GlobalUpdated daily after close · as of 2026-10-05
Country Performance: 32 Countries vs ACWI, Rebased
Comparative performance of 32 single-country MSCI ETFs (developed + emerging) measured against the ACWI world index. Every line is rebased to 0% at the start of the selected window — the vertical spread between countries is global rotation made visible.
Today's reading
As of market close on October 5, 2026, 25 of the 32 country ETFs closed higher. Day's leader: EWZ +12.54%; laggard: EWQ -1.04%. Year to date, EWY leads at +96.93% while EIDO trails at -36.26%, against +13.87% for ACWI (world).
Sources, methodology & freshnessDaily closes for 32 single-country MSCI ETFs + ACWI (2010–present aligned) · Daily after US market close (~1:30 PM PT)Data as of 2026-10-05 · Open ↓Close ↑
Source
Daily closes for 32 single-country MSCI ETFs + ACWI (2010–present aligned)
Methodology
Each window rebased to cumulative % change from its first session; table returns from full per-ETF history
Updates
Daily after US market close (~1:30 PM PT)Data as of 2026-10-05
Maintained & reviewed by Yuriy Matso — methodology shown on the page.
The answer · 1Y2026-10-05common close
EWYleads
South Korea returned +125.8%, +110.8 pp versus ACWI.
Concentrated leadership · 11/32 beat ACWI
- ACWI benchmark
- +15.0%
- Positive countries
- 24/32
- Runner-up
- EWT +81.5%
- Leader–laggard spread
- 157.4 pp
LaggardEIDO -31.6%
Comparable window starts 2025-10-06. Close-price returns; leadership is not a forecast or standalone signal.
01
Comparative performance chart
Every line rebased to 0% at the start of the window; ACWI dashed as the benchmark. To keep 32 countries legible, the chart opens on a curated view — the benchmark plus the strongest and weakest few. Use the presets or chips to choose a region or build your own comparison.
Window:
Show:32 of 32 countries shown
ACWI· benchmark
02
Country breadth vs ACWI
How many of the 32 countries are outperforming ACWI over the 1Y window — the green band counts beaters, the red band laggards. Broad leadership (most countries above ACWI) is a healthy, participatory tape; a thin green band means a handful of heavyweights are carrying the index. Right now 11 of 32 countries are beating ACWI.
Countries outperforming ACWI Countries underperforming Half (16)
03
Returns by horizon
| Country ETF | Close | 1D | 1W | 1M ▼ | 3M | 6M | YTD | 1Y |
|---|---|---|---|---|---|---|---|---|
| EWZ | $42.98 | +12.54% | +18.70% | +12.72% | +24.08% | +11.52% | +35.28% | +42.13% |
| EWT | $118.00 | +1.46% | +3.35% | +7.15% | +15.82% | +65.52% | +85.74% | +84.38% |
| EWY | $191.46 | -0.22% | +4.29% | +6.04% | +5.61% | +52.02% | +96.93% | +129.21% |
| EWJ | $99.30 | +0.38% | +2.55% | +1.43% | +6.67% | +16.05% | +22.99% | +23.89% |
| ACWI | $161.11 | +0.64% | +0.90% | -0.51% | +2.97% | +14.96% | +13.87% | +15.69% |
| EWN | $67.71 | -0.25% | -0.57% | -0.57% | +0.77% | +16.08% | +18.73% | +13.78% |
| THD | $71.48 | -0.20% | -1.43% | -2.27% | -0.58% | +4.55% | +19.79% | +20.05% |
| EPOL | $43.51 | +1.12% | -2.58% | -2.33% | +10.29% | +17.47% | +23.64% | +32.61% |
| EWS | $33.26 | +0.91% | -0.89% | -3.00% | +8.48% | +16.87% | +20.90% | +15.01% |
| MCHI | $52.28 | +2.03% | -0.49% | -3.84% | +0.97% | -6.36% | -12.97% | -21.96% |
| EWM | $27.12 | +0.22% | -1.99% | -4.14% | -0.15% | -3.90% | -0.88% | +3.24% |
| GREK | $82.54 | +0.08% | -3.92% | -4.53% | +6.46% | +25.35% | +25.23% | +26.50% |
| EWU | $46.19 | +0.02% | -2.28% | -5.12% | -1.99% | -0.50% | +5.03% | +9.30% |
| EWH | $21.77 | +0.93% | -2.86% | -5.27% | +3.32% | -6.45% | +2.45% | +0.79% |
