NEW YORK ( TheStreet ) -- Emerging markets have been sinking. During the past year, Vanguard FTSE Emerging Markets ETF ( VWO) lost 4.6%, while the S&P 500 gained 16.2%. Analysts blame the poor results on a range of factors. Weak commodity prices hurt exporters in countries such as Russia and Brazil. In addition, investors dumped emerging markets holdings as fears mounted that the Federal Reserve's tapering program could disrupt markets. But not all emerging markets ETFs have suffered equally. For the year, PowerShares Golden Dragon China ( PGJ) returned 43.2% while EGShares Emerging Markets Consumer ETF ( ECON) returned 3.0%. WisdomTree Emerging Markets SmallCap Dividend ( DGS) lost 0.2%. EEM) provide exposure to countries that should continue growing faster than the developed world.