While emerging markets exchange traded funds have wilted, particularly single-country funds, Europe ETFs have stood tall in 2014.

Granted, that is a broad statement and not all Europe ETFs have set the world on fire this year, but there have been obvious pockets of strength, including the funds tracking the once controversial PIIGS nations. That includes the iShares MSCI Spain Capped ETF (NYSEArca: EWP). Not only is EWP up 5% this year, but the lone Spain ETF has brought in almost $316 million in new assets, or almost 25% of its current assets under management tally. [Rising PIIGS Help Spain ETF]

Peripheral Eurozone states that suffered during the brunt of the debt-induced financial crisis are now offering attractive valuations, compared to core countries, like Germany and France According to MSCI data, Spanish stocks traded at a 30% discount to the MSCI Europe Index at the start of this year. [10 Best Europe Country ETFs]

Earlier this week, Citigroup’s Global Quantitative Research team spotlighted global equity markets ranked by attractiveness using a model based on fundamental and macro-economic indicator, reports Saul Griffith for ValueWalk. “The model envisages a long position in the top 5 most attractive countries and a short position in the bottom 5 positions. The portfolio is held for a month with returns measured in USD,” according to ValueWalk.

Spain ranked third in the model’s latest readings behind Japan and Germany. Add to that EWP has “held up surprisingly well the past few weeks, and are still trading above their respective 10-week moving averages. The 10 and 40-week moving averages are still trending higher, according to Deron Wagner of Morpheus Trading Group.