Moreover, the larger emerging markets are more closely tied to the global economy, which makes them more correlated to developed countries.

Alternatively, there are a number of ETFs that track more developing economies. For instance, the EGShares Beyond BRICs ETF (NYSEArca: BBRC) tracks emerging and frontier markets, excluding Brazil, Russia, India and China, or the BRICs. BBRC’s top country weights include Qatar, Mexico, South Africa, Malaysia and Indonesia.

The Global X Next Emerging & Frontier ETF (NYSEArca: EMFM) also includes country exposure outside of the major emerging BRICs, along with some frontier market positions. Top country weights include Malaysia, South Africa, Mexico, Thailand and Turkey.

Additionally, frontier market-focused ETFs provide access to some of the up-and-coming economies of the world. For instance, the iShares MSCI Frontier 100 ETF (NYSEArca: FM) has a heavy 24.1% weight in Kuwait, followed by Nigeria 13.8% and Argentina 8.4%. The Guggenheim Frontier Markets ETF (NYSEArca: FRN) includes a hefty 40.7% tilt toward Chile, followed by Colombia 17.5% and Argentina 14.4%. [BlackRock: Looking for Opportunities Overseas? Try this Untapped Resource]

For more information on developing economies, visit our emerging markets category.

Max Chen contributed to this article.