Investors are starting to buy into the recovery in emerging markets equities and debt. Recent flows data proves as much.

A combined $4.7 billion poured into equity-based and bond emerging markets funds for the seven-day period ending April 9, according to the Financial Times, good for the best week of flows into such products in over a year.

Even as U.S. stocks have struggled this month, emerging markets equities and exchange traded funds have not, rewarding investors’ rediscovered faith in developing world equities. Since the start of this month, the Vanguard FTSE Emerging Markets ETF (NYSEArca: VWO) and the iShares MSCI Emerging Markets ETF (NYSEArca: EEM), the two largest emerging markets ETFs by assets, are each up about 1% while the S&P 500 is lower by 3.6%. [EEM’s Relative Strength Looks Good Compared to SPY]

Bank of America Merrill Lynch said last week brought the first signs of capitulation back into emerging stocks, the FT reported. Since the start of this month, EEM has hauled in over $3.4 billion while VWO has inflows of $594 million.

Investors are also taking looks at dollar-denominated emerging markets bonds. The iShares J.P. Morgan USD Emerging Markets Bond ETF (NYSEArca: EMB) has April inflows of $509 million while the PowerShares Emerging Markets Sovereign Debt Portfolio (NYSEArca: PCY) has hauled in $84.2 million. [Investors Want EM Bond ETFs]

Not all emerging markets ETFs are benefiting from the recent ebullience surrounding the asset class. For example, ETFs offering exposure to debt denominated in local currencies have seen no inflows or slight outflows this month even as emerging currencies from Brazil’s real to India’s rupee rebound. [EM Currency Rally Good for These ETFs]