iPath S&P 500 VIX Short Term Futures ETN ( VXX) -9.6% The week started out on a jittery note after S&P announced that it had downgraded its U.S. debt outlook to negative. The weakness, however, was short-lived, and investors quickly regained confidence as they watched popular firms such as Apple ( AAPL) and General Electric ( GE) report strong earnings. In response to investor resilience, the fear-based VIX ETNs suffered heavy losses. VXX has given back all of the gains it witnessed during the opening months of the year and is currently back to trading at all time lows. iShares Dow Jones U.S. Regional Banks Index Fund ( IAT) -1.8% The financial industry struggled this week and the smaller, more volatile regional banks proved to be the most notable laggards. IAT captures a diverse basket of these regional players including US Bancorp ( USB), SunTrust ( STI) and Fifth Third Bancorp ( FITB). The fund has been on an uninterrupted downward path since testing its 50-day moving average at the start of April. Written by Don Dion in Williamstown, Mass.