NEW YORK (ETF Expert) -- Rob Arnott expressed an intriguing observation in an interview at IndexUniverse.com.

The founder of Research Affiliates explained that the cyclically adjusted P/Es for U.S. stocks and for emerging-market stocks are roughly 24 and 13, respectively. At the previous bull market height of 2007, however, U.S. stocks were much cheaper than emerging-market counterparts; at that time, U.S. stocks collectively chimed in with a cyclically adjusted P/E of 26 while emergers rang the bell at 37.

The Case-Shiller cyclically adjusted P/E (aka CAPE) uses a 10-year rolling average where inclusion of "outlier" data from the 2008-2009 financial collapse may distort the value of the metric. Indeed,

the folks at Motley Fool

estimated that current CAPE overstates S&P valuation by 38% when outlier data is removed.

Yet, the more important finding may be the fact that, with or without data adjustments, emerging-market stocks may be sporting a sale price that is nearly 2/3 of the value commanded six years ago.

Slowdown fears and outright economic contraction concerns have adversely impacted funds like

iShares MSCI Brazil Capped

(EWZ) - Get Report

,

Market Vectors Russia ETF

(RSX) - Get Report

,

WisdomTree India Earnings

(EPI) - Get Report

and

SPDR S&P China

(GXC) - Get Report

for several years. Moreover, central bank policies in the developing world have been less stimulative than the policies of developed countries, causing many to back away altogether. In truth, those that have invested in up-n-coming regions over the last 12 months have more often felt the stabbing pain of the proverbial falling knife, not the the sweet sensation of biting into a Brazilian papaya.

Nevertheless, some emerging-market assets may finally be turning the corner. For example,

iShares MSCI Malaysia

(EWM) - Get Report

has produced a respectable 15% year-over-year. Its current price is holding above a 50-day and 200-day trendline. In addition, the 50-day intermediate term moving average has stayed above the longer-term 200-day; technical analysts see the development as noteworthy because a bearish "cross-under" has been avoided.

What if valuation is not the key to

success with your emerging-market pick?

For example, Poland has cut rates at a remarkably fast clip, sending its overnight bank lending rates to a record low (2.5%). In an investing world where

the most monetary stimulus means the best investment,

Poland has been a brighter spot than the neighboring euro-zone. One can look at either

iShares MSCI Poland

(EPOL) - Get Report

or

Market Vectors Poland

(PLND)

.

Finally, technology firms from the world's second-largest economy are both inexpensive on a fundamental value basis as well as capable of winning the momentum game. Consider

Guggenheim China Technology

(CQQQ) - Get Report

as a way to capture information tech stand-outs like

NetEase

(NTES) - Get Report

,

Sina

(SINA) - Get Report

and

Sohu.com

(SOHU) - Get Report

.

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This article was written by an independent contributor, separate from TheStreet's regular news coverage.

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.

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