Investors’ faith in Russian stocks may yet be rewarded as there signs months-long tensions with neighboring Ukraine are thawing. RSX has lost 10.1% since early March when Russia invaded Ukraine. A 10% for a security meets the definition of a correction.

Additionally, investors remained enticed by valuations that are among the lowest in the emerging world. The Micex is valued at 4.8 times estimated 12-month earnings, the cheapest among emerging markets, according to Bloomberg.

RSX had a P/E ratio of 5.83 and a price-to-book ratio of 0.8 at the end of August, according to Market Vectors data. That P/E is less than half the comparable number on the MSCI Emerging Markets Index.

Market Vectors Russia ETF