Market Vectors India Small-Cap Index ETF (NYSEArca: SCIF) led the equity ETFs that had greater than a 25% total return, at 39%. Keep in mind, on the basis of  a one-year return, this fund was still down 20% at the end of March. [India ETFs In Bull Market Territory]

iShares Dow Jones US Financial Services Index fund (NYSEArca: IYG) was also one of the top-performing equity ETFs for the first quarter. Financial services have been an investor favorite over the first quarter of 2012, and with the equity market taking off, the financial sector rises along with it. Many US banking firms did alright on the recent stress tests, bringing back investor interest into the sector. [Bank of America Leads Financial ETFs Higher]

PowerShares KBW Bank Portfolio (NYSEArca: KBWB) also made the top 13 equity performance cut. S&P Capital IQ Equity Research gave KBWB, and the aforementioned ETFs an overall ranking of overweight. The ETF KBWB tracks an index of publicly trading U.S. banking companies. [ETF Chart of the Day: Financial Sector]

Tisha Guerrero contributed to this article.