Stock exchange-traded funds, or equity ETFs, are often low-cost instruments for investors to track popular indexes or leverage experienced manager choices to beat the market. The best ones serve as low-cost building blocks in a portfolio, and unlike open-end mutual funds, all ETFs are traded throughout the day on an exchange.
In May 2026, the worst-performing stock ETFs included Indonesia equity funds Xtrackers MSCI Indonesia Swap UCITS ETF KJ7 and Amundi MSCI Indonesia UCITS ETF INDO. Data in this article is sourced from Morningstar Direct.
Screening for the Worst-Performing ETFs
When evaluating ETFs, investors should focus on long-term returns across multiple years and market cycles. However, short-term returns can provide valuable information about biases within strategies.
To find the month’s worst-performing stock ETFs, we screened those in Morningstar’s equity, allocation, or fixed-income categories that are available in Denmark. We excluded ETFs with less than USD 25 million (€21.5 million) in total assets. We also excluded funds that fall into Morningstar’s “trading” categories, as these funds are designed for active traders and are not suitable for long-term investors.
Within our list, two funds fell into the Indonesia equity category, where the average name fell 10.58% in May.
The 10 Worst-Performing ETFs for May 2026
- Xtrackers MSCI Indonesia Swap UCITS ETF KJ7
- Amundi MSCI Indonesia UCITS ETF INDO
- HANetf ICAV - Sprott Uranium Miners UCITS ETF URNM
- iShares MSCI Brazil UCITS ETF USD (Dist) IBZL
- Amundi MSCI Brazil UCITS ETF RIO
- Xtrackers MSCI Brazil UCITS ETF XMBD
- Global X Uranium UCITS ETF URNU
- Sprott Junior Uranium Miners UCITS ETF URNJ
- iShares V PLC - iShares Oil & Gas Exploration & Production UCITS ETF USD (Acc) IOGP
- iShares STOXX Europe 600 Oil & Gas UCITS ETF (DE) EXH1
Metrics for the Worst-Performing Stock ETFs
Xtrackers MSCI Indonesia Swap UCITS ETF
- : ★★Morningstar Rating
- : 0.65%Expense Ratio
- : Indonesia EquityMorningstar Category
The €32.6 million Xtrackers MSCI Indonesia Swap UCITS ETF ranked first for the month, falling 12.45%. The Xtrackers ETF, which is passively managed, fell further than the 10.58% loss on the average Indonesia equity fund. Over the past year, the fund has lost 40.17%, falling further than the 20.73% loss on funds in its category, placing it in the 100th percentile for the period.
The Neutral-rated Xtrackers MSCI Indonesia Swap UCITS ETF was launched in March 2010.
Amundi MSCI Indonesia UCITS ETF
- Morningstar Rating: ★★
- Expense Ratio: 0.45%
- Morningstar Category: Indonesia Equity
The second worst-performing ETF in May was the €89.9 million Amundi MSCI Indonesia UCITS ETF. The passively managed Amundi ETF declined 12.45%, falling further than the average Indonesia equity fund, which dropped 10.58%. Over the last year, the fund has fallen 40.05%, falling further than the 20.73% loss on funds in its category, placing it in the 100th percentile for the period.
The Neutral-rated Amundi MSCI Indonesia UCITS ETF was launched in March 2019.
HANetf ICAV - Sprott Uranium Miners UCITS ETF
- Morningstar Rating: ★★★★
- Expense Ratio: 0.85%
- Morningstar Category: Equity Natural Resources
The €333.2 million HANetf ICAV - Sprott Uranium Miners UCITS ETF ranked third for the month, falling 9.43%. The HANetf ETF, which is passively managed, lagged the 2.22% gain on the average equity natural resources fund. Over the past year, the fund has risen 59.76%, underperforming the 70.43% gain on funds in its category, placing it in the 58th percentile for the period.
The Neutral-rated HANetf ICAV - Sprott Uranium Miners UCITS ETF was launched in May 2022.
iShares MSCI Brazil UCITS ETF USD (Dist)
- Morningstar Rating: ★★★★
- Expense Ratio: 0.74%
- Morningstar Category: Brazil Equity
The €399.9 million iShares MSCI Brazil UCITS ETF USD (Dist) was the fourth worst-performing ETF in May, with a 8.71% loss. The passively managed iShares ETF fell further than the 7.09% loss on the average fund in Morningstar’s Brazil equity category for the month. Over the last year, the fund has gained 35.36%, outperforming the 28.91% gain on funds in its category, placing it in the 30th percentile for the period.
The Bronze-rated iShares MSCI Brazil UCITS ETF USD (Dist) was launched in November 2005.
