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In a bygone era of emerging markets investing, one when equities in developing economies seemingly appreciated with ease, China was the leader of those gains. That's not to say the world's second-largest economy will sit idle if and when a new era of emerging markets bullishness arrives.

The MSCI India Index is down just 6% year-to-date — far better than the 20.12% shed by the MSCI Emerging Markets Index.

There are dozens of emerging markets fixed income exchange traded funds on the market addressing both corporate and sovereign debt. In what may come as a surprise to some investors, India is either just a small part or not represented at all in these funds.