The folks at Bespoke Investment Group have been kind enough to provide a list this week of the most oversold exchange traded funds measured by distance from the 50-day moving averages.

Ever since S&P announced its downgrade on U.S. debt, followed by growing concern over the Eurozone, more and more negative news has been in the headlines, sending global markets and stock ETFs into a steep decline.

According to the Bespoke ETF analysis, around 85% of 200 key ETFs are trading below their 50-day moving averages, with around 18% of the 200 trading more than 15% under their 50-day moving averages.

The top underperformers include ETFs that cover real estate, financials and Europe.