RSX’s ascent is arguably made all the more surprising when considering the energy sector is by far the ETF’s largest sector allocation, the Russian economy’s dependence on revenue from energy exports and the reluctance of major oil-producing nations to pare output in the face of low prices and high supplies. Russia is the largest oil-producing country that is not a member of the Organization of Petroleum Exporting Countries (OPEC).

SEE MORE: Examining Russia ETFs

Gains for Russian stocks have been arriving against the backdrop of a weaker ruble and the currency now looks inexpensive against developed and emerging peers.

“The Russian ruble has fallen nearly 23 percent from its highs in late January, first dipping below the dollar in March and continuing a general decline into August,” reports CNBC.

For more information on the energy markets, visit our oil category.

VanEck Vectors Russia ETF