Mill Street Research @millstreetresearch.com · 16d While it's true that the MSCI Emerging Markets index (EEM) has outperformed the MSCI World (developed markets, URTH) index this year, it has done so with much higher volatility. Rolling 3-month EM volatility has surged to 26% (vs 15% 3-yr average) while DM is at 11% (avg. 12%).
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EM is outperforming today thanks the rebound in AI/Semis that has boosted the big weights in the index. But even with that, EEM vs URTH relative returns is flat since Feb. 11th, but with much higher vol in EEM.