S&P/ASX 200 Index (ASX: XJO) shares rose by 9.97% in value and produced total returns (including dividends) of 13.81% in FY25.
Online trading platform Stake has provided data to The Fool on which ASX 200 shares were the most traded by its clients in FY25.
The motivation behind these most actively traded stocks is expressed in the buy/sell ratio shown below.
Investors saw more opportunity in the ASX 200 shares with higher buy ratios.
In some cases, higher buy ratios may indicate investors were leveraging share price weakness to create long-term positions.
In other cases, it may indicate investors were seeking to benefit from a stock's strong price run.
Higher sell ratios may indicate investors were taking short-term or long-term profits, or cutting losses on non-performing investments.
Let's take a look.
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Most traded ASX 200 shares of FY25
The data implies that Australian investors were strongly focused on ASX 200 large-cap shares in FY25.
Seven of the top 10 stocks are stalwarts of the ASX 200.
| Ranking | ASX 200 share | Buy/sell ratio |
| 1 | BHP Group Ltd (ASX: BHP) | 63% buy / 37% sell |
| 2 | Fortescue Ltd (ASX: FMG) | 63% buy / 37% sell |
| 3 | Commonwealth Bank of Australia (ASX: CBA) | 59% buy / 41% sell |
| 4 | DroneShield Ltd (ASX: DRO) | 55% buy / 45% sell |
| 5 | Pilbara Minerals Ltd (ASX: PLS) | 57% sell / 43% buy |
| 6 | Woodside Energy Group Ltd (ASX: WDS) | 62% buy / 38% sell |
| 7 | Westpac Banking Corporation (ASX: WBC) | 54% buy / 46% sell |
| 8 | Woolworths Group Ltd (ASX: WOW) | 55% buy / 45% sell |
| 9 | Zip Co Ltd (ASX: ZIP) | 53% buy / 47% sell |
| 10 | Australia and New Zealand Banking Group Ltd (ASX: ANZ) | 57% buy / 43% sell |
Why were BHP and Fortescue shares at the top?
Stake markets analyst, Samy Sriram, said ASX 200 iron ore shares BHP Group Ltd (ASX: BHP) and Fortescue Ltd (ASX: FMG) were the most traded stocks of FY25, mainly because China's weak housing market weighed on iron ore prices in FY25.
The BHP share price fell 13.9% and the Fortescue share price dropped 28.6% over the financial year.
Stake investors appear to think similarly on these ASX 200 mining shares, given their mirrored buy/sell ratios of 63% to 37%, respectively.
Sixty-three percent was the highest buy ratio recorded among Stake's top 10 most traded ASX 200 shares.
Sriram said BHP shares benefited from rising copper prices but were negatively affected by weaker iron ore prices.
Meanwhile, Fortescue's clean energy dreams started to unwind in FY25, with the miner cutting costs and jobs.
Sriram said: "Its revenue is wholly tied to selling iron ore to China at a time when prices have slipped below US$100 a tonne."
Investors celebrate the CBA shares rally
The data shows that investors were keen to partake in the 45% rally for Commonwealth Bank of Australia (ASX: CBA) shares in FY25.
The buy/sell ratio was 59% to 41%.
This suggests some investors bought CBA to take advantage of its seemingly unstoppable run, while others sold it down to take profits.
The price surge pushed the ASX 200 bank share to a market capitalisation of above $300 billion — a first for an Australian company.
Sriram said:
[CBA] remains a favourite among retail investors for its dividends, and there has been interest from foreign fund managers looking to diversify beyond the U.S.
CBA enjoys a strong franchise, with one-in-three retail accounts using it as their main financial institution and one-in-four businesses using it as their main financial institution.
Amid CEO turnover at its big three rivals, CEO Matt Comyn is consistently delivering in a competitive market.
Other strongly traded ASX 200 shares
Aside from the ASX 200 stalwarts, investors showed interest in rising stars like DroneShield Ltd (ASX: DRO) shares.
The Droneshield share price rallied 32.5% in FY25. The buy/sell ratio was narrow at 55% to 45%, respectively.
This may suggest some day trading as investors sought to benefit from strong price gains on Droneshield's biggest news days.
For example, the Droneshield share price ripped 20% higher when the company announced $60 million in new contracts on 25 June.
Sriram said Droneshield is riding the wave of interest in defence stocks amid increasing geopolitical tensions.
Global defence spending is at an all-time high, and governments are spending more on anti-drone technology.
The U.S. Department of Defence has listed counterdrone technology among its 17 key priority areas.
The company continues to win contracts with militaries and government agencies across the world.
The biggest pure-play ASX 200 lithium share, Pilbara Minerals Ltd (ASX: PLS), was the fifth most traded stock of FY25.
The Pilbara Minerals share price fell 56% over FY25.
According to the data, investors were more inclined to sell Pilbara Minerals shares in FY25, with the sell ratio at 57%.
Sriram commented:
The lithium producer struggled as spodumene concentrate prices fell below US$1,000 a tonne amid oversupply from China.
