Best-Performing ETFs of Last Week: Commodity Wins as Markets Turn Cautious

Last week, commodities dominated the ETF leader board while the broader U.S. stock market struggled to find momentum. Major indexes slipped as investors weighed geopolitical uncertainty, trade headlines, and a fresh wave of “risk-off” behavior that tends to favor hard assets like energy and precious metals.

According to the weekly performance snapshot highlighted by Zacks (republished on Nasdaq), the S&P 500 fell 0.4%, the Dow Jones Industrial Average dropped 0.5%, and the Nasdaq Composite edged down 0.1%. In that same period, several commodity-linked exchange-traded funds (ETFs) delivered double-digit gains, driven by sharp moves in natural gas, platinum, silver, gold-related miners, and palladium.

What Happened in Markets Last Week?

Stock investors had plenty to worry about. Reports pointed to renewed trade friction, including a “Greenland row” narrative and threats of broad duties on multiple European nations, with some headlines even floating extremely high tariff levels on specific exports. When trade risks rise, markets can become jumpy because tariffs may increase costs, disrupt supply chains, and reduce business confidence.

In environments like this, money often moves toward safe-haven assets. That’s one reason precious metals performed so well. In fact, the gold bullion ETF SPDR Gold Shares (GLD) rose 8.4% over the week referenced in the report, reflecting strong demand for gold as a defensive holding.

Why Commodities Outperformed When Stocks Fell

Commodities can rise for very practical reasons—things like weather disruptions, supply shortages, and shifts in real-world demand. Last week featured a classic example: severe winter weather squeezed natural gas supply and boosted heating demand, pushing prices higher and sending natural-gas ETFs soaring.

At the same time, precious metals benefited from a mix of:

• Safe-haven buying (investors want protection during uncertainty)
• Expectations of lower interest rates (which can support metals prices)
• Currency effects like dollar weakness (often supportive for metals)
• Physical market tightness and investment flows

Those forces helped lift platinum, silver, gold-linked equities, and palladium-related products highlighted among the week’s top ETF gainers.

Top Winners: The Best-Performing ETFs of the Week

Below are the standout ETFs cited in the report, along with the key story behind each move.

1) Natural Gas: United States Natural Gas Fund (UNG) — Up 35.2%

United States Natural Gas Fund LP (UNG) was the biggest winner on the list, rising 35.2% over the week. This is a large move for an ETF, and it shows how fast energy markets can change when supply and demand get out of balance.

What drove the surge? The report points to a historic winter storm that swept across the United States, reducing supply while increasing heating demand. Severe weather can interrupt production, delay transportation, and strain infrastructure—while at the same time households and businesses burn more gas to stay warm.

One specific detail stood out: the storm was associated with shutting down almost 10% of U.S. gas output for a period, a supply hit large enough to shock prices upward.

How UNG works (simple version): UNG is designed to track natural gas price movements using futures contracts rather than holding physical natural gas. That structure can create extra volatility, especially when futures markets swing quickly. In other words: UNG can rise fast—but it can also fall fast when temperatures normalize or supply returns.

Key takeaway: UNG’s spike was a weather-and-supply story. When winter shocks hit, natural gas can behave like a spring-loaded trap—quiet one day, explosive the next.

2) Platinum: GraniteShares Platinum Trust (PLTM) — Up 20.8%

GraniteShares Platinum Trust (PLTM) gained 20.8%, fueled by a strong rally in platinum prices. The report describes platinum futures extending a record rally due to strong investment demand and a tight physical market.

Why would investors rush into platinum? Platinum can benefit from several overlapping trends:

• Monetary expectations: If investors think interest rates may fall, non-yielding metals can look more attractive.
• Currency effects: A weaker U.S. dollar can make dollar-priced commodities cheaper for global buyers.
• Uncertainty hedging: Metals sometimes act as “financial umbrellas” during storms in risk assets.
• Supply constraints: Platinum supply can be sensitive to mining conditions and regional risks.

The report specifically notes that lower-rate expectations, dollar weakness, and ongoing geopolitical and trade tensions helped support platinum demand during the week.

Key takeaway: PLTM rose because platinum became a “hot” defensive metal at a moment when investors wanted protection and the market felt tight.

3) Silver: Sprott Silver Miners & Physical Silver ETF (SLVR) — Up 17.0%

Sprott Silver Miners & Physical Silver ETF (SLVR) climbed 17.0% as silver prices jumped. The report links the move to strong safe-haven and investment demand, alongside continued tightness in the physical silver market.

Silver is a bit unique because it has two personalities:

• Precious metal role: Investors buy it like gold during uncertainty.
• Industrial role: It’s used in electronics, solar panels, and other manufacturing areas.

That combination can make silver very reactive. If investors fear geopolitical shocks, they may buy silver for safety. If they expect industrial demand to improve, they may buy it for growth. In the week cited, the report also mentions retail buying strength in China and India, which can matter because physical demand helps tighten the market.

Key takeaway: SLVR benefited from both “fear trade” behavior and tight physical conditions that encouraged more buying.

4) Gold Miners: Global X Gold Explorers ETF (GOEX) — Up 14.1%

Global X Gold Explorers ETF (GOEX) rose 14.1%. The logic is straightforward: when gold prices rally, shares of gold-related miners and explorers often move more sharply (up or down) because their profits can be highly sensitive to the metal price.

