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 Report

3.6%

After returning from the holiday weekend on a relatively quiet note, investor fears are being reignited as the eurozone drama fall back into focus. This shaky action bodes well for the fear-tracking VIX index, which is witnessing its second consecutive day of gains. This is the benchmark's first multi-day jump since the start of the month.

VXX is bouncing off of its 200-day moving average. It will be interesting to see if this level holds up.

iShares Barclays 20+ Year Treasury Bond Fund

(TLT) - Get Report

1.9%

Amidst this investor exodus from risk, defensive assets like long term bonds and the U.S. dollar are falling into favor. TLT's 50-day moving average continues to be a point of support, as indicated by its most recent bounce.

The

PowerShares DB U.S. Dollar Index Bullish Fund

's

(UUP) - Get Report

near 1% gains have helped it recover some of the losses it has suffered in recent weeks.

Losers

iShares Silver Trust

(SLV) - Get Report

-5.2%

The physically-based SLV spent much of the latter half of December flirting with the lows locked in during its autumn sell off. On Wednesday, however, the precious metal appears to have broken lower.

SLV is fast approaching its 2011 all time lows.

SLV is not the only precious metal-related ETF heading lower. ETFs linked to physical bullion and commodity producers are also stuck in negative territory.

iShares MSCI Turkey Investable Market Index Fund

(TUR) - Get Report

-3.5%

Emerging markets are falling out of favor as investors opt out of volatile international regions. The pain can be felt across the globe. TUR,

iShares MSCI Brazil Index Fund

(EWZ) - Get Report

and

iShares FTSE China 25 Index Fund

(FXI) - Get Report

are suffering notable declines.

Foreign developed markets are not immune to this weakness. The

iShares MSCI Germany Index Fund

(EWG) - Get Report

,

iShares MSCI Japan Index Fund

(EWJ) - Get Report

and

iShares MSCI Australia Index Fund

(EWA) - Get Report

are taking shots across the bow.

Guggenheim Solar ETF

(TAN) - Get Report

-2.8%

As investors unload risk, ETFs linked to the inherently volatile alternative energy industry are being shunned. This marks the second consecutive day that TAN has managed to score a spot on the losers list. In the days ahead, it will be interesting to see if it and the

Market Vectors Solar Energy ETF

(KWT)

retest their all-time lows.

SPDR S&P Oil & Gas Exploration & Production ETF

(XOP) - Get Report

-2.6%

As rejuvenated EU fears dominate investor attention, global growth doubts are resurfacing. Energy-related ETFs like XOP are typically at their strongest during periods of market optimism. Therefore, given these swirling fears, it is not unusual to see this fund heading lower.

All prices 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 PowerShares DB U.S. Dollar Index Bullish Fund and iShares MSCI Japan Index Fund.