Amundi MSCI Brazil UCITS ETF
- Morningstar Rating: ★★★★
- Expense Ratio: 0.65%
- Morningstar Category: Brazil Equity
The €340.9 million Amundi MSCI Brazil UCITS ETF ranked fifth for the month, falling 8.70%. The Amundi ETF, which is passively managed, fell further than the 7.09% loss on the average Brazil equity fund. Over the past year, the fund has risen 36.32%, outperforming the 28.91% gain on funds in its category, placing it in the 24th percentile for the period.
The Bronze-rated Amundi MSCI Brazil UCITS ETF was launched in March 2019.
Xtrackers MSCI Brazil UCITS ETF
- Morningstar Rating: ★★★★
- Expense Ratio: 0.25%
- Morningstar Category: Brazil Equity
The €213.1 million Xtrackers MSCI Brazil UCITS ETF was the sixth worst-performing ETF in May, with a 8.68% loss. The passively managed Xtrackers ETF fell further than the 7.09% loss on the average fund in Morningstar’s Brazil equity category for the month. Over the last year, the fund has gained 36.30%, outperforming the 28.91% gain on funds in its category, placing it in the 24th percentile for the period.
The Bronze-rated Xtrackers MSCI Brazil UCITS ETF was launched in June 2007.
Global X Uranium UCITS ETF
- Morningstar Rating: ★★★★★
- Expense Ratio: 0.65%
- Morningstar Category: Equity Natural Resources
The seventh worst-performing ETF in May was the €634.6 million Global X Uranium UCITS ETF. The passively managed Global X ETF declined 8.45%, underperforming the average equity natural resources fund, which gained 2.22%. Over the last year, the fund has climbed 64.05%, underperforming the 70.43% gain on funds in its category, placing it in the 53rd percentile for the period.
The Global X Uranium UCITS ETF has not yet been awarded a Morningstar Medalist Rating.
Sprott Junior Uranium Miners UCITS ETF
- Morningstar Rating: N/A
- Expense Ratio: 0.85%
- Morningstar Category: Equity Natural Resources
The €59.3 million Sprott Junior Uranium Miners UCITS ETF ranked eighth for the month, falling 8.21%. The HANetf ETF, which is passively managed, lagged the 2.22% gain on the average equity natural resources fund. Over the past year, the fund has risen 64.49%, underperforming the 70.43% gain on funds in its category, placing it in the 50th percentile for the period.
The Neutral-rated Sprott Junior Uranium Miners UCITS ETF was launched in February 2024.
iShares V PLC - iShares Oil & Gas Exploration & Production UCITS ETF USD (Acc)
- Morningstar Rating: ★★
- Expense Ratio: 0.55%
- Morningstar Category: Equity Energy
The ninth worst-performing ETF in May was the €408.7 million iShares V PLC - iShares Oil & Gas Exploration & Production UCITS ETF USD (Acc). The passively managed iShares ETF declined 7.59%, falling further than the average equity energy fund, which dropped 4.47%. Over the last year, the fund has climbed 32.71%, underperforming the 42.95% gain on funds in its category, placing it in the 84th percentile for the period.
The Bronze-rated iShares V PLC - iShares Oil & Gas Exploration & Production UCITS ETF USD (Acc) was launched in September 2011.
iShares STOXX Europe 600 Oil & Gas UCITS ETF (DE)
- Morningstar Rating: ★★★★
- Expense Ratio: 0.46%
- Morningstar Category: Equity Energy
The €580.9 million iShares STOXX Europe 600 Oil & Gas UCITS ETF (DE) ranked tenth for the month, falling 6.48%. The iShares ETF, which is passively managed, fell further than the 4.47% loss on the average equity energy fund. Over the past year, the fund has risen 54.32%, outperforming the 42.95% gain on funds in its category, placing it in the 17th percentile for the period.
The Bronze-rated iShares STOXX Europe 600 Oil & Gas UCITS ETF (DE) was launched in July 2002.
What Are ETFs?
Exchange-traded funds are investments that trade throughout the day on stock exchanges, much like individual stocks. They differ from traditional mutual funds—known as open-end funds—which can only be bought or sold at a single price each day. Historically, ETFs have tracked indexes, but in recent years, more ETFs have been actively managed. ETFs cover a range of asset classes, including stocks, bonds, commodities, and most recently cryptocurrency.
The Best ETFs: More Ideas to Consider
- Read the latest articles on ETFs.
- Use the ETF screener to find the best ETFs according to your specific criteria. You can search for funds based on their fees, Morningstar Medalist Ratings, manager tenures, and more.
