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

iShares MSCI Spain Index Fund ( EWP) 1.7%

The Spain ETF has staged a dramatic rally throughout the latter half of January, propelled by easing investor concerns regarding the state of the European debt situation.

Top holding Banco Santander ( STD) has helped lead the fund's climb higher, jumping 3.5%.

Other volatile E.U.-focused ETFs are gaining ground as well. Top movers include iShares MSCI Italy Index Fund ( EWI) and iShares MSCI Austria Investable Market Index Fund ( EWO).

iShares MSCI All Peru Capped Index Fund ( EPU) 2.4%

Rising commodity prices have helped the Peru ETF recover a good portion of the ground lost during the fund's recent month-long selloff. EPU is designed to track the performance of the broad Peruvian marketplace. However, upon close inspection, it is clear that the fund's performance will rely heavily on the performance of its top positions, many of which hail from the materials sector.

iPath Dow Jones UBS Sugar Total Return Subindex ETN ( SGG) 3.6%

After treading sideways throughout the opening weeks of the new year, the sugar futures-based ETN has broken higher and appears to be on the verge of testing its previous all-time highs.

Rising food prices continue to receive ample attention from analysts and market commentators. Investors looking for a safe way to access this corner of the market should turn to either the PowerShares DB Agriculture ETF ( DBA) or the Market Vectors Agribusiness ETF ( MOO).

Losers

Market Vectors India Small Cap ETF ( SCIF) -2.7%

While strength can be felt across Europe, the same can not be said for many of the most popular emerging nations of the globe. The volatile small-cap companies hailing from India and Brazil are getting hit particularly hard, leading SCIF and Market Vectors Brazil Small-Cap ETF ( BRF) to notable losses.

United States Natural Gas Fund ( UNG) -3.5%

Although natural gas prices saw some positive action on Wednesday, the UNG and iPath Dow Jones UBS Natural Gas Total Return Subindex ETN ( GAZ) have been unable to capitalize and are taking a notable loss. This decline comes even as the Energy Information Administration releases its weekly storage report, which fell mainly in line with expectations.

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