Dion's Tuesday 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

Market Vectors India Small Cap Index ETF ( SCIF) 4.3%

After a string of steep losses, the small cap India ETF is at last finding some footing, benefiting as markets head higher. These gains are impressive, helping the volatile product recover just about all of the ground lost during Monday's downturn.

Other India-related ETFs are reveling in the strength. The WisdomTree India Earnings Fund ( EPI) is up over 2% during early afternoon trading.

iShares Silver Trust ( SLV) 4.3%

Silver and other industry-linked precious metals are benefiting as investors remain resilient in their bullishness. In addition, the ETFS Physical Palladium Shares ( PALL) is sitting in solid positive territory.

Even gold is heading higher. The iShares Gold Trust ( IAU) is up less than 1%.

Market Vectors Indonesia ETF ( IDX) 1.8%

While India is leading the way, a variety of other emerging market-related ETFs are also pushing higher. The Indonesia-tracking IDX is jumping, putting an end to its five-day string of losses. Meanwhile, funds linked to Eastern Europe, like the iShares MSCI Turkey Investable Market Index Fund ( TUR) and the iShares MSCI Poland Investable Market Index Fund ( EPOL) have quickly shaken off the Greece downgrade news.

Losers

Market Vectors Vietnam ETF ( VNM) -3.5%

After seven consecutive days of gains, the Vietnam ETF appears to be taking a breather. As I've explained in recent weeks when talking about SCIF, high-flying funds must be approached with extreme caution. Steep gains can be alluring, but these products tend to swing wildly in both directions.

United States Natural Gas Fund ( UNG) -3.1%

The premium underlying the iPath Dow Jones UBS Natural Gas Subindex Total Return ETN ( GAZ) has breached 65%. This disconnect is causing the fund to trade out of line with other ETFs linked to natural gas futures contracts. While UNG is suffering over 3% losses, GAZ is down less than 1%.

iShares Dow Jones U.S. Home Construction Index Fund ( ITB) -1.6%

The homebuilder ETF has volleyed between wins and losses for more than a week as the market determines where next this battered industry will head. Interestingly, while ITB is topping the losers list; its nearest competitor, the SPDR S&P Homebuilder ETF ( XHB) is off less than 1%.

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 owned the iShares Gold Trust.

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