NEW YORK (TheStreet) -- Welcome to Don Dion's Daily ETF Winners and Losers. Be sure to stop by each day to get a feel of who's winning and who's losing when it comes to ETFs.


ProShares UltraShort 20+ Year Treasury Bond Fund

(TBT) - Get Report


In a dramatic reversal from Monday's performance, TBT, which is designed to track the inverse performance of long-term U.S. treasuries is powering higher, erasing yesterday's losses.

Given the mixed nature of today's markets, it's interesting that investors aren't opting for the safety of government-issued debt. This may, however, highlight growing interest in riskier assets.

iPath S&P 500 VIX Short Term Futures ETN

(VXX) - Get Report


A mixed day of earnings and economic data is not boding well for investor confidence. As sentiment remains shaky, the volatility index is finding room to move higher, aiding ETNs designed to reflect its performance.

I would advise investors to avoid becoming too excited about today's action. VXX continues to show just how low it can go. The fund does not appear to be on path toward stability in the near future.

ETFS Physical Palladium Shares

(PALL) - Get Report


The price of palladium is heading higher today despite the mixed market action. Although investors continue to turn to precious metals as a ways to protect against market swings, because of its relation to industry, palladium has typically been seen as a metal which performs best during times of market strength.

PALL continues to test new highs. It will be interesting to see this fund's action in coming days.

iPath Dow Jones UBS Natural Gas Total Return Subindex ETN

(GAZ) - Get Report


After facing a heavy drop on Monday, the premium laden natural gas ETN is seeing a welcomed reversal. Meanwhile, the

United States Natural Gas Fund

(UNG) - Get Report

is relatively unchanged levels.

Although the bubble in the

iPath Dow Jones UBS Natural Gas Total Return Subindex ETN

(GAZ) - Get Report

appears to be deflating, it continues to lead toward disconnection from its underlying index. As this premium further disappears, the fund will likely see dramatic action. Steer clear.


iShares MSCI Sweden Index Fund

(EWD) - Get Report


The Swedish central bank's decision to raise key interest rates is weighing heavily on the ETF designed to track the nation's markets.

Major holdings Hennes & Mauritz, and Nordea were getting hit particularly hard. These two companies and


(ERIC) - Get Report

account for a large chunk of the fund's index, totaling nearly a third of its portfolio.

Elsewhere in realm of Europe-focused ETFs,

iShares MSCI Switzerland Index Fund

(EWL) - Get Report

is also heading lower.

Global X/InterBolsa FTSE Columbia 20 ETF

(GXG) - Get Report


A diverse collection of internationally-focused ETFs are seeing weakness today. In Latin America, GXG is leading the way lower. New Zealand and Israel are also falling, as indicated by the losses seen in

iShares MSCI New Zealand Investable Market Index Fund

(ENZL) - Get Report


iShares MSCI Israel Capped Investable Market Index Fund

(EIS) - Get Report


Market Vectors Steel ETF

(SLX) - Get Report

(SLX) -1.7%

It has been a tough day for steel-related companies as


(MT) - Get Report


U.S. Steel

(X) - Get Report

report less-than-positive quarterly earnings numbers.

Steel may be seeing weakness right now but I wouldn't completely write off this fund. Rather this fund provides an attractive play on our recovery picture.

As we continue down the road to economic healing, infrastructure will play a large role in helping the global economy along the path to recovery. This should help buoy demand for steel and other building materials.

All prices as of 2:15 PM EST

Written by Don Dion in Williamstown, Mass.

At the time of publication, Dion Money Management did not own any of the equities mentioned.

Don Dion is president and founder of

Dion Money Management

, a fee-based investment advisory firm to affluent individuals, families and nonprofit organizations, where he is responsible for setting investment policy, creating custom portfolios and overseeing the performance of client accounts. Founded in 1996 and based in Williamstown, Mass., Dion Money Management manages assets for clients in 49 states and 11 countries. Dion is a licensed attorney in Massachusetts and Maine and has more than 25 years' experience working in the financial markets, having founded and run two publicly traded companies before establishing Dion Money Management.

Dion also is publisher of the Fidelity Independent Adviser family of newsletters, which provides to a broad range of investors his commentary on the financial markets, with a specific emphasis on mutual funds and exchange-traded funds. With more than 100,000 subscribers in the U.S. and 29 other countries, Fidelity Independent Adviser publishes six monthly newsletters and three weekly newsletters. Its flagship publication, Fidelity Independent Adviser, has been published monthly for 11 years and reaches 40,000 subscribers.