due to the volatility in the emerging markets, a simple trend follow scheme would give a profit factor >1.6, however the overall return still does not compare to buy and hold. I don't buy the argument that a trading strategy beats buy&hold with a lower return because it is in the market for less time. What are you doing with the ETFs? e.g. EZA, EWZ, EWY..... are you beating buy&hold?