Commodity & Resource ETFs on the ASX: Every Way to Access Gold, Silver, Copper, Uranium, and More

Commodities have been the best-performing ETF category over the past year by a wide margin. MNRS returned +189%, ETPMAG +149%, and XMET +136%. Gold bullion ETFs have quietly compounded at over 50% in the past twelve months. Even the laggards in this category have outperformed most equity funds.

This guide covers every commodity and resource ETF on the ASX, grouped by type. For each category, you'll find a full data table, fee and return comparisons, and plain-English commentary on what each product actually does — and when it makes sense.

1. Precious Metals (10 ETFs, $14.9B)

Precious metals account for $14.9 billion — the vast majority of commodity ETF assets in Australia. Gold alone commands ten times more investor capital than uranium and energy combined. This reflects gold's long-standing role as a portfolio hedge, inflation protection, and safe-haven asset.

Gold Bullion (Physical)

Six ETFs give you direct exposure to physical gold bullion. They differ on fee, structure, issuer, and whether they hedge the AUD/USD exchange rate.

There are now six physical gold ETFs on the ASX. The performance convergence is striking — every unhedged gold bullion product returned almost exactly the same in 1Y and 3Y terms, because they all track the same underlying asset.

Cheapest: PMGOLD and GXLD are both priced at 0.15% MER — half the cost of GOLD. Over a 20-year holding period, that fee difference is meaningful. PMGOLD is backed by the Perth Mint, a West Australian government entity, which adds a different (and some would argue more Australian) counterparty structure compared to global custodians.

Largest and most liquid: GOLD at $6.9 billion is by far the most traded gold ETF in Australia. Its 0.07% bid-ask spread reflects very deep liquidity. For large trades or institutional-style positions, the tighter spread can offset the higher MER.

The hedging question: GHLD (hedged, 0.35%) is Global X's new currency-hedged gold product, listed in March 2025 with no full-year return data yet. The existing hedged gold ETF, QAU (covered in the miners section below), returned +76.92% in 1Y — versus +57.87% for unhedged GOLD. Hedged gold massively outperformed as the Australian dollar weakened. The tradeoff: if the AUD strengthens, the hedge drags on returns. See the Hedged vs Unhedged ETFs guide for a detailed breakdown of when hedging helps and hurts.

QAU (Betashares Gold Bullion Currency Hedged, $1.7B, 0.59%) is the most established hedged gold option and has the track record to prove it: +76.92% in 1Y, +167.53% in 3Y. It's larger and more liquid than GHLD, which is still building assets.

For a deeper comparison of all gold ETFs, see the Gold ETFs Guide.

Gold Miners

Gold miner ETFs hold companies that dig gold out of the ground, not the metal itself. Because miners have operating leverage to the gold price — their profits rise faster than gold when prices go up — they can amplify gold's moves dramatically in both directions.

The numbers here are extraordinary. MNRS returned +188.46% over the past year — more than triple the return of unhedged gold bullion, and nearly triple the S&P/ASX 200. GDX returned +155.64%. Both outperformed every equity category in Australian ETFs.

MNRS is currency hedged (hence the extra boost when AUD fell), while GDX is unhedged. Both hold global gold mining companies — Newmont, Barrick, Agnico Eagle, and their peers. GDX is far larger at $1.9B versus $342M for MNRS, giving it better liquidity and a tighter spread. The 3Y and 5Y numbers for GDX also stand out — +302.18% and +298.96% respectively.

If you're considering individual gold mining stocks versus a miner ETF, the ETF vs Direct Shares analysis explores the trade-offs — including a look at MNRS versus holding ASX-listed gold stocks directly.

Be aware that gold miners carry company-level risks (mine disasters, cost blowouts, hedging decisions, management) on top of the commodity price risk. The leverage works both ways — during gold bear markets, miners can fall 60-80% while gold itself might only drop 20%.

Silver

Silver had an even bigger run than gold over the past year. ETPMAG returned +148.64% in 1Y and an extraordinary +304.31% over 3 years. It holds physical silver bullion and has $1.9 billion in assets — large, liquid, and long-established (listed January 2009).

