The summer downturn was cruel to many international markets, with several developed and emerging exchange traded funds on track for a tough 2011 despite the recent bounce.

Since the market highs in spring, some global equity ETFs have taken a beating as investors dumped risky assets and piled onto safe-havens.

Still, these same downtrodden investments could hold allure for contrarian investors looking for undervalued ETFs, according to a report Monday.

Jim Woods for InvestorPlace highlights five global ETFs that have fallen more than 30% off their highs:

  • iShares MSCI Germany Index (NYSEArca: EWG). Year-to-date, EWG is down 17% as investors have quickly shunned Europe assets through the middle of the year. The fund has dropped 23.3% over the last three months, but EWG has made a 4.3% rebound over the last month. If a solid accord is reach in the Eurozone, investors should expect the European markets to stabilize and recover, Woods said. [Europe ETFs Recover on Easing Pessimism]
  • iShares FTSE China 25 Index (NYSEArca: FXI). After an impressive run up in 2010, FXI has dropped 25% so far in 2011, even as the economy posts robust growth, albeit at a slower pace. As the global economy rebounds, China will continue to be a growth story. On Monday, the fund received a nice boost after China revealed higher-than-expected manufacturing numbers. [China ETFs Rise on Manufacturing Data]
  • PowerShares India Portfolio (NYSEArca: PIN). While the World Bank projects India’s growth to slow to 7% to 8% for 2011 and 2012, the percentage expansion is still impressive. The country hosts a large population of educated workers and a big manufacturing sector. PIN is down 26% year-to-date, but it has jumped 5% since the start of October.
  • iShares MSCI Brazil (NYSEArca: EWZ). Brazil is rich in natural resources. However, EWZ’s large allocation to the various resource sectors has dragged on the fund. The ETF is down 28% year-to-date, but it has been rallying up 13% in October. This fund is a good play on a commodity producing country. [Brazilian Stock, Currency ETFs in Focus After Rate Cut]
  • iShares MSCI BRIC Index Fund (NYSEArca: BKF). BKF holds investments from BRIC countries – Brazil, Russia, India and China. While the fund is down 27% year-to-date, BKF has increased 11% since the start of October. Investors may play this fund on the eventual broad recovery in the global economy.

iShares MSCI Germany

For more information on global funds, visit our global ETFs category.

Max Chen contributed to this article.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.