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To take stock of the equity markets' winners, we cast a wide net across industries and cap size. Any mutual fund or ETF that had at least $500 million in assets was considered. Of those funds, here we list those with the 20 highest three-year annualized returns.

The average three-year return on the list is 19%, compared to 11% for the S&P 500. The average one-year gain was 16.4%, compared to 11.6% for the S&P benchmark. Not surprisingly, there wasn’t a lot of diversification among the top funds as technology dominated the gains in recent years. As always, we included expense ratios for each fund, which ranged from about a third of percentage point to 1.5%. The average was 76 basis points.

Scroll through to see the top funds in the past three years. All data from Morningstar.
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20. Janus Henderson Global Technology D (JNGTX)

1-Yr. Returns: 34.42%
3-Yr. Returns: 17.34%
Expense Ratio: 0.88%
Total Assets (millions): $1,933
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19. iShares US Aerospace & Defense ETF (ITA)

1-Yr. Returns: 29.79%
3-Yr. Returns: 17.49%
Expense Ratio: 0.44%
Total Assets (millions): $3,478
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18. Fidelity Select Medical Equip & Systems (FSMEX)

1-Yr. Returns: 14.45%
3-Yr. Returns: 17.98%
Expense Ratio: 0.76%
Total Assets (millions): $4,052
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17. iShares US Medical Devices ETF (IHI)

1-Yr. Returns: 16.42%
3-Yr. Returns: 18.12%
Expense Ratio: 0.44%
Total Assets (millions): $1,629
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16. First Trust NASDAQ-100-Tech Sector ETF (QTEC)

1-Yr. Returns: 38.23%
3-Yr. Returns: 18.42%
Expense Ratio: 0.60%
Total Assets (millions): $2,040
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15. Fidelity Select Technology (FSPTX)

1-Yr. Returns: 41.54%
3-Yr. Returns: 18.51%
Expense Ratio: 0.76%
Total Assets (millions): $5,415
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14. Virtus KAR Small-Cap Growth (PSGAX)

1-Yr. Returns: 30.00%
3-Yr. Returns: 18.60%
Expense Ratio: 1.50%
Total Assets (millions): $1,131
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13. Oppenheimer Global Opportunities (OGIYX)

1-Yr. Returns: 36.74%
3-Yr. Returns: 18.89%
Expense Ratio: 0.94%
Total Assets (millions): $5,612
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12. iShares North American Tech-Software ETF (IGV)

1-Yr. Returns: 29.25%
3-Yr. Returns: 19.03%
Expense Ratio: 0.48%
Total Assets (millions): $1,105
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11. First Trust Dow Jones Internet ETF (FDN)

1-Yr. Returns: 29.54%
3-Yr. Returns: 19.07%
Expense Ratio: 0.54%
Total Assets (millions): $4,605
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10. SPDR S&P Biotech ETF (XBI)

1-Yr. Returns: 30.46%
3-Yr. Returns: 19.08%
Expense Ratio: 0.35%
Total Assets (millions): $3,913
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9. Columbia Global Technology Growth (CMTFX)

1-Yr. Returns: 35.74%
3-Yr. Returns: 19.54%
Expense Ratio: 1.11%
Total Assets (millions): $785
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8. PowerShares S&P SmallCap Info Tech ETF (PSCT)

1-Yr. Returns: 29.99%
3-Yr. Returns: 19.92%
Expense Ratio: 0.29%
Total Assets (millions): $547
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7. Columbia Seligman Comms & Info R4 (SCIOX)

1-Yr. Returns: 33.78%
3-Yr. Returns: 20.00%
Expense Ratio: 1.03%
Total Assets (millions): $5,535
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6. Fidelity Select Semiconductors (FSELX)

1-Yr. Returns: 31.89%
3-Yr. Returns: 20.40%
Expense Ratio: 0.75%
Total Assets (millions): $3,053
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5. Columbia Seligman Global Technology (CSGZX)

1-Yr. Returns: 34.44%
3-Yr. Returns: 20.61%
Expense Ratio: 1.15%
Total Assets (millions): $1,060
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4. RMB Mendon Financial Services (RMBKX)

1-Yr. Returns: 34.16%
3-Yr. Returns: 20.66%
Expense Ratio: 1.42%
Total Assets (millions): $575
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3. VanEck Vectors Semiconductor ETF (SMH)

1-Yr. Returns: 36.55%
3-Yr. Returns: 22.37%
Expense Ratio: 0.35%
Total Assets (millions): $762
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2. iShares PHLX Semiconductor ETF (SOXX)

1-Yr. Returns: 43.47%
3-Yr. Returns: 22.64%
Expense Ratio: 0.48%
Total Assets (millions): $1,081
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1. T. Rowe Price Global Technology( PRGTX)

1-Yr. Returns: 36.48%
3-Yr. Returns: 23.39%
Expense Ratio: 0.90%
Total Assets (millions): $4,966
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