The big emerging markets, which dominate the MSCI EM index, are about to stage a comeback.
And over the last year, Brazil is down 16.19% while the MSCI EM is down just 2.25%.
Over the last five days, Brazilian equities have underperformed the MSCI EM by about 100 basis points.
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Year-to-date, however, FXI is still behind the eight ball, underperforming the MSCI EM by 3 percentage points.
Even a triple leveraged ETF short (Direxion 3x Bear MSCI EM, for instance) is doing better than Petrobras.
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The Shanghai SE Composite is up close to 19%, and the MSCI EM Latin America Index is higher by more than 18.25%.
Year to date the mutual fund is up 2.9 percent, while the MSCI EM, the benchmark for growth emerging market equities, is up just 0.35 percent.
Emerging market currencies have increased 5% on average versus the dollar year-to-date and emerging market equities are up over 11% in dollar terms on the MSCI EM index.
The MSCI EM is down 6.17% by comparison.
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The MSCI Emerging Markets (EM) Index is designed to measure global emerging market equity performance.
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This follows very highly correlated moves between both MSCI indices in 2012, and a backdrop of very supportive central bank liquidity, robust EM growth prospects and large portfolio inflows in January.
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