The 10 ETFs with the highest returns in 2025

If you’d asked investors at the start of 2025 where the strongest returns would come from, most answers would have been predictable: US equities, AI, and more of what worked the year before.

That isn’t how it played out.

Instead, the rally in gold intensified as uncertainty around geopolitical tensions and trade risks surged. From there, a broader risk-on move in commodity markets spilled over into silver and critical minerals.

Gold ripped through US$4,000 (up 55% in 2025), silver went parabolic (up around 150%), and companies exposed to copper, platinum, lithium and nickel enjoyed a far stronger year than most expected.

Gold miners, in particular, delivered eye-watering gains as rising bullion prices collided with operating leverage.

South Korea made the lone exception among broad equity markets, after the government pledged corporate reforms aimed at improving shareholder returns - helping unlock a powerful rally in its technology sector, lifting its national equities market to record highs.

The ETFs below capture the trades that sizzled in 2025.

How we compiled these lists

Our performance data is sourced from Morningstar, and the funds listed are available on Livewire’s Find Funds menu (located in the top-right corner of the webpage). Please note that this is not an exhaustive list of all ETFs available in the market.

Here’s how we filtered the results:

• Fund Type: ETFs
• Asset Class: Not selected (all asset classes included by default)

We then manually refined the list based on 1-year returns.

NOTE: While it is an interesting exercise to examine fund performance over a one-year period, most funds recommend minimum investment periods of five years or more. As such, it would be worthwhile to consider longer-term performance across cycles when researching funds or making investment decisions. Past performance is not a reliable indicator of future return.

The top 10 ETFs of 2025

#1. Betashares Global Gold Miners ETF – Currency Hedged (ASX: MNRS)

• One-year total return - 148.84%
• Management fee - 0.57% p.a.
• Funds under management - $241.91 million
• Distribution yield - 0.20% (12-month trailing)

The standout performer of 2025 delivered a near-150% return as gold miners dramatically outpaced the underlying commodity.

The ETF provides exposure to a diversified portfolio of global gold-mining companies, while hedging currency risk back to the Australian dollar. The combination of rising bullion prices, operating leverage and geopolitical uncertainty provided to be rocket fuel for the sector.

The currency-hedged structure also helped isolate equity upside by dampening the impact of AUD volatility.

Alexandre Ventelon, Head of Investment Strategy and Solutions at Morgan Stanley Wealth Management Australia, said he was bullish on gold heading into 2026 and preferred gold miners over the physical metal.

“There are still going to be geopolitical concerns, and they’re all supportive of the gold price - that’s why central banks have been buying so much of it,” Ventelon said in an interview.

ETF

Betashares Global Gold Miners ETF - Currency Hedged (MNRS)

Global Shares

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#2. VanEck Gold Miners ETF (ASX: GDX)

• One-year total return - 138.68%
• Management fee - 0.53% p.a.
• Funds under management - $1.62 billion
• Distribution yield - 0.82% (12-month trailing)

The obvious first question is why did VanEck’s GDX lag Betashares’ MNRS by around 10 percentage points? The answer is largely currency.

Over the year, the Australian dollar strengthened by close to 10%, which acted as a headwind for unhedged global assets.

MNRS, which is currency hedged, was largely insulated from this move, while GDX’s returns were impacted as foreign-currency gains were translated back into a stronger AUD.

While the two ETFs use slightly different index methodologies, they share broadly similar top holdings and have the bulk of their exposure in North America, particularly Canada and the US. The key distinction is that MNRS excludes Australian-listed miners and hedges currency risk, while GDX does not.

Like its Betashares peer, GDX benefited from surging bullion prices and the inherent operating leverage embedded in mining equities. However, leaving currency exposure unhedged can be a double-edged sword - it boosts returns when the Australian dollar weakens, but detracts when it strengthens, as it did in 2025.

ETF

VanEck Gold Miners ETF (GDX)

Global Shares

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#3. Global X Physical Silver Structured (ASX: ETPMAG)

• One-year return - 130.11%
• Management fee - 0.49% p.a.
• Funds under management - $1.54 billion
• Distribution yield - N/A

Silver delivered one of the most explosive moves of the year, surging around 145%.

This ETF provides physical exposure to silver bullion, held on behalf of investors. Unlike mining equities, returns are not influenced by operational execution, balance-sheet risk or cost inflation, making it a purer expression of movements in the silver price.

That said, the fund is unhedged, meaning returns were partially impacted by a strengthening Australian dollar over the year.

Silver’s rally reflected a potent mix of investment demand, persistent supply constraints, and its dual role as both a precious metal and a key industrial input for electrification and solar technologies.

In its 2026 outlook, BMO Economics noted that silver has outperformed gold in 2025, driven by its unique position as both a financial asset and an industrial metal.

“Years of production deficits, rising industrial demand from solar panels, EVs and AI infrastructure, and heightened appetite for safe havens have combined to create a perfect storm for silver, which we now project to average around US$50 per ounce,” BMO said.

ETF

Global X Physical Silver (ETPMAG)

Alternative Assets

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#4. Global X Physical Platinum Structured (ASX: ETPMPT)

• One-year return - 104.90%
• Management fee - 0.49% p.a.
• Funds under management - $92.5 million
• Distribution yield - N/A

Platinum quietly delivered one of the strongest returns of the year, supported by supply disruptions, improving industrial demand and renewed investor interest in alternative precious metals.

The unhedged ETF provides direct exposure to physical platinum, allowing investors to access the metal without company-specific or operational risk. Tightening supply conditions and growing attention on platinum’s role in the energy transition helped underpin returns throughout the year.

Looking ahead, Saxo Bank’s Ole Hansen, Head of Commodity Strategy, said he remains constructive on platinum in 2026.

“Platinum demand is supported by autocatalysts, industrial applications and a lack of meaningful new mine supply. These tight balances leave prices particularly sensitive to even small shifts in demand or disruptions on the supply side,” Hansen said.

ETF

Global X Physical Platinum (ETPMPT)

Alternative Assets

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#5. Betashares Energy Transition Metals ETF (ASX: XMET)

• One-year return - 96.25%
• Management fee - 0.69% p.a.
• Funds under management - $86.95 million
• Distribution yield - 0.30%

Rounding out the top five was a diversified play on metals critical to the global energy transition.

The ETF provides exposure to companies involved in producing copper, lithium, nickel and other materials essential to electrification, battery technology and renewable infrastructure. Notably, it excludes gold, offering investors a more targeted way to access energy-transition materials. Strong demand, persistent supply constraints and supportive policy settings helped drive returns across the year.

Among its top holdings are ASX favourite Pilbara Minerals Ltd, TSX heavyweight Teck Resources (which is set to merge with Anglo American), and Chilean copper darling Antofagasta PLC.

Unlike single-commodity strategies, the ETF’s diversified approach allowed it to capture upside across multiple materials while spreading risk.

Looking ahead, Goldman Sachs analysts remain constructive on commodities in 2026, but caution that there will be “significant return differentiation across commodities and relative value opportunities.”

ETF

Betashares Energy Transition Metals ETF (XMET)

Global Shares

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Other top funds

You can catch our coverage of top performing funds across different categories below:

Funds

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Funds

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