South America: A tale of two countries; Which country is hot?

Which country is hot in South America? Brazil?

Nope!

YTD (Year-to-date) performance:

EWZ (Brazil ETF): -7%
ECH (Chile ETF): +7%

Now Brazil has been affected by currency moves as the Real has dropped nearly 4% this year. This should have boosted EWF further however.

In the case of Chile, the great SQM company has a lot to do with it as it makes up quite a chunk of the ETF.