In its markets roundup for Jan. 22, Zacks points out that while U.S. stocks performed well, as did in particular three of the biggest ETFs, two specific ETFs had particularly heavy trading volumes.

On a day when the Nasdaq composite was up 2.66% to 4,591; when the Dow Jones industrials were up 1.33% to 16,094 and when the S&P 500 index was up 2.03 to 1,907, several of the biggest ETFs participated in the rally as well. SPY gained 2.1%, DIA was up 1.4% and QQQ rose 2.9% on Jan. 22.

The two ETFs with outsize trading volume on the day was the Japan ETF EWJ and the U.S. momentum ETF MTUM.

The iShares MSCI Japan ETF (EWJ) saw trading volume of 162 million shares, or four times its daily trading average of about 40 million shares, Zacks said. For the day, EWJ was up 4.54%; for the month to date, the Japan ETF was down 8%. Zacks said the heavy volume could be laid to the “broad-based surge” in Asian stocks following its correction and a jump in oil prices.

The iShares MSCI U.S. Momentum ETF MTUM had almost 800,000 shares traded, more than three times its average daily trading volume of 245,000 shares. The momentum ETF rose 2% on Friday; in the last month, MTUM was down 6%. Zacks said MTUM’s performance Friday came for the “rally of U.S. stocks in the wake of optimism in the glonal market.”

— Check out 5 Reasons Not to Panic Over the Markets on ThinkAdvisor.