Said another way, a weak currency probably is not a bad thing for an ETF that allocates a combined 15% of its weight to apparel retailer H&M and automotive giant Volvo. EWD has surged 9.2% since Jan. 31. [Nordic ETF Ideas]

“Swedish equities should be helped by a stable growth environment and supportive central bank policy,” said J.P. Morgan’s Jan Loeys in a note obtained by Bloomberg.

One drawback to EWD is volatility. The ETF’s beta is 1.39 with a three-year standard deviation of almost 23%, according to iShares data.

Those numbers on the iShares Europe ETF (NYSEArca: IEV) are 1.23 and 18.6%. However, EWD has a trailing 12-month yield of 3.38% and is slightly less volatile than EWG.

iShares MSCI Sweden ETF