we provide stock market returns in both local and dollar-denominated terms. Which of these is more relevant? What does this have to do with whether the foreign exchange risk of an investment has been hedged? (LO 19-1) 

U.S. - Spain South Korea Singapore Russia Mexico Japan Italy India Hong Kong Germany France China Canada Britain Brazil -30.0% -20.0% -10.0% Return (in U.S. $) 0.0% 10.0% Return (in Local Currencies) 20.0%