Commodity Producers
The upstream commodity complex: oil and gas producers, copper, gold and silver miners, steel and aluminum, lithium and rare earths, fertilizer and grain merchants, and timberland — the price-takers whose earnings are the commodity price. The inflation, dollar and China-demand trade expressed through equities; watch it against Defensives and the Magnificent Seven for the real-assets-vs-duration rotation. Overlap with the energy basket is deliberate — this one drops the refiners, pipes and services and adds the metals, agriculture and timber legs.
Performance
Follow the theme against the wider market.
Series before each basket's creation date are a backtest of the membership as of creation; live tracking starts at creation.
| Return | 1 day | 5 days | 20 days | 60 days | MTD | YTD | 1 year |
|---|---|---|---|---|---|---|---|
| Basket | -0.8% | +0.9% | +8.5% | +10.0% | +0.5% | +32.5% | +53.1% |
| vs FW 3000 | -0.4% | +0.6% | +8.9% | +3.5% | -0.1% | +16.9% | +28.6% |
Inside the basket · 45 stocks
Current members and the reasoning behind each inclusion. Returns are for individual stocks.
| Why it’s included | Added | |||||
|---|---|---|---|---|---|---|
| HL | Largest US silver producer (Hecla) | -2.5% | +1.5% | +22.7% | +7.8% | 2026-09-02 |
| CDE | Gold and silver miner: Rochester, Palmarejo, Las Chispas (Coeur) | -1.9% | +0.5% | +22.1% | +19.3% | 2026-09-02 |
| BTU | Thermal and seaborne met coal (Peabody) | +4.4% | -0.2% | +21.5% | -2.1% | 2026-09-02 |
| MTDR | Delaware-basin oil E&P (Matador) | -1.0% | +4.9% | +21.5% | +42.5% | 2026-09-02 |
| CF | Nitrogen fertilizer — the gas-to-ammonia spread | -3.2% | +6.0% | +17.2% | +75.0% | 2026-09-02 |
| IPI | Potash pure play — the only US muriate-of-potash producer (Intrepid) | -1.0% | +7.7% | +16.2% | +46.1% | 2026-09-02 |
| PR | Permian pure-play E&P (Permian Resources) | -1.6% | +2.9% | +15.9% | +69.3% | 2026-09-02 |
| COP | Largest independent E&P — Lower 48 shale plus Alaska and LNG | -1.1% | +3.0% | +14.9% | +46.6% | 2026-09-02 |
| AU | Global gold producer; NYSE primary listing (AngloGold Ashanti) | -2.3% | -3.6% | +14.1% | +32.4% | 2026-09-02 |
| RGLD | Gold royalties and streams — bullion torque without mine costs (Royal Gold) | -1.0% | -0.3% | +14.0% | +18.7% | 2026-09-02 |
| HCC | Met coal exporter (Warrior) | +1.1% | -2.4% | +13.7% | +18.8% | 2026-09-02 |
| APA | Oil E&P: Permian, Egypt, Suriname | -3.2% | +0.5% | +13.7% | +79.0% | 2026-09-02 |
| NEM | Largest gold miner — the index's only large-cap bullion producer | -1.8% | +0.3% | +13.6% | +29.1% | 2026-09-02 |
| AR | Appalachian natural gas and NGLs (Antero) | -0.7% | +2.5% | +13.5% | +14.4% | 2026-09-02 |
| CVX | Integrated #2 — Permian, Tengiz, Gulf of Mexico | -1.3% | +3.3% | +12.7% | +40.6% | 2026-09-02 |
| CHRD | Williston-basin oil E&P (Chord) | -1.1% | +0.3% | +12.4% | +62.4% | 2026-09-02 |
| MOS | Potash and phosphate — crop-nutrient pricing | +1.4% | +9.5% | +12.1% | +9.3% | 2026-09-02 |
| DVN | Delaware-basin oil E&P | -1.5% | +1.5% | +11.8% | +32.8% | 2026-09-02 |
| CNR | Met and thermal coal — CONSOL plus Arch (Core Natural Resources) | +2.2% | -1.2% | +11.3% | +12.9% | 2026-09-02 |
| ADM | Grain origination and oilseed crush — the listed way to own crop flows | +0.3% | +3.8% | +11.2% | +50.2% | 2026-09-02 |
| VNOM | Permian mineral and royalty interests (Viper) | -1.1% | +0.5% | +10.5% | +19.8% | 2026-09-02 |
| BG | Oilseed crush and grain merchant (Bunge + Viterra) | -1.2% | +2.8% | +10.2% | +35.7% | 2026-09-02 |
| RRC | Marcellus natural gas E&P (Range) | -0.9% | +1.3% | +9.7% | +19.7% | 2026-09-02 |
| OVV | Multi-basin oil and gas E&P (Ovintiv) | -1.7% | +0.3% | +9.1% | +67.0% | 2026-09-02 |
| EOG | Low-cost shale; the returns-discipline bellwether | -0.5% | +1.3% | +7.8% | +41.7% | 2026-09-02 |
| OXY | Permian scale; Berkshire-backed, carbon-capture option | -0.9% | +1.6% | +7.4% | +47.4% | 2026-09-02 |
| EQT | Appalachian natural gas — LNG-demand leverage | -0.8% | +1.1% | +6.7% | +3.8% | 2026-09-02 |
