Best And Worst ETFs Of The Week Amid 'Patient' Federal Reserve

Janet Yellen and the Federal Reserve calmed the markets this week with the iteration of its intent not to rush the first rate hike cycle in more than six years.

The Fed actually removed the word "patient" from its monthly meeting minutes, yet cited targets for medium-term inflation goals and an improving labor market as key considerations in future policy decisions.

The SPDR S&P 500 ETF Trust SPY gained more than 2 percent this week and is now within sight of its February all-time high. Despite a brief period of volatility in March, most broad-based equity indices are now regaining momentum to the upside.

Related Link: Small-Cap Growth ETFs Restore Leadership Role

In addition, the iShares Barclays 20+ Yr Treas.Bond (ETF) TLT gained nearly 4 percent this week, as expectations of a near-term Fed rate hike subsided.

The following ETFs represent a sample of the best- and worst-performing funds over the last five trading sessions.

BEST: China Small Cap Stocks

China A share stocks notched another terrific week, with small-cap companies leading the way higher. The Deutsche X-trackers Harvest CSI 500 China-A Shares Small Cap ETF (DBX ETF Trust ASHS) gained nearly 11 percent since last Friday and closed at 52-week highs.

This ETF tracks 500 small companies listed on the Shanghai and Shenzhen exchanges, which has been a thriving area of activity for foreign investors over the last 12 months.

WORST: Volatility Futures

The strength across a wide swath of the stock market led to marked declines in volatility indices. The iPath SP 500 VIX Short Term FUT ETN VXX fell 10 percent this week to a new 52-week low as investors let down their guard on risk assets.

VXX has over $1 billion dedicated to tracking the options activity in the S&P 500 Index SPX as a measure of investor fear. Despite a brief flurry of activity in January, VXX has been on a slow decline in 2015 that has seen its share price deflate 20 percent.

It is quite probable to see further declines in VXX if the market is able to successfully break out to new highs in the near future.