The VanEck Vectors Russia ETF (NYSEArca: RSX), the largest Russia exchange traded fund, is one of the best-performing, non-leveraged, single-country emerging markets ETFs this year.

A gain of 38.3% proves as much and RSX has recently been building on that impressive performance.

For example, the major Russia ETF is up more than 14% over the past month and its chart shows signs of a breakout. In just the past week, RSX, the most heavily traded Russia ETF listed in New York, is higher by about 7%.

Onlookers remain cautious over the market outlook. While President Vladimir Putin and other Russian politicians argue that the worst is over, the economy is expected to remain in a recession for the year. Russia’s GDP is expected to contract again this year, extending what is becoming a lengthy recession.

The sliding ruble has helped propel Russia’s benchmark Micex Index.

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