Dion's Friday 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 S&P 500 VIX Short Term Futures ETN ( VXX) 8.0%

After three days of gains, the fear-tracking VIX index took off at the end of the week as concerns began to resurface regarding in the ongoing Greece debt saga. VXX has relished in the market's weakness, recovering all of its February losses.

The European debt crisis has been cast to the sidelines for weeks. Clearly, though, it still has the ability to drive market action.

iShares Barclays 20+ Year Treasury Bond Fund ( TLT) (TLT) 1.5%

After Thursday's losses caused it to break below near term support, the long-term, Treasury-tracking TLT has found some footing. The resurfacing of macroeconomic fears is concerning for those holding market-correlated asset classes. As I've noted in the past, even during periods of market strength, investors should maintain exposure to safe havens as a way to protect against upheavals.

iPath Dow Jones UBS Natural Gas Subindex Total Return ETN ( GAZ) 1.3%

The premium-laden, natural gas futures-tracking GAZ is one of the few products managing to push higher in this choppy market environment. Over the past week, the ETN has powered back to its 50-day moving average.

Fellow nat gas futures-tracker, the United States Natural Gas Fund ( UNG) is relatively unchanged this afternoon.

Losers

Guggenheim Solar ETF ( TAN) -7.4%

After more than a week of uninterrupted gains, macroeconomic headwinds have cast clouds over the solar energy industry, pushing TAN and the Market Vectors Solar Energy ETF ( KWT) to losses.

Other corners of the alternative energy sector are fumbling as well. The Global X Uranium ETF ( URA) is off over 3.5%.

iShares MSCI Austria Investable Market Index Fund ( EWO) -3.8%

Greece's debt situation is dominating market sentiment as we head into the final hours of trading this week. In response, ETFs designed to target nations across the European continent have retreated. Funds linked to the most vulnerable countries, including EWO and the iShares MSCI Italy Index Fund ( EWI) are among the most heavily impacted.

iShares MSCI Indonesia Investable Market Index Fund ( EIDO) -3.3%

While Europe is taking center stage, the nation's drama is being felt around the globe. As investors pare back their exposure to risk, many are opting out of inherently volatile emerging markets. EIDO, The iShares FTSE China 25 Index Fund ( FXI) and the iShares MSCI Brazil Index Fund ( EWZ) are all off over 2.5%.

All prices as of 2:11 PM EST.

Written by Don Dion in Williamstown, Mass.

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

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