outflows of $3.9 billion; trailed distantly by the [iShares MSCI France ETF (EWQ)](/EWQ), which lost $171.8 million; and the [iShares MSCI Australia ETF (EWA)](/EWA), which lost $81.9 million. The [iShares MSCI Japan ETF (EWJ)](/EWJ), meanwhile, topped the inflows, with a gain of $863.7 million; followed by the [iShares MSCI Brazil ETF (EWZ)](/EWZ) and the [iShares MSCI United Kingdom ETF (EWU)](/EWU), which pulled in $251.3 million and $246.8 million, respectively

[![Countries](/sites/default/files/images/Magazines/ETF%20Report/2019/12/CountriesDecemberFig1.jpg)](/sites/default/files/images/Magazines/ETF%20Report/2019/12/CountriesDecemberFig1b.jpg)

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



![](/sites/default/files/images/Magazines/ETF%20Report/2019/12/CountriesDecemberFig2.jpg)

*Index Data Source: MSCI.  
 Sources: Bloomberg and FactSet.  
 Data from 09/30/2019 to 10/31/2019.*

*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.*





 

 

 [ 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) 

 [Australia](http://www.etf.com/topics/australia) 

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

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

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