Best ETF of 2025 & Its 7 Winning Stocks

As we are going to wrap up 2025, it’s time to assess the market performance of the exchange-traded funds (ETFs) that ruled most of 2025. In this journey, metal and mining stocks emerged the clear winner of the year.  

Be it silver, gold or copper – prices of metals surged this year. While gold prices soared due to the year-long safe-haven demand (countering Trump tariff threats and AI overvaluation concerns), silver and copper prices rose due to high industrial demand and supply shocks.

In this segment, iShares MSCI Global Silver and Metals Miners ETF SLVP topped the list, having secured about 179% gains (as of Dec. 19, 2025). Let’s dig a little deeper to find out what led to the surge.

Increase in Silver Pries

Silver climbed to a fresh record recently. iShares Silver Trust SLV has gained 126.3% so far this year (as of Dec. 19, 2025), outperforming even another winner of the year SPDR Gold Trust GLD, which has advanced about 63%. Persistent supply tightness and increased industrial usage led to the rally in silver prices, which in turn, benefited the mining stocks.

Industrial Usage & ESG Transition

Silver is often considered an industrial metal. About half of the metal’s total demand comes from industrial applications. The industrial demand for silver is rising, especially on the green energy front. Silver’s industrial demand rose 4% in 2024, per the Silver Institute.

In the automotive industry, rising vehicle sophistication, the continued (though more gradual) electrification of powertrains, and sustained investment in supporting infrastructure will likely drive higher silver demand, per the Silver Institute.

Silver is used in solar power and electric vehicle applications. China’s solar boom greatly supported silver demand. The rollout of 5G globally is another positive for silver. The electronic components that enable 5G technology depend greatly on silver.

Weaker Dollar

The Fed enacted three rate cuts in 2025 and will likely cut interest rates further next year, though at a far more moderate pace. A softer labor market led the Fed to walk this path. Lower interest rates typically support non-yielding assets like silver and gold.

Invesco DB US Dollar Index Bullish Fund UUP is off 5.4% this year (as of Dec. 19, 2025). Massive trade uncertainty earlier in the year also led to the weakness in the U.S. dollar. There is also an emerging trend of de-dollarization in order to reduce reliance on the U.S. dollar for international trade. De-dollarization is reflecting in central bank FX reserves, where the share of USD has fallen to a two-decade low, according to J.P. Morgan.In fixed income, the share of foreign holdings in the U.S. Treasury market has slid over the last 15 years, again strengthening the case of de-dollarization, per J.P. Morgan.

With Jerome Powell’s term ending in May, markets see growing chances for rate cuts ahead. If the Fed starts continued policy easing (albeit at a moderate pace), which could be the case ahead, given President Trump’s inclination for lower ratesand still-contained inflation rate amid tariffs, the U.S. dollar may lose strength. Since silver is priced in the U.S. dollar, any slump in the dollar tends to buoy the metal’s prices. 

Higher Safe-Haven Demand 

Since silver is also considered a precious metal, it offers some safe-haven appeal, though not as great as gold. With a moderate level of trade tensions still around, the safe-haven metal silver has remained in a sweet spot this year.

Rise in ETF Holdings

Holdings in silver-backed exchange-traded funds climbed recently, Bloomberg data showed. Total holdings rose to their highest level since 2022 – a sign of continued investor appetite, as quoted on Yahoo Finance.

Speculative flows have also intensified supply pressures. Inventories at warehouses tied to the Shanghai Futures Exchange have dropped to their lowest point in a decade, per Bloomberg, as mentioned on Yahoo Finance.

Inside the Winning Stocks of SLVP

Although most of the stocks in the portfolio of SLVP delivered strong returns, a few have gained more than 100%. These include Hecla Mining Co HL, First Majestic Silver AG, Endeavour Silver EXK and Wheaton Precious Metals WPM. There are a few internationally-listed companies including Industrias Penoles SAB de CV, Fresnillo plc. and Discovery Silver Corp. that soared in 2025.

Hecla Mining Co – Up 274% YTD

Hecla Mining Company is a leading low-cost U.S. silver producer with operating mines in Alaska and Idaho, and is a growing gold producer with an operating mine in Quebec, Canada. The stock holds 15.90% of SLVP’s basket. The stock has an upbeat Growth and Momentum score of “A.”

Industrias Penoles S.A. de C.V (Industrias Peñoles) – Up 217.1%

Industrias Peñoles, S.A.B. de C.V, or simply Peñoles, is a subsidiary company owned by Grupo BAL. Peñoles is one of the largest Mexican mining company, the first Mexican producer of gold, zinc and lead and the world leader in silver production. The stock makes up 11.84% of SLVP.

Fresnillo plc – Up 396.7%

Fresnillo plc is a leading UK-incorporated, Mexico-based precious metals mining company, known as the world’s leading silver producer and one of Mexico’s largest gold miners. The stock accounts for about 10.35% of the fund SLVP.

First Majestic Silver – Up 180.5%

First Majestic Silver Corp. is engaged in the production, development, exploration, and acquisition of silver mines in Mexico. The stock takes 8.29% of SLVP’s basket. The stock has an upbeat Growth score of “A” and a Momentum score of “B.” AG shares have 8.29% exposure to SLVP.

Discovery Silver Corp. – Up 963.3%

Based out of Canada, Discovery Silver Corp., is a mineral exploration company. The stock takes about 4.91% of the fund SLVP.

Endeavour Silver Corp. – Up 138.0%

ENDEAVOUR SILVER CORP. is a small-cap silver mining company focused on the growth of its silver production, reserves and resources in Mexico. The stock has a 4.46% weight in the fund.

Wheaton Precious Metals – Up 106.1%

Wheaton Precious Metals is one of the largest precious metal streaming companies in the world that generates its revenues from the sale of precious metals and cobalt. The stock has a strong Growth score of “A” and a Momentum score of “B.” WPM has 4.08% weight in the fund.

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This article originally published on Zacks Investment Research (zacks.com).

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