Compelling valuations are one reason investors are flocking to European equities.

“The comparatively small rise in European stock prices since 2009 has resulted in much more attractive valuation levels than in the U.S., both at the security and Index level,” according to S&P Dow Jones Indices. “European equities look attractive on a risk-free rate comparison, too. While the dividend yield for the S&P Europe 350 is well above the German 10 year rate of 1.6%, the dividend yield for the S&P 500 is below the current 10 year UST yield of 2.6%.” [Indexology: Why Investors are Turning to Europe]

The iShares Europe ETF (NYSEArca: IEV) has more than doubled in size in the past six months while the rival SPDR EURO STOXX 50 (NYSEArca: FEZ) has brought in $284.3 million this year.