Exchange traded funds (ETFs) that invest in emerging economies fell harder than developed-markets funds in Tuesday’s stock sell-off.

Emerging markets ETFs are down significantly this week along with energy and commodities prices.

The iShares MSCI Emerging Markets Index Fund (NYSEArca: EEM) was off nearly 2% in afternoon trading Tuesday.

“Energy and materials companies account for about 30% of this fund, with extraction companies representing the vast majority of that market value,” says Morningstar analyst Patricia Oey. “Therefore, this fund is heavily exposed to international commodity prices, especially those of oil, natural gas, and steel.”

Vanguard MSCI Emerging Markets ETF (NYSEArca: VWO) is the largest ETF by assets covering the category. The ETF had enjoyed a big rally since mid-March coming into this week but was also down about 2% Tuesday afternoon.

Vanguard MSCI Emerging Markets ETF

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