NEW YORK ( TheStreet) -- Welcome to Don Dion's "ETF Winners and Losers." Be sure to stop by throughout the week to find out which ETFs are gaining or losing.

Winners

iPath S&P 500 VIX Short Term Futures ETN ( VXX) 3.3%

U.S. investors may be preparing for the Thanksgiving holiday, but the issues facing the global markets are showing few signs of relief. News of a disappointing bond auction in Germany is especially concerning for those following the ongoing European economic crisis.

In the face of these concerns, both the VXX and VIX indices have managed to power higher. Interestingly, despite these economic headwinds, the fear index has remained tempered below its 50-day moving average. It has seen a series of higher lows, however, and in the near future, it will be interesting to see where it heads next.

Powershares DB U.S. Dollar Index Bullish Fund ( UUP) 1.2%

Investors are fully embracing a risk-off mentality in an effort to navigating this choppy trading environment. The dollar has become a darling, with UUP being one of the few winners this afternoon.

UUP has gained ground every day this week as it approaches its October highs.

Losers

Global X Norway ETF ( NORW) -5.2%

The economic crisis facing the EU is weighing on nations from outside of the monetary bloc as well. Norway, for example, has struggled to stabilize, leading NORW to dip in six of the past eight trading sessions. This string of losses has helped undo much of the gains during the fund's October rally.

For long-term investors, the sidelines are the safest place to monitor this corner of the developed world.

Market Vectors Steel ETF ( SLX) -4.5%

The steel ETF has suffered six consecutive days of losses as a deluge of bad news weighs heavily on investor growth prospects.

Other materials-linked ETFs such as the SPDR S&P Metals & Mining ETF ( XME) and Global X Copper Miners ETF ( COPX) are struggling as well.

iShares MSCI Taiwan Index Fund ( EWT) -3.8%

While Europe's economic woes are taking center stage, weakness can be seen across other corners of the global as well. Taiwan, for example, is sliding, leading EWT to new 2011 lows.

Vietnam appears to be bucking the trend. Despite losses seen across the globe, the Market Vectors Vietnam ETF is relatively unchanged, actually sitting in slight positive territory.

Market Vectors Junior Gold Miners ETF ( GDXJ) -3.7%

Gold prices are relatively unchanged, with the iShares Gold Trust ( IAU) witnessing only slight losses. The downward market action, however, is doing little to buoy the companies responsible for unearthing the yellow metal.

Other precious metal ETFs are falling as well. Both ETFS Physical Palladium Shares ( PALL) and iShares Silver Trust ( SLV) are off over 3% in afternoon trading.

All prices as of 2:15 PM EST

Written by Don Dion in Williamstown, Mass.

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At the time of publication, Dion Money Management owned iShares Gold Trust and Powershares DB U.S. Dollar Index Bullish Fund.

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