Exchange-traded funds with European stock exposure outperformed those with American stocks Wednesday, adding to decisive gains that make the current three-month period the best on record. The iShares MSCI Eurozone ETF /zigman2/quotes/208576341/composite EZU -0.18% was up 2.1% in the morning, compared to a 1.1% gain for the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.22% . It has gained 2.8% over the past week, while the S&P 500 is up 0.6% in that time - and 26% in the past three months, beating the 17.4% gain for the domestic index. That's its best three-month period in the 20-year history of the fund. Analysts have speculated that a stronger, more cohesive European stimulus in response to the coronavirus pandemic than the one in the U.S. will benefit markets there, but European stocks have often lagged those in the U.S. over the past few years, even when there's a good investment thesis. On Wednesday, the Vanguard FTSE Europe ETF /zigman2/quotes/200270338/composite VGK +0.02% was up 1.8%, and has gained 20.7% over the past three weeks.