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

 

# Countries In Review: October 2020

 

 

Country ETFs were dominated by developed market 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)

 Oct 01, 2020

 Edited by: Heather Bell

 

 

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Country ETFs had a rather sunny August, with the vast majority of funds recording positive returns. The top fund was the [**Global X MSCI Norway ETF (NORW)**](/NORW), with a return of 8.07%; the [**iShares MSCI Finland ETF (EFNL)**](/EFNL) followed, with a return of 7.94%; and the [**iShares MSCI Hong Kong ETF (EWH)**](/EWH) claimed the No. 3 spot, with a return of 7.53%. The [**iShares MSCI Brazil ETF (EWZ)**](/EWZ) was at the head of the laggards, with a decline of 8.36%, while the [**iShares MSCI Turkey ETF (TUR)**](/TUR) and the [**iShares MSCI Chile ETF (ECH)**](/ECH) fell 7.42% and 7.21%, respectively. Flows were somewhat skewed, with the [**SPDR S&amp;P 500 ETF Trust (SPY)**](/SPY) losing $2.5 billion; the [**iShares MSCI Japan ETF (EWJ)**](/EWJ) followed distantly, pulling in less than one-tenth of that, or $223 million; and the [**iShares China Large-Cap ETF (FXI)**](/FXI) lost $196.3 million. [**The iShares MSCI Germany ETF (EWG)**](/EWG) was at the other end of the spectrum, with a gain of $279.1 million; followed by the [**VanEck Vectors Russia ETF (RSX)**](/RSX), which pulled in $130.5 million; and the [**iShares MSCI Thailand ETF (THD)**](/IFIX) gained $100.7 million.

[![Countries](/sites/default/files/images/Magazines/ETF%20Report/2020/10/CountriesOctoberFig1.jpg)](/sites/default/files/images/Magazines/ETF%20Report/2020/10/CountriesOctoberFig1b.jpg)

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



![](/sites/default/files/images/Magazines/ETF%20Report/2020/10/CountriesOctoberFig2.jpg)

*Index Data Source: MSCI.  
 Sources: Bloomberg and FactSet.  
 Data from 7/31/2020 to 8/31/2020.*

*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) 

 [Chile](http://www.etf.com/topics/chile)