Stocks also strengthened in response to the Federal Reserves more dovish outlook, which clamped down on speculation of a interest rate hike any time soon, and the a slight pullback in the U.S. dollar, which has been hurting exports.

However, the market failed to break through its previous highs, falling off mid-March in response to softer economic data.

Top performing non-leveraged ETFs over the past month include ASHS up 23.9%, CNXT up 22.6% and Market Vectors ChinaAMC A-Share ETF (NYSEArca: PEK) up 18.0%.

The worst performing non-leveraged ETFs for the past month include the iPath Pure Beta Sugar (NYSEArca: SGAR) down 16.0%, Global X FTSE Greece 20 ETF (NYSEArca: GREK) down 15.3% and iShares MSCI Global Gold Miners ETF (NYSEArca: RING) down 14.5%.

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Max Chen contributed to this article.