ETF investors racked up average gains of 3.8% in October, greatly outperforming the broad domestic stock market. But U.S. technology stocks did make a statement, with PowerShares QQQ (QQQQ) shooting up 7.0% in what is usually a strong season for that sector.

SPDR S&P 500 Trust (SPY) advanced only 1.4% in the month, greatly eclipsed by the 4.3% return of iShares MSCI EAFE Index (EFA), the corresponding benchmark for foreign equities. Vanguard Emerging Markets ETF (VWO) shot up 13.0%, propelled upwards in particular by soaring markets in China and Brazil.

Foreign bourses continue to greatly outperform the domestic market, owing both to their own strength and to the continuing weakness of the U.S. dollar. The only significant loser in October was the financial SPDR, which shed 2.0% of its value as the credit crisis continues to search for a bottom.

iShares Brazil Index (EWZ) spurted 16.4% in October, and iShares FTSE/Xinhua China 50 Index (FXI) ballooned 21.4%.

The weaker dollar, and inflation fears, found expression in the 7.0% boost in the price of StreetTracks Gold Shares (GLD), which tracks the metal's spot price.

The ETF 50 Index advanced 9.5% in the last three months and is ahead 15.8% so far this year. SPDR S&P 500 is up 6.1% in the three months and 9.2% year-to-date.

October's performance was second this year only to September's 4.7% gain.

The ETF 50 Index™ represents the asset-weighted price-only performance of the 50 largest exchange-traded funds, which account for 76.8% of total ETF assets. The index consists of a broadly diversified universe of funds representing domestic and foreign stocks, bonds, commodities and real estate, and is a better indicator of actual investor returns than indices tied to particular markets.