Countries In Review: November 2020

Country ETFs struggled in September.

Reviewed by: Heather Bell
Edited by: Heather Bell

September was a mostly negative month for country ETFs. The Global X MSCI Nigeria ETF (NGE) was the top performer, up 3.90%; that was followed by the iShares MSCI South Korea ETF (EWY) and the iShares MSCI Saudi Arabia ETF (KSA), up 3.60% and 2.88%, respectively. The downside was much more dramatic, with the iShares MSCI Indonesia ETF (EIDO) falling 11.93%, the Global X MSCI Argentina ETF (ARGT) declining 9.48% and the iShares MSCI Poland ETF (EPOL) sinking 9.26%. Flows were fairly muted, with the SPDR S&P 500 ETF Trust (SPY) pulling in $1.2 billion, the iShares MSCI Germany ETF (EWG) gaining $146.3 million and the iShares MSCI United Kingdom ETF (EWU) adding $115.2 million during the month. The iShares MSCI Japan ETF (EWJ) bled $231.8 million, while the iShares MSCI Brazil ETF (EWZ) lost $187.5 million and the iShares MSCI Mexico ETF (EWW) shrank by $181.8 million.






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Index Data Source: MSCI.
Sources: Bloomberg and FactSet.
Data from 8/31/2020 to 9/30/2020.

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.