It’s no question that emerging markets ETFs have taken their fair share of punishment this year with the trade disputes between the United States, China and European Union inflicting the majority of the damage, but they got a reprieve today.

The MSCI Emerging Markets Index was up 0.53 percent today, while three of the biggest Emerging Markets ETFs according to total assets also responded in the green–Vanguard FTSE Emerging Markets ETF (NYSEArca: VWO) was up 1.62 percent, iShares Core MSCI Emerging Markets ETF (NYSEArca: IEMG) was up 1.45 percent and iShares MSCI Emerging Markets ETF (NYSEArca: EEM) was up 1.50 percent.

A welcome sign to emerging markets ETF investors who have seen all three of these ETFs getting downward pressure year-to-date.

Emerging Markets ETFs get Reprieve from Tumultuous Year 2Emerging Markets ETFs get Reprieve from Tumultuous Year 3Emerging Markets ETFs get Reprieve from Tumultuous Year 1

Despite the relative weakness year-to-date in emerging markets ETFs, other market experts may view them as underpriced based on a price-to-estimated earnings ratio that is at its lowest within the last two years. The ratio for the MSCI Emerging Markets Index is below its historical average of 11.4, reaching about 11.2–signs that possible buying opportunities exist.

Related: ETFs to Capitalize on Emerging Markets’ Misery

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