Up more than 20% this year, the iShares MSCI Ireland Capped ETF (NYSEArca: EIRL) has clearly been one of the best performers among developed market single-country exchange traded funds, but even with that impressive, the lone Ireland ETF offers upside potential in 2016.

Two years ago, Ireland need an 85 billion euro, or $115.5 billion, bailout after its largest banks collapsed in 2010 during the so-called Eurozone financial crisis. The bailout also came with stringent austerity measures to make sure the economy stayed on course. However, the economy there and EIRL have thrived since then. [Ireland ETF Quietly Outperforms Other Developed Markets]

“EIRL produced an annual average gain of 20.7% over the past three years and 17.3% over the past five years. It outpaced virtually every international ETF in those periods,” reports Investor’s Business Daily. “Irish stocks often feature on IBD’s Global Leaders, a list of top-notch world stocks. These are companies that rate highly on earnings and sales growth, price momentum and return on equity, among other metrics.”

Ireland’s economic growth is expected to be 5% to 6% this year, which easily tops the broader Eurozone average.

Ireland’s economic renaissance has the economy there larger than at the height of its so-called Celtic Tiger boom. Ireland’s central bank pointed to support from domestic demand as robust retail sales and an improved labor market bolstered the economy.

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