EWZ has been by far the worst of the four major BRIC ETFs this year as it is saddled with a 2013 loss of almost 19%. Much of EWZ’s slack performance can be tied to the heavy-handed approach taken by the Brazilian and, to this point, futile efforts by the country’s central bank to deal with a  weak currency and slowing growth.  [Brazilian Real Shows Signs of Life]

Not surprisingly, Goldman was critical of the Brazilian government in its assessment of Latin America’s largest economy.  The bank said “the government’s large economic role is the most important reason for underperformance. That has created high interest rates, corporate strategy dictated by the government—often because of direct ownership—and high taxes,” according to CNBC.

Annual losses this year for EWZ, FXI and RSX will mark the second time in the past three years all three funds have finished the year in the red.

Market Vectors Russia ETF

Tom Lydon’s clients own shares of EEM and EMB.