The 20 worst offenders in the ETFreplay included the SPDR Gold Shares (NYSEArca: GLD), Market Vectors Gold Miners ETF (NYSEArca: GDX), Vanguard FTSE Emerging Markets ETF (NYSEArca: VWO) and the iShares MSCI Brazil Capped ETF (NYSEArca: EWZ).

“The ETF 100 is a measure of real money performance.   Rather than pick a single index — like the S&P 500 —  we use a mix of assets that is weighted in proportion to how investors actually hold their assets,” according to ETFreplay.

The ETF Top 100 Multi-Asset Index outperformed the HFRX Global Hedge Fund Index in eight of 12 months in 2013, including a four-month winning streak to close the year.

Chart Courtesy: ETFreplay.com

Tom Lydon’s clients own shares of EFA, GLD, QQQ and SPY.