The market is also trading at cheap valuations. RSX has a 7.47 price-to-earnings ratio, ERUS shows a 6.2 P/E and RBL is trading at a 6.5 P/E. In contrast, EEM has a 13.3 P/E.

Russian stocks have bounced back, with the Russia ETFs now testing their 200-day simple moving average, after falling on Western sanctions in response to the country’s actions in Crimea, Ukraine and the sudden decline in oil prices late last year.

Meanwhile, the iShares MSCI Turkey ETF (NYSEArca: TUR) has plunged 19.0% so far this year. TUR is also trading at a relatively cheap 10.4 P/E. [Turkey ETF Plunges on Political Uncertainty]

Turkey’s recent election results added to further political uncertainty as the ruling AK Party failed to garner a parliament majority, sending Turkish equities and country-specific ETF in free fall.

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

Max Chen contributed to this article.