iShares MSCI South Korea Capped ETF (NYSArca: EWY)
2013 YTD: -0.6%
Comment: The dominant name among South Korea ETFs has a chance to end 2013 in the green. Earlier this year, the Bank of Korea highlighted the weak yen and Fed tapering as the two biggest risks facing Asia’s fourth-largest economy. Tapering is officially here and most forex market observers believe USD/JPY will rise next year, but EWY has surged almost 18% over the past six months. Adding to South Korea’s allure is its current account surplus.