The iShares China Large Cap has rebounded 27 percent from its March 20 lows, bringing its year-to-date gain to 8 percent. But it's the iShares MSCI India that takes the BRIC crown when it comes to performance in 2014. Since Feb. 3, it has managed to gain 40 percent, and has done so with a fairly steady climb. Many credit the anticipation and eventual rise to power of current Prime Minister Narendra Modi, who is viewed as being pro-business and economic growth.
As for how some of the key developed market ETFs have fared, the SPDR S&P 500 ETF has gained nearly 20 percent since its low on Feb. 5, and the iShares MSCI Germany has gained 14 percent since its low on Oct. 16, so this is an ETF that is just starting to get some traction over the last couple of months. A big question remains about just how much the economy can grow given all the headwinds facing the European continent. There's also what policy actions the European Central Bank may take in terms of its own monetary stimulus program in the coming months.
Read MoreThis nifty ETF maneuver is becoming more common
For those investors that base trades on macro, or larger global economic themes, picking the right geographic investments has yielded superior returns, but it remains to be seen if those trends will continue into 2015.