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 S&P 500 VIX Short Term Futures ETN ( VXX) 5.6%

The fear index has staged a comeback even as markets have continued to exhibit relatively calm action. Over the past two weeks, the VIX has managed to bounce off its 2012 lows and return to its 50-day moving average. ETNs linked to the closely-watched benchmark have reveled in this strength. VXX is nearing its February high.

Market Vectors India Small Cap ETF ( SCIF) 2.2%

Since the start of the year, SCIF has seen only five days of negative action. In addition to regaining its November highs, the fund is now in the process of testing its 200-day moving average. This is a first for the relatively young product. It will be interesting to see how it fares.

Other India-focused products like the WisdomTree India Earnings Fund ( EPI) and the iShares S&P Nifty 50 Index Fund ( INDY) have already pushed through this level.

iShares MSCI Japan Index Fund ( EWJ) 1.7%

The surprise easing action from Japan's central bank is helping to push the nation's markets higher. In response, ETFs including EWJ and the MAXIS Nikkei 225 Index Fund ETF ( NKY) are heading into positive territory. Like other corners of the globe, Japan has benefited during the opening months of 2012. Currently, EWJ is trading at its highest level since early August.

Losers

United States Natural Gas Fund ( UNG) -4.4%

UNG is taking a shot across the bow as supply issues weigh on natural gas futures. The premium-laden iPath Dow Jones UBS Natural Gas Subindex Total Return ETN ( GAZ) has seen a roller- coaster performance over the course of the trading session. After starting off the day with over 10% gains, it tumbled lower and is currently seeing an over 3% loss.

Market Vectors Steel ETF ( SLX) -2.0%

Top steel and iron ore producers including ArcelorMittal ( MT) and Vale are taking hits as markets trade in a choppy manner. The performance of these two names weighs heavily on SLX. Together, they account for a combined 17.8% of the fund's assets. This mid-week downturn has pushed SLX back through its 200-day moving average.

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