In May, OAO Gazprom, Lukoil and Mobile Telesytems were spotted trading at an average discount of 40% to their 10-year average P/E ratios while the Russia’s benchmark Micex Index has spent significant time this year trading at or below half the P/E ratio seen on the MSCI Emerging Markets Index. [Russia ETFs May Finally be Cheap Enough]

Russia and Greece combine for 18% of GVAL’s weight.

It is, however, important to note that just because a market is inexpensive that trait does not always portend immediate gains. Likewise, expensive markets do not always immediately fall. U.S. stocks prove as much.

As Sizemore notes, Denmark and Indonesia are two markets that are even pricier than the U.S. However, the Market Vectors Indonesia Index ETF (NYSEArca: IDX) is up nearly 30% this year while the iShares MSCI Denmark Capped ETF (BATS: EDEN) is up 14%.

Cambria Global Value ETF