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Interesting behaviour of low-vol EM ETFs

Searching for quality Emerging Markets ETFs, I've found some noticeable difference between these EM low-volatility ETFs: 

- PowerShares S&P Em Mkts Low Volatil ETF (EELV) 
- iShares MSCI Emerging Markets Mini Vol (EEMV) 
- EGShares EM Quality Dividend ETF (HILO)

EELV performs more or less like its benchmark EEM (wide market EM stocks), EEMV performs better, HILO significally underperforms.

Pair dynamics (with volatility normalization):

Data span 3 years, that's not enought to notice any cyclical behaviour. 3 years that's an important mark for a contrarian ideas, mean-reverting behaviour usually has 3-5 years timeframe. So depending on who you are, contrarian or momentum trader, you may see different things on this pictures. But going contrarian here would be really scary, considering how stable it goes.

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