Global X Emerging Markets Ex-China ETF Q1 2026 Commentary
Emerging Market ex-China equities rose 3.16% in the first quarter of 2026, outperforming the S&P 500 which declined 4.35%, driven by strong commodity prices and attractive valuations. Despite geopolitical tensions in the Middle East, the asset class showed resilience due to its diversified nature and investor demand for value opportunities. Performance was influenced by movements in the U.S. dollar, U.S. interest rates, and global risk sentiment.
- ▪The MSCI Emerging Markets ex-China Index (Net) delivered a 3.16% return in Q1 2026.
- ▪The S&P 500 declined 4.35% during the same period, underperforming emerging markets ex-China.
- ▪Geopolitical volatility originating in the Middle East did not significantly derail EM ex-China equity performance.
- ▪Commodity strength and relatively attractive valuations supported emerging markets ex-China equities.
- ▪Three key drivers of EM ex-China performance are the U.S. dollar, U.S. interest rates, and global risk appetite.
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