Greece earned its third demotion to emerging markets status this year when S&P Dow Jones Indices announced the move on Thursday. [Greece Gets Another Market Demotion]

It is clearly hard to top the one-month performance just turned by GREK, but there is a bit of warning label as it pertains to EWP’s October jump. Investors could have earned 6.3% with the Global X FTSE Norway 30 ETF (NYSEArca: NORW), an ETF that tracks an AAA-rated nation and one that was 360 basis points less volatile the EWP last month.

iShares MSCI Spain Capped ETF