Emerging markets index returns

The growing proliferation of indexes from index providers, along with a corresponding growing number of index funds and ETFs, creates a number of issues for investors, since the index returns of the different providers result in a dispersion of both yearly and multi-period returns. Dispersion of returns is not as considerable an issue with Total Market indexes, but as we go into style and smaller size indexes, dispersion of return increases in magnitude. These return differences are mainly due to the differing methodologies index providers utilize in constructing their indexes. Different benchmarks cover varying ranges of stocks, have different selection criteria for growth versus value, and are even maintained and rebalanced differently.

Emerging Market Index Returns
Indexes:Dow Jones Emerging Markets Total Stock Market Index; FTSE All Emerging Index; Morningstar Emerging Markets; MSCI Emerging Markets Index; Russell Emerging Markets Index; S&P IFCI Emerging Markets Index

The markets included in each provider's Emerging Market benchmark are provided in the table below.

Emerging Market Index Funds
Currently, Emerging Market Index funds are available tracking FTSE, MSCI, and S&P indices. For a listing of available funds, refer to Emerging Mks Funds. Russell has filed with the SEC for introducing an ETF based on the Russell Emerging Market Index. Emerging Market style index funds are available in the small cap style class. Refer to Emerging Mkts Small for a listing of available options.

Methodologies

 * Dow Jones
 * FTSE Global Equity Index Series Rules
 * Morningstar
 * MSCI
 * Russell
 * S&P Global Indices

Data sources
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Dow Jones Indexes

 * DJ EM Total Stock Market Indexes factsheet

Morningstar

 * Morningstar Global Equity Index Returns 2009-2003
 * Morningstar Global Equity Indexes

MSCI

 * Vanguard Benchmarks 2010-2000
 * Lazard Periodic Table
 * 1998-2009 Net dividends
 * 1989-1998 Gross dividends


 * MSCI returns calculator: MSCI size and style index returns

Russell

 * Russell Index historical performance cycles 2009-2004
 * Gosselin :Market Performance as of 12/31/2010

S&P

 * S&P/IFCI Emerging Indices
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