The Vanguard FTSE Emerging Markets ETF (VWO) is undergoing a face-lift as it transitions from its MSCI emerging markets index to a FTSE emerging markets index.

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Look no further than the relative performance of VWO and the Schwab Emerging Markets Equity ETF (SCHE), the latter of which tracks a similar version of the FTSE Emerging Markets index.

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Dave Lutz, ETF strategist at brokerage firm Stifel Nicolaus, notes that the FTSE emerging markets index does not currently include South Korea while MSCI puts the country at 15.5% of the index.

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And the top 20 companies account for just over a quarter of the FTSE emerging-markets index.

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Nevertheless, China equities are still beating the MSCI Emerging Markets index, if measured by the FTSE China Xinhua 25 (FXI) exchange traded fund.

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Over the last six months, the iShares FTSE China Xinhua 25 ( FXI) exchange traded fund has outperformed the MSCI Emerging Markets index.

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Since June 1, the iShares FTSE Xinhua China ETF is down 4.95%, underperforming the MSCI Emerging Markets index and the MSCI EAFE, both down around 2.9%.

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The iShares MSCI Brazil (EWZ) is down 22.4%, Market Vectors Russia (RSX) down 21.8%, Wisdom Tree India (EPI) down 16.4%, iShares FTSE Xinhua China 25 (FXI) down 15.9% and the MSCI Emerging Markets index (EEM) down 19.5% over the last month.

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The financial and real estate heavy iShares FTSE China ( FXI) exchange traded fund is up 2.05 percent year to date, beating the MSCI Emerging Markets Index.

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