Countries In Review: May 2021

March recorded mostly positive performance for country ETFs.

Reviewed by: Heather Bell
Edited by: Heather Bell

March was a mostly positive month for country ETFs. The iShares MSCI Saudi Arabia ETF (KSA) led the way, with a gain of 11.79%, followed by the iShares MSCI Chile ETF (ECH) and the iShares MSCI Mexico ETF (EWW), which were up 9.04% and 7.8%, respectively. At the other end of the spectrum, the iShares MSCI Turkey ETF (TUR) lost 13.96%, while the iShares MSCI Peru ETF (EPU) fell 8.3% and the iShares China Large-Cap ETF (FXI) declined 4.91%. When it comes to flows, FXI actually pulled in more than any other country ETF, gaining $355 million, while the iShares MSCI Canada ETF (EWC) rose by $338.9 million and the iShares MSCI United Kingdom ETF (EWU) drew in $255.2 million. The iShares MSCI Japan ETF (EWJ) led outflows with a $584.3 million loss. It was followed by the iShares MSCI Hong Kong ETF (EWH), which lost $206.8 million, and the SPDR S&P 500 ETF Trust (SPY), which decreased by $160.1 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.