• Date: Late January 2014

Remember when everyone was talking about the "Fragile Five"?

Back in January, investors were spooked by bond and currency turmoil slamming emerging markets. Brazil, India, Indonesia, South Africa and Turkey were on the verse of a meltdown. That was on top of the implosion of Argentina's peso.

The fear was that other markets would catch the virus infecting these countries, creating a full-blown epidemic.

Related: 4 risks for emerging markets

The emerging market turmoil sparked a 6% drop in the S&P 500 between January 21 and February 5 and threatened to qualify as the first 10% correction since November 2012.

NEXT: Putin takes Crimea