Felix Salmon for Seeking Alpha says that the countries may have risen together with the United States and then fallen together, but he hardly thinks they will rise again in unison the second time around.
Think of the BRICs on three main axes: politics, demographics, and commodities. While Russia and Brazil are huge commodities plays, they are polar opposites on a political and demographic scale, and Russian politics have integrated into the price of their stocks, and will do so also to the Chinese stocks. Both Russia and China have a shrinking and aging population.
For the long-term, Salmon sees the correlation between these countries going down. As of now, there are the declines: Brazil, down 55%; Russia down 65%; China down 57%; India down 58%. For now, the markets are reeling, but some of the most beaten down sectors could perform the best in a recovery.
The Claymore/BNY BRIC (EEB) is down 45.4% year-to-date.