Silver's dual role — as both a monetary metal and an industrial input (solar panels, electronics, EVs) — makes it more volatile than gold and more correlated to economic cycles. It amplifies gold's moves when precious metals are in favour.

SLVM (Global X Silver Miners ETF) listed in January 2026 and is still too new for return data. At $40M and a wide 1.70% spread, it's early-stage. If silver miners replicate what gold miners did relative to gold bullion, this could be a high-leverage play — but the liquidity risk is real at this size.

Precious Metals Basket

ETPMPM holds physical gold, silver, platinum, and palladium in a single product. It returned +80.96% in 1Y — better than gold alone (+57.87%) because of silver's outperformance, though it didn't match pure silver (+148.64%) because of the gold and platinum weighting.

This is useful if you want exposure to the broader precious metals complex without choosing between metals. The $168M AUM is decent but spread is zero, which is unusual and worth noting — it likely reflects the way this structured product trades. At 0.44%, it's priced between the cheapest gold bullion options and the miner ETFs.

Platinum and palladium (used heavily in catalytic converters) add industrial-demand exposure that pure gold products don't have.

2. Australian Resources — Broad (3 ETFs, $1.4B)

These three ETFs hold ASX-listed mining and energy companies — BHP, Rio Tinto, Fortescue, Woodside, Santos, and their peers. They are equity products (you own shares in miners, not physical commodities), which gives you dividend income, franking credits, and corporate governance rights alongside commodity exposure.

The one-year returns are nearly identical — within a fraction of a percent of each other. At the 3Y mark, the same convergence: 45-47%. This is expected: all three are concentrated in the same handful of large-cap Australian miners.

The main differentiation appears over 5 years. MVR returned +87.57% vs +70.11% for QRE and +68.23% for OZR. The reason: MVR tracks the MVIS Australia Resources Index, which extends beyond the S&P/ASX 200 to include mid-cap miners. QRE and OZR are both restricted to ASX 200 constituents, which caps their exposure to smaller, faster-growing resource companies.

All three are heavily weighted to BHP, Rio Tinto, and Fortescue, which means iron ore prices dominate performance. This is both the feature (iron ore is a core Australian export commodity) and the risk (China's steel demand dictates a large chunk of returns).

Fees are virtually identical: QRE and OZR at 0.34%, MVR at 0.35%. The decision between them is essentially: do you want mid-cap exposure (MVR) or stick with ASX 200 mega-caps (QRE or OZR)?

Note that QRE had $23.92M in net outflows over the past year despite strong returns — worth watching. MVR attracted $49.25M in inflows, the largest of the three.

These ETFs also appear in the Every Australian Shares ETF guide, which covers them alongside the broader Australian equity universe. If you already hold VAS or A200, adding one of these creates an overweight to resources without doubling up on the full market.

3. Specialty & Transition Metals (5 ETFs, $1.7B)

The energy transition — electrification of transport, renewable energy buildout, AI data centre infrastructure — has created a new category of commodity demand. Copper wiring, lithium batteries, rare earths, cobalt, and nickel are now as strategically important as oil was in the 20th century. This section covers the five ETFs that capture that theme.

Copper: the standout story. WIRE returned +121.38% in 1Y, driven by copper's designation as the critical metal for EVs, power grids, and AI data centre cooling and wiring. Every electric vehicle uses roughly 3x more copper than an internal combustion engine. Data centres require enormous copper wiring runs. Supply is constrained — new copper mines take 15-20 years to bring into production. WIRE holds copper miners globally, the largest of which are companies like Freeport-McMoRan, BHP (copper division), and First Quantum.

Broadest transition metals play. XMET (Betashares Energy Transition Metals, +136.28%) covers the widest range of critical minerals — copper, lithium, nickel, cobalt, manganese, rare earths. It returned the best 1Y number in this group. At $137M AUM, it's mid-sized, with a 1.71% spread that can add up for active traders. XMET was also the third best-performing ETF on the entire ASX over the past year.

Battery supply chain: full stack. ACDC (Global X Battery Tech & Lithium, +76.08%) holds companies across the battery supply chain: lithium miners, cell manufacturers (CATL, Panasonic, Samsung SDI), and EV makers. At $743M it's the second largest in this group and has 5-year return data (+98.47%). The 0.69% fee is standard for thematic ETFs.

