Don Dion's Weekly ETF Winners and Losers

NEW YORK (TheStreet) -- Here are this week's ETF winners and losers.

Winners

U.S. Natural Gas(UNG) +8.2%

iPath Natural Gas ETN(GAZ) +7.5%

U.S. 12 Month Natural Gas(UNL) +5.8%

UNG gained 5.3% on Monday and held those gains through the week, adding a bit on Friday as a major winter storm rolled across the mid-Atlantic.

To put the move in perspective though, UNG was the biggest loser last week, and it finished this week below where it was two weeks ago. Much of the gain this week may simply be a rebound off the previous week's losses.

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CurrencyShares Japanese Yen(FXY) +0.9%

When he took office last month, Japan's finance minister, Naoko Kan, said he wanted to see the yen weaken so that 95 yen would be worth a dollar, but the financial markets had other ideas this week.

Investors unwound carry trades as markets slid, and the yen showed strength against the greenback, which itself was rising against the euro. On Friday, the yen was trading at about 89 per dollar, down from the 93 level seen in early January when Kan took office.

iShares Dow Jones U.S. Home Construction(ITB) +0.4%; SPDR S&P Homebuilders(XHB) -0.4%

While I still have concerns regarding the strength of the broad U.S. real estate industry, it's hard to deny the impressive performance from homebuilder ETFs like the iShares Dow Jones U.S. Home Construction Index Fund, which was a winner for the second straight week. As was the case last week, ITB beat XHB thanks to a larger allocation to homebuilder stocks.