AVES vs. GUNR

Last updated Jun 13, 2026

AVES (Avantis Emerging Markets Value ETF) and GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) are both exchange-traded funds - AVES is a Emerging Markets Equities fund actively managed by Avantis, while GUNR is a Commodity Producers Equities fund tracking the Morningstar Global Upstream Natural Resources Index. AVES is actively managed, while GUNR is passively managed. Over the past 3 years, AVES returned 19.19%/yr vs 12.40%/yr for GUNR. A 0.67 correlation means they provide meaningful diversification when combined. AVES charges 0.36%/yr vs 0.46%/yr for GUNR.

Performance

AVES vs. GUNR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis Emerging Markets Value ETF (AVES) and FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with AVES having a 15.51% return and GUNR slightly higher at 15.74%.

AVES

• 1D: 0.32%
• 1M: 0.12%
• YTD: 15.51%
• 6M: 18.20%
• 1Y: 31.51%
• 3Y*: 19.19%
• 5Y*: —
• 10Y*: —

GUNR

• 1D: 1.19%
• 1M: -4.60%
• YTD: 15.74%
• 6M: 17.02%
• 1Y: 32.88%
• 3Y*: 12.40%
• 5Y*: 9.47%
• 10Y*: 11.10%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AVES vs. GUNR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
AVES Avantis Emerging Markets Value ETF	15.51%	30.49%	4.50%	16.79%	-16.04%	0.95%
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	15.74%	30.03%	-8.37%	-2.40%	14.83%	8.97%

Correlation

The correlation between AVES and GUNR is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021	0.67

The correlation between AVES and GUNR shifts across timeframes, from 0.52 (1 year) to 0.67 (all time), reflecting how their relationship changes across market environments.

AVES vs. GUNR - Sectors Allocation Comparison

Sectors	AVES	GUNR
Financial Services	25.3%	2.7%
Technology	21.4%	0.5%
Industrials	13.3%	2.3%
Basic Materials	9.8%	45.1%
Consumer Cyclical	9.6%	0.2%
Communication Services	5.3%	1.7%
Energy	4.0%	29.3%
Consumer Defensive	3.2%	11.5%
Real Estate	2.4%	0.2%
Healthcare	2.1%	-
Utilities	1.7%	4.0%

Return for Risk

AVES vs. GUNR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AVES

AVES Risk / Return Rank: 54
AVES Sharpe Ratio Rank: 55
AVES Sortino Ratio Rank: 52
AVES Omega Ratio Rank: 58
AVES Calmar Ratio Rank: 53
AVES Martin Ratio Rank: 55

GUNR

GUNR Risk / Return Rank: 80
GUNR Sharpe Ratio Rank: 79
GUNR Sortino Ratio Rank: 72
GUNR Omega Ratio Rank: 75
GUNR Calmar Ratio Rank: 87
GUNR Martin Ratio Rank: 88

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AVES vs. GUNR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis Emerging Markets Value ETF (AVES) and FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AVES	GUNR	Difference
Sharpe ratio: Return per unit of total volatility	1.64	2.18	-0.54
Sortino ratio: Return per unit of downside risk	2.22	2.79	-0.57
Omega ratio: Gain probability vs. loss probability	1.31	1.38	-0.07
Calmar ratio: Return relative to maximum drawdown	2.32	4.40	-2.08
Martin ratio: Return relative to average drawdown	8.40	16.53	-8.13

AVES vs. GUNR - Sharpe Ratio Comparison

The current AVES Sharpe Ratio is 1.64, which is comparable to the GUNR Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of AVES and GUNR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AVES vs. GUNR - Drawdown Comparison

The maximum AVES drawdown since its inception was -27.40%, smaller than the maximum GUNR drawdown of -45.64%. Use the drawdown chart below to compare losses from any high point for AVES and GUNR.

Drawdown Indicators

	AVES	GUNR	Difference
Max Drawdown Largest peak-to-trough decline	-27.40%	-45.64%	+18.24%
Max Drawdown (1Y) Largest decline over 1 year	-12.90%	-7.77%	-5.13%
Max Drawdown (3Y) Largest decline over 3 years	-18.50%	-19.59%	+1.09%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.06%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-43.04%	—
Current Drawdown Current decline from peak	-2.45%	-5.39%	+2.94%
Average Drawdown Average peak-to-trough decline	-7.70%	-10.39%	+2.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.56%	2.06%	+1.50%

Volatility

AVES vs. GUNR - Volatility Comparison

Avantis Emerging Markets Value ETF (AVES) has a higher volatility of 8.89% compared to FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) at 5.11%. This indicates that AVES's price experiences larger fluctuations and is considered to be riskier than GUNR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVES	GUNR	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.89%	5.11%	+3.78%
Volatility (6M) Calculated over the trailing 6-month period	15.88%	13.13%	+2.75%
Volatility (1Y) Calculated over the trailing 1-year period	18.34%	15.69%	+2.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.20%	19.06%	-1.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.20%	20.44%	-3.24%

AVES vs. GUNR - Expense Ratio Comparison

AVES has a 0.36% expense ratio, which is lower than GUNR's 0.46% expense ratio.

Dividends

AVES vs. GUNR - Dividend Comparison

AVES's dividend yield for the trailing twelve months is around 3.53%, more than GUNR's 2.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVES Avantis Emerging Markets Value ETF	3.53%	3.17%	4.09%	3.96%	3.70%	0.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	2.31%	2.81%	3.39%	3.55%	4.12%	3.61%	2.79%	3.25%	3.27%	2.00%	1.73%	4.50%

Frequently Asked Questions

Can I hold both AVES and GUNR in my portfolio?

AVES and GUNR have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AVES or GUNR?

AVES has higher volatility (8.89%) compared to GUNR (5.11%). In terms of maximum drawdown, AVES dropped -27.40% vs GUNR's -45.64%.

Which ETF is better, AVES or GUNR?

On 3-year performance, AVES leads with 19.19% vs 12.40% for GUNR. On fees, AVES is cheaper at 0.36% per year. On volatility, GUNR has been the lower-risk option at 5.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVES or GUNR?

Over the 3-year period, AVES has performed better with a 19.19% return vs 12.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVES or GUNR?

AVES is cheaper with a 0.36% expense ratio, compared with 0.46% for GUNR.

Which ETF pays a higher dividend yield, AVES or GUNR?

AVES has the higher dividend yield at 3.53%, compared with 2.31% for GUNR.

What is the main difference between AVES and GUNR?

AVES is categorized as Emerging Markets Equities, while GUNR is Commodity Producers Equities. They also come from different issuers: Avantis and Northern Trust. Their fees differ too: 0.36% for AVES and 0.46% for GUNR.

Which has better risk-adjusted returns?

GUNR currently has the higher Sharpe Ratio (2.18 vs 1.64), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.