Green metals: high return, very small. GMTL (Global X Green Metal Miners, +108.53%) holds miners focused on metals needed for the energy transition — but with only $14M AUM, closure risk is a real consideration. Global X has closed small ETFs before. If you're attracted to the theme, XMET and WIRE cover overlapping ground with far more scale.

A completely different structure: royalties. ROYL (Betashares Global Royalties ETF, +25.96% 1Y) is unique in this list — it doesn't hold miners directly. Instead, it holds royalty companies: businesses like Franco-Nevada, Wheaton Precious Metals, and Royal Gold that finance mining operations in exchange for a stream of royalty income. Royalty companies have lower operational risk, more diversified revenue, and often more stable returns than direct miners. The 3Y return (+72.56%) shows it compounding steadily even in mixed commodity markets. The underperformance in 1Y relative to WIRE and XMET reflects royalty companies' more defensive nature.

4. Uranium & Energy (5 ETFs, $0.9B)

Uranium has been one of the most talked-about commodity themes of the past two years. The nuclear renaissance — driven by decarbonisation targets, energy security concerns, and surging electricity demand from AI data centres — has pushed uranium prices and uranium stocks to levels not seen since the Fukushima era. Two new uranium ETFs have launched since mid-2022 to meet this demand.

Uranium: two compelling options. ATOM returned +101.39% over 1Y and +170.44% over 3Y. URNM returned +94.06% and +131.61% over the same periods. Both launched in late 2022. URNM is larger ($348M vs $153M) and has better liquidity. ATOM holds a more concentrated portfolio. The fee is identical at 0.69%.

New entrant. URAN (VanEck Uranium and Energy Innovation ETF) listed in October 2025 with a slightly cheaper fee (0.59%) but only $15M AUM and no return history yet. It's differentiated in scope — "Uranium and Energy Innovation" suggests a broader mandate than pure uranium miners. Too early to evaluate.

Oil and gas: the legacy energy play. FUEL (Betashares Global Energy Companies, currency hedged) holds global oil and gas majors — Shell, ExxonMobil, Chevron, TotalEnergies, BP. It returned +26.87% in 1Y, +34.44% over 3Y, and +108.45% over 5Y. It's currency hedged, which matters given how much global energy is priced in USD. At 0.57% and $246M, it's a reasonable way to access traditional energy if you want that exposure.

OOO: proceed with caution. OOO (Betashares Crude Oil Index) is fundamentally different from every other ETF in this list. It holds crude oil futures, not shares or physical oil. This creates two structural headwinds: a 1.29% MER (by far the highest in this category) and contango drag. Contango is when futures prices for future delivery are higher than current spot prices — when contracts roll, you're constantly selling cheap and buying expensive, which erodes returns over time. The 1Y return of just +4.68% (and +15.36% over 3Y) despite crude oil being a globally traded commodity tells the story. OOO is a short-term tactical product at best; it is not suited to long-term buy-and-hold. See the Hold vs Trade ETFs guide for more on which ETF structures work over time and which don't.

Hydrogen: speculative but surging. HGEN (Global X Hydrogen ETF) returned +99.01% over 1Y — nearly doubling. But the 3Y return is only +20.89%, which suggests the 1Y move has been sharp and recent, not a compounding trend. At $46M and a 0.88% spread, this is a high-risk thematic play on hydrogen as a future energy source. Green hydrogen infrastructure is still pre-commercial at scale. Think of this as a speculative position, not a core holding.

5. Soft Commodities (1 ETF)

There is exactly one ASX-listed ETF that gives you access to agricultural soft commodities.

FOOD tracks a basket of agricultural futures contracts — wheat, corn, soybeans, sugar, coffee, livestock, and cotton. It returned +36.26% over the past year, +20.81% over 3Y, and +39.38% over 5Y. It is currency hedged to AUD.

The rationale for holding FOOD is primarily as an inflation hedge and portfolio diversifier. Agricultural commodity prices tend to respond to different drivers than equities — weather disruptions, geopolitical shocks (Ukraine's grain exports, Black Sea routing), and food price inflation cycles. In a portfolio dominated by shares, adding soft commodity exposure reduces correlation risk.

