So-called BRIC exchange traded funds that invest in Brazil, Russia, India and China are among the top performers among ETFs that track emerging market stocks.

The iShares MSCI BRIC Index Fund ETF (NYSEArca: BKF), Guggenheim BRIC ETF (NYSEArca: EEB) and SPDR S&P BRIC 40 ETF (NYSEArca: BIK) are up nearly 20% so far this year. The ETFs have also broken above the 200-day moving average. [Brazil ETFs Gear Up for World Cup, Olympics]

A weaker U.S. dollar has provided a tailwind for BRIC funds, and investors are chasing the hot performance in emerging market ETFs. [Investors Flocking to Emerging Market, High-Yield ETFs]

Single-country ETFs tracking individual BRIC countries are enjoying a monster rally so far in 2012. For example, Market Vectors India Small-Cap ETF (NYSEArca: SCIF) is the top-gaining unleveraged fund with a 45.4% advance year to date, according to Morningstar. Elsewhere, iShares MSCI Russia (NYSEArca: ERUS), iShares MSCI Brazil (NYSEArca: EWZ) and iShares FTSE China 25 (NYSEArca: FXI) are all up more than 15%. [ETF Spotlight: Brazil]

“After a dismal year-end, Russian equities have turned a corner in 2012. A 20% increase in Moscow’s RTS Index has drawn international investors back into the market: Russia-focused mutual funds recorded $237 million in inflows in the seven days to February 1 — the highest weekly volume of inflows since April 2011. Including Russia-oriented money in broader funds, the total is $414 m, also the highest since last April,” the Financial Times reported Monday. [ETF Chart of the Day: Russia]

The rally in BRIC ETFs has so far defied the forecast of Goldman Sachs, which in December said the group would underperform in 2012 on the European debt crisis. [Slowdown, Debt Fears May Weigh on BRIC ETFs in 2012]

Guggenheim BRIC ETF

Full disclosure: Tom Lydon’s clients own VWO.

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