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

Winners

Guggenheim Airline ETF ( FAA) 5.8%

trong earnings reports from major players in the airline industry helped propel FAA to a top spot among this week's ETF winners and losers.

Southwest Airlines, U.S. Airways ( LCC), Delta ( DAL) and American Airlines ( AMR) each announced impressive performances year over year. The newly married United Continental ( symbol) was another big winner within the industry. During their first quarter as a united entity, the firm saw strength.

Despite its strength, investors should use caution when attempting to play the airlines using FAA due to its top-heavy index. The fund's index is comprised of 24 holdings. However, UAL, DAL, and LUV alone account for more than half of the fund's total portfolioUAL

iPath Dow Jones UBS Sugar Total Return Subindex ETN ( SGG) 4.8%

Sugar prices continued on their staggering rally this week, revisiting previous 2010 and all-time highs. This strength helped power PowerShares DB Agriculture Fund ( DBA), my pick for agriculture futures-based ETFs, to noticeable gains as well. DBA has managed to surpass 2009 highs and is now trading at levels last seen at the end of 2008.

The gains from sugar and other agriculture commodities have been impressive. Investors concerned about the risks that are associated with holding futures contracts may find an equity-based fund such as Market Vectors Agribusiness ETF ( MOO) a viable alternative.

iShares Cohen & Steers Realty Majors Index Fund ( ICF) 1.9%

Within the real estate industry the REITs continue to power above residential homebuilders. While I remain bullish towards many aspects of the global economy, the residential housing industry is one segment I have reservations towards.

Oversupply continues to pressure home prices and it remains unclear as to how widespread and damaging the current foreclosure issue will be on the industry.

Commercial real estate and the REITs, appear more promising looking to the mid term. Further aiding to my attraction towards the REITs is their substantial yield. ICF pays out a more than 3% distribution. The consistent income earned from these funds provides much welcomed comfort in today's volatile trading environment.

Losers

iPath Dow Jones UBS Natural Gas Subindex ETN ( GAZ) -12.4%

Natural gas prices were taken to task this week, pressured by a dismal storage report from the Energy Information Administration. The agency saw stockpiles increase more than previously expected. This in turn sent GAZ and United States Natural Gas Fund ( UNG) into a tailspin. Both funds are now carving out brand new all-time lows.

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