ETHA vs. GUNR
ETHA (iShares Ethereum Trust ETF) and GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) are both exchange-traded funds - ETHA is a Cryptocurrency fund tracking the CME CF Ether Dollar Reference Rate - New York Variant, while GUNR is a Commodity Producers Equities fund tracking the Morningstar Global Upstream Natural Resources Index. Both are passively managed. Over the past year, ETHA returned -34.33% vs 32.88% for GUNR. At a 0.28 correlation, their price movements are largely independent. ETHA charges 0.25%/yr vs 0.46%/yr for GUNR.
Performance
ETHA vs. GUNR - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ETHA achieves a -43.96% return, which is significantly lower than GUNR's 15.74% return.
ETHA
- 1D
- -1.02%
- 1M
- -27.59%
- YTD
- -43.96%
- 6M
- -45.98%
- 1Y
- -34.33%
- 3Y*
- —
- 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%
ETHA vs. GUNR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ETHA iShares Ethereum Trust ETF | -43.96% | -11.31% | -4.89% |
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund | 15.74% | 30.03% | -9.15% |
Correlation
The correlation between ETHA and GUNR is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024 | 0.28 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ETHA vs. GUNR — Risk / Return Rank
ETHA
GUNR
ETHA vs. GUNR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Ethereum Trust ETF (ETHA) 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.
| ETHA | GUNR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.74 | ||
| Sortino ratioReturn per unit of downside risk | -3.30 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.38 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -0.57 | 4.40 | -4.97 |
| Martin ratioReturn relative to average drawdown | -0.98 | 16.53 | -17.51 |
Loading charts...
Drawdowns
ETHA vs. GUNR - Drawdown Comparison
The maximum ETHA drawdown since its inception was -67.56%, which is greater than GUNR's maximum drawdown of -45.64%. Use the drawdown chart below to compare losses from any high point for ETHA and GUNR.
Loading charts...
Drawdown Indicators
| ETHA | GUNR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.56% | -45.64% | -21.92% |
Max Drawdown (1Y)Largest decline over 1 year | -67.56% | -7.77% | -59.79% |
Max Drawdown (3Y)Largest decline over 3 years | — | -19.59% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.06% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -43.04% | — |
Current DrawdownCurrent decline from peak | -65.65% | -5.39% | -60.26% |
Average DrawdownAverage peak-to-trough decline | -33.25% | -10.39% | -22.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.22% | 2.06% | +37.16% |
Volatility
ETHA vs. GUNR - Volatility Comparison
iShares Ethereum Trust ETF (ETHA) has a higher volatility of 17.30% compared to FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) at 5.11%. This indicates that ETHA'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.
Loading charts...
Volatility by Period
| ETHA | GUNR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.30% | 5.11% | +12.19% |
Volatility (6M)Calculated over the trailing 6-month period | 46.58% | 13.13% | +33.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 69.29% | 15.69% | +53.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 72.65% | 19.06% | +53.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 72.65% | 20.44% | +52.21% |
ETHA vs. GUNR - Expense Ratio Comparison
ETHA has a 0.25% expense ratio, which is lower than GUNR's 0.46% expense ratio.
Dividends
ETHA vs. GUNR - Dividend Comparison
ETHA has not paid dividends to shareholders, while GUNR's dividend yield for the trailing twelve months is around 2.31%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ETHA iShares Ethereum Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 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
ETHA and GUNR have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ETHA has higher volatility (17.30%) compared to GUNR (5.11%). In terms of maximum drawdown, ETHA dropped -67.56% vs GUNR's -45.64%.
On 1-year performance, GUNR leads with 32.88% vs -34.33% for ETHA. On fees, ETHA is cheaper at 0.25% 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.
Over the 1-year period, GUNR has performed better with a 32.88% return vs -34.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ETHA is cheaper with a 0.25% expense ratio, compared with 0.46% for GUNR.
GUNR has the higher dividend yield at 2.31%, compared with 0.00% for ETHA.
ETHA is categorized as Cryptocurrency, while GUNR is Commodity Producers Equities. ETHA tracks CME CF Ether Dollar Reference Rate - New York Variant, while GUNR tracks Morningstar Global Upstream Natural Resources Index. They also come from different issuers: iShares and Northern Trust. Their fees differ too: 0.25% for ETHA and 0.46% for GUNR.
GUNR currently has the higher Sharpe Ratio (2.18 vs -0.56), 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.
Find the right allocation for ETHA and GUNR
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer