2025 has been an unusual year for the markets. Despite the intense market volatility, the broader market appears poised to finish the year with double-digit gains. Most surprising of all, it’s energy and mining stocks, not tech, that are leading the charge.
Here’s a look at some of those major players and why energy and mining stocks are the standout winners of 2025.
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Energy stock: Cenovus Energy
Calgary-based Cenovus Energy (TSX: CVE) is one of the largest integrated oil and gas producers in Canada. The company also has an international footprint, with operations in the U.S. and in the Asia-Pacific region.
Its integrated model helps to smooth out earnings. In 2025, Cenovus benefited from strong global demand and rising commodity prices. Higher oil prices flow directly into revenue and cash flow, and Cenovus continues to keep costs under control.
This helps to strengthen its balance sheet further.
That combination has fueled strong cash generation, enabling the company to reinvest in growth projects while returning capital to shareholders through dividends and buybacks.
Speaking of dividends, as of the time of writing, Cenovus offers a quarterly dividend with a yield of 3.50%.
That’s the type of growth that led to energy and mining stocks outshining tech.
Mining stock: Barrick Gold
Barrick Gold (TSX: ABX) is one of the largest miners on the planet. The company has a diverse portfolio of mines that includes operations not only in Canada, but in over a dozen countries around the world on several continents.
In 2025, Barrick saw its stock surge nearly 180%. That’s a perfect example of where saying that energy and mining stocks outperformed tech is a gross understatement.
A big reason for that incredible rally can be traced back to the explosive rise in precious metals during 2025. As of the time of writing, gold prices are just over US$4,500 per ounce and silver trades at over US$80 per ounce.
By way of comparison, year to date, gold is up 72%, and silver is up 176%.
Part of the reason precious metals, and by extension, Barrick’s stock price, have surged during 2025 can be traced back to investor confidence.
Precious metals are classic safe-haven assets. When market volatility spikes, investors rotate out of equities and into gold and silver. This pushes demand and prices higher.
Producers like Barrick, with their fixed-cost models, see those higher prices flow directly into margins and free cash flow.
That strength supports dividend increases, debt reduction, and new project development. As of the time of writing, Barrick’s quarterly dividend currently offers a 1.55% yield.
Barrick is a textbook example of where energy and mining stocks have outperformed tech this year.
What about tech?
Shopify (TSX: SHOP) is the largest tech company in Canada and a global e-commerce titan. During 2025, the stock saw gains of 51%, which in any other year would make it one of the top-performing stocks.
Shopify hit 32% revenue growth in the third quarter and recorded nine straight quarters of double-digit free cash flow margins, hitting 18%.
So then, why isn’t Shopify, and by extension, tech outperforming energy and mining stocks?
Tech isn’t tied to this commodity cycle. Instead, tech relies on continuous growth, which is heavily influenced by interest rates and market sentiment. Higher rates make borrowing more expensive and compresses valuations, creating headwinds for high-growth tech names.
Energy and mining stocks, however, are more focused on operations and riding the latest wave of commodity price spikes.
Energy and mining stocks or tech?
No stock is without risk, and both sectors offer compelling long-term opportunities. Energy and mining stocks are thriving in today’s commodity-driven environment, while tech continues to deliver strong fundamental growth.
In my opinion, all of the above-mentioned stocks would be well-suited in any long-term portfolio.
Buy them, hold them, and watch your portfolio grow.
