Emerging-market stocks have barely begun to overcome a decade of relative weakness even after breaking a 13-year-old record last week. A comparison between the MSCI Emerging Markets Index and the S&P 500 Index shows as much. While the developing-country gauge set a new high Friday, the index ended the week having recovered only 7% of a plunge relative to the S&P 500 from October 2010 through last May.
A reversal “appears to have only just begun,” Willie Delwiche, a strategist at Robert W. Baird & Co., wrote Monday in a Twitter post with a similar chart.
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