India ETN Recoups Some Losses, But Asia ETFs Struggle

iShares Asia region country-based ETFs traded lower across the board again for a second-week. The lone winner was iPath ETN MSCI India (INP), which rallied 6%, after losing 12% the week prior.

iPath ETN India is now the best performing (year-to-date) fund among those surveyed, up more than 65%, compared to a 60% gain for iShares FTSE/Xinhua China 25 (FXI), which lost 2% last week and fell 12.5% two weeks ago.

iShares Japan (EWJ) was up a modest 0.4% (-5.3% ytd), helped by a stronger yen. There could a bounce Monday based on a bullish report on Japan by Barron's, although the Nikkei struggled overnight (see summary below).

iShares Singapore (EWS) was the worst performer, losing 3.0% and lowering its ytd return to under 25%.

See the chart below for last week's results. There are two sets of returns for each ETF: the past week [light blue] and year-to-date [purple].

Note, the bars for the iShares S&P 500 index (IVV) are colored differently for comparative purposes.

Click to enlarge chart

Disclosure: The author does not own shares of any funds mentioned in this article.

In Monday (11/19) trading, every regional benchmark except Australia's All Ordinaries (+1.15%) declined, led by a 1.7% fall in South Korea's Seoul Composite. Taiwan's Weighted index lost 1.0%, while the Shanghai Composite and Singapore Straits Times both lost 0.9%. The Nikkei 225 continued to struggle, losing 0.7%. The Hang Seng fell 0.6% and India's BSE 30 was off 0.3%. Concerns over the U.S. economy and the extent of credit market woes remain dominant themes. The recurring question is if BRICs and other emerging economies can sustain global growth.

Recommended reading: Most Country ETFs Return to Normal Trading Ranges • Busting the Myth of Global Market 'Decoupling' • Yen Carry Trade: Dire Threat or Poltergeist?

Here is a list of the relevant ETFs and their tickers.

iShares Australia (EWA)
iShares FTSE/Xinhua China 25 (FXI)
iShares Hong Kong (EWH)
iPath ETN MSCI India (INP)
iShares Japan (EWJ)
iShares Malaysia (EWM)
iShares Singapore (EWS)
iShares S. Korea (EWY)
iShares Taiwan (EWT)
iShares EAFE (EFA)
iShares Pacific ex-Japan (EPP)
iShares S&P 500 (IVV)