Even as European stocks rebounded over the past month, investors continued to shun the developed market. So far in March, HEDJ saw $758.2 million in outflows and EZU lost $811.8 million.

Investors who experienced the sell-off this year as the market entered a bear market have been loath to return amid a shaky recovery. Economic data has been falling short of expectations since January and analysts project a 1.6% dip in net income for Stoxx 600 companies for the year. Economic confidence is down for two months and forecasts are for a second monthly decline in consumer prices.

“Investors don’t really believe in the rally,” Chris Beauchamp, a market analyst at IG Plc, told Bloomberg. “It hasn’t been replaced by substantial equity buying and that is a worry. People are wondering where the good news is going to come from as we head into the next quarter.”

Most European market observers have been critical of European Central Bank President Mario Draghi’s stimulus measures. Specifically, many believe the measures have been too little too late, even after the ECB cut all three key rates this month and expanded quantitative easing.