The ASX ETF leaderboard: 2026’s biggest movers so far

ETFs are often seen as sitting on the quieter side of the investing landscape. But within the ETF market itself, there is a surprisingly wide spectrum of exposures and outcomes.

This year alone, an ASX-listed crude oil ETF has risen more than 85%, while an ETF offering negatively geared exposure to the Nasdaq-100 has fallen almost 40%.

Across the 461 ASX-listed ETFs on TradingView, these are the five biggest gainers and decliners by year-to-date at 23 September 2026.

Biggest Aussie ETF winners

^{Source: TradingView and CMC Invest. Figures are year to date to 23 September 2026. ETF performance figures reflect changes in market price only and do not include distributions. Total return may therefore differ. CMC Invest % buy orders shows the percentage of client orders for each ETF that were buys over the same period, based on trade count.}

An oil ETF takes the top spot

The biggest mover is OOO, the Betashares Crude Oil Index ETF, with its market price up more than 85% so far in 2026.

OOO's exposure to crude oil has put it at the centre of one of this year's biggest macro trades. But zooming out changes the picture considerably. Its all-time price return is around -82%, despite its near-doubling in 2026.

It is a useful reminder that timeframe matters. A fund capable of rising almost 100% in less than a year can also have a much more volatile long-term price history than many investors might normally associate with an ETF.

CMC Invest activity has been relatively balanced compared with some of the other top performers, with 56% of OOO orders being buys in 2026.

Korea shows why it pays to look under the bonnet

The second-biggest gainer is IKO, the iShares MSCI South Korea ETF, up more than 73% so far this year.

At first glance, "South Korea ETF" sounds like a relatively broad country exposure. Look at the holdings and the picture becomes more concentrated.

Around 26% of IKO is invested in SK Hynix and another 22% in Samsung Electronics. Almost half the ETF is therefore sitting in just two companies.

Both companies are major players in the memory-chip industry and have benefited from strong demand tied to AI infrastructure. The rise in IKO isn't simply a story about the Korean market doing well. A large part of its performance has been tied to two semiconductor giants and the boom in memory chips.

That is worth watching with country ETFs more broadly. An ETF can look diversified while still being heavily concentrated in a handful of companies or sectors. Even the Betashares Nasdaq 100 ETF (NDQ) has around 47% of its portfolio in its top 10 holdings. Concentration can help or hurt depending on how those positions perform and how they fit within an investor's broader risk profile and objectives.

CMC Invest clients have leaned strongly towards the buy side, with 80% of IKO orders being buys in 2026.

Semiconductors and Asian technology aren't far behind

The same technology theme appears more directly in SEMI, the Global X Semiconductor ETF, which has risen almost 67% so far in 2026 and around 280% over the past five years.

Semiconductors sit at the centre of several of the largest investment themes in markets, from AI and data centres to cloud computing and autonomous technology. SEMI offers exposure across the industry, rather than requiring investors to pick which individual chip company ultimately benefits most.

CMC Invest activity has been heavily skewed towards buying, with 87% of SEMI orders being buys in 2026.

HGEN, the Global X Hydrogen ETF, has climbed around 50% in price this year, although client activity has been more balanced, with 54% of CMC Invest orders being buys in 2026. The Betashares Asia Technology Tigers ETF, ASIA, rounds out the five biggest gainers with a rise of almost 48%, with 85% of CMC Invest orders being buys in 2026.

The range within the top five is striking. Crude oil, South Korea, semiconductors, Asian technology and hydrogen have relatively little in common beyond the fact that investors can access them through an ETF.

ETFs are going toe-to-toe with individual shares

The scale of these ETF moves becomes even more striking when compared with the best-performing stocks in the S&P/ASX 200 this year.

Among the index’s five top performers, Mineral Resources has risen around 126%, followed by Codan at 86%, Megaport at 75%, NRW Holdings at 62% and Ramsay Health Care at 61%.

Put simply, the best-performing ETFs are right in the mix with the ASX 200’s strongest individual stocks this year. That is a striking result for products many investors associate with steadier, more diversified exposure.

Biggest Aussie ETF losers

^{Source: TradingView and CMC Invest. Figures are year to date to 23 September 2026. ETF performance figures reflect changes in market price only and do not include distributions. Total return may therefore differ. CMC Invest % buy orders shows the percentage of client orders for each ETF that were buys over the same period, based on trade count.}

The biggest decliner is SNAS, the Global X Ultra Short Nasdaq 100 Complex ETF, down around 39% in price so far in 2026.

SNAS is a good example of why the word "ETF" shouldn't automatically be interpreted as diversified or lower risk. It provides negatively geared exposure to the Nasdaq-100, so its behaviour is fundamentally different from a conventional ETF that simply tracks a broad sharemarket index.

Despite its negative price performance, 64% of CMC Invest orders in SNAS have been buys in 2026.

Thematic ETFs also feature prominently among the laggards. VOLT, which provides exposure to global lithium miners, is down around 37%, while RCKT, focused on the global space industry, has fallen about 28%.

The buy skew is particularly notable given those declines. Some 81% of VOLT orders and 88% of RCKT orders have been buys in 2026. FRGG has fallen around 27% in price, yet 83% of its CMC Invest orders have been buys in 2026.

Some of the strongest buy ratios in the table are therefore showing up not among this year's biggest winners, but among ETFs that have experienced substantial price falls.

What to take from the ETF leaderboard

ETFs can give investors a flexible way to express views on everything from AI and semiconductors to commodities, countries and emerging industries. Some offer broad diversification, while others provide much more targeted exposure.

That flexibility can also bring greater concentration and volatility, so it is important to understand the underlying holdings, how the exposure is constructed and how it fits within a broader portfolio.

CMC Invest includes an ETF heatmap and screeners to help investors explore ETFs across markets, while tools such as TipRanks and CMC Intelligence can support further research.

The opportunity set is broad, but understanding what sits underneath the ticker remains key.

Disclaimer: This article provides general information only. It has been prepared without taking account of your objectives, financial situation or needs. It is not to be construed as a solicitation or an offer to buy or sell any financial instruments, or as a recommendation and/or investment advice. It does not intend to support an investment decision, and it should not be relied upon by you in evaluating the merits of investing in any financial instruments. You should consider your objectives, financial situation and needs before acting on the information in this article. CMC Markets believes that the information in this article is correct, and any opinions and conclusions are reasonably held or made on information available at the time of its compilation, but no representation or warranty is made as to the accuracy, reliability or completeness of any statements made in this article. CMC Markets is under no obligation to, and does not, update or keep current the information contained in this article. Neither CMC Markets nor any of its affiliates or subsidiaries accepts liability for loss or damage arising out of the use of all or any part of this article. Any opinions or conclusions set forth in this article are subject to change without notice and may differ or be contrary to the opinions or conclusions expressed by any other members of CMC Markets.