Global MarketsUpdated daily after close · as of 2026-06-22
Country Relative Strength: 32 Countries vs ACWI
Which national markets are beating the world and which are falling behind. Relative strength is each single-country MSCI ETF's return minus ACWI's over the same horizon — so a country can rank top of the board even in a down tape. The leaderboard answers it directly; the rotation matrix and movers show who's gaining and losing ground.
11 of 32 countries aren't updated to 2026-06-22 yet. These markets haven't printed the latest US session (common right after a US-only holiday); their figures are as of their own last close, flagged with ⚠. They resync on the next shared trading day.
Today's reading
As of market close on June 22, 2026, 15 of the 32 country ETFs are outperforming ACWI over the trailing year. Strongest relative strength: EWY, +202.0 pts vs the world index; weakest: EIDO, -58.6 pts. Relative strength is each country’s return minus ACWI’s — positive means leadership, negative means it’s ceding ground to global equities.
Source
Daily closes for 32 single-country MSCI ETFs + ACWI (2010–present aligned)
Methodology
RS = country return − ACWI return per horizon; rank by 3-month RS, percentile and 1-month rank change drive the leadership map
Updates
Daily after US market close (~1:30 PM PT)Last: 2026-06-22
Strongest region
EMEA
-2.1 avg 3M RS
01
Relative strength leaderboard
Every country ranked by relative strength versus ACWI. RS columns are the country's return minus ACWI's over each horizon (in percentage points, + = beating the world). Rank is by 3-month RS; Δ rank is the move over the last month. Click any column to sort, or a row to pin it across the leadership map and movers.
Filter:32 of 32
| Country | ||||||
|---|---|---|---|---|---|---|
| EWY⚠ | +23.0 | +49.4 | +132.2 | +202.0 | 1 | · 0 |
| EWT⚠ | +19.4 | +39.3 | +67.3 | +70.7 | 2 | · 0 |
| EWO | +7.3 | +12.5 | +11.0 | +26.1 | 3 | ▲ 6 |
| GREK | +9.1 | +9.5 | +3.9 | +16.0 | 4 | ▲ 10 |
| EWN | +6.3 | +9.3 | +13.2 | +8.2 | 5 | · 0 |
| EWI | +1.4 | +3.7 | -0.9 | +3.2 | 6 | ▼ 2 |
| EWJ⚠ | +3.6 | +1.3 | +6.4 | +6.2 | 7 | ▲ 5 |
| EWP | +2.6 | -0.0 | -0.9 | +12.6 | 8 | ▲ 2 |
| EWK | -1.4 | -0.5 | -3.4 | -3.2 | 9 | ▲ 12 |
| EPOL | -2.2 | -0.9 | +1.5 | +7.7 | 10 | ▼ 7 |
| VNM | -5.3 | -2.3 | -7.7 | +12.3 | 11 | ▼ 5 |
| ARGT | +4.0 | -4.2 | -5.5 | -16.4 | 12 | ▲ 13 |
| THD | -2.6 | -5.6 | +7.0 | +16.8 | 13 | · 0 |
| EWW⚠ | -3.2 | -6.0 | +0.6 | +4.3 | 14 | ▲ 4 |
| EWL | -3.2 | -6.5 | -9.5 | -11.6 | 15 | ▲ 7 |
| EWC | -2.2 | -6.5 | -4.0 | +1.0 | 16 | ▼ 9 |
| EWQ | -1.9 | -6.6 | -12.1 | -18.0 | 17 | ▲ 6 |
| EWS⚠ | -1.0 | -7.7 | -2.7 | -10.1 | 18 | ▼ 10 |
| EWD | -4.0 | -8.4 | -8.6 | -12.9 | 19 | ▲ 5 |
| ECH | -1.3 | -8.4 | -7.4 | +7.4 | 20 | ▲ 7 |
| EWG⚠ | -4.2 | -8.6 | -13.9 | -24.2 | 21 | ▼ 1 |
| INDA⚠ | +1.9 | -8.8 | -19.0 | -34.8 | 22 | ▲ 7 |
| TUR | -1.0 | -9.5 | +3.3 | +8.2 | 23 | ▼ 4 |
| EZA | -6.6 | -11.4 | -16.1 | -1.1 | 24 | ▲ 7 |
| EWA⚠ | -2.9 | -12.1 | -2.1 | -16.1 | 25 | ▼ 8 |
| EWU⚠ | -4.8 | -12.4 | -6.3 | -11.0 | 26 | ▼ 10 |
| EPHE | -0.9 | -13.5 | -15.3 | -34.3 | 27 | ▲ 3 |
| EWH | -12.4 | -19.9 | -12.6 | -15.9 | 28 | ▼ 17 |
| MCHI⚠ | -9.7 | -20.3 | -24.3 | -30.0 | 29 | ▼ 1 |
| EWZ⚠ | -9.0 | -20.8 | -5.9 | -7.0 | 30 | ▼ 4 |
| EWM | -9.6 | -21.6 | -11.7 | -11.7 | 31 | ▼ 16 |
| EIDO | -11.3 | -34.8 | -48.2 | -58.6 | 32 | · 0 |
02
Country leadership map
Each country placed by RS percentile (x — how strong vs ACWI right now) and RS momentum (y — its rank change over the last month). The 50 / 0 cross splits the plane into Leading, Improving, Weakening, and Lagging. Dots are coloured by region and sized by 63-day volatility. Right now 12 leading, 7 improving, 4 weakening, 9 lagging.
