The so-called BRIC countries and exchange traded funds (ETFs) were stars in 2007, but now most of those regions are finding themselves feeling a little off.

Over the past month, the S&P 500 SPDR (SPY) has outperformed every BRIC (Brazil, Russia, India and China) -focused ETF, except India, and all of the fallen countries have shown just how risky they can be.

Carl Delfeld for ETF XRAY reports that the S&P 500 has fallen 12% year-to-date, while Brazil is down 10%, Russia is down 18&, India is down about 37% and China is off by about 28%.

In the last month, though, India has been a stellar performer and is the only BRIC country putting up positive numbers.