This Week's ETF Winners & Losers

Exchange-traded funds tracking financial stocks were among the worst performers this week as uncertainty abounded regarding impending first-quarter writedowns at the sector's biggest names.

At the end of the week, Ultra Financials ProShares (UYG Quote) had tanked 11.1%. The Financial Select SPDR (XLF Quote), Vanguard Financials (VFH Quote) and iShares Dow Jones U.S. Financial Sector (IYF Quote) lost 6.1% or more.

The week saw Oppenheimer predicting that Citigroup (C Quote), Merrill Lynch (MER Quote) and UBS (UBS Quote) will probably write off another large batch of soured assets and post losses for the first quarter. Further, speculation resurfaced that Lehman Brothers (LEH Quote) is suffering from liquidity troubles -- a suggestion the firm has fought back against.

ETFs tracking retail shares also lost ground as J.C. Penney (JCP Quote) ended the week by slashing its first-quarter earnings forecast, blaming soft consumer spending. Another blow came earlier this week when the Conference Board released dismal consumer-confidence numbers.

Over the past five sessions, Retail HOLDRs (RTH Quote) lost 2.7%, SPDR S&P Retail (XRT Quote) shed 4.6% and PowerShares Dynamic Retail (PMR Quote) surrendered 3%.

Bundled securities tracking energy and gold were among the week's few winners, however, as investors bulked up on crude and gold futures amid a weakening U.S. dollar.

Oil Services HOLDRs (OIH Quote) was one of the best performers, spiking 5.9% for the week. Ultra Oil & Gas ProShares (DIG Quote) added 2.6%, United States Oil (USO Quote) rose 3.5%, and Energy Select Sector SPDR (XLE Quote) tacked on 3.8%.

As for gold-related ETFs, since Monday the Market Vectors Gold Miners ETF (GDX Quote), PowerShares DB Gold (DGL Quote), iShares COMEX Gold Trust (IAU Quote) and streetTRACKS Gold Shares (GLD Quote) all climbed 2% or more.