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.


iPath S&P 500 VIX Short Term Futures ETN (VXX) 8.9%

Yesterday's "flash crash" sent investors pouring into VIX-based exchange traded funds. Although the fund had been in a downward freefall for more than a year, Thursday and Friday's stumbling markets helped VXX recover nearly all of 2010's losses.

iShares Silver Trust (SLV) 3.9%

Despite a volatile Friday session, physically backed ETFs which track metals linked to industry are pocketing gains. Gold ETFs like the iShares Comex Gold Trust ( GLD), on the other hand, were nearly unchanged at mid day trading.

Leading these metals higher is silver, which can be tracked using SLV or ETFS Physical Silver Shares ( SIVR).

Global X China Financials ETF (CHIX) 3.4%

While the troubles facing Greece are commanding most of the headlines, there is another economic storm raging in China. Although CHIX is scoring gains today, the nation's banks have struggled recently as China's government attempts to rein in its overheating housing market.

China's markets should be volatile heading into the near future. If investors want to try their luck, I would advise them to avoid large-cap ETFs and opt instead for the Claymore/AlphaShares China Small Cap ETF ( HAO).


iShares Nasdaq Biotechnology Index Fund (IBB) -3.5%

The biotech industry is taking a big hit today. Helping to lead IBB and other biotech ETFs lower during Friday's trading were Dendreon ( DNDN) and ImmunoGen ( IMGN). Just days ago DNDN rallied big on news that its cancer drug had received approval from the Food and Drug Administration.

The performance of DNDN over the past week highlights how volatile biotech stocks tend to be and how a stronger case can be made for owning an ETF in this space.

Market Vectors Russia ETF (RSX) -3.8%

The Russian markets are struggling today as oil prices cap off a tough week of losses.

RSX's performance is tied tightly to the global energy markets with oil and gas companies making up nearly 50% of the fund's total portfolio. The drop also comes even though CurrencyShares Russian Ruble Trust ( XRU) is up almost 0.8% today.

iShares Russell Micro Cap Index Fund (IWC) -2.0%

Traditionally, the smaller the company, the more volatile its performance becomes. Today, this quality is evidenced by the losses from IWC, which is designed to track micro cap companies. Its losses are slightly ahead of other small-cap ETFs.

All prices as of 2:16 PM EST

At the time of publication, Dion Money Management owned RSX.

Don Dion is president and founder of Dion Money Management, a fee-based investment advisory firm to affluent individuals, families and nonprofit organizations, where he is responsible for setting investment policy, creating custom portfolios and overseeing the performance of client accounts. Founded in 1996 and based in Williamstown, Mass., Dion Money Management manages assets for clients in 49 states and 11 countries. Dion is a licensed attorney in Massachusetts and Maine and has more than 25 years' experience working in the financial markets, having founded and run two publicly traded companies before establishing Dion Money Management.

Dion also is publisher of the Fidelity Independent Adviser family of newsletters, which provides to a broad range of investors his commentary on the financial markets, with a specific emphasis on mutual funds and exchange-traded funds. With more than 100,000 subscribers in the U.S. and 29 other countries, Fidelity Independent Adviser publishes six monthly newsletters and three weekly newsletters. Its flagship publication, Fidelity Independent Adviser, has been published monthly for 11 years and reaches 40,000 subscribers.