Relative to the All Country World Index (ACWI), only four European countries' constituents have managed to outperform-- Belgium, Denmark, Ireland, and Switzerland (for now):
Country indexes for Germany, Netherlands, and Sweden remain in trading ranges:
In aggregate, stocks in Finland, France, Italy, and Spain have declined on a relative basis for years-- but recently rallied to at least challenge resistance at the long-term downtrend line:
Austrian, Norwegian, Portuguese, and UK constituents, also in multi-year relative strength downtrends, recently accelerated to the downside: