The strength in Russian equities Tuesday may also come off increased bets on cheap markets. Among the emerging markets, Russian equities remain some of most undervalued.

For instance, RSX shows a price-to-earnings ratio of 7.0 and a price-to-book of 0.7. ERUS has a 5.7 P/E and a 0.6 P/B. RSXJ is trading at a 5.4 P/E and a 0.4 P/B. In contrast, the MSCI Emerging Markets Index is trading slightly above a 11 P/E and a 1.4 P/B while the S&P 500 Index is hovering around a 18.5 P/E and a 2.5 P/B.

Market Vectors Russia Small-Cap ETF

Max Chen contributed to this article.