Commodities Lead Major Asset Classes So Far In 2026

Prices for raw materials have rocketed higher so far this year, outperforming the rest of the major asset classes by a wide margin through Friday’s close (Jan. 23), based on a set of ETFs. Foreign stocks are currently strong, but they remain distant second‑place winners.

The Wisdom Tree Commodity Index Fund (GCC) has surged 10.7% year to date. GCC maintains a relatively diversified portfolio and so it’s not overly dependent on oil and energy, in contrast with some of its competitors. As a result, GCC’s bull run of late highlights that commodities overall are posting strong gains.

In second place this year: foreign equities, led by stocks in emerging markets (VWO) via a 5.6% return. In close pursuit: shares in developed markets ex-US (VEA), which are up 5.3%.

All the major asset classes are posting gains this year, albeit delivering a wide spectrum of results. A broad measure of the US investment-grade bond market, including Treasuries, is the weakest performer in 2026, rising a thin 0.2%, based on the Vanguard Total Bond Market ETF (BND).

US stocks are a middling performer year to date, rising 1.6% via Vanguard Total US Stock Market ETF (VTI).

Within the commodities space, precious metals are especially hot. The SPDR Gold Shares (GLD) have soared 15.6% in 2026 through Friday’s close. Early trading today (Jan. 26) point to a further rally this week as the price of the metal trades well above $5,000 an ounce for the first time. Silver (SLV) is even hotter, skyrocketing more than 44% so far in 2026.

“The rise in precious metals prices is breathtaking and profoundly scary,” wrote Robin Brooks, a senior fellow at the Brookings Institution on Sunday. The rally is “part of something much bigger,” he advised. “We’re at the start of a global debt crisis, with markets increasingly fearful governments will attempt to inflate away out-of-control debt.”

CNBC, citing a Goldman Sachs report, notes: the demand base for gold has broadened and Western ETF holdings have climbed by about 500 tons since the start of 2025.

A key factor in gold’s rally: a weak US dollar. The two assets tend to move inversely with one another. The US Dollar Index fell 1.2% this year through Friday’s close, and has declined nearly 10% over the past year.

Morningstar.com warns against chasing gold after such a strong run, but some analysts still expect higher prices in the near term.

“I think [gold] could well have some further upside,” said Steve Miller, an investment strategy adviser at GSFM, an Australia-based asset manager. “But just as good is it might insulate you from turmoil in other asset classes.”