Another knock on New Zealand has been that the country is running a current account deficit, a scenario global investors are apt to monitor closely following prior repudiation of some emerging markets with vulnerability to external financing demands.

SEE MORE: New Zealand ETF Keeps Surging

RBNZ is implementing a dovish monetary policy on par with its Australian counterpart, the Reserve Bank of Australia (RBA).

“The trade deficit is in decline, which is a good trend. However, even in good phases, the bad years tend to be worse in value and not made good by the better years. Over time, the private sector in New Zealand is being drained by the external sector,” according to Seeking Alpha.

Since tumbling from its third-quarter peak, ENZL now resides 5.6% below its 200-day moving average and nearly 5% below its 50-day line. The ETF has not closed above its 50-day moving average since late September.

For more information on New Zealand ETFs, visit our New Zealand category.