Emerging Markets leading the COVID rebound

Since 3/23/20 when all three bottomed out, the SPX (green) has outperformed the Europe, Australia, Asia, and Far East ETF (blue, ticker symbol EFA), but both are lagging behind the Emerging Markets ETF (orange, ticker symbol EEM).

The SPX has been leading most of the way, but last month the Emerging Markets became #1.

Investors have banked on strong recovery potential in the emerging markets.