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

5.6%

The fear index has staged a comeback even as markets have continued to exhibit relatively calm action. Over the past two weeks, the VIX has managed to bounce off its 2012 lows and return to its 50-day moving average. ETNs linked to the closely-watched benchmark have reveled in this strength. VXX is nearing its February high.

Market Vectors India Small Cap ETF

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

2.2%

Since the start of the year, SCIF has seen only five days of negative action. In addition to regaining its November highs, the fund is now in the process of testing its 200-day moving average. This is a first for the relatively young product. It will be interesting to see how it fares.

Other India-focused products like the

WisdomTree India Earnings Fund

(EPI) - Get WisdomTree India Earnings Fund Report

and the

iShares S&P Nifty 50 Index Fund

(INDY) - Get iShares India 50 ETF Report

have already pushed through this level.

iShares MSCI Japan Index Fund

(EWJ) - Get iShares MSCI Japan ETF Report

1.7%

The surprise easing action from Japan's central bank is helping to push the nation's markets higher. In response, ETFs including EWJ and the

MAXIS Nikkei 225 Index Fund ETF

(NKY)

are heading into positive territory. Like other corners of the globe, Japan has benefited during the opening months of 2012. Currently, EWJ is trading at its highest level since early August.

Losers

United States Natural Gas Fund

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

TheStreet Recommends

-4.4%

UNG is taking a shot across the bow as supply issues weigh on natural gas futures. The premium-laden

iPath Dow Jones UBS Natural Gas Subindex Total Return ETN

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

has seen a roller- coaster performance over the course of the trading session. After starting off the day with over 10% gains, it tumbled lower and is currently seeing an over 3% loss.

Market Vectors Steel ETF

(SLX) - Get VanEck Vectors Steel ETF Report

-2.0%

Top steel and iron ore producers including

ArcelorMittal

(MT) - Get ArcelorMittal SA ADR Report

and Vale are taking hits as markets trade in a choppy manner. The performance of these two names weighs heavily on SLX. Together, they account for a combined 17.8% of the fund's assets. This mid-week downturn has pushed SLX back through its 200-day moving average.

iShares MSCI Poland Investable Market Index Fund

(EPOL) - Get iShares MSCI Poland ETF Report

-1.0%

Despite the fact that the decline was less than analysts had been expecting, news that the broad EU region shrank in the fourth quarter of 2011 is weighing on a range of funds linked to the continent. In addition to EPOL, the

iShares MSCI Spain Index Fund

(EWP) - Get iShares MSCI Spain ETF Report

is also suffering approximately 1% losses.

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 did not own any of the equities mentioned.