Overall, most indices related to commodities, including precious metals, energy, and metals and mining crushed it for both time periods. However, it was not a smooth ride, as many areas were pummeled in a large one-day drop on January 30th, 2026. In spite of that fact, you still saw tremendous strength.
Emerging Markets also had a strong run for the latest 12-months, but ended up being flat for the first quarter. It was energy based commodities that hit it out of the park during the first three months of this year, ending up +60%!
Both periods underscore the same theme: commodity-linked indices captured geopolitical and supply-driven tailwinds, while growth and mid-cap styles suffered from rate sensitivity and style rotation.
12-Month Returns Ending 3/31/2026 – Summary Top 3
- S&P Metals & Mining (+77.95%)
- High-beta materials equities (gold, silver, copper producers)
- Direct leverage to record precious-metals prices
- Driven by geopolitical risk, central-bank buying, and industrial demand tailwinds
- Bloomberg Precious Metals Subindex (+65.34%)
- Pure gold/silver futures exposure
- Classic safe-haven rally
- Amplified by supply constraints and surging industrial silver demand (solar/data centers)
- MSCI Emerging Markets (+30.30%)
- EM large/mid-cap equities (China/Taiwan/India tilt)
- Benefited from commodity-exporter lift
- Attractive valuations vs. U.S. large-caps
YTD Returns as of 3/31/2026 – Summary Top 3
- Bloomberg Energy Subindex (+60.00%)
- Pure energy futures (crude, nat gas)
- Driven by Middle East supply shocks and tight inventories
- Classic commodity beta in a geopolitical risk-on environment
- S&P Metals & Mining (+9.95%)
- Metals/mining equities
- Lingering precious/base-metals strength
- Tied to industrial demand and safe-haven flows
- Bloomberg Precious Metals Subindex (+8.56%)
- Gold/silver futures
- Continued safe-haven bid
- Ongoing geopolitical tensions