“Emerging markets in general are quite weak, with six of the bottom eight ranks held by emerging market countries,” the strategists added. “India fell into the bottom quintile this month, edging out Russia, while Mexico, Brazil, and Malaysia remain there. Notable decliners in rank include Thailand, Turkey and Singapore.”

The emerging markets have been underperforming this year, with the iShares MSCI Emerging Markets ETF (NYSEArca: EEM), which tracks the MSCI Emerging Markets Index, down 1.7% year-to-date.

India markets has been falling off over the past few months. The WisdomTree India Earnings Fund (NYSEArca: EPI) has dipped 6.5% over the last three months.

The Market Vectors Russia ETF (NYSEArca: RSX) has plunged 13.3% over the last three months, but it is still up 21.7% so far this year.

Many other markets have been lagging behind this year as well. For instance, year-to-date, the iShares MSCI Turkey ETF (NYSEArca: TUR) fell 13.3%, the iShares MSCI Brazil Capped ETF (NYSEArca: EWZ) declined 9.6%, iShares MSCI Mexico Capped ETF (NYSEArca: EWW) dipped 2.4% and iShares MSCI Malaysia ETF (NYSEArca: EWM) dropped 9.4%.

For more information on international markets, visit our global ETFs category.

Max Chen contributed to this article.