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

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).

Losers

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.

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