The Best-Performing Commodity ETFs of 2026: Oil and Broad Baskets Lead the Pack
Commodities have been one of 2026’s strongest asset classes, but the leadership sits in a different corner of the market than the precious-metals headlines suggest. Crude oil has driven the year’s biggest gains, and the broad futures baskets that lean on energy have followed it higher. Precious metals, by contrast, are digesting an enormous prior-year run: gold is close to flat in 2026 and silver has given back ground since the spring, even though both still carry large trailing-12-month gains. Uranium equities have cooled as well. The result is a year in which energy and diversified baskets lead, while metals and nuclear-fuel names consolidate.
The Best-Performing Commodity ETFs of 2026
1. Oil ETFs — 2026’s Standout Performer
USO (United States Oil Fund), which tracks front-month light sweet crude futures, has returned roughly 103.9% year to date and about 88.4% over the trailing year — the strongest showing of any major commodity fund in this group. Tighter supply and firmer demand lifted spot crude, and the shape of the futures curve meant the monthly roll worked with the fund rather than against it. This is a futures vehicle rather than a physical one; it charges 0.60% and holds about $1.8 billion in assets.
2. Broad Commodity ETFs — Diversified Exposure
Energy’s strength flowed straight into diversified baskets, which typically carry heavy energy weightings. PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) spreads exposure across energy, metals and agriculture and is up about 43.8% year to date and 49.3% over 12 months. It issues a standard 1099 tax form rather than the K-1 that complicates many commodity futures funds — a practical advantage that has helped it gather roughly $7.3 billion in assets at a 0.59% fee. DBC (Invesco DB Commodity Index Tracking Fund) has kept pace, up about 42.8% year to date and 48.5% over one year, and COMT (iShares GSCI Commodity Dynamic Roll Strategy ETF) is another diversified option. Because these baskets spread risk across the whole commodity complex, they tend to be steadier inflation hedges than single-commodity funds.
3. Uranium ETFs — Cooling After the Surge
URA (Global X Uranium ETF) is up only about 2.8% year to date and 13.3% over the trailing year, and it has fallen roughly 13% over the past three months. The fund is not a pure play on the uranium spot price — it is an equity basket of uranium miners and nuclear-fuel-cycle companies, so it reflects the broader nuclear-buildout and energy-security narrative, including electricity demand from AI data centers. It charges 0.69% and holds about $6.4 billion. Investors who want the physical commodity often look at the Sprott Physical Uranium Trust (SRUUF), which buys and holds uranium oxide (U3O8), though it is a closed-end trust rather than an ETF.
4. Gold ETFs — Consolidating After a Historic Run
Gold’s big move came earlier. GLD (SPDR Gold Shares) is essentially flat in 2026, up about 0.1% year to date, though it still shows a 24.7% trailing-year gain and roughly 30% annualized over three years, and it trades well below its 52-week high. Central-bank buying, dollar weakness and safe-haven demand powered the earlier rally; this year has been a pause rather than a reversal. The fund charges 0.40%, holds about $153 billion and remains the most liquid way to own bullion. Cheaper options include GLDM (SPDR Gold MiniShares Trust, 0.10%, about $33 billion in assets), IAU (iShares Gold Trust, 0.25%) and SGOL (abrdn Physical Gold Shares ETF, 0.17%).
5. Silver ETFs — Strong 12 Months, Negative 2026
SLV (iShares Silver Trust) has the best trailing-12-month number in the precious-metals complex at about 60.0%, but it is down roughly 10.1% year to date and off about 14% over the past three months — a reminder of how quickly silver gives back gains. Silver’s dual identity explains the volatility: it is both a monetary metal and an industrial input for solar panels and electronics. The fund charges 0.50% and holds about $34.7 billion. SIVR (abrdn Physical Silver Shares ETF) is a lower-cost alternative at 0.30%, while the Sprott Physical Silver Trust (PSLV) offers physical redemption but is structured as a closed-end trust, not an ETF.
Data pulled from price total returns from ETF.com as of Sept. 2, 2026, ranked by year-to-date performance.
Best-Performing Commodity ETFs: At a Glance
Physical vs. Futures vs. Miner ETFs: Know What You’re Buying
Commodity ETFs come in three very different structures, and the difference matters. Physically backed funds hold the actual metal in vaults and track the spot price most closely — the cleanest exposure for precious metals — and include SLV, GLD and GLDM. Futures-based funds such as USO, PDBC and DBC hold commodity futures contracts, which introduces roll cost or roll yield that can cause performance to diverge from the headline spot price over time; the roll worked in oil’s favor this year, but it can just as easily work against it. Miner and equity funds such as URA hold the stocks of companies that produce the commodity, offering geared upside when prices rise but adding equity risks like management and operational issues. When two funds track the same commodity, their structure can produce very different returns.
What Investors Should Keep in Mind
Commodities are among the most volatile assets available, and 2026 is a good illustration: oil has roughly doubled while silver has fallen, all inside the same asset class. Leadership rotates quickly here, and this year’s laggards were last year’s winners. These funds tend to work best as a modest, diversifying sleeve of a portfolio — a hedge against inflation and a way to express a specific supply-demand view — rather than a core holding. Anyone adding oil exposure now is stepping in after a very large move, and futures-based funds layer roll risk on top of price risk. Position sizing and risk tolerance matter more here than in almost any other ETF category.
Frequently Asked Questions
What is the best-performing commodity ETF of 2026? USO leads, up roughly 103.9% year to date and 88.4% over the trailing year. Broad baskets come next: PDBC is up about 43.8% year to date and DBC about 42.8%.
Is silver still outperforming gold? Over the past 12 months, yes: SLV is up about 60.0% versus roughly 24.7% for GLD. Year to date in 2026 it is the other way around, with the silver fund down about 10.1% and the gold fund roughly flat.
Is URA a direct bet on uranium prices? Not exactly. URA holds uranium miners and nuclear-fuel-cycle companies, so it tracks the broader nuclear theme and equity sentiment. The Sprott Physical Uranium Trust (SRUUF) holds the physical commodity, but it is a closed-end trust rather than an ETF.
What is the best broad commodity ETF? PDBC is the most popular because it diversifies across energy, metals and agriculture and avoids the K-1 tax form. DBC and COMT are similar diversified options.
Are commodity ETFs a good long-term investment? Commodities are volatile and are typically used as a diversifying inflation hedge rather than a core long-term holding. They can deliver strong returns in supply-driven bull markets but also suffer deep drawdowns.
2026 has been a strong year for commodity ETFs, but the leadership belongs to energy rather than metals: the main oil fund has roughly doubled year to date, broad baskets have followed it higher, and gold, silver and uranium funds have spent the year consolidating after earlier gains. Fund structure explains much of the dispersion, so it pays to know whether you are buying physical metal, a futures roll or a basket of miners. Size the position appropriately and treat commodities as a diversifying hedge rather than a place to concentrate.
Data as of Sept. 2, 2026, from ETF.com. Returns shown are price total returns and are approximate; expense ratios and assets under management are subject to change. Past performance does not guarantee future results. This article is for informational purposes only and does not constitute investment advice.
This article was generated with the assistance of artificial intelligence and reviewed by ETF.com staff.
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