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One significant trend has emerged this year: The biggest winners this year are abroad.

Emerging markets stocks represented by the iShares MSCI Emerging Markets ETF (EEM)

are higher by more than 7% this year, while all non-U.S. equities in the iShares MSCI ACWI ex U.S. ETF (ACWX)

gaining more than 5%. The U.S. market has lagged in comparison, with the S&P 500 in negative territory year to date. The broad market index has lost 0.3%.