Emerging markets (EEM, quote) vs. S&P 500 (SPY, quote) on a 7 year look back takes into account the good days and the bad days. 
Clearly we are in bad days and the sentiment towards emerging markets by casual investors is terrible.
I tweeted this morning a quote by Mohammed El Erian at PIMCO who I think characterized the situation perfectly while posing it almost as a rhetorical question:
“Are the technicals contaminating the fundamentals, and is the tactical money contaminating the dedicated money?”
We know the answer. Emerging markets hasn’t structurally changed despite any attempts to explain it as such.
