Top & Flop ETF Areas of 2025

The year 2025 began with post-election optimism and expectations of a strong first quarter. Instead, markets were hit by the rise of low-cost AI initiatives from China, the adverse impact on the U.S. Big Tech, Trump tariffs, sticky inflation and persistently high interest rates. Stabilization in the market returned in the month of May after a tariff-led, turbulent April.

Market euphoria started to solidify from midyear, thanks to easing trade tensions. There have been three Fed rate cuts this year, with the action starting in September. That momentum faded suddenly when the longest U.S. government shutdown brought the fourth-quarter economic progress to a halt, and overvaluation concerns intensified in the AI space.

Even in mid-December, the AI market continued to face a tug of war between optimism and caution. Oracle’s $10 billion data center project in Michigan hit a roadblock (per Financial Times, as quoted on Yahoo Finance) after funding talks with Blue Owl stalled, weighing on tech stocks like Nvidia and Broadcom, while Micron’s strong earnings and upbeat AI demand forecast lifted its shares, highlighting the market’s mix of possibilities and perils.

Still, with all those worries, Wall Street has put up an upbeat show in 2025. SPDR S&P 500 ETF Trust SPY has jumped 18.1% in the year-to-date frame (as of Dec. 26, 2025). The Nasdaq-100-heavy ETF Invesco QQQ Trust, Series 1 QQQ has surged 22.3%, and the SPDR Dow Jones Industrial Average ETF Trust DIA has advanced 15% in the year-to-date frame.

Against this backdrop, below we highlight a few winning exchange-traded funds (ETFs) of 2025.

Inside the Gainers

Silver Miners

iShares MSCI Global Silver and Metals Miners ETF SLVP – Up 220.3%

Amplify Junior Silver Miners ETF SILJ – Up 202.1%

Silver prices have surged this year on supply tightness and high demand. Fed rate cuts, a weaker dollar and high industrial usage have boosted silver's demand. Mining companies often act as leveraged plays of the underlying metal. No wonder, SLVP has led 2025 gains as silver miners have topped (read: Best ETF of 2025 & Its 7 Winning Stocks).

Gold Miners

Global X Gold Explorers ETF GOEX – Up 199.3%

VanEck Junior Gold Miners ETF GDXJ – Up 190.6%

Gold prices have gained about 70% this year (as of Dec. 26, 2025), due to the Fed’s rate cuts, surging central bank demand, especially from emerging economies, and the yellow metal’s safe-haven appeal. Trump’s trade tensions brightened the appeal for this haven massively, offering gold mining ETFs a great chance to sizzle.

Platinum

GraniteShares Platinum Trust PLTM – Up 165.3%

abrdn Physical Platinum Shares ETF PPLT – Up 165.1%

Platinum futures have surged above $2,400 per ounce lately, touching its strongest level, per Tradingeconomics. The World Platinum Investment Council forecasts a 2025 deficit of 692,000 ounces, marking a third successive annual shortfall. Industrial demand from the auto sector is also showing signs of recovery, thanks to the EU’s plans to ease the 2035 internal combustion engine ban, as quoted on Tradingeconomics.

Inside the Losers

We also highlight the investment areas that lost the most in 2025. These areas are mentioned below.

Marijuana

AdvisorShares MSOS Daily Leveraged ETF MSOS – Down 49.5%

Marijuana stocks fell in 2025 as hopes faded about U.S. federal reform. It showed no meaningful progress on legalization or banking access in the early part of 2025. High interest rates were also a negative. However, these stocks surged significantly in mid-December, thanks to reports of President Trump's plans to ease federal marijuana regulations by reclassifying it to Schedule III from a Schedule I (read: Cannabis ETFs Soar Double-Digits on Friday: Here's Why). 

Meme Stocks

Roundhill Meme Stock ETF MEME – Down 42.6%

Meme stocks represent a market force (per Roundhill Investments), where retail participation and fast sentiment shifts may take place, and with extreme volatility. Wall Street has seen a lot in 2025, from trade tensions to overvaluation worries in Big Tech. Investors probably preferred to rely on profitable, cash-generating firms over hype-driven names in an edgy investing backdrop.

Volatility

ProShares VIX Short-Term Futures ETF VIXY – Down 41.9%

VIXY follows the S&P 500 VIX Short-Term Futures Index, which measures the performance of a rolling long position in short-term VIX futures. It reflects market expectations of near-term U.S. stock market volatility. Now, despite several hurdles, Wall Street stayed steady in 2025. As a result, VIXY has underperformed in the year.

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

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