“A greater than 9.5% average over-weight to Indonesia and a greater than 8% average over-weight to Thailand were primary drivers of outperformance. Both of these markets had a tumultuous 2013 but have been on the comeback trail in 2014,” notes Gannatti.

The iShares MSCI Thailand Capped ETF (NYSEArca: THD) and the Market Vectors Indonesia Index ETF (NYSEArca: IDX) are up an average of 32% this year. That is good news for DGRE, which allocates 12.3% and 10.4%, respectively, to Indonesian and Thai stocks. Those countries combine for less than 5% of the MSCI Emerging Markets Index. [EM ETF With a Dividend Kicker]

An 11.4% weight to Russia, one of the largest dividend markets in the developing world, could prove useful to the ETF as stocks there rally following months of controversy. DGRE’s Russia weight is more than double that of the benchmark emerging markets index.

WisdomTree Emerging Markets Dividend Growth Fund