| VNM | $16.90 | +1.08% | -1.11% | -5.59% | -6.58% | -1.46% | -11.43% | -3.54% |
| EPHE | $23.00 | +1.59% | -0.48% | -5.74% | -7.78% | -7.22% | -7.70% | -8.80% |
| EWC | $58.78 | +0.10% | -0.49% | -5.91% | +0.72% | +5.93% | +8.99% | +16.19% |
| EWG | $41.25 | -0.12% | -2.09% | -6.08% | -1.90% | +2.59% | -2.94% | -2.87% |
| EWO | $41.79 | +0.07% | -5.73% | -6.17% | -1.44% | +15.54% | +17.82% | +33.17% |
| EWD | $50.06 | +0.02% | -1.75% | -6.25% | -0.69% | +0.87% | +1.69% | +4.42% |
| EWA | $28.43 | +0.39% | -0.25% | -6.39% | +1.07% | +0.74% | +8.55% | +4.60% |
| EWP | $58.57 | +0.45% | -3.41% | -6.42% | -2.09% | +5.93% | +8.64% | +18.66% |
| EWW | $71.87 | +1.10% | -0.69% | -6.63% | -4.22% | -5.68% | +3.66% | +7.43% |
| EWL | $59.26 | +0.05% | -1.92% | -6.66% | -6.54% | -0.10% | -1.17% | +5.35% |
| INDA | $46.57 | +0.11% | -1.10% | -6.71% | -5.59% | -1.44% | -13.84% | -10.96% |
| EWI | $57.49 | +0.16% | -4.25% | -7.30% | -5.12% | +5.16% | +5.82% | +9.86% |
| ECH | $38.00 | +2.43% | -0.84% | -7.43% | -4.74% | -5.12% | -5.94% | +17.28% |
| ARGT | $89.53 | +5.93% | +3.53% | -7.51% | -3.53% | -3.70% | -2.06% | +30.13% |
| EWQ | $41.79 | -1.04% | -4.55% | -8.64% | -8.15% | -5.37% | -7.11% | -6.66% |
| EWK | $25.18 | -0.71% | -5.12% | -9.75% | -5.94% | +0.52% | +3.62% | +5.98% |
| EIDO | $11.92 | +2.05% | +0.42% | -9.83% | -0.83% | -22.50% | -36.26% | -31.65% |
| TUR | $34.73 | +1.31% | -2.00% | -10.90% | -11.58% | -11.27% | +0.90% | +0.81% |
| EZA | $63.17 | -0.03% | -2.02% | -12.04% | -0.66% | -7.32% | -8.18% | -1.62% |
The answer · 1Y2026-10-05common close
EWYleads
South Korea returned +125.8%, +110.8 pp versus ACWI.
Concentrated leadership · 11/32 beat ACWI
- ACWI benchmark
- +15.0%
- Positive countries
- 24/32
- Runner-up
- EWT +81.5%
- Leader–laggard spread
- 157.4 pp
LaggardEIDO -31.6%
Comparable window starts 2025-10-06. Close-price returns; leadership is not a forecast or standalone signal.
How Country Performance Works
- 1Track 32 single-country ETFs plus ACWIFifteen developed markets (Japan, Germany, UK, France, Switzerland, Canada, Australia and more) and seventeen emerging ones (China, India, Taiwan, Korea, Brazil, Mexico, South Africa and more) — the iShares and peer single-country MSCI funds, real and liquid — with ACWI (MSCI All-Country World) as the benchmark line.
- 2Rebase every series to a common startFor the selected window (1M, 3M, 6M, YTD, 1Y, 2Y, 5Y or MAX), each ETF's closes are converted to cumulative % change from the window's first session. Everything starts at 0%, so the lines directly answer "which country won this window?" To keep 32 countries legible, the chart opens on a curated view — the ACWI benchmark plus the strongest and weakest few — with one-click presets for All, Developed, Emerging, Americas, EMEA and Asia-Pacific.
- 3Read global rotation from the spreadThe vertical spread between country lines is the dispersion. A tight bundle means a single global risk regime (everything moving together); a wide spread means country selection is paying off, and the leaders and laggards are diverging on local fundamentals or currency.
- 4Cross-check horizons in the returns tableThe table shows 1D through 1Y returns side by side, sortable by any column. A country leading on 1M but lagging on 1Y is an emerging rotation; leading everywhere is an established trend.
Who Uses Country Performance
Global Allocators
Sort by 1M or 3M, compare against YTD, and you have the country-rotation picture — who's emerging, who's fading — in seconds, developed and emerging side by side.
