Global ETFs Surge Amid U.S. Market Declines As U.S. stocks falter with the S&P 500 ETF (SPY) down 4.35% year-to-date, international ETFs are seeing strong performance. The iShares China Large-Cap ETF (FXI) has gained 18%, driven by China’s economic recovery, while the iShares Europe ETF (IEV) is up 13%, reflecting European equities’ resilience.12