Contrarian investing is a well-known strategy where an investor takes a position contrary to the majority of the investing world or against any prevailing trends. The methodology was perhaps stated best by Warren Buffett, who told investors to “be fearful when others are greedy, and greedy when others are fearful.”

While it can often be tough to go against the grain, contrarian-style investments often have large upside potential, making them especially attractive allocations.

Below, we outline three ETFs that contrarians may want to consider for their portfolios.

India Small Cap On The Cheap

As a cornerstone emerging market, India’s rapidly expanding economy has enticed many investors in recent years. The country’s small-cap sector, though risky, often comes with a larger upside potential. Thus far in 2013, the two small-cap ETFs focused on India, the Market Vectors India Small-Cap Index ETF (SCIF) and Emerging Global Shares INDXX India Small Cap Index Fund (SCIN), have struggled and fallen well behind the large-cap MSCI India Index ETN (INP). SCIF is down 42 percent and SCIN has lost 34 percent year-to-date, versus INP’s drop of 14 percent.

From a long-term perspective, India’s small-cap sector looks poised to soar despite volatility in the last few years. Investors looking to make a quality buy-and-hold decision should give these two products a close look, as both are sitting in the dumps but have sky-high potential for the future.

Silver: The Age-Old Debate

Precious metals lovers are quick to hype silver for its long-term upside potential. But the past few years have seen the metal struggle, infected with vicious volatility. Silver is still well off of its historical highs that came nearly three decades ago and prices are currently as low as they have been in just under three years. The iShares Silver Trust (SLV) has been trending down for some time, but that may present investors with the entry point they need.

Silver and SLV carry a unique investing methodology that few other commodities can boast––the white metal is both a safe haven and an industrial product. Silver is often a place where investors run when things look grim or inflation fears tick higher. At the same time, an improved economy can send prices higher as industrial demand for the metal spikes. Currently, silver is stuck somewhere in limbo as it is struggling to identify with either category. Once that shifts, it will likely be too late to find a rosy entry point, making SLV a compelling buy in today’s market.

Everyone Hates The Yen