There’s no doubt about it: the global economic recovery is happening. However, every region is recovering at its own pace, which means investors could see some uneven moves in the months to come. The varying levels of recovery should play out in exchange traded funds too.

World Economy Watch breaks down the world’s regions and susses out who will be the recovery’s leaders while we provide some ETFs you can consider to play along:

The Institute of International Finance (IIF) recently reported on private capital flowing into emerging economies. The IIF found that emerging economies received $232 billion dollars less in 2009 than they had received in 2008… from $667 billion down to $435 billion.

So if there was significantly less money in emerging economies to stimulate growth in 2009, how could so many emerging regions have scored amazing ‘09 stock market returns? Answer… the markets are forward looking.

In the final three quarters of 2009, emerging markets took the lead in the global recovery effort, delivering impressive growth rates as the world’s developed economies continued to struggle. China and India received the bulk of attention (and cash) from international investors, but South American equity markets had a banner year as well, led by Brazil. The signature moment for South America’s largest economy came in early October when Rio was awarded the 2016 summer Olympics, but Brazilian equities surged throughout the year, giving other Latin American economies a major boost in the process.

But since the calendars flipped to 2010 it’s been a completely different story. As a wave of risk aversion swept across financial markets, many Latin American ETFs–and Brazil funds in particular–find themselves deep in the red as January draws to a close. The iShares MSCI Brazil Index Fund (EWZ) is down 11.1%, while the Brazilian small cap ETF from Van Eck (BRF) has lost more than 14% already in 2010.