S&P/ASX 200 Index (ASX: XJO) shares are rebounding on Tuesday, up 0.4% to 8,397.8 points at the time of writing.
The market fell 0.82% yesterday, compounding a 2.19% tumble last week, as the war in Iran continues to erode investor confidence.
Since the war began, ASX 200 Index shares have fallen 8.8%.
ASX 200 energy shares have surged 17%, while materials stocks — incorporating the miners — have been the worst hit, down 19%.
Data from online investment platform Stake, given exclusively to the Motley Fool, provides some interesting insights into investor activity since the war began.
The data reveals the 10 most traded ASX 200 shares on the platform over the period 2 March to 18 March.
And no, they're not all energy shares. In fact, only one energy stock features in the top 10.
In this article, we take a look at the first five within the top 10, and consider the reasons why they're the most traded right now.
Image source: Getty Images
5 most traded ASX 200 shares during the Iran conflict
1. DroneShield Ltd (ASX: DRO)
The Droneshield share price is $3.63, down 5.2% on Tuesday.
Droneshield shares are up 0.28% since the war in Iran began, and up 242% over the past 12 months.
Drones have become a staple of modern warfare. We've seen plenty of TV reports of drone strikes during the Iran and Gaza conflicts.
But the Iran crisis is unlikely to be the reason why Droneshield shares are the most traded stock among Aussie investors right now.
While the war may have reminded investors of the company's relevance, Droneshield was already incredibly popular with Aussie investors.
As we reported in January, Droneshield was the most traded share on the Stake platform for the whole of 2025.
Rising global defence spending was already a well-established market thematic before the Iran war began.
2. Woodside Energy Group Ltd (ASX: WDS)
The Woodside share price is $34.56, down 0.7% today.
Woodside shares have leapt 22.1% since the war started, and are up 49.8% over 12 months.
Investors' motivation to buy Woodside shares this month is a bit more obvious.
As Australia's largest oil & gas producer, it is likely investors see ongoing upside potential given that oil and gas prices have skyrocketed.
Over the past 30 days, the Brent Crude oil price has soared 42% while the European gas price has ripped 83%.
The Woodside share price reached a two-and-a-half-year high of $34.88 yesterday.
3. BHP Group (ASX: BHP)
The BHP share price is $48.30, up 2.5% today.
BHP is the market's largest ASX 200 mining share, and leads the materials sector.
BHP shares have tumbled 17.3% since the war started, but remain 23% higher over 12 months.
Miners have been the worst hit by the war, indicating some investors have sold out to lock in impressive capital gains over the past year.
The BHP share price hit a record $59.39 last month after an impressive six-month surge, as shown below.
Rising fuel costs and the potential for constrained supply are headwinds for mining operations, potentially threatening production.
However, Australia remains at the start of a longer-term mining boom, with the war unlikely to negatively impact the key drivers of it.
4. Zip Co Ltd (ASX: ZIP)
The Zip share price is $1.49, down 1.7% today.
Zip shares have fallen 22.5% since the war started, and are down 22.4% over 12 months.
The Zip share price was already on a substantial downward trend before the war began.
As shown below, the ASX 200 financial share reached a near 4-year high of $4.93 in October 2025. It's been on a downhill run ever since.
Investors may be seeing an opportunity to buy the dip on Zip, particularly given strong consensus expectations of a price rebound.
Earlier this month, Macquarie reiterated its buy rating on Zip shares with a 12-month target price of $3.35.
That implies a more than 100% capital gain ahead.
5. Wisetech Global Ltd (ASX: WTC)
The Wisetech share price is $39.15, down 3.8% after hitting a near 4-year low of $39 in earlier trading.
Wisetech shares have fallen 17.6% since the war started, and are down 52% over 12 months.
We're in the midst of an ASX tech wreck, with the S&P/ASX 200 Information Technology Index (ASX: XIJ) nosediving 46% over six months.
The downturn reflects market fears over high stock valuations, extraordinary capex spending on artificial intelligence (AI), and concerns that AI could seriously disrupt, or even replace, some software-as-a-service (SaaS) businesses.
It's likely that Stake investors are seeing long-term opportunity in Wisetech shares and are buying the dip with hopes of significant upside.
Yesterday, Citi reiterated its buy recommendation on Wisetech shares with a 12-month target of $65.35.
This implies a potential near-70% upside ahead.
