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Genuine economic growth throughout the developing world has helped investors achieve phenomenal returns in Emerging Market Stock ETFs. What's more, if you live in the U.S. or Europe, the gains have appeared even more remarkable.

Consider the developed world's reserve currency. U.S. investors may be seeing lots more dollars in their portfolios, but those dollars are worth decidedly less than a basket of emerging market currencies from one year ago.

That trend over the immediate term is likely to continue. With the

Federal Reserve

injecting another shot of quantitative easing, even countries in the European Union may benefit from the battered greenback.

A mere three months ago,


(EWK) - Get iShares MSCI Belgium ETF Report



(EWO) - Get iShares MSCI Austria ETF Report

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posted relative strength percentile rankings in the lower half of the ETF universe.

Moreover, Belgium has suffered with 12.7% unemployment and Austria struggled during rumors of neighboring Hungary's debt woes. (Has the European sovereign debt crisis all but been forgotten?)

One way or another, EWK and EWO are bouncing back. The former ranks third behind


(EWG) - Get iShares MSCI Germany ETF Report



(EWD) - Get iShares MSCI Sweden ETF Report

as the highest ranked European ETF on relative strength. Meanwhile, the latter has rocketed from the lowest quartile of exchange-traded investments to a percentile rank of 60.

And there's more. Both EWK and EWO are well above key moving averages. In addition, on a 1-month basis, EWK and EWO made the Top 10 Country ETFs List with approximate gains of 7.6% and 7.2% respectively.

Disclosure Statement: ETF Expert is a website that makes the world of ETFs easier to understand. Gary Gordon, Pacific Park Financial and/or its clients may hold positions in ETFs, mutual funds and investment assets mentioned. The commentary does not constitute individualized investment advice. The opinions offered are not personalized recommendations to buy, sell or hold securities. At times, issuers of exchange-traded products compensate Pacific Park Financial or its subsidiaries for advertising at the ETF Expert website. ETF Expert content is created independently of any advertising relationships. You may review additional ETF Expert at the site.