The Greenwich Alpha ETF posted the strongest year-to-date return among Exchange Traded Funds listed on the Nigerian Exchange in the nine months to September 30, 2026. It gained 97.63 per cent to lead a segment in which nine of the twelve tracked funds recorded gains.

An analysis of NGX trading data shows that total trading volume reached 153.05 million units over the period. Transaction value across the twelve funds stood at ₦25.30 billion.

Price performance remained broadly positive. However, the nine-month period produced a more mixed picture than the first half of 2026, as three funds ended in negative territory and some earlier leaders gave back significant gains.

Returns are calculated from the change in market price between the final trading session of 2025 and September 30, 2026, and they exclude any distributions.

ETF price movements on the NGX may also deviate significantly from net asset value because of relatively thin market liquidity.

Across the ETF segment, price performance was broadly positive over the nine months to September 30, with nine gainers and three losers.

Greenwich Alpha ETF recorded the strongest return, gaining 97.63 per cent to close at ₦751.00 from ₦380.00 at the start of the year.

Vetiva Griffin 30 ETF came next with an 88.58 per cent gain to ₦101.85. Vetiva Industrial ETF advanced 85.88 per cent to ₦111.53, and Vetiva Banking ETF gained 84.00 per cent to ₦27.60.

Lotus Halal Equity ETF rose 62.10 per cent and NewGold Exchange Traded Fund gained 55.93 per cent. Stanbic IBTC ETF 30 advanced 53.22 per cent, SIAML Pension ETF 40 rose 33.42 per cent, and Vetiva Consumer Goods ETF gained 25.64 per cent.

On the losing side, Vetiva S&P Nigeria Sovereign Bond ETF fell 4.23 per cent and Meristem Value ETF declined 63.79 per cent. Meristem Growth ETF recorded the steepest loss at 69.41 per cent.

Stanbic IBTC ETF 30’s nine-month return of 53.22 per cent was a significant retreat from its 219.64 per cent gain in the first half of 2026. The Vetiva Sovereign Bond ETF moved from a 15.01 per cent gain in the first half into negative territory.

The results show that the third quarter materially reshaped the performance table, even though most NGX-listed ETFs stayed in positive territory.

Total nine-month trading volume across all twelve funds stood at 153.05 million units, while transaction value reached ₦25.30 billion. Compared with the first half of 2026, volume rose by 27.2 per cent and transaction value by 37.5 per cent.

Stanbic IBTC ETF 30 recorded the highest traded value at ₦7.18 billion, despite trading only 3.46 million units. This reflects its relatively high unit price.

Vetiva Griffin 30 ETF followed with ₦3.11 billion in transaction value, while SIAML Pension ETF 40 recorded ₦2.54 billion.

By volume, Vetiva Banking ETF led with 61.63 million units traded. Vetiva Griffin 30 ETF followed with 31.59 million units, and Vetiva Consumer Goods ETF with 20.36 million units.

NewGold ETF remained the least traded by volume, with 17,886 units exchanged. Its high unit price meant its transactions still reached ₦2.06 billion.

The figures show a market where trading activity is concentrated differently, depending on whether performance is measured by units exchanged or by the monetary value of transactions.

The nine-month performance marks a notable shift from the rankings at the end of the first half of 2026, when ten of the twelve tracked ETFs had recorded gains.

Stanbic IBTC ETF 30 led the first-half ranking with a 219.64 per cent gain, closing at ₦3,098.00 from ₦969.22. It then fell back to ₦1,485.00 by September 30, for a nine-month return of 53.22 per cent.

First-half gains across the segment ranged from 15.01 per cent to 219.64 per cent. Only Meristem Value ETF and Meristem Growth ETF closed the half in negative territory.

By the end of September, Vetiva S&P Nigeria Sovereign Bond ETF had joined both Meristem funds among the losers, raising the number of negative performers to three.

The nine-month data therefore show that while most NGX-listed ETFs stayed positive in 2026, third-quarter price movements significantly altered both the size of returns and the composition of the market’s leading and losing funds.