Like many equity market volatility indexes VXEEM has been at historically low levels for most of 2014. Eventually this sort of price action must revert to a mean that is higher and often this involves surpassing that average. VXEEM did just that finishing the week up over 25%.
Since some of the problems that took the markets down stemmed from an emerging market that was not Brazil, VXEWZ rose only (only?) 16% last week, much less than the 25% move out of VXEEM from last week. Also, the Brazilian market has held up better than the other emerging markets in 2014, it the EWZ ETF did experience a 4.5% drop last week.
The curves have a bit of a different look to them. VXEEM finished the week higher than the front month future while VXEWZ was at a discount. The discount is probably a function of VXEWZ being at a premium relative to VXEEM and anticipating more risk than VXEEM this year.