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, Belgium ( EWK) and Austria ( EWO) 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 Germany ( EWG) and Sweden ( EWD) 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.