Two other steadier though solid markets, Belgium and Austria, also sported low CAPEs at the end of 2012. Israeli stocks were also cheap at the end of 2012 and investors have been rewarded with a 12% year-to-date gain by the iShares MSCI Israel Capped ETF (NYSEArca: EIS) while the Market Vectors Israel ETF (NYSEArca: ISRA) has surged 15% since its late June debut.

Even with the bullish performances, some of those markets are not yet expensive. Of the 10 lowest CAPE countries as of mid-November 2013, six – Greece, Argentina, Ireland, Russia, Italy and Austria – were on the year-end 2012 low CAPE list as well. [Some High-Flying Country ETFs are Still Cheap]

Argentina, a frontier market, is accessible via the Global X FTSE Argentina 20 ETF (NYSEArca: ARGT). ARGT is by far the best-performing single-country ETF tracking a Latin American nation this year with a  gain of 11.4%.

Low CAPE Countries