Emerging markets equities are currently at their lowest relative to US equities since 1969, according to data from BofA Hartnett. Despite this, emerging markets are outperforming the Nasdaq-100 Index (QQQ) year-to-date, with a lead of more than 3 percentage points. Emerging markets have not traded above 15 times earnings for a significant duration since 2000, and their next twelve months earnings per share (NTM EPS) remain 7% below levels from 16 years ago. The decline in emerging markets equities relative to US equities follows a significant commodities and trade-driven run post the 1999-2000 tech bubble, but has seen a relentless slide since 2009. Analysts suggest that the recent rally in China has contributed to the relative strength of emerging markets. The lowest level since 1969 highlights the potential opportunity in some better-performing emerging markets.