Countries used in the analysis, returns and performance of EBI

Countries / regions considered (41 Morningstar categories)
Advanced Economies (24)
Emerging Markets (8)
Regions (9)
Austria; Australia & New Zealand; Canada; Denmark; France Large Cap; France Mid & Small Cap; Germany Large Cap; Germany Mid & Small Cap; Italy; Japan Large Cap; Japan Mid & Small Cap; Korea; Netherlands; Norway; Singapore; Spain; Sweden; Switzerland Large Cap; Switzerland Mid & Small Cap; UK Large Cap; UK Mid & Small Cap; USA Large Cap Growth; USA Large Cap Value; USA Small Cap 
Brazil; China; Hong Kong; India; Indonesia; Taiwan; Thailand; Vietnam
Africa; Asia; Eastern Europe excluding Russia; Eurozone Large Cap; Eurozone Small Cap; Latin America; Middle East & North Africa; Nordic Countries Large Cap; Nordic Countries Mid & Small Cap 
On 2017q1, Nordic Countries Large Cap replaced Portugal
On 2022q2, USA Large Cap Growth, France Mid & Small Cap and Nordic Countries Mid & Small Cap, replaced Malaysia, Turkey and Russia 
Top choice of EBI (return and actual ranking)

Country/region ranked first by EBI, its return and actual ranking among 41 countries/regions

Period
Country / Region
Return (%)
Ranking
2015q4
2016q1
2016q2
2016q3
2016q4
2017q1
2017q2
2017q3
2017q4
2018q1
2018q2
2018q3
2018q4
2019q1
2019q2
2019q3
2019q4
2020q1
2020q2
2020q3
2020q4
2021q1
2021q2
​2021q3
​2021q4
​2022q1
​2022q2
​2022q3
​2022q4
2023q1
2023q2
​2023q3
​2023q4
2024q1
2024q2
​Indonesia
Brazil
Brazil
Brazil
Portugal
Italy
China
Russia
China
Brazil
Norway
Norway
Turkey
Thailand
Turkey
Eurozone S Cap
USA S Cap
Denmark
Eurozone L Cap
Indonesia
Indonesia
Indonesia
Austria
​Turkey
Turkey
​Brazil
​India
Nordic M&S Cap
Nordic M&S Cap
Nordic M&S Cap
​France M&S Cap
​Spain
Indonesia
Germany L Cap
MENA
21.2
19.2
15.3
10.6
4.3
9.0
2.2
11.8
5.9
6.6
12.0
6.1
4.5
9.4
2.0
-2.0
5.6
-16.8
15.9
-9.3
27.2
-2.0
8.9
3.8
​-8.4
​32.9
​-7.8
​-12.2
8.6
​1.4
​1.0
​0.0
-5.6
7.5
​-1.8
1
1
1
7
20
11
18
2
10
2
2
3
4
25
21
37
22
5
22
39
2​
38
9
10
​41
1
​13
​38
​16
26
​20
​14
​39
12
​30
Note: Returns in € obtained from Morningstar
Comparison with benchmarks
Returns in euros (%)
Alpha, beta and summary statistics
Alpha and beta of EBI relative to benchmarks. Estimates obtained from quarterly returns in € since 2015q4.