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Why Is EEM Down This Year?

|Includes: iShares MSCI Emerging Markets ETF (EEM), EFA, IYY

So far this year, EEM has declined by 2.41%, especially striking given that EFA has risen 2.85% and IYY is up a whopping 6.55%. Over the past 12 months, EEM has lagged very badly as well.

Who can explain the dynamics behind these diverging results? Is a convergence on the horizon?

Disclosure: I am long EEM.