Countries In Review: March 2021

Countries In Review: March 2021

January featured mixed performance for country ETFs.

Reviewed by: Heather Bell
Edited by: Heather Bell

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.




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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.