With Gazprom being one of the largest Russian energy producers, the stock looms large in an ETF like RSX and even more so in ERUS. RSX, the largest and oldest Russia ETF, devotes almost 8% of its weight to Gazprom. That is not even half the 20.8% the $325.9 million ERUS allocates to Gazprom.  RBL is not a shrinking Gazprom violet, either, with a 17.2% weight to the stock.

The bigger the weight to Gazprom, the better the performance by Russia ETFs on Tuesday. RSX is trading fractionally lower, RBL is flat on above average volume while ERUS is slightly higher, also on above average turnover.

In dollar terms, the average gain for Russia ETFs today after the Gazprom upgrade is a third of a penny, indicating broader emerging markets weakness is trumping decent stock-specific news.

Market Vectors Russia ETF