The PowerShares Dynamic Media Portfolio (NYSEArca: PBS) has lagged broader consumer discretionary exchange traded funds this year and with some analysts saying more tough times are ahead for media stocks, PBS could extend its laggard status.

Some industry analysts see additional near-term downside ahead for big-name media firms, such as Dow component Walt Disney (NYSE: DIS), CBS (NYSE: CBS) and Twenty-First Century Fox (NasdaqGS: FOXA).

Investors are also losing confidence in the industry as media companies revealed shrinking U.S. ad sales and profits that were supported by share repurchases. [Cord-Cutting Hampers Media ETF]

PBS investors are not the only ones being pinched by the recent retrenchment in media stocks. Hedge funds, among the biggest backers of media stocks in recent years, are feeling the pain of pullbacks in media stocks, such as those held by PBS. All of that during a year in which in the consumer discretionary sector is the best-performing sector in the S&P 500.

“There is a seismic change in consumer behavior that is affecting the entire media sector,” said BTIG’s Rich Greenfield on “Fast Money” last week,” reports CNBC.