Many investors focus on broad-based ETFs for emerging markets. However, there are some single-country funds tracking developing markets such as Chile and Peru that have been offering up good performance under the radar.

They can also benefit from moves in specific currency markets. For example, the peso has also added to the overall economic performance of Chile.

“There are a number of positive investment themes for Latin America’s largest markets. Brazil, Chile, and Peru are all blessed with abundant natural resources, and should benefit from continued demand growth for commodities from emerging markets and recovering demand from developed markets. Brazil has iron ore, oil, and agricultural products, while Chile and Peru have copper and other base metals,” Patricia Oey wrote in a Morningstar fund analysis.

According to the International Monetary Fund, the prospects for Latin America remain promising, with economic growth expected to pick up pace in 2013, after a slight slowdown to 3.7% in 2012 , from 4.5% in 2011.

The iShares MSCI All Peru Capped Index (NYSEArca: EPU) is up 19% year to date. It has a 0.59% expense ratio. The fund has highest exposure to materials, financials and consumer staples.

Peru is one of the top producers of gold and silver in the world, as well as copper, zinc, textiles and fish. Although the economy and ETF have shown strong performance, the economy is sensitive to economic trends due to its’ reliance on mineral and metal exporting. [Peru ETF Among the Best Performing Country Funds]

The iShares MSCI Chile Index (NYSEArca: ECH) tracks South America’s fifth largest economy. The fund is up 35% over the past year and is currently in a long term uptrend, reports Brian Rezney  for Morningstar. After the large 2010 earthquake, the GDP did contract about 2%, however, the total came in at 5.2% last year. [Best Emerging Market ETFs]