The Best Performing ETFs of 2026

With the first quarter in the books, it's time to look at the best-performing ETFs of 2026 so far. 

The quarter was all about energy. Nearly every fund at the top of the leaderboard is tied, in some form, to the same energy trade.

Oil prices surged during the quarter amid the Iran war and the effective closure of the Strait of Hormuz. Brent crude climbed from $60.85 per barrel at the start of the year to nearly $118.35 by the end of March, almost doubling in just three months.

That move was a tailwind for some ETFs, and a drag for many others. 

For context, broad equity markets struggled. The Vanguard Total Stock Market ETF (VTI) fell 4% during the quarter, while the Vanguard S&P 500 ETF (VOO) dropped 4.4%.

The following data captures year-to-date returns for U.S.-listed ETFs through March 31, excluding leveraged and inverse products.

Tanker Shipping Tops the Charts

At the top of the ETF leaderboard was the Breakwave Tanker Shipping ETF (BWET), which surged an astonishing 411%.

The fund holds tanker freight futures, which track the cost of shipping crude oil by sea. With the Strait of Hormuz effectively shut down, buyers have scrambled to secure supply from alternative sources. Longer shipping routes and tighter vessel capacity have driven freight rates sharply higher, which in turn has fueled BWET's outsized gains.

The SonicShares Global Shipping ETF (BOAT), which holds shipping equities rather than futures, also benefited from the disruption, gaining about 30%.

Crude Oil Futures Funds Surge

Next on the list are more straightforward oil plays. The United States Oil Fund (USO) gained 84%, while the United States Brent Oil Fund (BNO) rose 83.7%, both closely tracking the run-up in crude prices.

A range of other energy futures ETFs also posted strong returns. The Invesco DB Energy Fund (DBE) gained 68.7%, the United States Gasoline Fund (UGA) rose 67.4%, and the Invesco DB Oil Fund (DBO) climbed 61.2%. The ProShares K-1 Free Crude Oil ETF (OILK) and the United States 12 Month Oil Fund (USL) each gained roughly 45%.

Broader commodity index funds with heavy energy weightings were pulled higher as well. The iShares S&P GSCI Commodity-Indexed Trust (GSG) gained about 40%, and the Invesco DB Commodity Index Tracking Fund (DBC) rose 29.5%.

Energy Stocks Soar

Energy equities have had a strong run of their own.

The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) gained 44.6% through the end of the quarter. The Texas Capital Texas Oil Index ETF (OILT) was right behind it at 44.4%.

Oil services funds also performed well. The SPDR S&P Oil & Gas Equipment & Services ETF (XES) rose 42.3%, while the VanEck Oil Services ETF (OIH) and the Invesco Oil & Gas Services ETF (PXJ) each gained about 42%.

Broad energy sector funds posted gains in the high 30s. The Energy Select Sector SPDR Fund (XLE) rose 37.9%, with the Vanguard Energy ETF (VDE), the Fidelity MSCI Energy Index ETF (FENY), and the iShares U.S. Energy ETF (IYE) all clustered in a tight range around 37%–38%.

Even indirect energy exposure has paid off. The Global X MSCI Norway ETF (NORW), a country ETF with significant oil sector weighting, rose 27.2%.

Beyond Energy

Outside of energy, only a handful of funds cracked the top 50.

The iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) gained 34.9% and the ProShares VIX Short-Term Futures ETF (VIXY) rose 34%, benefiting from the spike in market uncertainty during the broader equity selloff. They ranked No. 34 and No. 35 on the list, respectively.

The other standout was the iShares MSCI South Korea ETF (EWY), which gained 26.5%. That rally was driven by a surge in memory chip stocks, particularly SK Hynix and Samsung, as booming demand for AI infrastructure continued to push high-bandwidth memory prices higher. 

South Korea's outsized exposure to the semiconductor supply chain made EWY one of the few non-energy funds to ride a completely different tailwind into the top 50.

For a full list of the top-performing ETFs of the year, see the table below.