iShares MSCI All Peru Capped ETF (NYSEArca: EPU)

Local Market YTD: -23%

ETF YTD: -27.2%

Comment: A succinct explanation for EPU’s 2013 woes does the trick. Look at a list of the world’s largest gold and silver producers. Then look at performance charts for the major gold and silver ETFs. One plus one equals Peru’s status as a major producer of those metals has plagued EPU. [How Metals Prices Move the Peru ETF]