Three Asian ETFs That Disappoint

Everyone knows that emerging markets are the place to be and the Asia-Pacific region is at the heart of that thesis, but that doesn't mean all is well throughout the region.

Sure, the China and India growth stories are something to behold and markets like Indonesia, Singapore and Thailand have also impressed in big ways, but there are laggards here.

Some offenders may not be surprising, but at least one on our list may come as a surpise. Here's a look at three Asia ETFs that are in the red in the past month and year-to-date.

1) Market Vectors Vietnam ETF (NYSE: VNM):
The trials and tribulations of this frontier market economy are well-documented. Vietnam has devalued its currency, the dong, several times in the past year and that has made VNM one of the worst performers among ETFs that track Asian countries.

VNM has plunged 12% in the past month alone. This may be a great ETF one day, but don't pay for that potential quite yet.

2) iShares MSCI Japan Index Fund (NYSE: EWJ):
No surpise here. We talk about a lost decade here in the States, but Japan is working on two lost decades. The yen is too strong, the debt is too high and China has passed Japan for the title of second-largest economy in the world. If not for VNM, EWJ may be the worst of all Asia ETFs.

3) iShares MSCI Taiwan Index Fund (NYSE: EWT):
This one is kind of a surprise given the bullish behavior of Taiwan's economy, but it's undeniable EWT is down in the past month and year-to-date. Over the past three and six months, the ETF is up, but expectations are in pace for slower GDP growth and that could be a near-term drag on the ETF.