Europe will not stay down forever.  The US will not be the clear market of choice forever.  Depressed markets have substantial price recovery potential when their trend reverses from down to up.  Here is a look at some of the potentially more interesting European ETFs and a couple of European mutualf funds.

The fund is not totally inclusive.  Mutual funds are for the most part excluded, in favor of ETFs.  However, active management of a mutual fund may be advantageous.

To make the list a fund must outperform the S&P 500 proxy SPY in at least one of these periods: 10 years, 5 years, 3 years, 1 year or YTD 2012 or 3 months; and the fund must have at least $10 million in assets.

Many funds outperformed over 10 years.  No funds outperformed over 5 years and 3 years.   Some funds outperformed YTD, and more funds outperformed over 3 months.

Here’s the data — except for capture ratios, SPY is included in the data table for contrast.

Figure 1: Rolling Returns and Yield

Figure 2: Calendar Yields

Figure 3: Sharpe Ratio and Capture Ratio Spreads for 1, 3, 5 and 10 Years

Figure 4: Historical Valuation Multiples

Figure 5: Forward Valuation Multiples

 Fund Names and Symbols in Alpha Order By Symbol

WisdomTree Europe SmallCap Dividend	DFE
iShares MSCI Poland Investable Mkt Index	EPOL
iShares MSCI Sweden Index	EWD
iShares MSCI Germany Index	EWG
iShares MSCI Belgium Investable Mkt Idx	EWK
iShares MSCI Switzerland Index	EWL
iShares MSCI Netherlands Invstbl Mkt Idx	EWN
iShares MSCI Austria Investable Mkt Idx	EWO
iShares MSCI Spain Index	EWP
iShares MSCI France Index	EWQ
iShares MSCI United Kingdom Index	EWU
iShares MSCI EMU Index	EZU
First Trust STOXX Euro Select Div Idx	FDD
SPDR STOXX Europe 50	FEU
SPDR EURO STOXX 50	FEZ
Fidelity Europe	FIEUX
Fidelity Nordic	FNORX
iShares S&P Europe 350 Index	IEV
Global X Norway ETF	NORW
Market Vectors Poland ETF	PLND
SPDR S&P Russia	RBL
Market Vectors Russia ETF	RSX
T. Rowe Price Emerging Europe Fund	TREMX
Vanguard MSCI Europe ETF	VGK

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