Countries outside the US that performed best in coping with the Covid-19 pandemic saw their associated exchange traded funds outperform, according to a study by Magni Global Asset Management.

According to the study, ETFs from the top 22 countries with better responses lost 15.8% year to date through the end of May. The remaining countries in the study fell 23.1% on average during the same period, a difference of 7.3 percentage points.