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

Winners

iPath S&P 500 VIX Short Term Futures ETN

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

7%

The

S&P 500

is suffering its steepest losses in 2012 as concerns about Europe's debt issues combine with China's growth doubts to stoke investor uncertainty. As bulls run for cover, the fear-tracking VIX index is powering higher, pulling VXX and the

iPath S&P 500 VIX Mid Term Futures ETN

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

along for the ride.

iShares Barclays 20+ Year Treasury Bond Fund

(TLT) - Get iShares 20+ Year Treasury Bond ETF Report

1.2%

Safe haven assets like long-term U.S. Treasuries have fallen into favor during this early week sell off. TLT is revisiting its 50-day moving average.

On the currency front, the Japanese yen has become a favorite, helping the

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TheStreet Recommends

CurrencyShares Japanese Yen Trust

(FXY) - Get Invesco Currencyshares Japanese Yen Trust Report

secure gains. This upward action is refreshing since the fund suffered a steep and relatively uninterrupted downturn in February.

Losers

iShares MSCI Russia Capped Index Fund

(ERUS) - Get iShares MSCI Russia ETF Report

-6.2%

Europe and China appear to be dominating investor discussion during mid-day trading, but the largest declines can be found from ETFs designed to track Russian stocks. ERUS' heavy losses have pushed the fund back to levels seen prior to its late-February pop. Social unrest stemming from the nation's political elections could ensure that shaky action persists in this corner of the developing world.

iShares MSCI Sweden Index Fund

(EWD) - Get iShares MSCI Sweden ETF Report

-5.6%

A three-day streak of losses has pushed the Swedish stock-tracking EWD back to levels seen at the start of February. Looking to the near term it will be interesting to see if the fund can find some solid ground; with this decline, shares of EWD have retreated to its 50-day moving average.

Uncertainty continues to swirl here. Conservative investors would be best off steering clear from Europe.

Guggenheim China Small Cap Index ETF

(HAO) - Get Invesco China Small Cap ETF Report

-5.2%

Doubts over China's growth have sent a shockwave across not only the pool of China-linked ETFs like HAO, but also a number of other Asian emerging market-focused ETFs. The

Market Vectors India Small Cap ETF

(SCIF) - Get VanEck Vectors India Growth Leaders ETF Report

and the

Market Vectors Vietnam ETF

(VNM) - Get VanEck Vietnam ETF Report

are among the most battered.

Global X Uranium ETF

(URA) - Get Global X Uranium ETF Report

-5.2%

Concerns that China, the global economic growth engine, will be unable to maintain its footing are driving investors out of ETFs linked to the materials sector. In addition to URA, the

Global X Copper Miners ETF

(COPX) - Get Global X Copper Miners ETF Report

and the

Market Vectors Rare Earth/Strategic Metals ETF

(REMX) - Get VanEck Rare Earth/Strategic Metals ETF Report

are also taking notable hits.

All prices 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 did not own any equities mentioned.