Exchange traded funds linked to volatility, Treasury bonds and the U.S. dollar were among the few categories posting gains Wednesday as the Dow dropped nearly 200 points in afternoon dealings.

The flight to safety was evident in bond ETFs as a Treasury fund rallied to wipe away the previous session’s losses. [Treasury ETFs, Big Banks Feel Losses as Bernanke Speaks]

Also Wednesday, PowerShares DB US Dollar Bullish (NYSEArca: UUP) soared nearly 2% as investors rushed into the greenback and increasing worries over Greece’s debt crisis knocked the euro. [Dollar Rally Tarnishes Gold, Silver ETFs]

Fear was apparent in Wednesday’s tape. VelocityShares Daily 2X VIX Short-Term ETN (NYSEArca: TVIX) was up nearly 16% at last check. The leveraged exchange traded note tracks futures contracts on the CBOE Volatility Index. The VIX itself climbed 13% as investors sought protection in the options markets.

Elsewhere, Pandora Media (NYSE:P) weakened as the day wore on following the initial public offering. [Stock ETFs Lower as Traders Eye Greece, Pandora IPO]

In sector ETFs, water is becoming an increasingly scarce resource on a rising global population and other factors. Several exchange traded funds are designed to profit from this long-term trend, but some critics say the funds are too gimmicky. [Diving into Water ETFs]

The largest exchange traded fund investing in U.S. bank stocks is nearing a bearish technical indicator as key moving averages prepare to cross over. [Bank ETF Nears Bear Cross]

ETFs that invest in the solar sector fell Wednesday along with SunPower Corp. (NasdaqGS: SPWRA) after French energy company Total SA completed a deal for 60% of the company. [Solar ETFs Clouded]

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.