EPOL and PLND are up an average of nearly 19% in the past 90 days, so perhaps a case can be made that valuations are a tad stretched in Poland. [Poland ETFs Gaining Momentum]

That does not mean cheaper emerging markets are guaranteed to perform better. JPMorgan upgraded Russia to neutral , a chronically cheap developing market. The bank said “the government’s discussion on raising the dividend payout continues to offer upside in the big cap state-owned names,” according to Barron’s.

Earlier this month, J.P. Morgan Asset Management pointed out that Russia trades four standard deviations the EM average and its forward P/E of five is far cry from the 7.7 10-year average. Russia’s 0.7 price-to-book is about the 10-year average. [One Good Chart for the Cheapest EM ETFs]

Even with that, the Market Vectors Russia ETF (NYSEArca: RSX) has trailed EPOL by more than 700 basis points over the past 90 days. Over the past month, the two Poland ETFs have offered better than double the returns off RSX, the largest and most heavily traded Russia ETF.