“History shows that in the months leading to a presidential inauguration, the JCI is always on an upward trend,” Tjoajadi added.

The Market Vectors Indonesia ETF (NYSEArca: IDX) was up 2.8% Thursday while the iShares MSCI Indonesia ETF (NYSEArca: EIDO) gained 3.3%. IDX is down 26.1% and EIDO has declined 25.3% over the past year. The two ETFs have large exposure to financials, consumer staples and consumer discretionary sectors.

Since the elections would benefit smaller companies, investors may take a look at the Market Vectors Indonesia Small-Cap ETF (NYSEArca: IDXJ), which has a 15.2% weight in mid-caps, 75% in small-caps and 9.8% in micro-caps. IDXJ is down 25.1% over the past year. Like the other two funds, IDXJ is heavy on financials, but it has a lower weight in consumer staples and discretionary names while overweight industrials.

iShares MSCI Indonesia ETF

For more information on Indonesia, visit our Indonesia category.

Max Chen contributed to this article.