| MP | Rare earths: Mountain Pass mine and magnets (MP Materials) | +1.4% | -2.9% | +6.7% | +7.9% | 2026-09-02 |
| TPL | Permian royalties and water — asset-light oil torque, no capex | -1.1% | -0.4% | +6.6% | +26.7% | 2026-09-02 |
| FANG | Permian pure play — the cleanest oil-price torque in the index | -1.8% | +0.8% | +6.5% | +34.8% | 2026-09-02 |
| EXE | Largest US gas producer by volume (Chesapeake + Southwestern) | -1.1% | -0.3% | +6.1% | -9.7% | 2026-09-02 |
| ANDE | Grain merchandising and plant nutrients (The Andersons) | -0.3% | +7.4% | +6.0% | +31.6% | 2026-09-02 |
| XOM | Integrated supermajor: Permian, Guyana, LNG — the index's largest commodity earner | -1.7% | +1.8% | +4.9% | +35.2% | 2026-09-02 |
| FCX | Copper: Grasberg and the Americas — the electrification metal, with gold by-product | +0.2% | -4.9% | +4.5% | +44.2% | 2026-09-02 |
| UEC | US uranium ISR producer (Uranium Energy) | +0.3% | -6.9% | +2.5% | -1.2% | 2026-09-02 |
| UUUU | Uranium plus rare-earth co-processing at White Mesa (Energy Fuels) | +0.8% | -1.4% | +2.3% | -0.5% | 2026-09-02 |
| CLF | Integrated steel plus captive iron ore (Cleveland-Cliffs) | +1.8% | +7.6% | +2.0% | -5.9% | 2026-09-02 |
| SCCO | Copper: Peru and Mexico mines (Southern Copper) | -0.4% | -5.3% | +1.6% | +42.4% | 2026-09-02 |
| AA | Bauxite, alumina and aluminum smelting (Alcoa) | -2.1% | -0.7% | -0.2% | -5.5% | 2026-09-02 |
| ALB | The largest listed lithium producer — the battery-metal cycle | -4.5% | -8.1% | -3.7% | -10.3% | 2026-09-02 |
| NUE | Largest US steelmaker — mini-mill HRC price-taker | -0.5% | +4.2% | -4.2% | +61.0% | 2026-09-02 |
| RYN | Timberland REIT (Rayonier) | +0.7% | +0.4% | -6.1% | -3.1% | 2026-09-02 |
| STLD | Mini-mill steel plus an aluminum flat-roll entry | -1.6% | +3.1% | -7.8% | +43.6% | 2026-09-02 |
| CENX | Primary aluminum smelting — the largest US producer (Century) | -1.5% | +0.4% | -8.7% | +19.4% | 2026-09-02 |
| WY | One of the largest private timberland owners; lumber and OSB | +0.8% | -1.7% | -9.2% | -0.2% | 2026-09-02 |
Partial price histories: CHRD from 2020-11-20, EXE from 2021-02-11, MP from 2020-06-22.
How this basket is built
Equal-weighted, monthly-rebalanced, buy-and-hold between rebalances; dated membership changes take effect same-day.
Tracked since 2026-09-02. Membership decisions are documented below.
Read the methodology →Reading the returns
Basket returns include dividends. “vs FW 3000” compares the basket’s compounded growth with the benchmark’s. Green means positive; red means negative.
Membership history & changes
- create
Initial composition: 45 names in the FW 3000, 21 of them S&P 500 members — integrated oil and the E&Ps including gas (XOM, CVX, COP, EOG, OXY, FANG, DVN, APA, EQT, EXE) and royalties (TPL), copper (FCX), gold (NEM), steel (NUE, STLD), lithium (ALB), fertilizer (CF, MOS), grain merchants (ADM, BG) and timber (WY). The FW 3000 adds the depth the index lacks: gas and oil E&Ps (AR, RRC, PR, OVV, MTDR, CHRD) and minerals (VNOM), copper (SCCO), gold and silver (AU, RGLD, CDE, HL), aluminum (AA, CENX), integrated steel (CLF), rare earths (MP), coal (BTU, CNR, HCC), uranium (UEC, UUUU), potash (IPI), grain (ANDE) and timberland (RYN). Reference pinned to GNR. The rule: the company must own the resource and take the commodity price — so refiners, midstream, services and drillers, petrochemicals (DOW, LYB), packaging (IP), aggregates (VMC, MLM), seeds and crop protection (CTVA), and the industrial-gas and specialty-chemical names are out; they process commodities or collect tolls on them. The S&P leg is energy-heavy by construction (the index holds two miners and no coal, uranium or aluminum); equal weight puts XOM and Mosaic at the same size, which is the point — a read on the complex, not a cap-weighted energy proxy. Considered and excluded: the foreign majors and miners that anchor GNR (BHP, RIO, VALE, TECK, NTR, CNQ, SU, CCJ) sit outside the US-only universes; PCH merged into RYN; CTRA and HES are no longer in either universe.