##  [# Commodities In Review: February 2019](/sections/etf-report-departments/commodities-review-february-2019) 

 

# Commodities In Review: February 2019

 

 

Cocoa and silver stood out in a mixed month.



 

 

 

 

 [![HeatherBell_green_bg](/sites/default/files/styles/author_image_icon/public/2023-03/heather2.png?itok=5J9vBlda)](/contributors/heather-bell) 

[By Heather Bell](/contributors/heather-bell)

 Feb 01, 2019

 Edited by: Heather Bell

 

 

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December was a mixed month for commodity ETFs. The [iPath Bloomberg Cocoa Subindex Total Return ETN (NIB)](/NIB) was the best performer, with a gain of nearly 11%, while the [iShares Silver Trust (SLV)](/SLV) was up 8.6% and the [iPath Series B Bloomberg Tin Subindex Total Return ETN (JJT)](/JJT) was up 6.19%. At the other end of the spectrum was the [United States Natural Gas Fund LP (UNG)](/UNG), which fell a stunning 34.75%, followed by the [United States Oil Fund LP (USO)](/USO) and the [iPath Series B Bloomberg Cotton Subindex Total Return ETN (BAL)](/BAL), down 11.07% and 8.35%, respectively. The [SPDR Gold Trust (GLD)](/GLD) saw the most inflows, pulling in $1.1 billion, while USO gained $74.1 million and UNG gained $66.8 million despite both funds’ abysmal performance. When it came to outflows, the [Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC)](/PDBC) lost $168.4 million, the [Invesco DB Agriculture Fund (DBA)](/DBA) saw a decline of $75.9 million and the [Invesco DB Energy Fund (DBE)](/DBE) lost $65.9 million.

![](/sites/default/files/images/Magazines/ETF%20Report/2019/02/CommoditiesFebruaryFig1.jpg)

![](/sites/default/files/images/Magazines/ETF%20Report/2019/02/CommoditiesFebruaryFig2.jpg)![](/sites/default/files/images/Magazines/ETF%20Report/2019/02/CommoditiesFebruaryFig3.jpg)

*Source: Bloomberg. Data from 11/30/2018 to 12/31/2018. ETFs chosen to represent each sector based on the most liquid ETF in each segment of the ETF.com ETF Classification System.*





 

 

 [ Heather Bell ](/contributors/heather-bell) 

 

 

  Heather Bell is a former managing editor of etf.com. She has also held editorial positions at Dow Jones Indexes and Lehman Brothers. Bell is a…   [View Bio](/contributors/heather-bell)

 



 

 


 Related Topics  [Commodities](http://www.etf.com/topics/commodities) 

 [Cocoa](http://www.etf.com/topics/cocoa) 

 [Silver](http://www.etf.com/topics/silver) 

 [Active Management](http://www.etf.com/topics/active-management) 

 [Agriculture](http://www.etf.com/topics/agriculture)