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

Market Vectors Russia ETF ( RSX) 1.2%

The developed Western portion of the European continent is floundering as nations like Germany, France, and Spain work to resolve the region's ongoing economic drama. To the east, however, some strength appears to be shining through.

Russia's strength is helping to lift the SPDR S&P Emerging Europe ETF ( GUR) during early afternoon trading. The emerging giant accounts for nearly two-thirds of its geographic breakdown. Although these nations hail from outside the troubled EU, I encourage investors to be cautious before considering exposure here.

PowerShares S&P 500 High Beta Fund ( SPHB) 1.2%

As the markets recover from Monday's sell-off, investors are scrambling for ways to make the most of this strength. According to SPHB's Website, the fund is designed to target the S&P 500 stocks that are most sensitive to market fluctuations.

Despite its strength, investors should be wary of SPHB. In the past, the fund has struggled to gather steam. Keep a close watch on its volume in order to avoid liquidity issues.

United States Oil Fund ( USO) 2.1%

The futures-backed USO is gaining ground, powering off of its 200-day moving average. It has been an interesting day for this part of the energy sector. The price of crude futures surged early on in the trading session following rumors that the Iranian government had closed a key oil-shipping route.

Losers

iPath S&P 500 VIX Short Term Futures ETN ( VXX) -3.4%

The markets continue to exhibit yo-yo-like action as sentiment swings from day to day. The gains VXX witnessed at the start of the week have been dashed as the ETN tumbles to brand new December lows.

Since mid-October, the fear-tracking VIX index has volleyed back and forth between its 50-day and 200-day moving average. On Tuesday, however, the fund managed to break below the latter. This is the first time this level has been pierced since late July. Looking ahead, it will be interesting to see if it can regain its footing.

iShares MSCI Spain Index Fund ( EWP) -1.4%

Despite the U.S. market's mixed action, members of the EU continue to struggle find stability. EWP, iShares MSCI France Index Fund ( EWQ) and iShares MSCI Germany Index Fund ( EWG) are among the single nation funds suffering their second day of losses.

Continue to steer clear of this region.

Global X Copper Miners ETF ( COPX) -1.3%

Investors have shown some semblance of optimism during the opening half of the trading day. Their confidence, however, has failed to translate into strength for many growth-correlated industries. Copper producers, for example, are struggling. COPX is testing its 50-day moving average.

Uranium players are running into headwinds as well. Global X Uranium ETF ( URA) was off around 1% during early afternoon trading.

All prices as of 2:14 PM EST

Written by Don Dion in Williamstown, Mass.

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At the time of publication, Dion Money Management did not any equities mentioned.