Over the past month, the average return offered by EWZ and the comparable India and Russia ETFs is nearly 7%, but the largest China ETF is up just 0.8% over that time. That could be a sign the market has embraced the most controversial BRIC members, indicating that relative to the other three, China is seen as reliable by investors. [BRIC ETFs Get Hit With Outflows]

The SPDR S&P BRIC 40 ETF (NYSEArca: BIK) is the second-best performer over the past 90 days among the three BRIC ETFs, although BIK has a China weight of 52.3% and is heavily exposed to state-run companies.

A possible catalyst for BIK’s recently bullish ways could be valuation. Two of the most steeply discounted developing markets are China and Russia. Those countries account for almost 74% of BIK’s weight. For its part, Russia usually trades at a discount to its emerging peers, but earlier this year, Russian stocks became noticeably cheap relative to their own historical standards. [Don’t Forget This BRIC ETF]

The leading BRIC ETF over the past three months has been the Guggenheim BRIC ETF (NYSEArca: EEB). This is another easy scenario to explain. While EEB’s exposure to India and Russia is slight (about 13% combined), the ETF’s 46% weight to Brazil is nearly double its allocation to China.

With EWZ being the best, major single-country BRIC ETF over the past three months, it stands to reason that EEB, with the largest Brazil weight of the three BRIC ETFs, would be the leader of the pack. An upcoming index change could increase EEB’s China weight. [Guggenheim BRIC ETF to get More of a BRIC ETF]

Guggenheim BRIC ETF

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