Market Vectors Steel ETF (NYSEArca: SLX)
YTD: -6%
Comment: The bulk of SLX’s problems this year can be tied to tepid demand in developing markets, which makes an ETF with a 21% weight to Brazil and an almost 14% to iron ore giant Vale (NYSE: VALE) vulnerable to those demand dynamics.
There is some good news pertaining to SLX. Brazilian stocks, helped by Vale, are on the move higher, plus, Morningstar data note SLX is the least expensive ETF on valuation.