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

iShares MSCI South Korea Index Fund

(EWY) - Get Report

3.4%

he South Korea ETF has performed in a rollercoaster-like fashion leading up to Thursday's market holiday as tensions increased between North and South Korea.

As the threat of violence between these two nations persists, EWY will likely remain volatile. Risk-adverse investors may want to seek international exposure elsewhere until clearer skies prevail.

iPath Dow Jones UBS Cotton Total Return Subindex ETN

(BAL) - Get Report

5%

The ascension of sugar has caused

iPath Dow Jones UBS Sugar Total Return Subindex ETN

(SGG) - Get Report

to become a reoccurring component of the daily winners & losers list. However, today it is fellow agricultural commodity ETN, BAL, which tracks cotton that is earning a spot among the winners.

Market Vectors China ETF

(PEK) - Get Report

4.1%

After Tuesday's rocky action, investors are returning to emerging markets powering a broad collection of ETFs higher. On the eve of the Thanksgiving Day holiday, PEK and

Market Vectors Brazil Small Cap Index ETF

(BRF) - Get Report

are seeing some of the strongest gains.

As I've explained in the past, because it boasts a heavy premium, I urge investors to avoid PEK. More reliable exposure to large-cap Chinese companies can be found using a product such as

iShares FTSE/Xinhua China 25 Index Fund

(FXI) - Get Report

.

Losers

iPath S&P 500 VIX Short Term Futures ETN

(VXX) - Get Report

-3.3%

An optimistic initial jobless claims report is helping relieve some of Tuesday's market jitters and pressure the fear-based VIX index lower.

Today's decline puts VXX on track to revisit previous all-time lows. This is not a fund I would advise long-term investors to take their chances with.

iShares Barclays 20+ Year Treasury Bond Fund

(TLT) - Get Report

-1.5%

Investors are returning to the market after Tuesday's exodus. This, in turn, is leading them to flee long-term Treasuries, causing TLT to take a shot across the bow.

ProShares UltraShort 20+ Year Treasury Bond Fund

(TBT) - Get Report

, meanwhile is powering higher, jumping 2.8%.

JPMorgan Alerian MLP Index ETN

(AMJ) - Get Report

-1.4%

Despite today's positive performance from natural gas-related ETFs and ETNs, including

United States Natural Gas Fund

(UNG) - Get Report

,

First Trust ISE Revere Natural Gas Index Fund

(FCG) - Get Report

, and

iPath Dow Jones UBS Natural Gas Total Return Subindex ETN

(GAZ) - Get Report

, the MLP tracking AMJ is taking a hit.

Throughout 2010, master limited partnerships have risen to become a wildly popular asset class as investors seek out dividend-yielding investment opportunities and alternative ways to access the natural gas industry.

The demand for MLP exposure has led a number of ETF providers to launch funds designed to track this industry. Despite the bevy of new MLP products now available, veteran AMJ remains my top choice for accessing this slice of the market.

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.

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.