Another Nordic ETF that has recently been less bad than its rivals is the Global X FTSE Nordic Region ETF (NYSEArca: GXF), which is down just 2% over the past 90 days despite a 12.5% weight to Norway.

Fortunately, that means Norway is merely GXF’s fourth-largest country weight. The fund allocates almost 48% of its weight to Swedish stocks, a significant overweight compared to broader Europe indices, and another 24.7% to Denmark.

Speaking of Denmark, the oft-overlooked iShares MSCI Denmark Capped ETF (BATS: EDEN) has benefited from its large health care exposure this year on its way to a 7% gain. However, the ETF’s performance has recently waned as the fund is off 4% over the past three months. [Danish Dominance in an ETF]

Western sanctions against Russia have proven problematic for EDEN. Danish farmers are major exporters to Russia and Danish banks have significant exposure to those farmers. Falling commodities prices coupled with the Russian sanctions are leading to an increased amount of sour agriculture loans in Denmark, relevant to EDEN because the ETF has a 16.6% weight to the financial services sector.

iShares MSCI Sweden ETF