Region:
AmericasEMEAAsia-PacificDot size = 63-day volatility · tap a dot to pin detail
Biggest RS movers
Largest changes in RS rank (by 3-month relative strength) over the 1M.
Climbing
Falling
Region summary
How each bloc is distributed across the rotation quadrants, with its average 1-month RS-rank change.
| Region | Leading | Improving | Weakening | Lagging | Avg Δ |
|---|---|---|---|---|---|
| Americas (5) | 2 | 1 | 1 | 1 | +2.2 |
| EMEA (14) | 6 | 3 | 2 | 3 | +2.2 |
| Asia-Pacific (13) | 4 | 3 | 1 | 5 | -3.2 |
| Developed (15) | 6 | 2 | 2 | 5 | -0.9 |
| Emerging (17) | 6 | 5 | 2 | 4 | +0.8 |
03
Compare countries vs ACWI
RS lines indexed to 100 at the window start — above 100 beats the world, below lags; the slope is the signal. Opens on the strongest and weakest few so it stays readable; use the presets or chips to compare a handful.
Window:
Show:32 of 32 countries shown
How Country Relative Strength Works
- 1Measure relative strength versus ACWIFor each horizon (1 month, 3, 6 and 12), a country's relative strength is its total return minus ACWI's over the same window, in percentage points. Positive means it beat the world index; negative means it lagged. Because it is a difference of returns, a country can post strong RS even in a falling market — it just fell less than the world.
- 2Rank every country and read the leaderboardThe hero is a sortable leaderboard: each country with its 1M / 3M / 6M / 12M RS, its RS rank (by 3-month relative strength, 1 = strongest), the change in that rank over the last month, and a 6-month RS trend sparkline. Sort by any column to answer "who is leading right now?" directly — no chart-reading required.
- 3Track the biggest RS moversLeadership shifts show up first in rank changes. The Biggest RS Movers panel lists the largest climbs and drops in RS rank over 1 week, 1 month and 3 months — usually more actionable than the absolute leaders, because it catches rotation while it is still early.
- 4Place each country on the leadership mapThe leadership map plots RS percentile on the x-axis (how strong a country is versus the world right now) against RS momentum on the y-axis (its rank change over the last month). The 50 / 0 cross splits the plane into Leading (strong & rising), Improving (weak but rising), Weakening (strong but fading) and Lagging (weak & falling). Dots are coloured by region and sized by 63-day volatility; tap one to pin its detail.
- 5Summarise by region, then compare the leadersThe region summary tallies how Americas, EMEA, Asia-Pacific, developed and emerging markets distribute across the four quadrants, with each bloc's average rank change. Finally, the comparison chart plots RS lines indexed to 100 — opening on the strongest and weakest few, with region presets — so you can line up a handful of countries against ACWI.
Who Uses Country Relative Strength
Global Allocators
RS vs ACWI is the overweight/underweight map: countries with rising lines above 100 are where capital is rewarding exposure, and the laggards are funding sources.
Momentum Investors
Buy strength: the countries leading ACWI and still climbing are the cross-border momentum trades, and the slope tells you whether leadership is building or fading.
Macro Traders
Whether developed or emerging markets dominate the top of the RS board is a risk-appetite and dollar read in one glance — confirm it against the macro panel and the dollar.
Contrarians
A deeply lagging country whose RS line stops falling and curls up is the classic mean-reversion setup — relative strength bottoms before absolute price does.
Pro Tips
01
Sort the leaderboard to your horizon
Sort by 1M RS for tactical leadership, by 12M RS for established trends. Where a country ranks high on one but low on the other is where rotation is happening — a high 1M / low 12M country is emerging; the reverse is fading.
