GREK vs. TUR: Greece on Top in Neighborly ETF Showdown
- The GREK ETF has surged 34% this year amid structural reforms imposed after the 2008 crisis.
- Conversely, TUR has lost 13% as politics rock its markets.
Greece and Turkey have battled for centuries, their shared histories shot through with diplomatic tensions, border wars and competition for various measures of supremacy.
For investors, the winner of the Mediterranean neighbors’ financial contest is clear: Athens is crushing Istanbul in 2025, at least in terms of ETFs that track the countries’ companies.
The $225.5 million Global X MSCI Greece ETF (GREK) has surged 34% this year through May 21, while the $136.9 million iShares MSCI Turkey ETF (TUR) has dropped 13%, according to FactSet data on etf.com.
GREK vs. TUR
Even going back five years, GREK is ahead. That ETF, which has as its top holding a 16% stake in National Bank of Greece SA, has more than doubled over that period, while TUR has gained 65%. TUR’s top holding is a 7.9% stake in retailer BIM Birlesik Magazalar AS, which has dropped 9.8% this year, while National Bank of Greece has jumped 36%.
GREK reflects, in part, a roaring Athens Stock Exchange General Index, which has gained 28% over the past year. Turkey’s Borsa Istanbul 100 Index meanwhile has lost 11%.
How can companies in countries sharing millennia of history and a 125-mile border diverge so widely in terms of market performance?
Between late 2021 and mid-2024, TUR more than doubled in value. During that period, President Recep Tayyip Erdogan’s central bank continued a policy of slashing interest rates to stimulate the economy even as inflation soared, and Erdogan was reelected in May 2023.
GREK vs. TUR Performance via etf.com ETF Markets Monitor—Source: FactSet
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Political turmoil has rocked Istanbul markets this year, battering stocks while the Turkish currency, the lira, has sunk against the U.S. dollar. The arrest of Istanbul’s mayor earlier this year sparked street protests that have shaken investors’ confidence.
In Greece, structural economic reforms imposed by the European Union in the wake of the 2008 financial crisis are helping markets and attracting investors. Reuters reported last month that the country may regain “developed market” status, a step up from “advanced emerging,” from index provider FTSE Russell.
"Greece has been on fire; its a top-10 market this year globally," Bloomberg Intelligence Analyst Athanasios Psarofagis said in an emailed comment. "Relatively speaking, Greece has become more stable, has a more stable political landscape than a few years ago and it's paying down its debt ahead of schedule (though still a lot of work left)."
