How do you think a foreign country X focused, US-denominated, ETF would perform during something like this, if the target country had a stable balance sheet? I

How do you think a foreign country X focused, US-denominated, ETF would perform during something like this, if the target country had a stable balance sheet? I've thought this would be a decent hedge (though difficult now that everything is global/intertwined), but love to hear the downside risk.