Global Equity Opportunities

Latest Alpaca Scan

US-listed global ETFs ranked by risk-adjusted momentum, trend, and volatility. Data source: alpaca iex daily bars through 2026-05-22.

28symbols

SOXXtop rank

SOXX

1.48

Semiconductor industry

50.5% 3M

SMH

1.43

AI semiconductors

39.5% 3M

EWT

1.28

Semiconductor supply chain

32.3% 3M

URTH

0.86

Broad developed benchmark

6.9% 3M

ACWI

0.74

Broad global benchmark

6.7% 3M

USO

0.72

Oil shock proxy

74.3% 3M

UUP

0.67

USD risk factor

2.5% 3M

DXJ

0.65

Japan exporters currency hedged

1.9% 3M

Full Ranking

Symbol	Region	Theme	1M	3M	3M Vol	Score
SOXXiShares Semiconductor ETF	Global/US	Semiconductor industry	21.8%	50.5%	43.0%	1.48
SMHVanEck Semiconductor ETF	Global/US	AI semiconductors	19.5%	39.5%	37.9%	1.43
EWTiShares MSCI Taiwan ETF	Taiwan	Semiconductor supply chain	14.9%	32.3%	35.0%	1.28
URTHiShares MSCI World ETF	Developed Markets	Broad developed benchmark	4.4%	6.9%	16.0%	0.86
ACWIiShares MSCI ACWI ETF	Global	Broad global benchmark	4.4%	6.7%	17.6%	0.74
USOUnited States Oil Fund	Global	Oil shock proxy	4.7%	74.3%	69.5%	0.72
UUPInvesco DB US Dollar Index Bullish Fund	Global	USD risk factor	0.9%	2.5%	6.0%	0.67
DXJWisdomTree Japan Hedged Equity ETF	Japan	Japan exporters currency hedged	5.7%	1.9%	20.6%	0.65
EWYiShares MSCI South Korea ETF	South Korea	Memory and electronics cycle	20.8%	30.6%	64.5%	0.49
GRIDFirst Trust NASDAQ Clean Edge Smart Grid Infrastructure ETF	Global	Power grid infrastructure	4.1%	10.7%	28.0%	0.44
BOTZGlobal X Robotics & AI ETF	Global	Robotics and AI	9.9%	4.5%	30.4%	0.42
EEMiShares MSCI Emerging Markets ETF	Emerging Markets	Broad EM benchmark	5.7%	6.8%	30.4%	0.35
EWJiShares MSCI Japan ETF	Japan	Japan equity beta	5.2%	0.2%	25.4%	0.28
EFAiShares MSCI EAFE ETF	Developed ex-US	Broad developed ex-US	2.7%	-0.5%	22.4%	0.08
EZUiShares MSCI Eurozone ETF	Eurozone	Eurozone broad beta	3.1%	-0.6%	25.6%	0.04
FEZSPDR EURO STOXX 50 ETF	Eurozone	Eurozone megacap beta	3.0%	-1.8%	26.9%	-0.03
EWHiShares MSCI Hong Kong ETF	Hong Kong	Hong Kong beta	1.0%	-1.3%	17.8%	-0.04
EWGiShares MSCI Germany ETF	Germany	Europe cyclicals and industrials	2.3%	-2.3%	25.6%	-0.06
EWUiShares MSCI United Kingdom ETF	United Kingdom	UK equity beta	0.6%	-1.6%	21.1%	-0.10
PAVEGlobal X U.S. Infrastructure Development ETF	United States	Infrastructure	-2.5%	0.2%	24.5%	-0.21
ITAiShares U.S. Aerospace & Defense ETF	United States	Defense	2.9%	-6.5%	27.4%	-0.40
PPAInvesco Aerospace & Defense ETF	United States	Defense	0.8%	-4.9%	24.1%	-0.43
EWQiShares MSCI France ETF	France	Europe large-cap beta	-0.1%	-4.9%	24.7%	-0.49
EPIWisdomTree India Earnings ETF	India	India earnings-weighted exposure	-2.0%	-6.6%	21.1%	-0.71
INDAiShares MSCI India ETF	India	India growth and domestic demand	-2.1%	-8.0%	21.2%	-0.78
FXIiShares China Large-Cap ETF	China/Hong Kong	China H-share large caps	-2.7%	-8.2%	20.6%	-0.81
MCHIiShares MSCI China ETF	China	China large/mid cap	-3.0%	-8.6%	21.7%	-0.83
GLDSPDR Gold Shares	Global	Risk hedge	-4.0%	-14.0%	27.6%	-1.06

