It's been a volatile first three months of 2026 for some of the heavyweight ASX shares.
Between escalating global conflict, rising interest rates, AI disruption fears, and ongoing investor jitters, markets have been anything but steady.
But while some blue chips have struggled, others have thrived — proving it's not all doom and gloom.
Here's how five of the top ASX shares are tracking and what could come next.
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Commonwealth Bank of Australia (ASX: CBA)
Starting with Commonwealth Bank of Australia, the banking giant is up 4.4% year to date but has slipped 5.3% over the past month.
CBA continues to benefit from its dominant market position and strong margins, but pressure is building from slowing credit growth and competition.
Still, its defensive earnings profile and consistent dividends should help it weather ongoing volatility, with analysts generally maintaining hold to modestly positive outlooks.
BHP Group Ltd (ASX: BHP)
Next is BHP Group, which is up 10.7% in 2026 but down 11.5% over the past month. Commodity price swings — particularly in iron ore — have driven recent weakness.
However, BHP's low-cost operations and exposure to future-facing commodities like copper position it well for the long term.
Many analysts remain constructive, pointing to its strong balance sheet and resilient cash flow.
Wesfarmers Ltd (ASX: WES)
This ASX share has had a tougher run, down 8.9% year to date and 10% over the past month. Retail weakness and cautious consumer spending have weighed on sentiment.
Even so, Wesfarmers' diversified portfolio, including Bunnings and Kmart, provides stability, and its track record of capital management keeps analysts broadly supportive despite near-term headwinds.
CSL Ltd (ASX: CSL)
It's also been a challenging period for CSL Limited. The healthcare giant is down 18.9% in 2026 and 3.6% over the past month.
Softer earnings and margin pressure have hit the share price, but CSL's core strengths remain intact.
Demand for its life-saving therapies is resilient, and analysts continue to back a recovery, with many maintaining buy ratings and highlighting long-term growth potential.
Woodside Energy Group Ltd (ASX: WDS)
Finally, Woodside Energy Group has been the standout performer. The energy giant is up a remarkable 48% year to date and 25% over the past month, benefiting from rising oil and gas prices amid global conflict.
Woodside's strong cash generation and leverage to energy markets have driven gains, and if geopolitical tensions persist, the $66 billion ASX share could continue to outperform — though volatility remains a key risk.
Foolish Takeaway
The bottom line? 2026 has already delivered sharp swings for some heavyweight ASX shares. But while some sectors are under pressure, others are thriving.
For investors, it's a reminder that even in uncertain markets, opportunity is never far away.