Macro Traders
Relative strength vs ACWI is the filter: countries persistently above the dashed world benchmark are where the cross-border momentum is, and where currency and rate divergences are showing up in equities.
Emerging-Market Specialists
Isolate the EM cohort with the legend chips to see whether a rally is broad (most of EM beating ACWI) or a one-country story (India or Brazil carrying the index).
Mean-Reversion Buyers
The worst 6M country with an improving 1M column is the classic contrarian candidate; the spread tells you whether it is a single-market washout or a regional one.
Pro Tips
01
Start from a preset, then fine-tune
The chart opens on the benchmark plus the strongest and weakest few so it is readable from the first glance. Hit a region preset (Developed, Emerging, Americas, EMEA, Asia-Pacific) or "Top & bottom 5", then click individual chips to add or drop a market. The ACWI benchmark stays pinned so you always have an anchor; "Clear" strips it back to just the benchmark and "All" shows everything.
02
Use YTD for narrative, 1M for action
YTD is what the macro pieces talk about; 1M is where rotation actually shows up first. The interesting trades live where the two disagree.
03
Mind the currency
These are USD-denominated ETFs, so each line blends local equity returns with the move in that country's currency against the dollar. A strong dollar can sink a country line even when local stocks rose.
04
Developed vs emerging is the first cut
Watch whether the leaders cluster in developed or emerging markets — that split is itself a risk-appetite read, and it usually moves with the dollar and global rates.
Common Issues & Solutions
How far back does the chart go?▾
Back to 2010 on the MAX setting, the common history for the core funds. A few emerging-market ETFs list later (the Philippines and Poland funds in 2010, Argentina in 2011, Greece in late 2011); they begin mid-chart at 0% rather than distorting the earlier window. The returns table's YTD/1Y columns are computed from each ETF's full history regardless.
Lines jump when I change ranges▾
By design — each window rebases to its own first session at 0%. A country can be +30% on the 1Y window and -8% on the 1M window simultaneously; that disagreement is the rotation signal.
Why these ETFs instead of the raw MSCI indices?▾
The single-country MSCI ETFs are the tradeable expression of each market — real prices with real liquidity and the same tickers you'd actually buy or hedge with. They are USD-denominated, so they reflect the return a dollar-based investor actually earns, currency included.
Some countries show a ⚠ "as of" an earlier date▾
International markets observe different holidays than the US, so right after a US-only holiday a country ETF may not have printed the latest US session yet. We never silently roll those forward: the page header lists the lagging countries, the table tags them with the date their data actually reflects, and their chart lines simply end on their own last close. They catch up on the next shared trading day.
Frequently Asked Questions
What is country rotation?▾
The tendency of equity-market leadership to shift between countries as growth, rates, currencies and risk appetite change — emerging markets leading in a weak-dollar, risk-on regime; defensive developed markets leading when global growth slows. This page makes it visible by rebasing 32 single-country MSCI ETFs to a common start and comparing them against the ACWI world benchmark.
Which countries are tracked?▾
Fifteen developed markets — Japan, Germany, United Kingdom, France, Switzerland, Italy, Spain, Netherlands, Sweden, Austria, Belgium, Australia, Canada, Hong Kong, Singapore — and seventeen emerging — China, India, Taiwan, South Korea, Brazil, Mexico, South Africa, Turkey, Thailand, Indonesia, Philippines, Malaysia, Poland, Chile, Argentina, Greece, Vietnam — plus ACWI (MSCI All-Country World) as the benchmark.
What does "rebased to 0%" mean?▾
Each line shows cumulative percent change from the first session of the selected window, so every country starts at the same point and the chart directly compares total returns over exactly that window — eliminating the price-level differences that make raw ETF prices incomparable.
How do I read country leadership vs ACWI?▾
ACWI is the dashed benchmark line — the all-country world index. Countries above it are outperforming global equities over the window; below it, underperforming. Because ACWI is heavily weighted toward the US, broad non-US strength can show up as many country lines beating ACWI even in a flat tape.
Are these returns in dollars or local currency?▾
In US dollars. The ETFs are USD-denominated, so each line combines the local equity return with the move in that country's currency versus the dollar. That is the return a US-based investor actually earns, and it is why a strong dollar can drag a country line below its local-market performance.
How often does this update?▾
After every US market close, alongside the rest of the daily pipeline. Returns in the table use trading-day lookbacks (1D/1W/1M/3M/6M/1Y) plus calendar YTD.
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Last updated: 2026-10-05