Both VXEEM and VXEWZ moved in sync rising just over 2.5%. The underlying market for these two indexes was higher with the EEM up about 2.5% and the EWZ rising 3.5%. EWZ represents equity market performance in Brazil and has been under pressure over the past few weeks so the rally this past week relative to the EEM can be attributed to Brazilian stocks playing some catch up with other emerging markets.
The interesting piece of the puzzle to tradable emerging market volatility was along the futures curve. Although the indexes moved higher, all futures contracts lost value on the week. This might be taken as the fear of some sort of dramatic drop in equity prices this summer may be coming out of the market.