PIIGS Alert: Greek ETF & ADR Are Outperforming, Really Outperforming (GREK, NBG)

The Greek debt deal is on, the Greek debt deal is off.  Whether or not a deal is struck remains a wild card for investors looking at the Eurozone for investing.  Greece itself is very difficult to invest in, but some investors are actually doing it and quite successfully to boot.  In fact, the new “Greek ETF” (It is all Greek to me) is the Global X FTSE Greece 20 ETF (NYSE: GREK) is one of the best performing ETFs out there for 2012 if you do not count the leveraged ETF and ETN products.

As far as today, you might consider that a debt delay is bad for the markets and for Greece.  Then why is this ETF up?  The “Greek ETF” is up 4.3% at $18.46 and that means that it is up over 20% from its $15.00 launch price. This one even hit a low of $12.70 in early January, so it is already up almost 50% from the low.

National Bank of Greece SA (NYSE: NBG) is up 5% at $3.62 today against an adjusted 52-week range of $1.64 to $11.85.  This has more than doubled off of its lows and those lows were only in early January.

It’s all Greek to me…