FRNRX vs. GUNR

Last updated Jun 5, 2026

FRNRX (Franklin Natural Resources Fund) and GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) are both funds - FRNRX is a Energy Equities fund managed by Franklin Templeton, while GUNR is a Commodity Producers Equities fund tracking the Morningstar Global Upstream Natural Resources Index. Over the past 10 years, FRNRX returned 11.41%/yr vs 10.94%/yr for GUNR. Their correlation of 0.89 suggests significant overlap in exposure. FRNRX charges 0.96%/yr vs 0.46%/yr for GUNR.

Performance

FRNRX vs. GUNR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Natural Resources Fund (FRNRX) 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, FRNRX achieves a 25.35% return, which is significantly higher than GUNR's 18.89% return. Both investments have delivered pretty close results over the past 10 years, with FRNRX having a 11.41% annualized return and GUNR not far behind at 10.94%.

FRNRX

• 1D: -0.54%
• 1M: 0.68%
• YTD: 25.35%
• 6M: 27.30%
• 1Y: 56.94%
• 3Y*: 21.45%
• 5Y*: 23.50%
• 10Y*: 11.41%

GUNR

• 1D: -0.26%
• 1M: -1.34%
• YTD: 18.89%
• 6M: 20.95%
• 1Y: 41.20%
• 3Y*: 14.43%
• 5Y*: 9.87%
• 10Y*: 10.94%

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

FRNRX vs. GUNR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FRNRX Franklin Natural Resources Fund	25.35%	30.43%	1.28%	3.25%	30.52%	74.38%	-21.58%	10.03%	-23.78%	0.32%
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	18.89%	30.03%	-8.37%	-2.40%	14.83%	26.06%	0.46%	18.41%	-9.42%	18.74%

Correlation

The correlation between FRNRX and GUNR is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Sep 23, 2011	0.89

The correlation between FRNRX and GUNR has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

Return for Risk

FRNRX vs. GUNR — Risk / Return Rank

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

FRNRX

FRNRX Risk / Return Rank: 93
FRNRX Sharpe Ratio Rank: 96
FRNRX Sortino Ratio Rank: 89
FRNRX Omega Ratio Rank: 85
FRNRX Calmar Ratio Rank: 98
FRNRX Martin Ratio Rank: 98

GUNR

GUNR Risk / Return Rank: 85
GUNR Sharpe Ratio Rank: 84
GUNR Sortino Ratio Rank: 79
GUNR Omega Ratio Rank: 81
GUNR Calmar Ratio Rank: 92
GUNR Martin Ratio Rank: 92

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.

FRNRX vs. GUNR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Natural Resources Fund (FRNRX) 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.

	FRNRX	GUNR	Difference
Sharpe ratio: Return per unit of total volatility	3.48	2.73	+0.75
Sortino ratio: Return per unit of downside risk	4.34	3.46	+0.88
Omega ratio: Gain probability vs. loss probability	1.59	1.48	+0.12
Calmar ratio: Return relative to maximum drawdown	8.71	6.08	+2.63
Martin ratio: Return relative to average drawdown	31.07	22.95	+8.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FRNRX vs. GUNR - Sharpe Ratio Comparison

The current FRNRX Sharpe Ratio is 3.48, which is comparable to the GUNR Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of FRNRX 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.

Sharpe Ratios by Period

	FRNRX	GUNR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.48	2.73	+0.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.92	0.52	+0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	0.54	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.32	-0.03

Drawdowns

FRNRX vs. GUNR - Drawdown Comparison

The maximum FRNRX drawdown since its inception was -80.54%, which is greater than GUNR's maximum drawdown of -45.64%. Use the drawdown chart below to compare losses from any high point for FRNRX and GUNR.

Drawdown Indicators

	FRNRX	GUNR	Difference
Max Drawdown Largest peak-to-trough decline	-80.54%	-45.64%	-34.90%
Max Drawdown (1Y) Largest decline over 1 year	-6.53%	-6.81%	+0.28%
Max Drawdown (3Y) Largest decline over 3 years	-19.65%	-19.59%	-0.06%
Max Drawdown (5Y) