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

 

# Countries In Review: April 2020

 

 

COVID-19 wreaked havoc on global stock markets.



 

 

 

 

 [![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, 2020

 Edited by: Heather Bell

 

 

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February was a devastating month for country ETFs, with almost every fund finding itself deep in negative territory after the coronavirus wreaked havoc on global markets. Interestingly, the [iShares China Large-Cap ETF (FXI)](/FXI) had slightly positive returns, up 0.35% for the month. It was followed by the [iShares MSCI Hong Kong ETF (EWH)](/EWH), which was down 1.42%, and the [iShares MSCI Taiwan ETF (EWT)](/EWT), which receded 2%. The [iShares MSCI Poland ETF (EPOL)](/EPOL) was the hardest hit, falling 16.03%, while the [Global X MSCI Nigeria ETF (NGE)](/NGE) was down 15.10% and the [iShares MSCI Turkey ETF (TUR)](/TUR) fell 14.57%. Regarding flows, the [SPDR S&amp;P 500 ETF Trust (SPY)](/SPY) hemorrhaged a stunning $22 billion. The [iShares MSCI Japan ETF (EWJ)](/EWJ) followed distantly, with outflows of $1.4 billion, and the [iShares MSCI Mexico ETF (EWW)](/EWW) lost $222.7 million. Inflows were very muted, with the [iShares MSCI France ETF (EWQ)](/EWQ) pulling in $122 million, the [iShares MSCI Germany ETF (EWG)](/EWG) gaining $44 million and the [iShares MSCI United Kingdom ETF (EWU)](/EWU) rising $39.6 million.

[![Countries](/sites/default/files/images/Magazines/ETF%20Report/2020/04/CountriesAprilFig1.jpg)](/sites/default/files/images/Magazines/ETF%20Report/2020/04/CountriesAprilFig1b.jpg)

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



![](/sites/default/files/images/Magazines/ETF%20Report/2020/04/CountriesAprilFig2.jpg)

*Index Data Source: MSCI.  
 Sources: Bloomberg and FactSet.  
 Data from 01/31/2020 to 02/29/2020.*

*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) 

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

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

 [China](http://www.etf.com/topics/china) 

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