Capping a year of commodity outperformance, a precious metal rally in December helped 2025’s top-performing ETFs while crypto continued to struggle, according to Global X.
Gold, silver, platinum and palladium surged in December, closing out a year that saw commodities emerge as a standout investment theme. Supported by tight supply, resilient central bank demand and growing expectations of easier monetary policy in 2026, the sector rallied through to year-end.
This meant the top five best-performing ETFs for the year were all focused on precious metals with the top performer – Betashares Global Gold Miners Currency Hedged – returning 148 per cent. Four out of the top five performers returned more than 100 per cent over the period.
Top-perfoming ETFs for 2025
| ETF | 12-month performance |
| Betashares Global Gold Miners Currency Hedged ETF | 148.8 per cent |
| VanEck Gold Miners ETF | 138.7 per cent |
| Global X Physical Silver Structured | 130.1 per cent |
| Global X Physical Platinum Structured | 104.9 per cent |
| Betashares Energy Transition Metals ETF | 96.3 per cent |
Source: Global X, January 2026
InvestorDaily previously reported that gold ETFs dominated the top-performing ETFs in 2025.
Global X Physical Silver Structured ETF (ETPMAG) was also the top perfomer for December with returns of 31.3 per cent for the month while Global X Physical Platinum Structured ETF (ETPMPT) gained 21.5 per cent for the month, as platinum – along with silver and palladium – rebounded on investors’ rotation back into supply-constrained metals linked to industrial recovery.
In its latest market analysis, Global X attributed silver’s December surge – which pushed prices to an intramonth record of US$84 an ounce before retreating to US$72 by year-end – to a combination of factors.
“The rally was driven by a confluence of tightening margin requirements, China’s upcoming export restrictions and robust industrial demand from solar panels, electronics and advanced manufacturing,” stated the firm.
Copper miners, it added, also shone in the month amid rising investor interest in their key role in electrification and AI. The metal reached a fresh record above US$12,000 per tonne in December to close out the year at US$12,423 per tonne.
According to the firm, a combination of rapid data-centre buildouts, supply constraints and rising M&A activity contributed to the surge. Since BHP’s 2024 bid for Anglo American, copper M&A activity has escalated into a frenzy, with last week’s $300 billion mega-merger proposal between Rio Tinto and Glencore marking the latest development.
Worst performers
On the flip side, cryptocurrencies were among the worst-perfoming ETFs as momentum slowed and risk appetite weakened.
After a strong run earlier in 2025, major cryptocurrencies sold off to close the year lower. Bitcoin ended the year around US$88,000 (down from its October peak near US$125,000) while Ethereum finished near US$3,000, well below its August high of US$4,850.
“Broader risk-off sentiment and renewed scrutiny of crypto intermediaries weighed on markets, while ETF flows turned choppy as investors rotated toward defensive assets,” stated Global X.
“Bitcoin and Ethereum both experienced heightened volatility, with sharp intramonth drawdowns exposing the market’s sensitivity to liquidity and positioning. Smaller tokens and high-beta crypto equities fared worse, as miners and exchanges came under pressure from rising costs, margin compression and falling transaction volumes.”
Although no Bitcoin ETFs ranked among the entire year’s worst performers, two Ethereum ETFs did: Global X 31Shares Ethereum ETF (EETH) fell 19.2 per cent, while Monochrome Ethereum ETF (IETH) dropped 17.7 per cent.
Worst-perfoming ETFs for 2025
| ETF | 12-month performance |
| Betashares US Equities Strong Bear Currency Hedged Complex ETF | -36.9 per cent |
| Global X Ultra Short Nasdaq 100 Complex ETF | -33.4 per cent |
| Global X 21Shares Ethereum ETF | -19.2 per cent |
| Monochrome Ethereum ETF | -17.7 per cent |
| Betashares Australian Equities Strong Bear Complex ETF | -16.1 per cent |
Source: Global X, January 2026
On a monthly basis, December saw the Betashares Crypto Innovators ETF lose 16.3 per cent and the Global X 21Shares Bitcoin ETF lost 6.5 per cent, putting them both in the month’s worst performers.