NEW YORK (TheStreet) - Here's this week's winners and losers.

Winners

SPDR KBW Bank ETF

(KBE) - Get Report

6.0%

Since the start of December, KBE has been on a steep, upward trajectory which has allowed it to break out of the sideways channel it was locked in during the autumn. This week, the fund's strength persisted, leading it to score some of the best gains across the entire ETF industry.

Other financials-related funds including the

iShares Dow Jones Financial Services Index Fund

(IYG) - Get Report

and the

SPDR KBW Insurance ETF

(KIE) - Get Report

saw upward action as well, ending the week on a positive note.

Because it combines exposure to large, Wall Street goliaths and smaller regional players, KBE continues to be a promising tool for investors looking for a broad based take on the U.S. financial system.

Market Vectors Vietnam ETF

(VNM) - Get Report

5.1%

The Vietnam ETF has staged a dramatic run-up in recent weeks, allowing it to easily overtake previous 2010 highs.

Aiding this fund's dramatic ascension is the Vietnamese government which has been taking steps recently to relieve concerns regarding the nation's currency.

The action seen from VNM recently has been gut-wrenching and once again reminds us of how volatile frontier markets can be.

ProShares UltraShort 20+ Year Treasury Bond Fund

(TBT) - Get Report

3.4%

As confidence continues to return to the marketplace, investors are increasingly taking steps back into riskier assets. While this bodes well for equities, defensive positions such as long-term U.S. Treasuries are taking a shot across the bow.

TBT, which tracks the inverse performance of these assets has seen a nice rally recently and is currently on the verge of testing its 200-day moving average. This level has not been visited since it first broke below in mid-April.

Losers

Market Vectors India Small Cap Index ETF

(SCIF) - Get Report

-8.2%

There was strength to be found across some developing and frontier nation-focused ETFs. However, while VNM and

iShares MSCI Israel Capped Investable Market Index Fund

(EIS) - Get Report

were two notable risers, members of the BRIC emerging markets faced headwinds.

Large cap-focused funds such as

WisdomTree India Earnings Fund

(EPI) - Get Report

and

iShares MSCI Brazil Index Fund

(EWZ) - Get Report

took hits as did small cap products including

Guggenheim China Small Cap Index ETF

(HAO) - Get Report

, SCIF, and

Market Vectors Brazil Small Cap Index ETF

(BRF) - Get Report

.

India faced particularly heavy pressure this week as a result of concerns regarding corruption in the nation.

iPath S&P 500 VIX Short Term Futures ETN

(VXX) - Get Report

-7.8%

Despite the economic turmoil persistent in Europe and other regions of the globe, investors appear to be regaining confidence and warming up to riskier assets. As a result, the fear-based VIX ETNs have returned to their steep steady downward trajectories.

This week, VXX sunk to new all-time lows while its sister fund, the

iPath S&P 500 VIX Mid-Term Futures ETN

(VXZ) - Get Report

tested previous all-time lows last seen in mid-April.

ETFS Physical Platinum Shares

(PALL) - Get Report

-4.4%

After a staggering multi-month run-up, industry-linked precious metals appear to be taking a breather. Although the physically-based palladium ETF scored some of the strongest gains across the ETF industry last week, this week the fund is taking a slight, though noticeable hit.

Commodities such as palladium and silver could have some room to run in the future as the market continues to recover. However, investors may want to hold off for now until stability returns.

Written by Don Dion in Williamstown, Mass.

At the time of publication, Dion Money Management did not own any 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.