The commodities sector has emerged as one of the best-performing asset classes this year, and as the first quarter moves to a close, and an April 2 tariff announcement from the Trump administration looms, Saxo Bank takes a look at the winners and losers so far.

The Bloomberg Commodities Index, which is tracked by several major ETFs, has traded up 12.2% in the past twelve months, with the bulk of that gain being achieved within the last three months.

The year-to-date return shows a 7.9% gain, well above the return seen on some of the major equity market indices, Ole Hansen, Head of Commodity Strategy at Saxo Bank said in a note.

Metals: The standout performers

On a sector level, precious and industrial metals stand out, having delivered returns this quarter of 15.2% and 12.5%, respectively.

This has been driven by continued haven demand for gold (+14.7%) and silver (+16.7%) amid ongoing geopolitical and economic uncertainties, as well as central bank purchases.

The HG copper contract has surged to a record high on speculation that Trump may implement tariffs on imports within weeks. 

ETFs: (NYSEARCA:GLD), (GDX), (GDXJ), (IAU), (NUGT), (PHYS), (GLDM), (AAAU), (SGOL), (RING), (BAR), (SLV), (PSLV), (SIVR), (SIL), (SILJ)

Energy: Natural gas takes the lead

"The energy sector has mostly been a story about natural gas strength, while crude and fuel products have struggled."

Crude and fuel products have struggled amid a tug-of-war between economic concerns impacting demand and the increased threat of sanctions, potentially reducing supply.

ETFs: (NYSEARCA:USO), (BNO), (UCO), (SCO), (USL), (DBO), (DRIP), (GUSH), (USOI), (UNG), (BOIL), (KOLD), (UNL), (FCG)

Agriculture: Modest gains with mixed results

The agriculture sector has meanwhile delivered a small return, while standout performances have come from Arabica coffee (CC1:COM) and sugar (SB1:COM).

ETFs: (WEAT), (SOYB), (CORN), (DBA), (MOO)

Key takeaways: 

Saxo Bank concludes that gold, copper, and natural gas have delivered close to 75% of the total return, despite the three contracts only carrying a total index weight of 27.5%.