Countries In Review: December 2020

There were few bright spots for country ETFs during October.

Reviewed by: Heather Bell
Edited by: Heather Bell

Country ETFs had a few bright spots in October, most notably the Global X MSCI Nigeria ETF (NGE), which was up an impressive 19.96% for the month. It was followed distantly by the iShares MSCI Indonesia ETF (EIDO), up 5.85%; and the iShares MSCI Philippines ETF (EPHE), up 5.64%. On the downside, the iShares MSCI Poland ETF (EPOL) fell 15.43%, the Global X MSCI Greece ETF (GREK) declined 10.44% and the iShares MSCI Turkey ETF (TUR) dropped by 10.22%. When it comes to flows, the SPDR S&P 500 ETF Trust (SPY) hemorrhaged $10 billion, the iShares MSCI Germany ETF (EWG) lost a far less dramatic $332 million and the iShares MSCI Spain ETF (EWP) saw outflows of just $34.8 million. The inflows were less stark and less dispersed, with the iShares MSCI Japan ETF (EWJ) gaining $647.6 million, the iShares MSCI Taiwan ETF (EWT) pulling in $113.4 million and the iShares MSCI Australia ETF (EWA) adding $111.5 million.







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Index Data Source: MSCI.
Sources: Bloomberg and FactSet.
Data from 9/30/2020 to 10/31/2020.

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 is a former managing editor of She has also held editorial positions at Dow Jones Indexes and Lehman Brothers. Bell is a graduate of Dartmouth college and resides in the Denver area with her two dogs.