Emerging Markets have lagged the SPY for a decade. That trend could change going forward. See the chart below:
Emerging Markets had a stellar bull run from 2002-2019. Since then they have gone nowhere. The relative strength vs SPY has been trending down and way below the 50 month Moving Average.
This ratio has hit a historic low going back to 2002. It seems to have bounced from this support. If this holds and we conquer the 50 month MA, it could be a very long secular trend for Emerging Markets.