European stock markets are on a tear this year, showing double-digit gains that far outperform the returns of U.S. stocks. One of the main drivers of blistering gains in European stocks is monetary stimulus from the European Central Bank — and analysts say the rising trend in stocks in Europe may just be getting started.

The Dow Jones industrial average has gained 0.15 percent so far this year through June 5, while the Stoxx Europe 600 index has skyrocketed 13.6 percent. Individual country performance within the euro area is also impressive. Germany’s main stock index — the DAX — is up 14.2 percent, while France’s CAC 40 index is up 15.2 percent and Spain’s IBEX 35 is up 7.6 percent.

What’s behind the healthy gains? In an effort to battle back against weak economic growth and potential deflationary economic conditions, the European Central Bank has been supporting the economies there with bond purchase programs, similar to actions by the U.S. Federal Reserve in recent years. In January, the ECB announced an expanded asset purchase program totaling €60 billion per month, which equates to roughly $66.6 billion at the current exchange rate, and the economies and stock markets reacted positively. Gross domestic product growth in the eurozone was 0.4 percent for the first quarter, and was up 1 percent year-over-year.

The European economy responded more quickly to monetary stimulus than the U.S. economy responded to the Fed’s quantitative easing actions in recent years, and the European equity market has benefited, says Laura LaRosa, director of portfolio management at Glenmede Trust Co., a Philadelphia-based investment and wealth management firm. “European banks have introduced money into the economy more quickly, and European job creation has rebounded more quickly,” LaRosa says.

In May, the World Bank reported that the economies of all European Union member states will expand in 2015 for the first time since the recession. “Money is being pumped into the economy across the board, companies are hiring and spending, and individuals are purchasing,” LaRosa says.

Positive economic growth differentials. While the U.S. stock market is now in its sixth year of a rising trend, some analysts say European stocks are just getting started on a new up cycle. “Investors had left Europe for dead, but eurozone GDP growth might actually finish the year higher than U.S. GDP growth. The European economy appears to have bottomed out, whereas the U.S. economy may be topping,” says Charles Sizemore, founder of Dallas-based Sizemore Capital Management, an investment advisory firm.

Relative to the U.S., European stocks have become an attractive asset class, LaRosa says. “The valuations of European equities haven’t risen as quickly, and investors have an opportunity to capitalize on this,” she says.

Add European exposure. Investors who only have exposure to U.S. markets could benefit from diversifying overseas. “It makes sense because earnings growth is expected to increase at a faster rate in Europe than the U.S. Beyond that, with globalization, it makes sense to have exposure to one of the world’s largest and most important economic zones outside of the U.S.,” says Patrick J. O’Hare, chief market analyst at Chicago-based Briefing.com, an independent live market analysis firm.

Looking ahead, analysts are optimistic that European stocks will offer a solid investment opportunity. “Trends like these do not turn on a dime, and I expect European stocks to outperform U.S. stocks over the next five to 10 years. Not every year, of course, but total returns over that period should be significantly higher in Europe,” Sizemore says.

For investors looking to expand overseas, there are a number of options to consider, from stock purchases to exchange-traded funds. There are many well-known European companies listed on U.S. stock exchanges, such as Unilever (symbol: UL), Nestle (NSRGY) and Deutsche Bank (DB). But there is also added risk with individual stock purchases, O’Hare says.

For investors seeking to mitigate the risk of an individual stock purchase, O’Hare pointed to several exchange-traded products that are appealing, including iShares MSCI EMU ETF (EZU), iShares MSCI Germany ETF (EWG) and Vanguard FTSE Europe ETF (VGK). ETFs, which trade like stocks, hold a basket of securities and generally track an underlying index.

“These instruments provide a more conservative pathway to investing in Europe because of the diversification they offer,” O’Hare says.

Within Europe, Sizemore says Spain has the most upside. “Spain got hit hard by the crisis, and its unemployment rate is still over 20 percent. But it is in markets that have taken the most abuse that we have the best upside potential. Spain should have reasonably good growth this year, and its companies are among the most globally diversified in the world,” Sizemore says.

For more targeted exposure, Sizemore points to the iShares MSCI Spain ETF (EWP). “It’s a collection of Spanish blue chips and a great way to play a rebound in Spain,” he says.

Here are four ETFs to consider when investing in Europe’s rebound:

iShares MSCI EMU ETF (EZU). This ETF invests in large- and mid-cap stocks based in member countries of the eurozone. Its top holdings include Bayer AG, Sanofi and Anheuser-Busch. The 52-week range is $31.41 to $44.19, and it recently traded at $39.71. The expense ratio is 0.48 percent.

iShares MSCI Germany ETF (EWG). This ETF focuses on Germany and offers exposure to mid- and large-cap stocks. Its top holdings include Bayer, Daimler AG and Siemens AG. Bayer is the largest holding at 9.77 percent. The 52-week range is $25 to $32.38, and it recently traded at $29.37. “It’s hard not to like Germany, given its adherence to budgetary conservatism and being the de facto political head of the eurozone. In addition, the weaker euro is enhancing the competitiveness of German exporters,” O’Hare says. The expense ratio of 0.48 percent.

Vanguard FTSE Europe ETF (VGK). This ETF tracks the FTSE Developed Europe Index, which includes large- and mid-cap stocks from 17 developed countries in Europe. British and Swiss stocks account for nearly half the portfolio. Top holdings include Nestle SA, Novartis AG and HSBC Holdings PLC. The 52-week range is $49.81 to $61.89, and it recently traded at $56.92. The expense ratio is 0.12 percent.

iShares MSCI Spain ETF (EWP). This ETF offers investors exposure to large- and mid-cap stocks in Spain. The ETF is fairly narrow with roughly 20 holdings and a heavy focus on financial services. The 52-week range stands at $31.79 to $44.46, and it recently traded at $35.48. The two largest holdings are Banco Santander SA at 21 percent and Telefonica SA at 12 percent. The expense ratio is 0.48 percent.

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Ride European Stock Gains With These 4 ETFs originally appeared on usnews.com