The yr thus far has been notable for a broad rally that’s lifted all the main asset lessons, however it’s not exhausting to search out a wide selection of losers once you look beneath the floor. Consequently, contrarians and deep-value traders can simply discover alternatives within the seek for battered belongings, based mostly on a choose overview of ETFs by way of Tuesday’s closing costs (Oct. 7).
Listed below are 5 markets that haven’t participated in 2025’s celebration. For perspective, every market is in contrast with the US inventory market by way of SPDR S&P 500 (SPY), which has rallied 19.2% to date this yr.
The oil and gasoline tools trade, in contrast, has shed 13.0% yr thus far. Though these shares have recovered a good quantity of misplaced floor because the tariff selloff in April, the SPDR S&P Oil & Gasoline Tools & Companies ETF (XES) stays deeply underneath water this yr.
One other trade that’s being carved up by the bears this yr: world timber and forestry shares. The iShares International Timber & Forestry ETF (WOOD) has slumped 14.8%.

Well being care shares are sickly, too, though a rally on this nook has pared the loss just lately. Nonetheless, the SPDR Well being Care Sector ETF (XLV) is nursing a 2.8% loss yr thus far.
House building shares have additionally been hammered in 2025. The iShares US House Development ETF (ITB) has shed 14.9% this yr.
Shares in India are additionally struggling this yr. Though the nation is predicted to be the fastest-growing main financial system, in response to the World Financial institution, sentiment has taken a success this yr, partly because of tariffs. Consequently, the iShares MSCI India ETF (INDA) is off 5.0% to date in 2025.
The checklist above solely scratches the floor for losses this yr. Different members of the red-ink brigade embrace small-cap vitality corporations (PSCE), residential actual property funding trusts (HAUS), and shares in Indonesia (EIDO).
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