The month of May witnessed wild swings particularly triggered by inflation worries that led to a broad sell-off in growth stocks like technology. As such, the tech-heavy Nasdaq Composite Index suffered a 1.5% loss, snapping a six-month streak of wins.

A key inflation indicator — the core personal consumption expenditures price index — jumped 3.1% year over year in April, the highest in nearly three decades. Although inflation is high, the Fed views this as temporary. The central bank is buying at least $120 billion of bonds each month and has kept benchmark short-term rates near zero (read: Commodity Prices on an Unstoppable Rally: ETFs to Benefit).

Meanwhile, the S&P 500 and the Dow Jones hovered near record highs, gaining 0.6% and 1.9%, respectively, as the economy is recovering rather well form the pandemic lows on a wider reach of vaccines, massive stimuli and reopening of the economy. Additionally, a huge infrastructure spending package is boosting consumer spending and confidence. Both the indexes were positive for the fourth consecutive month. The small-cap index, the Russell 2000, which is closely tied to economic growth, eked out a slight gain in May, posting the eighth straight positive month for the first time since 1995.

The gains were also driven by a massive budget as President Biden unveiled his $6 trillion budget proposal in spending on infrastructure, education and other initiatives.

Against such a backdrop, we have highlighted four ETFs from various sectors that outperformed in May with double-digit gains and are likely to continue doing so, should the trends prevail.

iShares MSCI Global Silver Miners ETF (SLVP Quick QuoteSLVP - Free Report) – Up 18.4%

Silver logged its largest monthly gain since December. The growing economy is pushing up inflation, thereby leading to higher demand for silver as an inflation hedge. Additionally, the white metal got boost from the global economic recovery that are spurring manufacturing and industrial activities.

SLVP follows the MSCI ACWI Select Silver Miners Investable Market Index, providing investors’ exposure to companies that derive the majority of revenues from silver exploration or metals mining. It holds 29 stocks in its basket with Canadian firms making up the lion’s share at 67.3% while the United States round off the next spot with a double-digit exposure. SLVP has AUM of $354 million and an average daily volume of about 208,000 shares. It charges 39 bps in annual fees.

Invesco S&P SmallCap Energy ETF (PSCE Quick QuotePSCE - Free Report) – Up 16.7%

Energy prices are on the rise buoyed by growing optimism on stronger summer demand and the ramp-up in travel demand. This fund provides exposure to the U.S. small-cap segment of the energy sector by tracking the S&P Small Cap 600 Capped Energy Index. It holds 32 stocks in its basket with AUM of $162 million. The fund trades in an average daily volume of 749,000 shares and charges 29 bps in fees per year. It has a Zacks ETF Rank #3 (Hold) with a High risk outlook (read: Best Energy ETFs & Stocks of Last Week).

iShares MSCI Global Gold Miners ETF (RING Quick QuoteRING - Free Report) – Up 15.6%

Gold regained its sheen last month and registered the biggest monthly advance since July on rising inflation and a potentially uneven economic recovery due to the resurgence in coronavirus cases in some countries. This ETF follows the MSCI ACWI Select Gold Miners Investable Market Index and holds 40 securities in its portfolio. Canadian firms take half of the portfolio, while the United States takes the next spot at 23% share. RING is the cheapest choice in the gold mining space, charging just 39 bps in fees and expenses. The fund has been able to manage assets worth $600.3 million and trades in a good volume of 167,000 shares per day (read: Gold Regains Luster: ETF Ways to Tap the Rally).

North Shore Global Uranium Mining ETF (URNM Quick QuoteURNM - Free Report) – Up 12.4%

Uranium miners have been on a bull run as countries across the world are pushing toward clean and green energy sources. This ETF provides exposure to companies that are involved in the mining, exploration, development and production of uranium, as well as companies that hold physical uranium or other non-mining assets. It follows the North Shore Global Uranium Mining Index and charges investors 85 bps in annual fee. The ETF holds 37 stocks in its basket. It has accumulated $314 million in its asset base and trades in a good volume of 143,000 shares per day on average.

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