For instance, the iShares MSCI EMU ETF (NYSEArca: EZU) and SPDR EURO STOXX 50 (NYSEArca: FEZ) have increased 1.9% and 2.0%, respectively, over the past month.

Meanwhile, investors who believed the euro currency could weaken after its recent rally and are bullish on the broader Eurozone turned to the Deutsche X-trackers MSCI EMU Hedged Equity ETF (NYSEArca: DBEZ), iShares Currency Hedged MSCI EMU ETF (NYSEArca: HEZU) and WisdomTree Europe Hedged Equity Fund (NYSEArca: HEDJ). Over the past month, DBEZ rose 2.6%, HEZU gained 2.7% and HEDJ increased 2.8%.

The non-hedged iShares MSCI Japan ETF (NYSEArca: EWJ) was up 4.0% over the past month.

On the other hand, the depreciating JPY has allowed currency-hedged Japan ETFs to outperform their non-hedged peers. For instance, the WisdomTree Japan Hedged Equity Fund (NYSEArca: DXJ), iShares Currency Hedged MSCI Japan ETF (NYSEArca: HEWJ) and Deutsche X-trackers MSCI Japan Hedged Equity ETF (NYSEArca: DBJP) have been go-to options to access Japanese equities markets while hedging against foreign exchange risks. Over the past month, DXJ, HEWJ and DBJP all advanced 5.3%.

For more information on currency hedging strategies, visit our currency hedged ETFs category.