Vanguard Emerging Markets ETF (NYSEArca: VWO ) and iSharesMSCI Emerging Markets Index ETF (NYSEArca: EEM ) are about 7% below their 200-day moving averages. U.S. investors are forgoing riskier assets like emerging market exchange traded funds (ETFs), and instead are sticking to the "safety" of government bonds and gold. Asset manager GMO calculates that emerging market stocks will earn an annualized after-inflation return of 4.7% over the next seven years.