The report notes that gold extended a record rally during the week, and because mining stocks can behave like a leveraged play on the underlying metal, GOEX surged.

Why gold explorers can be extra volatile: Exploration and smaller mining companies may have higher operational risk, financing risk, and project uncertainty than major producers. That doesn’t mean they’re “bad”—it just means they can swing more dramatically with changes in gold sentiment.

Key takeaway: If gold moves, gold explorers can move even more. GOEX reflected that amplified response.

5) Palladium: abrdn Physical Palladium Shares ETF (PALL) — Up 13.3%

abrdn Physical Palladium Shares ETF (PALL) gained 13.3%. Palladium prices climbed to the highest level in over three years, according to the report’s summary.

What pushed palladium higher? The report emphasizes supply concerns and geopolitical risk, including fears of disruptions to North American metal flows linked to potential trade tensions. It also points to strong investment inflows and increased trading activity in China—supportive forces even as automotive demand (a major palladium use) was described as softer.

Key takeaway: Palladium’s move was less about booming consumption and more about tight supply narratives plus investor positioning.

The Bigger Theme: A “Hard-Asset” Week

When you look at the winners together—natural gas, platinum, silver, gold explorers, and palladium—a single theme pops out: hard assets beat financial assets.

That doesn’t mean commodities will always outperform when stocks dip. But it does highlight a common pattern:

• If uncertainty rises, investors often buy precious metals.
• If weather disrupts supply, energy can spike.
• If trade frictions appear, markets may price in supply-chain stress.

Last week happened to contain all three ingredients in some form, which is why commodity ETFs ended up at the top of the performance list.

What Investors Should Know Before Chasing These Winners

Big weekly gains can look exciting. But commodity ETFs can be sharp tools, and sharp tools require careful handling.

Commodity ETFs can be unusually volatile

A 10%–35% weekly move is a reminder that commodity-linked products can swing much more than broad-market ETFs. If the driving force (weather, fear, supply shock) fades, prices may reverse quickly.

Futures-based funds behave differently than stock ETFs

Some commodity ETFs (especially in energy) use futures contracts. That can introduce effects like rolling contracts over time, which may influence returns beyond spot price moves.

Metal ETFs vs. miner ETFs: not the same thing

Physical or trust-style metal products are tied closely to the metal. Miner and explorer ETFs also reflect business execution, costs, balance sheets, and local operating risk—so they can diverge from the metal price.

Diversification still matters

Even if commodities are winning today, many investors use them as a slice of a broader portfolio rather than the entire meal.

Quick Summary Table: Winners and What Drove Them

Theme	ETF (Ticker)	Weekly Gain	Main Driver
Natural Gas	United States Natural Gas Fund (UNG)	+35.2%	Winter storm, supply disruption, higher heating demand
Platinum	GraniteShares Platinum Trust (PLTM)	+20.8%	Tight market, investment demand, rate/dollar expectations
Silver	Sprott Silver Miners & Physical Silver ETF (SLVR)	+17.0%	Safe-haven demand, tight physical market, retail buying
Gold Explorers	Global X Gold Explorers ETF (GOEX)	+14.1%	Gold rally boosted miners/explorers (leveraged behavior)
Palladium	abrdn Physical Palladium Shares (PALL)	+13.3%	Supply concerns, geopolitical risk, investment inflows

Frequently Asked Questions (FAQs)

1) What does “best-performing ETFs of last week” actually mean?

It means these ETFs showed the highest percentage gains over the prior week’s trading period in the referenced report.

2) Why did UNG rise so much in one week?

UNG jumped because U.S. natural gas prices surged after severe winter weather boosted heating demand and constrained supply, with the report noting almost 10% of U.S. gas output was shut down during the event.

3) Are commodity ETFs safe for beginners?

Commodity ETFs can be riskier than broad stock index funds because commodity prices can swing quickly due to weather, geopolitics, and supply disruptions. Many beginners use them only in small amounts until they understand the risks.

4) What’s the difference between a physical metal ETF and a mining ETF?

A physical or trust-style metal product aims to track the metal’s price more directly. A mining or explorer ETF holds company stocks, so performance also depends on business costs, management, and operational risk—meaning it can move more than the metal.

5) Why did platinum and palladium rise even with weaker auto demand?

The report highlights investment demand, tight market conditions, and supply concerns linked to geopolitical and trade risks, which can move prices even when some end-use demand (like autos) is softer.

6) Does a strong week mean these ETFs will keep going up?

Not necessarily. Weekly performance can be driven by short-term events. Weather normalizing, policy shifts, or changes in investor mood can reverse commodity trends quickly.

Conclusion: Commodities Took the Lead—But Timing and Risk Control Matter

The week’s top ETF winners sent a clear message: when uncertainty rises and supply shocks hit, commodities can outperform. Natural gas surged on extreme winter weather, while precious metals and related ETFs climbed as investors looked for safety and responded to tight market conditions.

Still, the same forces that create huge gains can also create sudden pullbacks. If you’re watching these ETFs, it helps to focus on the why behind the move—weather, supply, rates, currency, and geopolitics—rather than chasing the percentage change alone.

Source note: This rewritten report is based on the market recap originally published by Zacks Investment Research and republished by Nasdaq.

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