“Nothing structurally has changed in Mexico over the last couple of months,” Thanasis Petronikolos, head of emerging-market debt at Baring Asset Management, said in the article.

Looking at EMB, Brazil makes up 6.5% of the ETF and Mexico is 6.10%. Additionally, investors interested in the two emerging markets can consider country-specific ETFs iShares MSCI Brazil Capped ETF (NYSEArca: EWZ) and iShares MSCI Mexico Capped ETF (NYSEArca: EWW).

Some are also eying the Middle East as oil-and-gas producers have outperformed the broader emerging markets. For instance, the WisdomTree Middle East Dividend Fund (NYSEArca: GULF) gained 21.0% year-to-date while EEM lost 11.1%.

“While it’s harder for foreign investors to directly invest in these markets, the economic risk is minimal,” Julie Dickson, emerging-market analyst of Ashmore Investment Management Ltd., said in the article.

For more information on developing countries, visit our emerging markets category.

Max Chen contributed to this article.

Full disclosure: Tom Lydon’s clients own EEM.