Dion's Thursday 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

iShares MSCI Sweden Index Fund ( EWD) 3.5%

Europe is leading the markets higher as we approach the end of the week. Sweden is out in front of the positive move by ETFs linked to the troubled euro monetary bloc. Despite these impressive gains, EWD is struggling to regain the ground lost during its early week downturn.

Guggenheim China Small Cap ETF ( HAO) 2.6%

China is securing a top spot on the winner's list, improving investor confidence in the emerging economic growth engine. Inherently volatile small-cap names are seeing the biggest bounce, as HAO works off the losses seen at the start of the week.

Other winning ETFs linked to the emerging world include the Market Vectors India Small Cap Index ETF ( SCIF) and the iShares MSCI Russia Capped Index Fund ( ERUS).

Guggenheim Solar ETF ( TAN) 2.3%

After six consecutive days of losses, the solar energy-tracking TAN is finding some footing and powering to gains. It has been a rough couple of weeks of this volatile fund. Since peaking during the first half of February, it has witnessed only five other days of upward action.

Losers

iPath Dow Jones UBS Natural Gas Subindex Total Return ETN ( GAZ) -4.4%

The futures-backed United States Natural Gas Fund ( UNG) is tumbling for a fourth day, locking in all-time lows. The decline, however, is dwarfed when compared to the losses seen from GAZ. A substantial premium has magnified the ETN's downward action, pushing it to a second day of losses. Morningstar notes that the premium still stands at over 100%.

iPath S&P 500 VIX Short Term Futures ETN ( VXX) -3.6%

Investors are expressing some confidence as we await the release of Friday's highly anticipated jobs report. This, in turn, is weighing heavily on fear-tracking indices and exchange traded products. A quick two-day slide has pushed the VIX benchmark back to where it started the month. VXX has struggled as well. The ETN has retreated to its 2012 lows.

iShares FTSE NAREIT Mortgage Plus Capped Index Fund ( REM) -1.0%

The real estate industry is seeing mixed action. At the same time that REIT-focused funds like REM and the iShares Cohen & Steers Realty Majors Index Fund ( ICF) are sliding into negative territory, the homebuilders are witnessing a jump. The iShares Dow Jones U.S. Home Construction Index Fund ( ITB) and the SPDR S&P Homebuilder ETF ( XHB) are both up over 2%.

All prices as of 2:10 PM EST

Written by Don Dion in Williamstown, Mass.

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At the time of publication, Dion Money Management owned iShares Dow Jones U.S. Real Estate Index Fund.