He has a point. The iShares MSCI Ireland Capped ETF (NYSEArca: EIRL) is one of this year’s best-performing single-country ETFs. EWP is not too shabby, either, while the iShares MSCI Austria Capped ETF (NYSEArca: EWO) has surged nearly 25% from its July bottom. [Best Global Markets as Ranked by ETFs]

Sound performances by countries previously viewed as vulnerable could be a sign that risk-tolerant investors in search of diversified Europe ETFs would be better served with those funds that are tilted more to the Eurozone.

For example, some diversified Europe ETFs allocated a combined 40% to 50% of their weight to the U.K. and Switzerland, neither of which are Eurozone members. However, the SPDR EURO STOXX 50 Fund (NYSEArca: FEZ) ranks among the better Europe ETFs this year with only Eurozone exposure.

FEZ Country Weights

Source: State Street Global Advisors