The NDW Country Indices Matrix ranks 41 country-specific indices based on relative strength signals, offering a dynamic view of global market conditions. Throughout the year, the matrix evolved significantly as countries gained or lost buy signals.
The NDW Country Indices Matrix ranks 41 country-specific indices based on relative strength signals, offering a dynamic view of global market conditions. Throughout the year, the matrix evolved significantly as countries gained or lost buy signals. Today’s piece highlights the top performers that made the most dramatic climbs in rankings, as well as those bottom performers who have dropped the most in their rankings. These shifts reflect changes in trends that have influenced their relative strength across regions. Understanding these movements provides insight into which markets demonstrated resilience and which faced persistent headwinds.
The matrix underwent numerous changes throughout the year, with rankings shifting substantially from the start to the end of the year. The image below shows the top 5 biggest winners, or countries that have gained the most amount of “RS buy signals." The NDW Korea TR Index as the country that added the most buy signals and moved up the most in the matrix ranking. Throughout the year, Korea added 36 buy signals and moved up from 40th to 5th. Brazil was another country that saw much improvement. The country started off the year ranking 41/42 (one index was later removed from the matrix) in the matrix rankings, before ultimately gaining 25 buy signals and jumping 24 spots to its current ranking at17th.
On the downside, there were several countries that lost many RS buy signals and moved down notably on their matrix ranking. India, an area that previously provided much strength for emerging markets, saw the most technical deterioration last year, as the country lost 24 signals and now ranks 36th in the NDW Country Indices Matrix. Taiwan also lost 16 buy signals and moved down from 1st to the 19th position in the matrix as the country saw some relative deterioration for the year. Still, Taiwan sits in the top half of the matrix and offers several opportunities.
As of the end of 2025, the top 5 countries in the NDW Country Indices Matrix are shown below. The NDW Columbia TR Index currently leads the pack, as the group maintains 39 buy signals against the 40 other groups that the country is being compared against. However, the Israel sits in second place with 38 buy signals and 39 columns of Xs. For those who are interested in gaining exposure, you could consider investing in the MSCI Colombia ETF.
The Global X MSCI Colombia ETF (COLO) provides exposure to large-, mid-, and small-cap Colombian equities. COLO maintains a strong fund score of 5.70, with a strong score direction 1.74. The fund had a price return of just over 56% for the year of 2025 and is up just over 5% in 2026 so far. Additionally, COLO offers an impressive yield of 7.5%, bringing the total return of the fund to ~ 68% for the year of 2025. Long exposure can be made here. Resistance can be seen at $38.50. Strong support can be seen at $35.50, with the bullish support line serving as the next support at $29.50.
