iShares MSCI Chile Capped ETF (NYSEArca: ECH)
Local Market YTD: -11.8%
ETF YTD: -22.3%
Comment: ECH has exaggerated the performance of Chile stocks in the home market due in part to the perception of ECH as a commodities play. Arguably, that should not be the case because materials is merely the fifth-largest sector weight in ECH at 10.1% or not even half the weight allocated to utilities. The rub: Chile is the world’s largest copper producer.