On the other hand, the worst non-leveraged ETPs of the past month include the e REX VolMAXX Long VIX Weekly Futures Strategy ETF (BATS: VMAX) down 28.3%, iPath Bloomberg Natural Gas Subindex Total Return ETN (NYSEArca: GAZ) down 24.3% and ProShares VIX Short-Term Futures ETF (NYSEArca: VIXY) down 23.9%.

The month of January started off on an upbeat note as strengthening economic data, such as improved consumer sentiment, manufacturing, jobs and spending, supported sentiment and market momentum. Moreover, strong fourth quarter results supported the lofty valuations in stocks.

However, U.S. equities mostly stayed within range, with the Dow Jones Industrial Average hovering below the 20,000 for most of the month, as many waited on further guidance and clarification on President Donald Trump’s policies.

Political risk kept stocks from breaking out. For instance, Trump singled out the high prices in the drug industry mid-January, which weighed on pharmaceuticals and biotechnology stocks.

In late January, the Dow crossed over the historic 20,000 mark as strong Q4 earnings helped push stocks higher. Nevertheless, toward the last few sessions of the month, equities pulled back.

For more information on ETFs, visit our ETF Performance Reports category.

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