Green funds double performance of oil assets in Q3, defying Trump

Despite cuts, data center thirst for energy lifts renewables again

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CHAPEL HILL, N.C. (Callaway Climate Insights) — Sustainable energy funds’ stunning performance in the first half of this year is looking less and less like a flash in the pan.

I’m referring to the market-beating returns of mutual funds and ETFs that focus on sustainable energy. You may recall that, three months ago at 2025’s half-way mark, I reported that these funds on average had outperformed the typical fossil fuel fund and ETF for year-to-date performance — notwithstanding President Donald Trump’s “drill, baby, drill” energy policy.

Not only has this trend persisted, it became even more pronounced in this year’s third quarter, as you can see from the accompanying chart.