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

WisdomTree India Earnings Portfolio

(EPI) - Get WisdomTree India Earnings Fund Report

4.2%

Moody's helped set the stage for gains across India-linked ETFs with the announcement that it had upgraded the nation's rating. While EPI is leading the march higher, other funds including the

iShares S&P Nifty 50 Index Fund

(INDY) - Get iShares India 50 ETF Report

are following suit.

Low trading volume leaves it susceptible to liquidity-related issues, but the

Market Vectors India Small Cap Index ETF

(SCIF) - Get VanEck Vectors India Small-Cap Index ETF Report

is seeing impressive gains as well.

This upward action is welcomed; for months, India's marketplace has struggled to gain footing. Despite their ascension, conservative investors should continue to use extreme caution here.

iShares Silver Trust

(SLV) - Get iShares Silver Trust Report

3.4%

As the U.S. indices power higher, investors are regaining an appetite for risk. In response, market-correlated members of the precious metals spectrum are seeing stand out gains. SLV's rise has pushed it above the levels seen following its steep, mid-December sell off. Looking ahead, it will be interesting to see if the fund can regain additional ground.

Gold is pushing higher as well. Thanks to its jump,

iShares Gold Trust

(IAU) - Get iShares Gold Trust Report

has managed to recapture its 200-day moving average.

Global X China Consumer ETF

(CHIQ) - Get Global X MSCI China Consumer Discretionary ETF Report

3.2%

This morning, I turned the spotlight on the

EGShares Emerging Market Consumer ETF

(ECON) - Get Columbia Emerging Markets Consumer ETF Report

, highlighting it as an attractive way to tap into the

blossoming middle classes of developing nations.

While effective for conservative investors looking to cast a wide net, a fund like CHIQ allows individuals to gain concentrated exposure to China's domestic consumer.

Tuesday's strength has pushed CHIQ through its 50-day moving average for the first time since early December.

Global X Copper Miners ETF

TheStreet Recommends

(COPX) - Get Global X Copper Miners ETF Report

2.9%

Natural resource and materials producers are boding well in this risk-on environment. This, in turn, is helping to propel funds like COPX,

Market Vectors Steel ETF

(SLX) - Get VanEck Vectors Steel ETF Report

and

Market Vectors Coal ETF

(KOL) - Get VanEck Vectors Coal ETF Report

to welcomed gains.

Growth-linked sectors will continue to do well as market optimism prevails. Despite this upward action, however, investors should continue to maintain exposure to safe havens.

Losers

iPath Dow Jones UBS Natural Gas Total Return Subindex ETN

(GAZ) - Get iPath Series B Bloomberg Natural Gas Subindex Total Return ETN Report

-3.9%

Natural gas futures are tumbling for a second day, pushing GAZ and the

United States Natural Gas Fund

(UNG) - Get United States Natural Gas Fund LP Report

to notable declines.

UNG continues to flirt with all-time lows. This is not a fund for the faint of heart.

At the same time that ETFs linked to the commodity are tumbling, the equity-tracking

First Trust ISE Revere Natural Gas Index Fund

(FCG) - Get First Trust Natural Gas ETF Report

is trading in relatively unchanged territory.

iPath S&P 500 VIX Short Term Futures ETN

(VXX) - Get iPath Series B S&P 500 VIX Short-Term Futures ETN Report

-2.6%

The market's strong performance is doing little to help VXX as it continues to push lower. The ETN has failed to secure a single day of gains during the opening six trading sessions of 2012. This sell-off has pushed it to levels last seen in early August.

The fear-tracking VIX index is struggling as well. Now that it has pierced through the lows seen during the final days of 2011, it will be interesting to see if it has further to fall.

All prices were as of 2:14 PM EST.

Written by Don Dion in Williamstown, Mass.

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