Turkey stocks and the related exchange traded fund, one of the best performing emerging markets over the past year, are hitting a snag as the markets move toward risk aversion and the easy liquidity from the Fed’s QE program is being questioned.

The iShares MSCI Turkey Investable Markets Index (NYSEArca: TUR) was down 2.9% Wednesday and is 2.8% lower over the past week, trading below its short-term, 50-day moving average. Over the last year, TUR has gained 64.4%.

According to Bhanu Baweja and Manik Narain, analysts at UBS AG, Turkey is among the “large emerging-market current-account deficit economies” taking a hit in the current sell-off as investors look for “quality rather than yield,” reports Taylan Bilgic for Bloomberg.

“This is almost full-blown risk aversion we are going through in global emerging markets,” Benoit Anne, head of emerging-market strategy at Societe Generale SA, said in a note. “The general market momentum is clearly not working in favor of global emerging market risky assets.”

Barclays also warned that speculations on tapering U.S. stimulus could also negatively affect Turkish equities, reports Ben Levisohn for Barron’s.