As my colleague Lara Crigger reported recently (see: “2019’s Top ETF Shines Bright”), companies like Enphase Energy (ENPH) and SolarEdge Technologies Corporation (SEDG) have rallied an impressive 291% and 80% year to date. For perspective, the S&P 500 is up about 19%. First Solar (FSLR) and SunRun (RUN) are up 56% and 86%, respectively.
[You can see what ETFs also invest in these stocks in our ETF Stock Finder Tool.]
Greece? Yes, Greece
The Global X MSCI Greece ETF (GREK) has been riding a price recovery wave from what was a massive downturn in 2018 that sent the ETF to lows not seen since the fall of 2017. Last month, the fund found technical momentum once it was able to pierce through resistance levels established last summer, and it has continued to gain ground.
Investors are buying into the economic recovery story. According to Global X data, Greek economic growth is at its fastest pace since 2007, with consumer confidence on the rise and falling unemployment rates. Earlier this year, Greece saw its credit rating boosted on the heels of reforms Moody’s says are “starting to bear fruit.”
Perhaps also helping GREK is the fact that if you are bullish on the outlook for Greece, GREK is your only choice in an ETF wrapper. The fund, which has $389 million in assets, costs 0.59% in expense ratio.
Argentina Shining Against Odds
Two Argentina ETFs make the top 10 list this year: the iShares MSCI Argentina and Global Exposure ETF (AGT) and the Global X MSCI Argentina ETF (ARGT).
Why? According to Global X, which manages one of these ETFs, Argentina seems to be at a “inflection point,” repeating a performance pattern it’s been known to deliver during election years—one that’s marked by volatility and stock gains depending on the outcome of the election. The firm said in a recent research note:
Rising debt, persistent inflation and a protracted recession in Argentina have driven market volatility higher over the last 18 months. In addition to these economic woes, currency weakness and political uncertainty related to the upcoming presidential elections have investors on edge. Yet despite these challenges, Argentina has surprised many as a standout performer against other emerging markets this year.