NEW YORK (ETF Expert) --Over the last three months, Vanguard Emerging Markets (VWO) amassed $3.3 billion in new assets under management. Year-to-date, the net new dollars for VWO approximated $9.7 billion.In contrast, the year-to-date net inflow for PowerShares NASDAQ 100 ( QQQ) and Vanguard S&P 500 ( VOO) was $2.7 billion and $2.5 billion, respectively. And Europe? Most of the European proxies experienced little change or they experienced net outflows. Perhaps ironically, the relative strength in European equities compared to emerging market counterparts is greater than at any other point in 2012. This relationship can be seen in the price ratio of Vanguard Europe ( VGK) to Vanguard Emerging Markets.