iShares MSCI Brazil Capped ETF (NYSEArca: EWZ)

Interest rate: 10.5%

2014: Down 9.5%

Comment: Brazil’s central bank raised rates by 50 basis points in mid-January. Since Jan. 15, EWZ, the largest Brazil ETF, is off 8.4%, cementing its status as one of 2014’s worst-performing non-leveraged ETFs. A double-digit borrowing rate is seen as ominous for a country with slowing economic growth and default rates that are starting to inch higher. [Another Day, Another Time for This EM ETF]