The S&P/ASX 200 Index (ASX: XJO) may be having a subdued year so far, but that hasn't stopped some ASX 200 shares from delivering very impressive gains.
For example, the three ASX 200 shares in this article are up over 30% since the start of the year. Here's why:
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BHP Group Ltd (ASX: BHP)
The BHP share price is up approximately 34% so far in 2026. The main driver of this has been the mining giant's growing exposure to copper. While iron ore remains important, copper became its largest contributor to earnings during the first half of FY 2026. And with BHP continuing to focus on expanding its production output and copper prices hitting record highs this year, this bodes well for its earnings and ultimately its dividends.
Codan Ltd (ASX: CDA)
The Codan share price is up almost 50% since the start of the year. This technology company's shares have been on fire in 2026 thanks to a very impressive performance. In April, management revealed that its performance in the second half had been stronger than expected. As a result, it now expects FY 2026 EBIT to hit $235 million and net profit to reach $170 million. This represents an increase of over 60% from last year. It said: "In DTC, strong demand from defence customers for unmanned systems, supported by ongoing geopolitical tensions, continues to drive growth in our software-defined radios (SDRs). As a result, the Communications business is expected to achieve revenue growth at the top end of the 15% to 20% range for the full year FY26."
PLS Group Ltd (ASX: PLS)
The PLS share price has raced almost 40% higher so far this year. Investors have been fighting to get hold of the lithium giant's shares after the price of the battery-making ingredient increased materially. This has led to PLS generating huge profit growth so far in FY 2026. For example, its third-quarter update revealed a 12% quarter-on-quarter increase in spodumene concentrate production to 232.4kt for the three months. And with its realised price increasing 61% to US$1,867 per tonne, the company reported a 52% jump in revenue to A$567 million. But it gets better. As its costs reduced to A$520 per tonne, this led to a cash margin from operations of A$461 million. This represents a 178% increase quarter-on-quarter. This is quite a turnaround. It wasn't long ago that lithium prices were in the doldrums and the company was close to operating at a loss.
