On October 31, the benchmark U.S. dollar-denominated MSCI All Country World Index closed at a record price of 427.63. It has since fallen to 366.21, a drop of 14.36%.

Yet not all world markets have fared equally poorly. Over the three-month span, there has been significant divergence between some of the best and worst performers, as the accompanying graph and table attest.

While it is hard to draw definitive conclusions, two things seem to stand out:

• Aside from Japan, which has been among the worst performing Asian markets for quite some time (and thus, has likely attracted considerable "bottom-fishing" inflows from value and contrarian-oriented investors in recent months), and Malaysia, which has remained a curious oasis of stability since global markets peaked, Asia-Pacific markets have not been been a popular investment destination lately. Perhaps we are witnessing the unwinding of ill-fated "decoupling" trades?

Relative to the MSCI All Country World Index, the MSCI Emerging Markets Index is now back to the level it was last spring -- before the bottom fell out.

While some might say that circumstances are much different than they were in the spring of 2006, there are a number of developing threats that leave emerging markets especially at risk.

These include higher bond yields, as I noted yesterday in "A world of rising long-term rates," and the breathtaking but ultimately unsustainable bubble in Chinese share prices.

No doubt equity prices everywhere have been surprisingly resilient, and the fact that emerging market shares are near key resistance may lead to nothing more than a short-term pause.

Nonetheless, any sign of weakness in world equity markets now could see this traditionally volatile sector bearing the brunt of the selling pressure.

Michael Panzner is a 25-year veteran of the global stock, bond, and currency markets and the author of Financial Armageddon: Protecting Your Future from Four Impending Catastrophes and The New Laws of the Stock Market Jungle: An Insider's Guide to Successful Investing in a Changing World.