For Spanish banks, which comprise roughly 40% of this ETF, 2012 looks a lot like 2008 did for U.S. banks...or maybe even worse.
Shares of Banco Santader (SAN), the ETF's largest single stock holding, are down roughly 38% from January. One of the ETF's other major holdings, Telefonica (TEF), Spain's major phone and Internet company, has taken a hit along with the broader Spanish economy. Telefonica's shares are down 29% so far this year.
The forecasts for Spain's troubled economy aren't promising, as the eurozone's fourth-largest economy struggles under a weighty debt burden and tough austerity measures. An unemployment rate of roughly 25% isn't helping matters..
Despite the ups and downs in the broader market, these ETFs are still enjoying double-digit gains this year.
|First U.S. penny sold for $1.2 million|
|19 stocks Goldman Sachs says to buy now|
|Apple's Tim Cook 'deeply disappointed' in Indiana's anti-gay law|
|Samsung Galaxy S6: An iPhone for people who hate Apple|
|Lufthansa will now keep two crew members in cockpits|