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

 

# Countries In Review: May 2020

 

 

There were no winners among our country ETFs in March.



 

 

 

 

 [![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)

 May 01, 2020

 Edited by: Heather Bell

 

 

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Every country ETF ended the month of March with a steep decline. The best performer was the [iShares MSCI Switzerland ETF (EWL)](/EWL), which was down 6.65%; followed closely by the [iShares MSCI Japan ETF (EWJ)](/EWJ), down 6.74%; and the [iShares China Large-Cap ETF (FXI)](/FXI), down 7.67%. At the other end of the spectrum, the [iShares MSCI Brazil ETF (EWZ)](/EWZ) fell more than any other fund in the group, with a stomach-dropping decline of 38.58%, while the [Global X MSCI Colombia ETF (GXG)](/GXG) decreased by 36.34%; and the [iShares MSCI Mexico ETF (EWW)](/EWW) fell 31.88%. Flows were interesting, with the [SPDR S&amp;P 500 ETF Trust (SPY)](/SPY) pulling in an impressive $8.1 billion, but EWW claimed the second slot, with inflows of $150.4 million. The [iShares MSCI South Korea ETF (EWY)](/EWY) was in the No. 3 spot, gaining $118.7 million. EWJ had more outflows than any other ETF in the group, losing $1.3 billion. It was followed by the [iShares MSCI India ETF (INDA)](/INDA) and the [iShares MSCI Hong Kong ETF (EWH)](/EWH), which decreased by $1.2 billion and $429.9 million, respectively.

[![Countries](/sites/default/files/images/Magazines/ETF%20Report/2020/05/CountriesMayFig1.jpg)](/sites/default/files/images/Magazines/ETF%20Report/2020/05/CountriesMayFig1b.jpg)

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



![](/sites/default/files/images/Magazines/ETF%20Report/2020/05/CountriesMayFig2.jpg)

*Index Data Source: MSCI.  
 Sources: Bloomberg and FactSet.  
 Data from 03/31/2019 to 03/31/2020.*

*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) 

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

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

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

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