iShares MSCI Brazil Capped ETF (NYSEArca: EWZ)
2013 YTD: -18.8%
Comment: The largest ETF tracking Latin America’s largest economy endured its share of woes in 2013. Not only is EWZ likely to end the year as the worst performer among the four largest BRIC single-country ETFs, it will rank as the worst single-country ETF, emerging or developed market, in terms of 2013 outflows and that sordid competition is not even close.
On the basis that things cannot get much worse for Brazilian stocks, EWZ could be better in 2014, but that is no guarantee of alpha nor is it sound investing. Not to mention, elections, Carnival, holidays and the World Cup could hamper Brazilian economic output in 2014. [Calendar Conundrum for Brazil ETFs in 2014]