Still, data out Tuesday indicate Italy’s recession has ended and it is worth remembering that, in some instances, it is the most controversial names that outperform coming out of a crisis. That could shine a light on an ETF like the SPDR EURO STOXX 50 Fund (NYSEArca: FEZ), which excludes the U.K. and Switzerland in favor of a heavy tilt toward France, Germany, Italy and Spain. [Settling the Large-Cap Europe ETF Debate]

FEZ is up 7.2% in the past three months compared to 4.9% for VGK.

Oppenheimer thinks the euro will rise 1.1%, according to CNBC. Investors that think the common is due to decline and spark the region’s exporters can consider the WisdomTree Europe Hedged Equity Fund (NYSEArca: HEDJ), which is 69% allocated to Germany, France and the Netherlands.

Investors looking for a hedge against declines in the euro, sterling and Swiss franc should consider the db X-Trackers MSCI Europe Hedged Equity Fund (NYSEArca: DBEU), which debuted in early October.

iShares Europe ETF