February 2026 didn’t just deliver returns; it delivered dispersion. The gap between the best and worst performing country ETFs reached over 36 percentage points in a single month – one of the widest spreads in recent years. This is not just noise; it signifies capital rotating aggressively at the country level. When dispersion expands, country selection starts to matter more than global beta, making Country ETF Tracker an essential resource for investors. This environment creates distinct opportunities and risks across the global market landscape.
February 2026 – Top Performing Country ETFs
February’s leadership was concentrated in Asia and commodity-linked markets. The South Korea ETF (EWY) led the month with an impressive +24.43% return. Thailand (THD) followed with +18.85%, while South Africa (EZA) gained +11.26%. Taiwan (EWT) and Norway (ENOR) also posted strong returns. These top-performing country ETFs highlight regions with favorable economic conditions during February.
| Country | Ticker | February Return (%) |
|---|---|---|
| South Korea | EWY | +24.43 |
| Thailand | THD | +18.85 |
| South Africa | EZA | +11.26 |
| Taiwan | EWT | +9.49 |
| Norway | ENOR | +9.22 |
| Australia | EWA | +7.82 |
| Mexico | EWW | +7.82 |
| Japan | EWJ | +7.54 |
| Peru | EPU | +7.38 |
| Canada | EWC | +6.37 |
Performance Comparison: EWY vs THD vs EZA vs EWT vs ENOR
Country ETF Tracker
Trade iShares MSCI South Korea ETF EWY on eToro – the easy-to-use investing app with 7000+ assets.
Your capital is at risk.
Other fees apply.
Two clear themes emerged among the top performing country ETFs: strong semiconductor leverage in markets like South Korea and Taiwan, and significant commodity torque observed in Norway, South Africa, and Peru. This suggests targeted macro positioning rather than broad emerging market strength.
February 2026 – Lagging Country ETFs
On the other side of the ledger, several markets faced heavy selling pressure in February 2026. The Denmark ETF (EDEN) recorded the largest decline with -11.79%. Argentina (ARGT) and Colombia (COLO) also saw significant losses at -8.01% and -7.13% respectively. Saudi Arabia (KSA), Chile (ECH), and Greece (GREK) were also among the worst performing country ETFs.
| Country | Ticker | February Return (%) |
|---|---|---|
| Denmark | EDEN | -11.79 |
| Argentina | ARGT | -8.01 |
| Colombia | COLO | -7.13 |
| Saudi Arabia | KSA | -6.92 |
| Chile | ECH | -6.34 |
| Greece | GREK | -5.20 |
| Qatar | QAT | -2.96 |
| Israel | EIS | -2.20 |
| India | INDA | -2.03 |
| China | GXC | -1.93 |
| United States | SPY | -1.66 |
Performance Comparison: EDEN vs ARGT vs COLO vs KSA vs ECH
Country ETF Tracker
Trade on eToro – the easy-to-use investing app with 7000+ assets.
Your capital is at risk.
Other fees apply.
Notably, the United States ETF (SPY) underperformed many global peers in February, reinforcing the rotation theme actively tracked by CountryETFTracker. This divergence highlights a shift in market leadership beyond traditional benchmarks.
Year-To-Date 2026: Leadership Is Becoming Structural
Through February 27, 2026, the trends observed in February intensified, indicating a more structural shift in country ETF performance. South Korea ETF (EWY) surged to +54.76% YTD, maintaining its strong lead. Peru (EPU) delivered +29.38% YTD, Thailand (THD) posted +24.99% YTD, Brazil (EWZ) achieved +21.99% YTD, and Norway (ENOR) reached +19.02% YTD.
Meanwhile, some country ETFs continued to struggle year-to-date. Denmark (EDEN) recorded -5.50% YTD, Indonesia (EIDO) saw -4.47%, Kuwait (KWT) was down -3.76%, and India (INDA) declined -3.40% YTD. This sustained divergence in macro exposure underscores that these are not short-term fluctuations.
Focus: South Korea ($EWY) Performance
South Korea is no longer just leading February; it’s dominating 2026. The South Korea ETF (EWY) recorded an impressive +24.43% in February, contributing to its outstanding +54.76% YTD return. Key drivers for this exceptional EWY performance include accelerated semiconductor cycle, strong export momentum, and significant leverage to global AI infrastructure spending. When global capital expenditure expands, South Korea benefits disproportionately, making the EWY ETF a key indicator.
EWY (EWY) Relative Strength vs. SPY (SPY)
Relative Strength: Shows the price ratio between EWY and SPY, normalized to 100 at the start. Values above 100 indicate EWY outperforming SPY, while values below 100 indicate underperformance.
Trade iShares MSCI South Korea ETF EWY on eToro – the easy-to-use investing app with 7000+ assets.
Your capital is at risk.
Other fees apply.
Why This Matters for Country ETF Selection
When country dispersion widens, several critical implications emerge for investors. Passive global exposure tends to underperform, making relative strength analysis paramount. Macro themes are increasingly expressed through geographical allocation, emphasizing the importance of precise country ETF selection. In 2026 so far, discerning country selection is generating significant alpha.
The global market is clearly no longer moving in sync; it is fragmenting. This fragmentation creates considerable opportunity for investors who are tracking country ETF performance and global rotations in real time through resources like CountryETFTracker.com. Track the rotation before it rotates you.
For deeper analysis, interactive relative strength charts, and historical seasonality data, explore the full dataset on CountryETFTracker.com or visit our Compare Country ETFs page. You can also delve into specific market insights for country ETFs like India (INDA) and Denmark (EDEN) for detailed performance analysis.