##  [# Countries In Review: March 2020](/sections/etf-report-departments/countries-review-march-2020) 

 

# Countries In Review: March 2020

 

 

Country ETFs had a rough time during the month, with a few exceptions.



 

 

 

 

 [![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)

 Mar 01, 2020

 Edited by: Heather Bell

 

 

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January was a fairly bleak month for country ETFs, with just a handful of funds recording positive returns. The top performer was the [**Global X MSCI Nigeria ETF (NGE)**](/NGE), up 3.65%; while the [**iShares MSCI Israel ETF (EIS)**](/EIS) was up 2.89%; and the [**iShares MSCI Turkey ETF (TUR)**](/TUR) was up 2.55%. The worst performers were led downward by the [ **iShares MSCI South Africa ETF (EZA)**](/EZA), falling 9.11%; followed by the [ **iShares MSCI Thailand ETF (THD)**](/THD) and the [**iShares MSCI Philippines ETF (EPHE)**](/EPHE), down 9.06% and 8.22%, respectively. The [**SPDR S&amp;P 500 ETF Trust (SPY)**](/SPY) topped the inflows, with a gain of $559.2 million, while the [**iShares MSCI Hong Kong ETF (EWH)**](/EWH) added $306.9 million and the [**iShares MSCI Germany ETF (EWG)**](/EWG) gained $132.6 million. At the other end of the spectrum, the [ **iShares MSCI Japan ETF (EWJ)**](/EWJ) led fund losses, bleeding $436.3 million, as the [**iShares MSCI Australia ETF (EWA)**](/EWA) lost $116 million and the [**iShares MSCI Switzerland ETF (EWL)**](/EWL) dropped $92.4 million.

[![Countries](/sites/default/files/images/Magazines/ETF%20Report/2020/03/CountriesMarchFig1.jpg)](/sites/default/files/images/Magazines/ETF%20Report/2020/03/CountriesMarchFig1b.jpg)

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



![](/sites/default/files/images/Magazines/ETF%20Report/2020/03/CountriesMarchFig2.jpg)

*Index Data Source: MSCI.  
 Sources: Bloomberg and FactSet.  
 Data from 12/31/2019 to 1/31/2020.*

*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) 

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

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