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 | -1.2% | +1.3% | +6.7% | +7.6% | +0.6% | +36.3% | +44.8% |
| vs S&P 500 | -0.9% | +1.1% | +7.0% | +1.2% | +0.1% | +20.4% | +21.2% |
Inside the basket · 21 stocks
Current members and the reasoning behind each inclusion. Returns are for individual stocks.
| Why it’s included | Added | |||||
|---|---|---|---|---|---|---|
| CF | Nitrogen fertilizer — the gas-to-ammonia spread | -3.2% | +6.0% | +17.2% | +75.0% | 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 |
| 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 |
| CVX | Integrated #2 — Permian, Tengiz, Gulf of Mexico | -1.3% | +3.3% | +12.7% | +40.6% | 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 |
| ADM | Grain origination and oilseed crush — the listed way to own crop flows | +0.3% | +3.8% | +11.2% | +50.2% | 2026-09-02 |
| BG | Oilseed crush and grain merchant (Bunge + Viterra) | -1.2% | +2.8% | +10.2% | +35.7% | 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 |
| 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 |
| 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 |
| 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 |
| STLD | Mini-mill steel plus an aluminum flat-roll entry | -1.6% | +3.1% | -7.8% | +43.6% | 2026-09-02 |
| WY | One of the largest private timberland owners; lumber and OSB | -0.1% | -2.6% | -10.0% | -0.3% | 2026-09-02 |
Partial price histories: EXE from 2021-02-11.
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 S&P 500” compares the basket’s compounded growth with the benchmark’s. Green means positive; red means negative.
Cross-checked against GNR. Daily return correlation: 0.89 across 1678 sessions. the index splits a third each to energy, metals & mining and agribusiness, but it is global and cap-weighted — BHP, Rio, Glencore and Nutrien trade outside our US-only universes, so expect a looser fit than a sector SPDR
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.