Countries In Review: October 2020

Country ETFs were dominated by developed market countries.

Reviewed by: Heather Bell
Edited by: Heather Bell

Country ETFs had a rather sunny August, with the vast majority of funds recording positive returns. The top fund was the Global X MSCI Norway ETF (NORW), with a return of 8.07%; the iShares MSCI Finland ETF (EFNL) followed, with a return of 7.94%; and the iShares MSCI Hong Kong ETF (EWH) claimed the No. 3 spot, with a return of 7.53%. The iShares MSCI Brazil ETF (EWZ) was at the head of the laggards, with a decline of 8.36%, while the iShares MSCI Turkey ETF (TUR) and the iShares MSCI Chile ETF (ECH) fell 7.42% and 7.21%, respectively. Flows were somewhat skewed, with the SPDR S&P 500 ETF Trust (SPY) losing $2.5 billion; the iShares MSCI Japan ETF (EWJ) followed distantly, pulling in less than one-tenth of that, or $223 million; and the iShares China Large-Cap ETF (FXI) lost $196.3 million. The iShares MSCI Germany ETF (EWG) was at the other end of the spectrum, with a gain of $279.1 million; followed by the VanEck Vectors Russia ETF (RSX), which pulled in $130.5 million; and the iShares MSCI Thailand ETF (THD) gained $100.7 million.





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Index Data Source: MSCI.
Sources: Bloomberg and FactSet.
Data from 7/31/2020 to 8/31/2020.

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.