Didn’t Burl Ives sing a song about this in the Rudolph the Red-Nosed Reindeer TV special?
The gold and silver medals for this year’s best-performing ETFs went, fittingly, to funds tracking companies that mine the precious metals. Silver and gold mining ETFs dominated 2025 performance tables, a reminder that when these funds rally, they tend to do so in incredible fashion. Silver and gold mining ETFs were a tour de force in 2025, and the macro forces behind that run aren’t expected to fade in 2026. It’s an area that advisors may want to keep an eye on in the new year.
“Gold miners and junior gold miners can be very volatile,” said Dan Sotiroff, senior analyst at Morningstar. “When they have a good year, they have a spectacular year. But then they can go for long periods of time where they just do absolutely nothing, if not lose money.”
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Spot gold and silver prices have reached all-time highs this year, trading near $4,500 and $70 per ounce, respectively, as of Dec. 21. That performance has flowed directly into the companies mining them. “It’s kind of a levered play on gold,” Sotiroff said. “You’re getting access to gold, but also access to the businesses that extract the stuff.”
The five best-performing funds this year (excluding leveraged and inverse products), according to Morningstar Direct data, include:
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iShares MSCI Global Silver and Metals Miners ETF (SLVP) was up 200% as of Dec. 21.
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Amplify Junior Silver Miners ETF (SILJ) was up 186%.
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Global X Gold Explorers ETF (GOEX) was up 182%.
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Sprott Junior Gold Miners ETF (SGDJ) was up 175%.
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VanEck Junior Gold Miners ETF (GDXJ) was up 175%.
War: What is it Good for? When gold and silver products are having a strong year, it usually signals investors are seeking safe havens from upheaval and uncertainty. This year offered no shortage of either, from tariffs, persistent inflation and rate cuts, to the war in Ukraine entering its fourth year and US-Venezuela disputes over drug-trafficking. Those pressures have pushed central banks to buy gold at historically high levels, while also increasing silver purchases.
“Peace is actually bad for commodities,” Kathy Kriskey, Invesco commodity strategist, said during a Bloomberg event this month. “It’s good for everyone, but it’s bad for commodities.” And peace doesn’t appear imminent. “A lot of the reasons why many investors want to hold gold will still exist in 2026,” Kriskey added.
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