The currently low valuations suggest that many believe corporate earnings will remain depressed over the next decade. Alex Wolf, emerging market economist at Standard Life Investments, believes this is a “pretty safe assumption,” given emerging market earnings were previously supported by high commodity prices and quick growth in China and global trade.

Iwanicki, though, believes that Russian equities have fallen far enough to be unambiguously attractive.

For instance, the iShares MSCI Russia Capped ETF (NYSEArca: ERUS) shows a 5.4 P/E and the Market Vectors Russia ETF (NYSEArca: RSX) has a 6.6 P/E. ERUS has experienced an average annualized decline of 8.7% over the past five years while RSX showed an average drop of 10.6%. [ETF Investors Like Their Emerging Markets A la Carte]

Vanguard FTSE Emerging Markets ETF

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

Max Chen contributed tot his article.