In November, Australian stocks were the second-worst offenders among developed markets tracked by S&P Dow Jones Indices. The only developed market that performed worse was Norway.

New Zealand stocks trade at slight premiums to their Australian, Canadian and U.S. counterparts, but New Zealand is modestly undervalued against the global benchmark, the S&P Global BMI Index. Investors pulled $9.4 million from ENZL last year. The ETF has $132.7 million in assets under management and a trailing 12-month dividend yield of 4.29%.

iShares MSCI New Zealand Capped ETF

ETF Trends editorial team contributed to this post.