Dion's Wednesday ETF Winners and Losers

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 Dow Jones UBS Natural Gas Subindex Total Return ETN ( GAZ) 5%

For the second day in a row, exchange traded products linked to the natural gas industry are on the rise. This marks just the second time that GAZ and the United States Natural Gas Fund ( UNG) have seen two consecutive days of gains since the closing days of November.

Global X FTSE Colombia 20 ETF ( GXG) 1.5%

The markets staged an impressive comeback during the trading in the late morning and early afternoon. This upward climb has helped to push a number of emerging and developed nation ETFs into positive territory. Commodity-reliant funds like GXG and iShares MSCI Australia Index Fund ( EWA) are leading the way higher.

With Wednesday's gains, GXG has managed to power through its previous December lows.

SPDR S&P Homebuilders ETF ( XHB) 1.1%

Homebuilder stocks are enjoying a lift, helping XHB power higher. This volatile ETF has enjoyed a welcomed run. Since bottoming in October, it has nearly recovered all of its mid-2011 losses. Although it is heading higher as well, the iShares Dow Jones U.S. Home Construction Index Fund ( ITB) is lagging slightly.

Losers

iShares MSCI Turkey Investable Market Index Fund ( TUR) -3%

Emerging Europe is struggling to hold onto Tuesday's gains. As we head towards the second half of the week, TUR and iShares MSCI Poland Investable Market Index Fund ( EPOL) can both be found on the losers list.

While these nations hail from outside of the troubled euro monetary bloc, they are not immune to the drama taking place in the region. Conservative investors would be better off building emerging-market exposure elsewhere.

iPath Dow Jones UBS Copper Subindex Total Return ETN ( JJC) -2.9%

The copper futures-tracking ETN's multi-day rally has come to a close as shaky market action drives investors out of growth-correlated commodities.

At the same time, industry linked precious metal ETFs are heading lower as well. ETFS Physical Palladium Shares ( PALL) is leading the retreat, dipping nearly 2%.

Gold, meanwhile, is holding up. The iShares Gold Trust ( IAU) has enjoyed three days of upward action.

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