January was a very mixed month for country ETFs, with the strongest performers in developing markets. The top performer was the Global X MSCI Nigeria ETF (NGE), with a return of 10.75%; followed by the iShares MSCI UAE ETF (UAE) and the VanEck Vectors Egypt Index ETF (EGPT), up 10.05% and 8.06%, respectively. The worst-performing fund was the Global X MSCI Greece ETF (GREK), down 8.88%, while the Global X MSCI Colombia ETF (GXG) decreased by 8.8% and the iShares MSCI Philippines ETF (EPHE) was down 8.44%. When it came to outflows, the SPDR S&P 500 ETF Trust (SPY) claimed the top spot, hemorrhaging $9.5 billion. The iShares China Large-Cap ETF (FXI) lost $251.6 million, while the iShares MSCI France ETF (EWQ) gave up $81.6 million. Inflows were less dramatic, with the iShares MSCI Taiwan ETF (EWT) pulling in $373.6 million, the iShares MSCI India ETF (INDA) gaining $248.3 million and the iShares MSCI Canada ETF (EWC) adding $227.4 million. For a larger view, please click on the image above. 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.