iShares MSCI Brazil Capped ETF (NYSEArca: EWZ)
Local Market YTD: -15%
ETF YTD: -12.6%
Comment: Faltering commodities demand, stagflation fears and a government that is seen as inept at dealing with those problems and hostile to Western investment have doomed EWZ and rival Brazil ETFs this year. To boot, there are lingering doubts about Brazil’s readiness for the 2014 World Cup, one of the world’s largest sporting events. [World Cup Hasn’t Boosted Brazil ETFs]