5 Energy ETFs That Have Soared in 2026

With three quarters of 2026 complete, the U.S. equity market has been buoyed by heavy AI infrastructure spending and strong corporate earnings, leaving the S&P 500 up 11.8% year-to-date and the Energy sector leading all sectors with a 37.4% gain. That sector outperformance has been uneven: traditional oil and gas names have benefited most from higher commodity prices and supply disruptions tied to conflict in the Middle East, while many renewable names have lagged. Among energy-focused ETFs, those that provide direct exposure to commodity prices, freight markets or short-dated futures have posted the largest gains. The Breakwave Tanker Shipping ETF (BWET) — an ETF that holds forward freight agreements tied to crude tanker rates rather than owning shipping stocks — has been the biggest standout, returning roughly 4,050% YTD. BWET’s exposure concentrates on VLCC (very large crude carrier) routes, notably Persian Gulf-to-China voyages, and has profited from charter rates that jumped dramatically after fighting began in late February; the fund also gained from steep backwardation in tanker freight futures when it rolls contracts. The United States Gasoline Fund (UGA) is another high performer, up about 147.9% YTD. UGA maintains continuous exposure to RBOB gasoline futures delivered into New York Harbor by holding the nearest-month NYMEX contract and rolling into the next as contracts near expiration. That structure gives the fund a direct sensitivity to gasoline-futures moves, which rose sharply amid Gulf-region disruptions; it also leaves the fund exposed to downside moves in spot fuel prices and to performance drag if the futures curve sits in contango. The United States Brent Oil Fund (BNO) has returned roughly 121.3% YTD by primarily holding short-dated Brent futures on ICE Futures Europe and rolling positions forward. Like UGA, BNO’s mechanics tie returns closely to the underlying commodity price rather than to the earnings, costs or operational decisions of oil producers. These ETF structures have amplified gains during the current supply shock but would similarly transmit losses if Gulf traffic and oil-market tightness ease.