Published
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on
January 26, 2026
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By
Julia Wendling
Graphics & Design
- Athul Alexander
- Sabrina Lam
See this visualization first on the Voronoi app.
Ranked: Top 10 ETF Themes That Crushed the S&P 500 in 2025
Rising geopolitical strain defined financial markets in 2025. Capital moved toward assets linked to security, energy, and strategic control. Investors favored themes that reflected real world power dynamics rather than broad market averages.
This analysis uses data from ETF Central, our data partner for this post. Their figures show how sharply thematic returns diverged from the broader market. The S&P 500 rose 17.9%, a solid gain in isolation. Yet it trailed far behind sectors aligned with global instability and state driven investment priorities.
Security and Strategic ETF Assets Took the Lead
Strategic metals delivered the strongest performance of any ETF theme. Returns reached 94.9% as nations rushed to secure materials critical for defense systems, batteries, and advanced manufacturing. Supply chain control became a top economic priority.
| Rank | Investment Theme | 2025 Return |
|---|---|---|
| 1 | Strategic Metals | 94.9% |
| 2 | Europe Defense | 75.1% |
| 3 | Global Defense | 70.9% |
| 4 | Life Sciences | 66.3% |
| 5 | Battery Value-Chain | 64.1% |
| 6 | Nuclear Energy | 61.7% |
| 7 | Space & Deep Sea | 53.5% |
| 8 | Solar Energy | 51.2% |
| 9 | Alternative Energy | 47.1% |
| 10 | U.S. Defense | 46.7% |
| S&P 500 | 17.9% |
Defense followed closely behind. Europe defense returned 75.1%, while global defense gained 70.9%. U.S. defense also performed well with a 46.7% return.
Higher military budgets and prolonged conflicts sustained long term demand. Life sciences added to the momentum, rising 66.3% as innovation continued despite market uncertainty.
Energy Transition Outperformed the Benchmark
Energy related themes dominated the middle of the rankings. The battery value chain returned 64.1% as electric vehicles and grid storage expanded worldwide. Nuclear energy gained 61.7% as governments reconsidered reliable baseload power.
Solar energy posted a 51.2% return, while alternative energy rose 47.1%. Energy security became just as important as emissions reduction. Investors rewarded technologies that offered resilience and scale. In 2025, focused exposure captured the defining trends that broad indexes could not.
Learn More on the Voronoi App
To learn more about this topic, check out this graphic on investment peaks by industry.
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