The important caveat is that FOOD is a futures-based product, not backed by physical grain or livestock. Like OOO, this means contango drag can erode returns when futures curves are in contango. The 3Y return (+20.81%) is modest compared to metals, reflecting that soft commodity futures tend to generate lower long-term returns than physical or equity-linked products, especially in normal inflationary environments.

At $75M AUM, FOOD is small but not at closure risk (Betashares has run it since 2016 through multiple commodity cycles). The 0.59% spread is a bit wide — factor that into trading costs if you're rebalancing frequently.

Where Commodities Fit in Your Portfolio

Commodity ETFs are almost universally satellite holdings — not core positions. Here's a practical framework:

Gold (5–10% allocation): Gold's role is diversification and crash protection, not return maximisation. In a diversified portfolio, a 5–10% allocation to physical gold (via PMGOLD, GXLD, or GOLD) has historically improved risk-adjusted returns because gold tends to rise when equities fall. The hedging decision (hedged like QAU or unhedged like GOLD) depends on your AUD outlook and the rest of your portfolio's currency exposure.

Australian Resources (0–5%): If you already hold a broad Australian equity ETF like VAS, you already have significant resources exposure through BHP, Rio Tinto, and Woodside. Adding MVR, QRE, or OZR is appropriate if you want a deliberate overweight to Australian mining — for example, if you believe in a prolonged commodities supercycle driven by Chinese infrastructure or the energy transition.

Specialty/Transition Metals (0–5%): WIRE, XMET, and ACDC are energy transition picks-and-shovels plays. If you believe in the structural shift to electrification, holding 2–5% in this category gives you exposure without betting on which EV maker or battery chemistry wins. These are higher-volatility, higher-conviction positions.

Uranium/Energy (0–5%): URNM or ATOM for uranium exposure is a specific bet on the nuclear renaissance. FUEL provides more defensive exposure to oil and gas majors. Together these might form 2–3% of a portfolio with a high-conviction view on energy.

Total commodity satellite: 5–15% of portfolio for most investors. Beyond 15%, you're moving from satellite to core allocation, which introduces meaningful volatility and correlation risk to commodity cycles.

For portfolio construction frameworks, see the 2-ETF vs Core Satellite guide, the Best ETFs for Retirees (which covers how much commodity exposure retirees should carry), and the SMSF ETF Playbook.

Key Takeaways

• Gold has been the standout asset class over the past year — but gold miners (MNRS +189%, GDX +156%) crushed bullion (GOLD +58%) due to operating leverage.

• Hedged gold outperformed unhedged as the AUD weakened — QAU +77% vs GOLD +58%. Currency hedging choice matters enormously in a rising USD environment.

• PMGOLD (0.15%) and GXLD (0.15%) are the cheapest gold bullion options — half the cost of the largest fund (GOLD at 0.40%).

• The three AU resource ETFs (MVR, QRE, OZR) are nearly interchangeable in the short term — the main differentiator over 5 years is MVR's mid-cap exposure.

• Transition metals (WIRE +121%, XMET +136%) are the energy transition picks-and-shovels — copper and critical minerals are structural growth stories tied to electrification and AI infrastructure.

• OOO is a poor long-term hold. At 1.29% MER plus contango drag, the product consistently underdelivers relative to crude oil spot prices. Use it tactically or not at all.

• FOOD is the only way to access soft commodities on the ASX. It's a futures product with modest long-term returns, best used as an inflation hedge in a diversified portfolio.

• GMTL ($14M) and SLVM ($40M) are small enough to carry closure risk — consider alternatives with more scale if you want similar exposure.

• Uranium (ATOM +101%, URNM +94%) is being driven by the nuclear renaissance narrative — AI power demand, net-zero commitments, and energy security concerns converging. The risk: uranium is a cyclical, policy-sensitive commodity that has seen 80%+ drawdowns before.

Data sourced from ReviewETF.com.au. Returns are past performance and not indicative of future returns. This article is general information only and does not constitute financial advice. Always consider your personal circumstances and consult a licensed financial adviser before investing.

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