Investors have also tried to catch a falling knife with the Market Vectors Russia ETF (NYSEArca: RSX), iShares MSCI Russia Capped ETF (NYSEArca: ERUS) and SPDR S&P Russia ETF (NYSEArca: RBL) after Russian equities fell in response to the Ukraine conflict and plunging oil prices.

However, investors are less apt to divvy up the developed markets, sticking to regional ETFs instead. For instance, regional European ETFs attracted $42 billion over the past three years while single-country Europe ETFs saw $8 billion in inflows.

Many have looked to the iShares MSCI EMU ETF (NYSEArca: EZU) and the SPDR EURO STOXX 50 (NYSEArca: FEZ) to capture Eurozone market moves. More recently, currency-hedged ETF options, such as the the Deutsche X-trackers MSCI EMU Hedged Equity ETF (NYSEArca: DBEZ), iShares Currency Hedged MSCI EMU ETF (NYSEArca: HEZU) and WisdomTree Europe Hedged Equity Fund (NYSEArca: HEDJ), have experienced huge inflows as investors capitalize on European Central Bank easing and hedge against euro currency depreciation. Josh Brown, chief executive officer of Ritholtz Wealth Management, argues that developed economies are more alike, which leaves little room for divergence.

“There is no difference between Portugal and Spain. Portugal is like diet Spain. But, there’s a huge difference between Russia and India. One is a commodity exporter, one is an importer. Their demographic trends are racing in different directions,” Brown told Bloomberg.

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

Max Chen contributed to this article.