AVUV vs. GUNR

Last updated Jun 13, 2026

AVUV (Avantis US Small Cap Value ETF) and GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) are both exchange-traded funds - AVUV is a Small Cap Value Equities fund actively managed by Avantis, while GUNR is a Commodity Producers Equities fund tracking the Morningstar Global Upstream Natural Resources Index. AVUV is actively managed, while GUNR is passively managed. Over the past 5 years, AVUV returned 11.57%/yr vs 9.47%/yr for GUNR. A 0.72 correlation means they provide meaningful diversification when combined. AVUV charges 0.25%/yr vs 0.46%/yr for GUNR.

Performance

AVUV vs. GUNR - Performance Comparison

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

Returns By Period

In the year-to-date period, AVUV achieves a 22.73% return, which is significantly higher than GUNR's 15.74% return.

AVUV

• 1D: 0.96%
• 1M: 5.11%
• YTD: 22.73%
• 6M: 19.51%
• 1Y: 42.12%
• 3Y*: 19.24%
• 5Y*: 11.57%
• 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)

AVUV vs. GUNR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
AVUV Avantis US Small Cap Value ETF	22.73%	7.44%	9.28%	22.82%	-4.91%	42.20%	6.43%	8.54%
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	15.74%	30.03%	-8.37%	-2.40%	14.83%	26.06%	0.46%	7.85%

Correlation

The correlation between AVUV and GUNR is 0.50, 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	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (All Time) Calculated using the full available price history since Sep 26, 2019	0.72

Over the past year, the correlation between AVUV and GUNR has dropped to 0.50 - well below their long-term average of 0.72, suggesting their price drivers have been diverging.

AVUV vs. GUNR - Sectors Allocation Comparison

Sectors	AVUV	GUNR
Financial Services	25.8%	2.7%
Energy	18.2%	29.3%
Consumer Cyclical	18.0%	0.2%
Industrials	13.9%	2.3%
Technology	7.0%	0.5%
Basic Materials	4.9%	45.1%
Consumer Defensive	4.5%	11.5%
Healthcare	4.2%	-
Communication Services	2.8%	1.7%
Real Estate	0.7%	0.2%
Utilities	0.1%	4.0%

Return for Risk

AVUV vs. GUNR — Risk / Return Rank

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

AVUV

AVUV Risk / Return Rank: 84
AVUV Sharpe Ratio Rank: 83
AVUV Sortino Ratio Rank: 84
AVUV Omega Ratio Rank: 77
AVUV Calmar Ratio Rank: 91
AVUV Martin Ratio Rank: 85

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.

AVUV vs. GUNR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis US Small Cap Value ETF (AVUV) 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.

	AVUV	GUNR	Difference
Sharpe ratio: Return per unit of total volatility	2.28	2.18	+0.11
Sortino ratio: Return per unit of downside risk	3.24	2.79	+0.45
Omega ratio: Gain probability vs. loss probability	1.39	1.38	+0.01
Calmar ratio: Return relative to maximum drawdown	5.06	4.40	+0.66
Martin ratio: Return relative to average drawdown	15.09	16.53	-1.44

AVUV vs. GUNR - Sharpe Ratio Comparison

The current AVUV Sharpe Ratio is 2.28, which is comparable to the GUNR Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of AVUV 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

AVUV vs. GUNR - Drawdown Comparison

The maximum AVUV drawdown since its inception was -49.42%, which is greater than GUNR's maximum drawdown of -45.64%. Use the drawdown chart below to compare losses from any high point for AVUV and GUNR.

Drawdown Indicators

	AVUV	GUNR	Difference
Max Drawdown Largest peak-to-trough decline	-49.42%	-45.64%	-3.78%
Max Drawdown (1Y) Largest decline over 1 year	-7.95%	-7.77%	-0.18%
Max Drawdown (3Y) Largest decline over 3 years	-28.79%	-19.59%	-9.20%
Max Drawdown (5Y) Largest decline over 5 years	-28.79%	-24.06%	-4.73%
Max Drawdown (10Y) Largest decline over 10 years	—	-43.04%	—
Current Drawdown Current decline from peak	0.00%	-5.39%	+5.39%
Average Drawdown Average peak-to-trough decline	-7.91%	-10.39%	+2.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.67%	2.06%	+0.61%

Volatility

AVUV vs. GUNR - Volatility Comparison

The current volatility for Avantis US Small Cap Value ETF (AVUV) is 4.53%, while FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) has a volatility of 5.11%. This indicates that AVUV experiences smaller price fluctuations and is considered to be less risky than GUNR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVUV	GUNR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.53%	5.11%	-0.58%
Volatility (6M) Calculated over the trailing 6-month period	11.34%	13.13%	-1.79%
Volatility (1Y) Calculated over the trailing 1-year period	17.63%	15.69%	+1.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.75%	19.06%	+3.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.26%	20.44%	+7.82%

AVUV vs. GUNR - Expense Ratio Comparison

AVUV has a 0.25% expense ratio, which is lower than GUNR's 0.46% expense ratio.

Dividends

AVUV vs. GUNR - Dividend Comparison

AVUV's dividend yield for the trailing twelve months is around 1.61%, less than GUNR's 2.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVUV Avantis US Small Cap Value ETF	1.61%	1.58%	1.61%	1.65%	1.74%	1.28%	1.21%	0.38%	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 AVUV and GUNR in my portfolio?

AVUV and GUNR have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AVUV or GUNR?

GUNR has higher volatility (5.11%) compared to AVUV (4.53%). In terms of maximum drawdown, AVUV dropped -49.42% vs GUNR's -45.64%.

Which ETF is better, AVUV or GUNR?

On 5-year performance, AVUV leads with 11.57% vs 9.47% for GUNR. On fees, AVUV is cheaper at 0.25% per year. On volatility, AVUV has been the lower-risk option at 4.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVUV or GUNR?

Over the 5-year period, AVUV has performed better with a 11.57% return vs 9.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVUV or GUNR?

AVUV is cheaper with a 0.25% expense ratio, compared with 0.46% for GUNR.

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

GUNR has the higher dividend yield at 2.31%, compared with 1.61% for AVUV.

What is the main difference between AVUV and GUNR?

AVUV is categorized as Small Cap Value Equities, while GUNR is Commodity Producers Equities. They also come from different issuers: Avantis and Northern Trust. Their fees differ too: 0.25% for AVUV and 0.46% for GUNR.

Which has better risk-adjusted returns?

AVUV currently has the higher Sharpe Ratio (2.28 vs 2.18), 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.