The MSCI Emerging Markets ETF has surprisingly under-performed the S&P 500 in this recent risk rally.
Take a look at $SPX: nearly 14% since Dec 24th!
Meanwhile $EEM has returned ~9% during the same time period
Probably telling about the true nature of this surge in risk assets. Participants are highly emotional and uncertain during volatile times like these, 14% rallies turn into 14% selloffs very quickly…