Despite the ongoing rout in crude oil prices, Russian stocks and country-specific exchange traded funds were among the better performers in a weak Tuesday market.
On Tuesday, the Market Vectors Russia Small-Cap ETF (NYSEArca: RSXJ) gained 1.6%, Market Vectors Russia ETF (NYSEArca: RSX) rose 1.7% and iShares MSCI Russia Capped ETF (NYSEArca: ERUS) advanced 1.6%. The Russian Micex Index was up 1.1% to 1,754.1.
Meanwhile, the United States Brent Oil Fund (NYSEArca: BNO) tumbled 2.5% as Brent crude oil futures dipped 2.2% to $36.4 per barrel.
The Russia country-specific ETFs have been sensitive to changes in oil prices for the past year but were relatively unfazed by the weakening oil prices Tuesday. For instance, state energy companies Gazprom (OGZPY) and Lukoil (LUKOY) were trading 1.1% and 2.6% higher, respectively, in OTC markets.
The two Russian oil giants are among the top components of RSX and ERUS, which include a 37.6% and 50.8% tilt toward the energy sector, respectively.
RSXJ, on the other hand, includes a greater position in materials at 21.5% and only a 11.5% weight in energy.