Basic materials exchange traded funds were crushed Wednesday along with energy-sector ETFs as commodities sold off and key component Freeport-McMoRan (NSYE: FCX) dropped more than 5%.

The iShares Dow Jones US Basic Materials (NYSEArca: IYM) was down 3% while silver and oil led the decliners in the commodities complex. The $1.2 billion ETF has about 9% in Freeport-McMoRan.

The basic-materials ETFs had lagged the S&P 500 year to date with a gain of roughly 6% through Tuesday’s close, according to investment researcher Morningstar.

On a sector basis, the ETF has 55% in chemicals stocks and more than 30% in mining and metals.