February was pretty volatile for Wall Street. Russia’s president Vladimir Putin formally recognized the independence of east Ukraine's two separatist republics and then ordered the deployment of Russian troops to two breakaway regions of Ukraine and finally began a war.

Though the start of the month was rocky due to rising rate worries and the Russia-Ukraine conflict, investors digested those threats somewhat at the end of the month.  Plus, geopolitical crisis boosted safe-haven assets like U.S. treasuries, which in turn weighed on long-term treasury yields. This benefited stocks somewhat.

Overall, the S&P 500 (down 3.1%), the Nasdaq Composite (down 3.43%) and the Dow Jones (down 3.5%) recorded losses. Only the small-cap Russell 2000 (up 0.97%) managed to remain in the green. With Russia-Ukraine war taking an ugly turn, things will likely remain volatile in March as Western sanctions turned harsh to close out February. Plus, the Fed is highly likely to hike rates this month.

Though rate hike move is already baked in the current valuation, the Fed’s rhetoric will play a crucial in regulating the market. Against this backdrop, below we highlight a few ETFs that won in February and delivered at least 20% returns.

ETFs in Focus    

Teucrium Wheat (WEAT Quick QuoteWEAT - Free Report) – Up 30% Past Month

Wheat prices rose due to Russia’s incursion into Ukraine. Both areas are rich in wheat production and account for about 29% of the global wheat export market. The latest crisis triggered worries about the supply chain woes. 

iPath.B S&P 500 VIX Short-Term Futures ETN (VXX Quick QuoteVXX - Free Report) – Up 28.4% Past Month

The Russia-Ukraine crisis has been the biggest concern in the stock market in the recent weeks. No wonder, volatility in the stock market escalated last month along with the geopolitical crisis. The VIX is often known as the fear index as it surges when investors are skittish about the market’s current direction. Obviously, this is the case right now and the ETNs and ETFs tracking this benchmark are poised to gain on escalating Russia-Ukraine tensions (read: Profit From These ETFs if Russia-Ukraine Crisis Escalates).              

US Brent Oil (BNO Quick QuoteBNO - Free Report) – Up 27.5% Past Month

Russia is energy-rich. And Europe is highly dependent on Russia for energy, importing about 40% of its energy requirement. Russia is the provider of about 35% of Europe’s gas too. If the Russia-Ukraine tensions increase, gas and Brent crude prices will go up further. Oil breached $100 for the first time since 2014 last month.

S&P Metals & Mining SPDR (XME Quick QuoteXME - Free Report) – Up 26.9% Past Month

Although oil crisis is the major concern right now, it’s not only oil that has been getting a boost from the crisis.The disruptive metals industry is following the suit. Ukraine is a major producer of uranium, titanium, iron ore, steel, and ammonia too. And the country’s steel makes up around 10% of Europe’s imports.

In any case, the solar industry (which needs the usage of several disruptive metals) itself has been thriving with an upward potential due to an oil rally. Natural uranium and low-enriched uranium are used as fuel for nuclear power reactors, research reactors, military plutonium production and naval propulsion reactors. Titanium alloys are also widely used in military applications.

Northshore Global Uranium Mining ETF (URNM Quick QuoteURNM - Free Report) – Up 20.4% Past Month

Uranium stocks were gainers last month on the Russian invasion of Ukraine. Ukraine is a major producer of uranium. Natural uranium and low-enriched uranium are used as fuel for nuclear power reactors, research reactors, military plutonium production and naval propulsion reactors. Highly enriched uranium can power naval propulsion, military plutonium, tritium production reactors, and act as feedstock for nuclear weapons production. As the conflict worsens, supply chain is likely to be hit hard.