China’s dividend yield is 60 basis points above the 10-year average. Russia, the “R” in BRIC, is chronically cheap, but those discounts currently border on the deep side. 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.

With China and Russia not only cheap, but the largest and fastest-growing dividend payers in the WisdomTree Emerging Markets Equity Income Index, the WisdomTree Emerging Markets Equity Income Fund’s (NYSEArca: DEM) underlying index.  Another idea is the SPDR S&P S&P Emerging Markets Dividend ETF (NYSEArca: EDIV), which allocates a combined 38.5% of its weight to China, Brazil and Russia. [No Deficits, Low Valuations and Dividends in This ETF]

For those looking to avoid ETFs tracking pricey developing markets, the iShares MSCI Mexico Capped ETF (NYSEArca: EWW) and the iShares India 50 ETF (NasdaqGS: INDY) are two examples. Just check out the chart.