Coming on the heels of my look at the overall ETF market in the last three months, and using the same data set, this entry is meant to provide an overview of the country-specific MSCI ETFs.

    So the average MSCI ETF gained about 0.14% daily, with the Netherlands in first and Taiwan in last.  The trend is relatively clear - most economies have seen solid growth, while Taiwan, Hong Kong, and Japan have struggled to tread water.  It's interesting to note that the same issues do not seem to have affected Singapore, Malaysia, or Korea.

    So now that I've got a working computer again, I wanted to continue to take a look at the performance the standard oil ETFs.  One of the conclusions I'd come to last time was that the daily correlation against the West Texas spot was a neck-to-neck tie between iPath GS Crude (OIL) and US Oil (USO), with the PowerShares (DBO) and Claymore (UCR) 5-15% behind. 

    Based on this data, I think it's clear that those wishing to trade ETFs as an alternative to the actual commodity should focus their attention on OIL and USO.  Whether or not investors should favor these funds, however, is a different question, as daily correlation is not necessarily the best measure of hedge efficiency.

NB: I've continued this with longer-term analysis that makes much more sense for investors.  Though this information is still relevant to those looking for a proxy to trading the futures, this information is much better suited to investors looking for an ETF oil hedge.

    Though my primary computer is unfortunately out of service, I've managed to run some numbers on the big four oil ETFs - Claymore MACROshares Oil Up (UCR), PowerShares DB Oil (DBO), United States Oil (USO), and iPath Goldman Sachs Crude Oil (OIL). 

    These numbers are done on a time series from Jan 05 to Apr 23, and although they're short and only provide 4 contract lifespans, I thought it was important to provide a window into the newer PowerShares DBO's behavior.