Although it is up almost 40% year-to-date, the iShares MSCI Ireland Capped ETF (NYSEArca: EIRL) tracks 25 stocks in the cheapest developed market on the list.

Italy and Austria have CAPE Shiller P/E ratios of 8.72 and 9.16, respectively. The iShares MSCI Italy Capped ETF (NYSEArca: EWI) is up 10.5% this year while the iShares MSCI Austria Capped ETF (NYSEArca: EWO) is up 8.4%.

10 Cheapest Global Markets by Cape Shiller P/E


Source: Cambria Investment Management Chart Courtesy: Wall Street Journal.