Over the last three months, the iShares Hong Kong (EWH) and iShares FTSE China (FXI) exchange traded funds have outperformed the iShares MSCI Emerging Markets (EEM) ETF.
The iShares MSCI Hong Kong Index ( EWH) peaked on Nov. 8, 2010 and has been correcting while many of the other world markets have made a series of new highs.
The chart of the Spyder Trust ( SPY) looks much stronger than EWJ or EWH as it made significant new highs in February and is still above the late February lows.