Wrong were those investors who thought emerging markets would perform miserably in the fourth quarter due to the looming Fed tightening. The  gradual waning of cheap dollar inflows post lift-off, the resultant rise in the greenback, sluggish emerging currencies, high inflation issues, political disorder and the commodity market rout were deemed to dull the appeal of emerging markets.

The theory  wasn’t completely baseless. The broader emerging market ETF iShares MSCI Emerging Markets (EEM) has lost 17% so far this year and over 3.3% so far this quarter (as of December 18, 2015). But not all emerging market equities and the related ETFs have been vulnerable. At least, Q4 performance of a few emerging market ETFs has been noteworthy (read: First Fed Hike Put These ETFs in Focus).

Investors should note that the S&P 500-based SPY has added over 1.8% so far this quarter (as of December 18, 2015) and world ETF ACWI is up 0.3%. A couple of emerging market ETFs have managed to climb and two funds even impressed with their double-digit returns in the quarter-to-date period (as of December 18, 2015).

Interestingly, these top performers are spread across various sectors or countries and could be better plays in the current market. This suggests that there have been winners in every corner of the space, even  amid a sluggish overall trend. Below we highlight three top-performing emerging market ETFs in the quarter-to-date frame (read: 4 Safe Ways to Invest in Emerging Market ETFs).

Emerging Markets E-Commerce ETF (EMQQ) – Up 23.3%

The Internet and e-commerce industry is developing fast with the increased use of social networking sites and online trading as well as the growing adoption of smartphones and other mobile Internet devices. So, this product has more to do with technological expansion in the emerging markets rather than reflecting the slowing potential of those economies. In fact, EMQQ can succeed on the back of a fast-expanding middle class population of emerging nations (read: These New ETFs Could be Big Winners).

This $12-million ETF considers companies from Asia, Latin America, Africa and Eastern Europe. Country-wise, China takes the highest allocation in the fund. Alibaba, Baidu and Baozun are the top three holdings of the fund. EMQQ charges 86 bps in fees and is up 23.5% so far in the fourth quarter (as of December 18, 2015).
 
First Trust ISE Chindia Index Fund (FNI)
 
This fund follows the ISE Chindia Index, which measures the performance of the liquid firms domiciled either in China or in India. Notably, even after the upheaval in August, Chinese stocks are among the top-and stellar performing securities in the emerging market pack. As far as India is concerned, it is one of the most stable emerging markets at the current level in terms of economic growth and corporate profitability (read: India Small Cap ETFs: Best of Emerging Markets Now?).

It has accumulated nearly $230 million in its asset base. The product puts nearly 50% of its assets in the top 10 holdings, with JD.com, Tata Motors and NetEase being the top three firms.

From a sector look, more than 35% of the assets are allocated to information technology while about one-third goes to consumer discretionary. FNI charges 60 bps in fees per year from investors and has returned 12.63% so far in the quarter.
 
BLDRS Emerging Markets 50 ADR ETF (ADRE)
 
The product looks to track 50 emerging market-based depositary receipts. The fund invests about 45% of assets in China while Taiwan, Brazil and India get the next three positions with 14%, 12.5% and 10.4% weight, respectively. The fund charges 30 bps in fees.

Sector-wise, the fund is heavy on information technology (38.68%) while telecom (16.75%), financials (14.7%) and energy (10.2%) get double-digit exposures. Alibaba (11.5%) and Taiwan Semiconductor (10.6%) are the top two stocks of the fund. ADRE is up 5.6% in the quarter-to-date frame and has a Zacks ETF Rank #3 (Hold) with a Medium risk outlook.