Thanks to Facebook (NasdaqGM: FB) and a swath of Chinese Internet names, social media stocks and the Global X Social Media Index ETF (NasdaqGS: SOCL) have been star performers this year. That does not mean investors should gloss over so-called “old media” stocks.

Nor should they gloss over the PowerShares Dynamic Media Portfolio (NYSEArca: PBS), the primary ETF that holds old-line media companies like CBS (NYSE: CBS), Time Warner (NYSE: TWX) and others. PBS, which has $240 million in assets under management, has surged 40.4% this year as investors have made consumer discretionary one of their preferred sector destinations. [Chart of the day: Media ETF]

That is the sector represents almost 62% of PBS’s weight. The ETF follows the Dynamic Media Intellidex Index, which is a quantitative/fundamentally driven methodology that screens the universe of U.S. equities and ranks and weights them based on investment criteria including fundamental growth, stock valuation, investment timeliness, and risk. Interestingly, PBS does not currently hold traditional media companies Comcast (NasdaqGM: CMCSA) or Walt Disney (NYSE: DIS). [CBS Boosts Media ETF]

Then again, PBS may not need exposure to old school media names because the ETF has adapted with the times to feature “new media” stocks. For example, Netflix (NasdaqGM: NFLX) is one of the ETF’s 29 holdings.

Importantly, PBS also features a 35.3% weight to the technology sector. Of that group, Yahoo (NasdaqGM; YHOO), Google (NasdaqGM: GOOG) and LinkedIn (NYSE: LNKD) combine for 15.1% of the ETF’s weight, in part explaining why PBS has been so successful this year. Of the group comprised of Google, LinkedIn, Netflix and Yahoo, Google is the “laggard” with a year-to-date gain of over 24%. LinkedIn has more than doubled. Netflix has more than tripled. Yet PBS may still have more upside.

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