We're not even two weeks into the new year, but there are a few ASX 200 shares that have wasted no time – already rising significantly since New Year's Day.
Let's see what's sparked their runs.
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Alcoa (ASX: AAI)
Alcoa is a vertically integrated U.S. based aluminium producer with a global footprint across bauxite mining, alumina refining, primary aluminium smelting and casting, and associated energy generation.
Like many mining stocks, it has enjoyed a strong start to the year.
Gold, silver and other commodity shares are continuing on from 12 months of strong performance.
Alcoa shares have risen more than 18% year to date already.
For context, the S&P/ASX 200 Index (ASX: XJO) is up just 0.67%.
This ASX 200 stock is now up 64% over the last 12 months, and is sitting close to an all-time high.
So is there any more upside?
Alcoa shares closed yesterday at $94.75 per share.
However, it appears estimates from analysts believe it is now trading above fair value.
TradingView has an average 12 month price target of $74.11.
This is approximately 21.8% lower than its current share price.
Reliance Worldwide Corporation Ltd (ASX: RWC)
Reliance is the world's largest supplier of push-to-connect (PTC) brass plumbing systems for water and central heating applications.
This ASX 200 stock is already up almost 9% so far in 2025.
This marks a rebound from a tough 2025.
Its share price remains down almost 16% from a year ago.
It seems this year's bounce back could continue based on guidance from analysts.
TradingView has an average one year price target of $4.59 which indicates more than a 9% upside.
Online trading platform Selfwealth lists this ASX 200 stock as undervalued by 20%.
Ramelius Resources Ltd (ASX: RMS)
Ramelius Resources is another ASX 200 materials stock continuing its bull run.
It has risen by almost 8% so far this year.
It is a gold mining and production company with its primary production being focused on the Mt Magnet goldmine in Western Australia.
Over the last 12 months its share price is now up just over 100%.
In recent news out of the company, it is maintaining its FY26 gold production guidance and lifting its minimum dividend to two cents per year.
Despite its rapid rise, there appears to be modest upside for this ASX 200 stock, although it is approaching fair value estimates.
TradingView has an average one year price target of $4.71.
This indicates an upside of 7.3%.
Selfwealth lists the stock as undervalued by roughly 12%.
