##  [# Countries In Review: January 2021](/sections/etf-report-departments/countries-review-january-2021) 

 

# Countries In Review: January 2021

 

 

Country ETFs recorded positive performance in November.



 

 

 

 

 [![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)

 Jan 01, 2021

 Edited by: Heather Bell

 

 

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November was a wonderful month for country ETFs, with all except one exhibiting strong positive performance. The lone holdout was the [**Global X MSCI Nigeria ETF (NGE)**](/NGE), with a decline of 0.24%. The next-to-worst performer was the [**Global X MSCI Pakistan ETF (PAK)**](/PAK), with a gain of 4.46%. It was followed by the [**iShares MSCI Qatar ETF (QAT)**](/QAT), which was up 6.25%. The top performer was the [**Global X MSCI Greece ETF (GREK)**](/GREK), which was up 28.84%; followed by the [**iShares MSCI Spain ETF (EWP)**](/EWP) and the [**iShares MSCI Poland ETF (EPOL)**](/EPOL), up 27.42% and 25.72%, respectively. Flows were fairly lopsided, with the [**SPDR S&amp;P 500 ETF Trust (SPY)**](/SPY) pulling in a stunning $13.9 billion; followed distantly by the [**iShares MSCI Japan ETF (EWJ)**](/EWJ), which gained $1.1 billion; and the [**iShares China Large-Cap ETF (FXI)**](/FXI), which added $298.9 million. The [**iShares MSCI Switzerland ETF (EWL)**](/EWL) lost $120.6 million, while the [**iShares MSCI Thailand ETF (THD)**](/THD) saw $50 million in outflows and the [**iShares MSCI Canada ETF (EWC)**](/EWC) lost $48 million.

[![Countries](/sites/default/files/images/Magazines/ETF%20Report/2021/01/CountriesJanuaryFig1.jpg)](/sites/default/files/images/Magazines/ETF%20Report/2021/01/CountriesJanuaryFig1b.jpg)

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



![](/sites/default/files/images/Magazines/ETF%20Report/2021/01/CountriesJanuaryFig2.jpg)

*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) 

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

 [Canada](http://www.etf.com/topics/canada) 

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