RSX “has fallen 8.8 percent in the past two months, the most among emerging-market ETFs with assets of $1 billion or more,” reports Halia Pavliva for Bloomberg.

With Russia’s benchmark Micex Index trading at valuations that are roughly half those found on the iShares MSCI Emerging Markets Index, some market observers have opined Russia is a value trap due to the current geopolitical headwinds. RSX had a trailing 12-month P/E ratio of just 5.8 and a price-to-book ratio of just 0.8 at the end of August, according to Market Vectors data.

That outlook comes among increasing concerns about Russia’s GDP growth were announced, according to Bloomberg. Russia’s 2014 economic growth, which was forecast at just 0.5% before the most recent sanctions were unveiled. Some investors remain optimistic about upside for Russia ETFs as highlighted by $154.6 million in third-quarter inflows to RSX.

Market Vectors Russia ETF