Emerging (EEM): the last 12 months

Emerging markets (EEM) are up 15.0% over 1Y but 13.5% below their high; the 90-day change is −5.2%. They lost 8.9% over the last month as chip-heavy Asian markets fell with October's AI capex doubts and EM currencies weakened. Status quo for foreign: intact, EM lagging the US.

Status quo card: Emerging (EEM), intact.

Month by month

Computed in code. Change: the calendar-month change (z against its own monthly history). 90-day: the trailing 90-day change at the month-end. Rank: its place among that month's biggest moves. Causes: the surviving monthly causes acting on it (a force's loading on this asset times the month's fitted strength, in standard deviations). ETF holdings use current weights (an approximation).

MonthChange90-dayRankCauses
November 2026 (month to date)+0.9% (z 0.4)−5.2%none of the surviving causes loads on it
October 2026−8.6% (z -2.4)−4.8%none of the surviving causes loads on it
September 2026−0.3% (z -0.5)+1.7%none of the surviving causes loads on it
August 2026+4.6% (z 0.7)−4.9%none of the surviving causes loads on it
July 2026−6.3% (z -1.8)+0.4%The memory-chip selloff hit chip-heavy emerging Asia (SK Hynix, Samsung) (drove: Emerging (EEM) lagged developed ex-US (EFA) by 8.0 pp, score 9.2)
June 2026+0.2% (z -0.4)+20.1%none of the surviving causes loads on it
May 2026+7.2% (z 1.2)+11.5%none of the surviving causes loads on it
April 2026+12.7% (z 2.8)+8.3%5Chip-heavy Asian markets led the ceasefire rally (explains this move, score 9.9)
March 2026−9.2% (z -3.0)+3.8%Energy importers outside the US took the heaviest losses (evidence −9.2%, z -3.0)
February 2026+5.9% (z 1.2)+16.9%Rotation away from US mega-cap tech toward markets abroad (Korea) (drove: Emerging (EEM) beat S&P 500 (SPY) by 6.8 pp, score 7.4)
January 2026+8.0% (z 1.7)+8.4%A weak dollar and geopolitical risk drove gold and emerging markets (evidence +8.0%, z 1.7)
December 2025+2.2% (z 0.2)+2.6%none of the surviving causes loads on it
November 2025−1.8% (z -0.7)+8.9%none of the surviving causes loads on it

What drove each month · All assets

Not investment advice. MarketMoves describes past market data and reported news for general information. Figures can be delayed or wrong; check the original source before relying on them.