At the time of writing, the Russian MICEX Index (MCX:MICEXINDEXCF) has slumped 9.3% year to date, compared to the MSCI World index, which has ticked higher by 4.2% over the same period; Russia has underperformed by 13.5% during the past five months alone. Over an extended period the performance gap only widens.
Russia’s underperformance
Over the past year, Russia has underperformed the MSCI World by 25.5%, and nearly 60% over the past three years.
This consistent underperformance has taken Russian stocks down to levels not seen since 2010, although they are still far off the lows reported...
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