02
The Improving quadrant is the early signal
On the leadership map, countries in the Improving quadrant (weak versus the world but with rising RS rank) are the ones turning the corner. By the time they reach Leading, much of the move is done. Watch the bottom-left rising into the top-left.
03
Trust the movers over the leaders
The absolute RS leaders are usually well known. The Biggest RS Movers list — the largest rank gains and drops over 1W / 1M / 3M — is where fresh information lives. A country jumping 10+ rank spots in a month is a rotation worth a look.
04
Read the region summary for the macro tell
When emerging markets cluster in Leading/Improving while developed markets drift to Weakening/Lagging — or one geography (Americas, EMEA, Asia-Pacific) sweeps the top — that bloc-level rotation is itself a risk-appetite and dollar signal.
05
Pair with Country Performance
This page shows leadership versus the world; the Country Performance page shows absolute rebased returns. A country topping the RS leaderboard while flat in absolute terms is winning a down tape — different information for different decisions.
06
Mind the currency
These ETFs are USD-denominated, so relative strength blends local-market performance with the country's currency versus the dollar. Strong RS can be a strong local market, a strong currency, or both.
Common Issues & Solutions
What does "indexed to 100" mean here?▾
Each country's price-to-ACWI ratio is set to 100 at the first session of the window, then tracked from there. It is not a price — it is relative performance. 110 means the country has beaten ACWI by about 10% over the window; 92 means it has trailed by about 8%.
Why do some lines start partway across?▾
A few emerging-market ETFs list later than 2010 (the Philippines and Poland funds in 2010, Argentina 2011, Greece late 2011). On long windows they begin at 100 from their first available session rather than distorting the earlier chart.
Why ACWI as the benchmark instead of the S&P 500?▾
ACWI is the all-country world index, so dividing by it answers "is this country beating global equities?" — the right yardstick for a country-rotation view. ACWI is US-heavy, so broad non-US leadership still shows up as many lines above 100.
Some countries carry a ⚠ stale marker▾
International markets follow different holiday calendars than the US, so right after a US-only holiday a country ETF may not have printed the latest US session. Rather than roll the value forward silently, we flag it: the header lists the lagging countries, and the leaderboard, movers and chart chips tag them. Their figures are computed to their own last close. They resync on the next shared trading day.
Frequently Asked Questions
What is country relative strength?▾
A country's price divided by a benchmark — here ACWI, the MSCI All-Country World index. The ratio strips out the global market move and shows whether a national market is leading or lagging the world. Rising relative strength means the country is outperforming global equities; falling means it is underperforming, regardless of whether stocks are up or down in absolute terms.
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 — each as a single-country MSCI ETF, measured against ACWI.
How do I read the RS lines?▾
Every line starts at 100 at the left edge of the window. Above 100, the country has beaten ACWI since then; below 100, it has lagged. The slope matters more than the level: a line turning upward is gaining relative strength even while still under 100, which is often the earliest sign of a leadership change.
Is relative strength the same as the country going up?▾
No. Relative strength compares the country to the world index, so a country can rise in absolute terms yet show falling RS (it went up less than ACWI), or fall in absolute terms with rising RS (it fell less, or rose against a falling world). RS isolates leadership; absolute return is on the Country Performance page.
How is RS rank and RS percentile calculated?▾
Every country is ranked by its 3-month relative strength (its 3-month return minus ACWI's), with rank 1 the strongest. RS percentile rescales that rank to 0–100, where 100 is the strongest country and 0 the weakest — it is the x-axis of the leadership map. Ranking on a single, consistent horizon (3 months) is what lets us measure how a country's standing changes over time.
What is the country leadership map?▾
A scatterplot that places each country by RS percentile on the x-axis (how strong it is versus the world right now) and RS momentum on the y-axis (the change in its RS rank over the last month). The 50 / 0 cross divides it into four quadrants: Leading (strong and rising), Improving (weak but rising), Weakening (strong but fading) and Lagging (weak and falling). Dots are coloured by region and sized by 63-day volatility. It is the same idea as a Relative Rotation Graph, simplified to a single clean snapshot — no trails to decode.
What are the biggest RS movers?▾
The countries with the largest changes in RS rank over 1 week, 1 month and 3 months — the steepest climbers and the steepest fallers. Because leadership rotates gradually, a large rank change often flags a shift in trend before it is obvious in the absolute leaders, making the movers list one of the more forward-looking reads on the page.
How often does this update?▾
After every US market close, alongside the rest of the daily pipeline. The leaderboard, leadership map, movers and RS lines are all computed live from the same daily closes that power the Country Performance tool.
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Last updated: 2026-06-22