Plenty of single-country exchange traded funds with exposure to Eurozone nations have delivered for investors this year.

Those funds run the gamut of conservative to riskier fare and some in the middle. On the conservative side of the ledger, the iShares MSCI Germany ETF (NYSEArca: EWG) is higher by just over 3%. In the middle, the iShares MSCI France ETF (NYSEArca: EWQ), has impressed, gaining more than 8%. [Big Upside for France ETF]

In terms of country-specific ETFs tracking supposedly riskier markets, the iShares MSCI Italy Capped ETF (NYSEArca: EWI) and the iShares MSCI Spain Capped ETF (NYSEArca: EWP) are up 14% and 12.5%, respectively, year-to-date. [Flows Uptick in Risk Appetite]

Investors would do well to not overlook the iShares MSCI Belgium Capped ETF (NYSEArca: EWK), which is flirting with a 2014 gain of 11%. One knock on EWK is its large weight to one stock. Beer giant Anheuser-Busch InBev (NYSE: BUD) 22.5% of EWK’s weight, more than two and a half times the allocation give to the ETF’s second-largest holding.

EWK’s large allocation to food, beverage and staples stocks does mean the ETF is slightly pricier than a broader measure of Eurozone stocks. The Belgium ETF sports a P/E ratio of 24.7 compared to 22.2 for the iShares MSCI EMU ETF (NYSEArca: EZU). [Sin Stock ETFs are Pricey]

EWK compensates investors for embracing its somewhat rich valuation. The ETF has a trailing 12-month yield of 4.31%, double that of EZU’s, and the Belgium ETF is far less volatile. EWK has a three-year standard deviation of 17.15% compared to the 22.1% found with EZU, according to iShares data.