Dion's Thursday ETF Winners and Losers

NEW YORK (TheStreet) -- Here are today's ETF Winners and Losers.

Winners

iPath S&P 500 VIX Short Term Futures ETN (VXX) 2.2%

The fear-tracking VIX index enjoyed an impressive string of gains this week as Europe's debt crisis resurfaced and the Federal Reserve dashed hopes for a new round of quantitative easing.

VXX has seen only one other four-day string of gains in 2012. In the coming week, it will be interesting to see if the winning streak will continue.

Guggenheim China Small Cap ETF (HAO) 2.1%

After taking hits during yesterday's sell off, Asia-related ETFs are staging a comeback. Aside from HAO, the Market Vectors Vietnam ETF (VNM), the iShares MSCI South Korea Index Fund (EWY), and the Market Vectors Indonesia ETF (IDX) can also be found heading into positive territory.

Thailand is bucking the trend. During mid-day trading the iShares MSCI Thailand Investable Market Index Fund (THD) was off approximately 1%.

ETFS Physical Silver Shares (SIVR) 1.4%

After two consecutive days of heavy losses, silver prices have managed to find some footing and are heading to industry-leading gains. Other bullion-backed funds like the ETFS Physical Palladium Shares (PALL) are following suit.

The precious metal mining industry is not faring as well. The Market Vectors Junior Gold Miners ETF (GDXJ) is sliding to new 2012 lows.

Losers

iShares MSCI Austria Investable Market Index Fund (EWO) -2.9%

Europe-linked ETFs are suffering losses as we approach the end of this tumultuous week of trading. EWO and the iShares MSCI Spain Index Fund (EWP) are among the notable decliners.

This past week's action has offered a stark reminder of the challenges that still face this region as we look to the road ahead.

United States Natural Gas Fund (UNG) -1.7%

The natural gas futures-tracking UNG saw some stirrings of life at the start of the week even as many major stock market indices were running into hurdles. Over the course of the past two trading sessions, however, the fund has returned to its losing ways, retreating towards all-time lows.

ProSharesUltraShort 20+ Year Treasury Bond ETF (TBT) -1.6%

This shortened trading week was peppered with disappointing news which sent investors fleeing for safety. As the extending weekend approaches, individuals are hesitant to unload these defensive asset classes. Thus, the leveraged, inverse-tracking TBT is heading lower.

All prices as of 2:10 PM DST

At the time of publication, Dion Money Management owned IAU.