The Market Vectors Russia ETF (NYSEArca: RSX), the largest and most heavily traded Russia ETF, has a heavy 40.2% tilt toward the energy sector, with a 8.5% weight in Gazprom and 8.1% in Lukoil. Rival iShares MSCI Russia Capped ETF (NYSEArca: ERUS) has a 55.4% weight in the energy sector, including Gazprom 21.0% and Lukoil 12.6%. RSX has a 0.63% expense ratio and ERUS has a 0.61% expense ratio. [Putin Pause Stokes Inflows to Russia ETFs]
ETF investors can track Norway’s markets through he Global X Norway 30 ETF (NYSEArca: NORW) and iShares MSCI Norway Cppd Investable Mkt (BATS: ENOR). NORW has a 0.50% expense ratio and ENOR has a 0.53% expense ratio.
The iShares MSCI Poland Capped ETF (NYSEArca: EPOL) and the Market Vectors Poland ETF (NYSEArca: PLND) both provide exposure to Polish stocks. EPOL and PLND both have a 0.61% expense ratio. [The Selective Approach to Eastern Europe ETFs]
On the other side of the spectrum, global retail is the most negatively correlated to oil price gains at -72%, which makes sense since higher oil prices means consumers are paying more for oil and less on other goods. Additionally, healthcare, telecom, food, beverages, travel and leisure all show negative correlations to oil prices by more than 60%. If the Iraq situation is resolved and the risk premium in oil prices abates, investors may begin to turn back to these market sectors.
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Max Chen contributed to this article.