For example, U.S. investors in the iShares MSCI Germany Index Fund (NYSEArca:EWG) saw returns of 21.12 percent, over 3 percentage points higher than the returns of local investors in Germany. Indeed, investors in the iShares MSCI Mexico Investable Market Index Fund (NYSEArca:EWW) saw a 16.29 percent return in the first quarter, much of it on the back of the Mexican peso. The peso's strength is largely due to the steady hand of Mexico's central bank, which has kept inflationary pressures at bay, as IndexUniverse's Currency Impact Report shows.