The accompanying table (click to enlarge) presents the ETF Innovators (ETFI) Global Personal Transportation Index, which includes 40 companies with market caps of at least $150M. Since I last updated the index last month, the total market cap of the 40 companies has declined by 22% and currently stands at just under $450B with Volkswagen (VLKAY) accounting for nearly one-fourth of that total thanks to an 85% stock price gain in the past year and market cap of $112B.

Meanwhile, Congressional leaders are preparing to vote this week on a short-term rescue package for the U.S. auto makers, including index components General Motors (GM) and Ford (F), with the likely source of the $15B coming from the previously approved $25B in subsidized loans to encourage the development of more fuel efficient vehicles. The rescue package will likely entail short-term loans intended to ensure the survival of the auto makers through March 2009, leaving the long-term plan for U.S. auto makers up to the new administration.

The ETFI Global Transport Index declined by an average of 55% over the past year and 22% over the past month on an equal-weight basis compared to declines of about 40% in the past year for the S&P 500 SPDR (SPY) and Consumer Discretionary Sector SPDR (XLY). The index includes auto makers such as Toyota (TM) + Honda (HMC), recreational vehicle makers such as Polaris (PII) + Winnebago (WGO), truck makers such as Navistar (NAV) + Paccar (PCAR), and motorcycle makers such as Harley Davidson (HOG) + Yamaha (YAMHF).