For the last several years, a growing chorus of global growth believers has espoused the benefits of investing overseas. But if you look at some exchange traded funds (ETFs) over the last month, a different picture is taking shape.

Several asset classes have gone flat in the last month and simply aren’t doing much of anything. Take, for example, iShares MSCI Emerging Markets (NYSEArca: EEM), which is down 0.7% in the last month. Or Global X China Materials (NYSEArca: CHIM), down 0.8%; or the SPDR S&P World ex-US (NYSEArca: GWL), which is down 0.5%.

Now look at what’s on top for the last month. There’s one clear standout: U.S. small caps.

Rydex S&P SmallCap 600 Pure Value (NYSEArca: RZV) is up 11.2%; PowerShares S&P SmallCap Industrials (NYSEArca: XLIS) is up 10.7%; Schwab U.S. Small-Cap (NYSEArca: SCHA) is up 7.5%.

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