Countries In Review: January 2021

Countries In Review: January 2021

Country ETFs recorded positive performance in November.

Reviewed by: Heather Bell
Edited by: Heather Bell

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




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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.