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

Market Vectors India Small Cap Index ETF ( SCIF) 2.3%

Although it still has some space to make up, this small cap India ETF has staged a nice recovery from last week's doldrums, providing ravaged investors with some welcomed relief.

SCIF's performance over the past week is a reminder of why I often urge investors to keep their exposure to emerging markets small. Wild market swings are not uncommon events and overexposure can result in gut-wrenching day to day performance.

ProShares UltraShort 20+ Year Treasury Bond Fund ( TBT) 2.2%

The market's strong performance throughout December has wreaked havoc on defensive assets such as long-term U.S. Treasuries. TBT is scoring some of the ETF industry's strongest gains while iShares Barclays 20+ Year Treasury Bond Fund ( TLT) is tumbling lower.

It will be interesting to see how long-term Treasuries perform heading into the close in response to the Fed announcement.

iPath Dow Jones UBS Cotton Total Return Subindex ETN ( BAL) 1.4%

Sugar and cotton prices are continuing their ascent, leading BAL and iPath Dow Jones UBS Sugar Total Return Subindex ETN ( SGG) to another day of gains.

SGG's gains throughout December have allowed the fund to revisit levels seen prior to its mid-November crash. It will be interesting to see if these levels can be overtaken.

iShares Dow Jones U.S. Medical Devices Index Fund ( IHI) 1.4%

The health care provider ETF is showing strength amidst the broad market's positive action. Leading the fund higher is No. 3 holding Covidien ( COV), which was seeing close to 4% gains in early afternoon trading.

Health care continues to be a region of the market to watch. However, investors should use caution. On-going debate over Washington regulation will likely cause this industry to move in a volatile fashion as we approach the New Year.

Losers

United States Natural Gas Fund ( UNG) -3.1%

Although snow has blanketed the Berkshires and many other regions of the U.S., forecasts for the near future are calling for mild weather. In response to these predictions, natural gas prices were taking a heavy shot on Tuesday.

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