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

Winners

iShares MSCI Italy Index Fund

(EWI) - Get Report

3.6%

The Italy ETF is heading higher, recovering to its 200-day moving average, and flirting with previous February highs. Other countries in the European Union are following suit. Funds including the

iShares MSCI Germany Index Fund

(EWG) - Get Report

and the

iShares MSCI France Index Fund

(EWG) - Get Report

are also sitting in positive territory.

Market Vectors Vietnam ETF

(VNM) - Get Report

3.3%

After two consecutive days of downward action, the Vietnam ETF has reversed course and is once again locking in gains. Although this about-face has allowed the fund to recover a respectable portion of its recent losses, I encourage investors to stick to the sidelines. More choppiness could be up ahead.

SPDR S&P Metals & Mining ETF

(XME) - Get Report

2.0%

After Wednesday's steep sell-off, miner stocks are enjoying a refreshing turnaround. Aside from XME, the

Market Vectors Gold Miners ETF

(GDX) - Get Report

and the

Global X Silver Miners ETF

(SIL) - Get Report

are also strengthening.

Bullion-backed precious metals funds that got hit especially hard during Wednesday's downturn are rebounding as well. The

iShares Silver Trust

(SLV) - Get Report

and

iShares Gold Trust

(IAU) - Get Report

are witnessing gains.

Losers

United States Natural Gas Fund

(UNG) - Get Report

-4.5%

The bottom appears to have fallen out for natural gas futures as we approach the end of the week. After spending much of the past month trading along a sideways path, UNG shares have once again succumbed to selling pressure and are locking in all-time lows.

The premium laden

iPath Dow Jones UBS Natural Gas Subindex Total Return ETN

(GAZ) - Get Report

is heading lower as well. However, the ETN's losses are contained compared to UNG's.

iPath S&P 500 VIX Short Term Futures ETN

(VXX) - Get Report

-2.1%

The fear-tracking VIX index is taking a hit, leading ETNs like VXX and the

iPath S&P 500 VIX MidTerm Futures ETN

(VXZ) - Get Report

to losses.

It has managed to stay off the losers list this week, but this marks the third consecutive day of declines for the VXX. The slide has pushed this ETN back towards its February lows.

iShares Barclays 20+ Year Treasury Bond Fund

(TLT) - Get Report

-1.3%

Major U.S. market indices are heading higher during mid-day trading, luring investors out of safe haven asset classes. This risk-on mentality is weighing on TLT, which is suffering its third day of losses.

The leveraged, inverse tracking

ProShares UltraShort 20+ Year Treasury Bond ETF

(TBT) - Get Report

is reveling in TLT's weakness, enjoying more than 2% gains.

All prices are as of 2:11 PM EST.

Written by Don Dion in Williamstown, Mass.

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At the time of publication, Dion Money Management owned iShares Gold Trust.