Dion's Monday ETF Winners and Losers

NEW YORK (TheStreet) -- Welcome to Don Dion's "ETF Winners and Losers." Be sure to stop by throughout the week to find out which ETFs are gaining or losing.

Winners

iPath Dow Jones UBS Natural Gas Subindex Total Return ETN(GAZ) 5.6%

GAZ's upward action is impressive. Unfortunately, the fund's strength is due to the substantial premium plaguing the product. The United States Natural Gas Fund(UNG), which currently doesn't boast any premium, is floundering, dipping over 1% in early afternoon trading.

SPDR S&P Biotech ETF(XBI) 3.1%

Four consecutive days of declines pushed the biotech-tracking XBI back to levels where it started the month. At the start of the week, however, the fund appears to have found some footing.

Other biotechnology ETFs including the iShares NASDAQ Biotechnology Index Fund(IBB) and the First Trust NYSE Arca Biotechnology Index Fund(FBT) are also pushing higher.

Market Vectors Russia ETF(RSX) 3.0%

Russia's marketplace took a heavy shot across the bow late last week as Greece-related fears fell back into focus. On Monday, however, the fund appears to have been rejuvenated. Investors with exposure to RSX will want to watch closely in the days ahead. The fund is currently testing its 200-day moving average.

Turkey is another Eastern European nation that is gaining ground at the start of the week. Shares of the iShares MSCI Turkey Investable Market Index Fund(TUR) are up over 2%.

iShares MSCI South Korea Index Fund(EWY) 2.0%

Eastern Europe is leading the march higher, but other corners of the emerging world are also sitting in positive territory. In Asia, EWY and the iShares MSCI MSCI Singapore Index Fund(EWS) are gaining ground. Meanwhile, Brazil-related products like the Market Vectors Brazil Small Cap ETF(BRF) and the iShares MSCI Brazil Index Fund(EWZ) are up around 2%.

Losers

iPath S&P 500 VIX Short Term Futures ETN(VXX) -6.7%

The Greece-inspired fears that propelled VXX to strong gains on Friday have subsided, leading both VXX and the VIX benchmark index to notable losses. Both still have some respectable ground to cover before returning to their 2012 lows. However, in the event that fears can stay subdued, these levels may soon be revisited.