NEW YORK ( TheStreet) - Many emerging nations got off to a rough start this year as issues such as the political protests sweeping through the Middle East and Northern Africa and rapidly rising food prices tested investor nerves and drove many into the comfort of the developed world.

Now however, as we head towards the start of the second quarter of the year, some of these recently unloved countries have begun to fall back into favor. In the weeks ahead, investors may want to keep ETFs designed to track these nations on the radar. In the event that strength continues, they may present as attractive opportunities.

Southeast Asian countries have become an area of focus as investors take cautious steps back into emerging markets. The Market Vectors Indonesia ETF ( IDX) and the iShares MSCI Thailand Investable Market Index Fund ( THD) are two funds that risk tolerant investors may want to keep a close watch on. Both of these products have staged impressive rallies recent weeks, recovering back to levels seen prior to their drops early in the year.

These notable rallies have helped IDX and THD power higher in our short term momentum rankings.

While their gains have been impressive, it is important to remember that frontier nations such as Indonesia and Thailand are naturally prone to witnessing daily volatile action. Therefore, for risk tolerant investors, IDX and THD are best utilized as small, focused aspects of a well- diversified exposure. Conservative investors, meanwhile, may want to look elsewhere for Southeast Asian exposure.

Unfortunately it is difficult to locate ETFs which offer substantial diversified exposure to this part of globe. Currently, the Global X FTSE ASEAN 40 ETF ( ASEA) is the only fund which offers truly dedicated exposure to these nations. The fund is still new, however, and during its short lifespan it has struggled to garner adequate attention from investors.

Other, more liquid options such as the SPDR S&P Emerging Asia Pacific ETF ( GMF) and iShares MSCI All Country Asia ex Japan Fund ( AAXJ) provide investors with exposure to Thailand, Indonesia, Malaysia and Singapore.

However in both cases, they are heavily focused on major emerging markets such as China and India. These two nations represent 54% and 36% of GMF and AAXJ respectively Although they are considered emerging nations, India and China will likely perform in a more stable manner over the long run. This may limit the upside potential of the fund.

If you liked this article you might like

Thailand's Stability in Difficult Times Means Few Discounts for Stock Investors

Watch Out for Turmoil in the Thai Markets

Notable ETF Outflow Detected - THD

THD: ETF Outflow Alert

THD: ETF Outflow Alert