The ETF 50 Index™ sank 4.5% in November, its largest monthly decline of the year, dragged down by double-digit losses in Asian exchange-traded funds, notably iShares FTSE/Xinhau China 25 ETF (FXI), which tumbled 14.2%.

The two largest ETFs, SPDR S&P 500 Trust (SPY) and iShares MSCI EAFE Index (EFA), declined 3.9% and 3.6%, respectively. They account for 30.5% of the index, which in turn represents 76.8% of all ETF assets.

But the next two-largest, iShares MSCI Emerging Markets Index (EMM) and the technology-heavy PowerShares QQQ (QQQQ), did much worse, shedding 7.6% and 6.8%, respectively, of their value. They account for 10.1% of the index.

iShares MSCI Korea (EWY) dropped 11.3%, and iShares Taiwan (EWT) was off 12.3%.

Small-cap domestic stocks continued to weaken, with iShares Russell 2000 Index (IWM) sliding 6.9%.

Only six of the 50 largest ETFs delivered positive results in the month: five bond funds and Select Sector SPDR Utilities (XLU), which was ahead 0.7%. The biggest gainers were iShares Lehman 7-10 Year Treasury Bond (IEF), up 3.7%, and iShares Lehman TIPS Bond (TIP), up 3.8%.

Over the last 11 months the ETF 50 Index™ has advanced 10.6%, more than twice the gain of SPDR S&P 500 Trust .

The ETF 50 Index™ represents the price-only asset-weighted price performance of the 50 largest exchange-traded funds. 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.