What’s really driving emerging markets right now? EM outperformance isn’t powered by a single engine. Recent gains have been led by five countries, each supported by different forces, from tech leadership to commodity tailwinds and policy shifts — and all of which outperformed the MSCI EM, ACWI, World ex USA and USA indexes. That diversity underscores what makes EM distinctive. As economies change, countries enter and exit the index, reshaping exposures over time.  

For investors, this makes emerging markets a living, evolving opportunity set, rather than a one-dimensional trade. Learn more about MSCI Emerging Markets Indexes.