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.

Winners

Market Vectors India Small Cap Index ETF

(SCIF) - Get Report

2.3%

Although it still has some space to make up, this small cap India ETF has staged a nice recovery from last week's doldrums, providing ravaged investors with some welcomed relief.

SCIF's performance over the past week is a reminder of why I often urge investors to keep their exposure to emerging markets small. Wild market swings are not uncommon events and overexposure can result in gut-wrenching day to day performance.

ProShares UltraShort 20+ Year Treasury Bond Fund

(TBT) - Get Report

2.2%

The market's strong performance throughout December has wreaked havoc on defensive assets such as long-term U.S. Treasuries. TBT is scoring some of the ETF industry's strongest gains while

iShares Barclays 20+ Year Treasury Bond Fund

(TLT) - Get Report

is tumbling lower.

It will be interesting to see how long-term Treasuries perform heading into the close in response to the

Fed

announcement.

iPath Dow Jones UBS Cotton Total Return Subindex ETN

(BAL) - Get Report

1.4%

Sugar and cotton prices are continuing their ascent, leading BAL and

iPath Dow Jones UBS Sugar Total Return Subindex ETN

(SGG) - Get Report

to another day of gains.

SGG's gains throughout December have allowed the fund to revisit levels seen prior to its mid-November crash. It will be interesting to see if these levels can be overtaken.

iShares Dow Jones U.S. Medical Devices Index Fund

(IHI) - Get Report

1.4%

The health care provider ETF is showing strength amidst the broad market's positive action. Leading the fund higher is No. 3 holding

Covidien

(COV)

, which was seeing close to 4% gains in early afternoon trading.

Health care continues to be a region of the market to watch. However, investors should use caution. On-going debate over Washington regulation will likely cause this industry to move in a volatile fashion as we approach the New Year.

Losers

United States Natural Gas Fund

(UNG) - Get Report

-3.1%

Although snow has blanketed the Berkshires and many other regions of the U.S., forecasts for the near future are calling for mild weather. In response to these predictions, natural gas prices were taking a heavy shot on Tuesday.

Investors with the stomach for gas futures will want to keep a close eye on the weather patterns throughout the winter. Dramatic changes can heavily impact the fuel's performance.

Market Vectors Vietnam ETF

(VNM) - Get Report

-3.0% The volatility of frontier and emerging markets can be seen by looking at this week's day to day fluctuations in the Vietnam ETF. While VNM scored some of the strongest gains across the ETF universe on Monday, on Tuesday the fund is a noticeable decliner.

iShares MSCI Austria Investable Market Index Fund

(EWO) - Get Report

-0.3%

Despite the domestic market's strength, the European sovereign debt crisis continues to rage, pressuring ETFs designed to track the most vulnerable members of the currency bloc.

While many have focused on nations such as Portugal, Ireland, Greece, and Spain, Austria may have issues in the near future. Europe should be approached with extreme caution going forward.

All prices as of 2:15 PM EST

Written by Don Dion in Williamstown, Mass.

At the time of publication, Dion Money Management did own any equities mentioned.

This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.