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 fund Xtrackers MSCI Indonesia Swap UCITS ETF KJ7 and equity natural resources fund HANetf ICAV - Sprott Uranium Miners UCITS ETF URNM. 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 Norway. 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.
The 10 Worst-Performing ETFs for May 2026
- Xtrackers MSCI Indonesia Swap UCITS ETF KJ7
- HANetf ICAV - Sprott Uranium Miners UCITS ETF URNM
- iShares MSCI Brazil UCITS ETF USD (Dist) IBZL
- Amundi MSCI Brazil UCITS ETF RIO
- iShares MSCI Brazil UCITS ETF (DE) 4BRZ
- 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 worst-performing ETF in May was the €32.6 million Xtrackers MSCI Indonesia Swap UCITS ETF. The passively managed Xtrackers ETF declined 12.45%, falling further than the average Indonesia equity fund, which dropped 10.58%. Over the last year, the fund has fallen 40.17%, 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.
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 second 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 third 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 fourth 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.
iShares MSCI Brazil UCITS ETF (DE)
- Morningstar Rating: ★★★★★
- Expense Ratio: 0.27%
- Morningstar Category: Brazil Equity
The €4.2 billion iShares MSCI Brazil UCITS ETF (DE) was the fifth worst-performing ETF in May, with a 8.69% 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 36.18%, outperforming the 28.91% gain on funds in its category, placing it in the 24th percentile for the period.
The Bronze-rated iShares MSCI Brazil UCITS ETF (DE) was launched in October 2018.
Xtrackers MSCI Brazil UCITS ETF
- Morningstar Rating: ★★★★
- Expense Ratio: 0.25%
- Morningstar Category: Brazil Equity
The sixth worst-performing ETF in May was the €213.1 million Xtrackers MSCI Brazil UCITS ETF. The passively managed Xtrackers ETF declined 8.68%, falling further than the average Brazil equity fund, which dropped 7.09%. Over the last year, the fund has climbed 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 €634.6 million Global X Uranium UCITS ETF ranked seventh for the month, falling 8.45%. The Global X 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 64.05%, 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 eighth worst-performing ETF in May was the €59.3 million Sprott Junior Uranium Miners UCITS ETF. The passively managed HANetf ETF declined 8.21%, underperforming the average equity natural resources fund, which gained 2.22%. Over the last year, the fund has climbed 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 €408.7 million iShares V PLC - iShares Oil & Gas Exploration & Production UCITS ETF USD (Acc) was the ninth worst-performing ETF in May, with a 7.59% loss. The passively managed iShares ETF fell further than the 4.47% loss on the average fund in Morningstar’s equity energy category for the month. Over the last year, the fund has gained 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 tenth worst-performing ETF in May was the €580.9 million iShares STOXX Europe 600 Oil & Gas UCITS ETF (DE). The passively managed iShares ETF declined 6.48%, falling further than the average equity energy fund, which dropped 4.47%. Over the last year, the fund has climbed 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.