Current News Backdrop

Reuters reported on 2026-05-25, republished by Investing.com, that European shares reached a two-month high, helped by optimism around a US-Iran peace agreement and the potential reopening of the Strait of Hormuz. Source: https://www.investing.com/news/stock-market-news/european-shares-climb-to-over-twomonth-highs-on-iranus-peace-optimism-4708340

Axios reported on 2026-05-24 that a proposed US-Iran agreement included a 60-day ceasefire extension and reopening of the Strait of Hormuz. Source: https://www.axios.com/2026/05/24/iran-deal-strait-hormuz-sanctions-nuclear

Taiwan's May 2026 equity rally has been strongly AI- and semiconductor-led, with the Taipei Times reporting a record index move above 40,000 earlier in the month. Source: https://www.taipeitimes.com/News/front/archives/2026/05/05/2003856767

South Korea's rally has also been AI-memory-led, with Axios reporting large 2026 gains in Samsung Electronics and SK Hynix. Source: https://www.axios.com/2026/05/07/south-koreas-stock-rally-is-outpacing-rest-world

The same near-term setup matters globally: lower energy/geopolitical risk supports Europe and import-heavy Asia, while AI demand continues to concentrate leadership in Taiwan, Korea, Japan technology suppliers, and US semiconductor-linked baskets.

Opportunity Map

1. Europe Reflation / Energy-Risk Relief

Candidate instruments: `FEZ`, `EZU`, `EWG`, `EWQ`, `EWU`.

Long Europe versus global benchmark when European ETF 1-month and 3-month momentum are both positive and oil volatility is falling.

Pair trade long `FEZ` or `EWG` versus short `ACWI` or `URTH` when Europe momentum improves after geopolitical risk compression.

Add stop conditions tied to renewed oil shock: exit if `USO` breaks above its 20-day high with rising realized volatility.

Main risk: peace headlines can reverse quickly, and Europe is sensitive to currency, energy, bank-credit, and export-cycle shocks.

2. AI Infrastructure And Semiconductor Supply Chain

Candidate instruments: `SMH`, `SOXX`, `EWT`, `EWY`, `EWJ`, `BOTZ`, `GRID`.

Trend-following basket: hold the top 3 of `SMH`, `SOXX`, `EWT`, `EWY`, `EWJ`, `BOTZ`, and `GRID` by 3-month risk-adjusted momentum, rebalance weekly or monthly.

Relative value: long Taiwan/Korea/Japan tech beta versus broad EM or ACWI when semiconductor ETFs lead broad equities.

Infrastructure second derivative: compare `GRID` momentum against semis; if `GRID` begins outperforming after semis, test a lagged power-infrastructure rotation.

Main risk: crowded AI positioning, valuation compression, export restrictions, chip-cycle inventory reversal.

3. Japan Momentum / Governance Reform

Candidate instruments: `EWJ`, `DXJ`.

Japan trend allocation when `EWJ` is above its 100-day moving average and 3-month momentum exceeds `ACWI`.

Currency-hedged comparison: prefer `DXJ` over `EWJ` when USDJPY momentum favors yen weakness; prefer `EWJ` when yen strength is improving.

Exporter beta overlay using `DXJ` during global risk-on phases.

Main risk: BOJ policy surprises, yen reversal, and global cyclicals drawdown.

4. India Structural Growth With Valuation Discipline

Candidate instruments: `INDA`, `EPI`.

Buy pullbacks only when long-term trend remains intact: price above 200-day average, 20-day RSI or z-score washed out, then exit on mean reversion.

Relative momentum filter versus `EEM`; hold India only when it beats EM on 3-month risk-adjusted returns.

Main risk: valuation premium, oil import sensitivity, INR pressure, foreign-flow reversals.

5. China / Hong Kong Rebound Optionality

Candidate instruments: `MCHI`, `FXI`, `EWH`.

Event-driven rebound basket after confirmed policy support or geopolitical de-escalation, but require price confirmation above 50-day average.

Short-duration mean-reversion only; avoid treating one policy headline as a durable regime change without breadth confirmation.

Pair long China/HK versus short broad EM only when China momentum stops lagging `EEM`.

Main risk: policy disappointment, property stress, external restrictions, weak domestic demand.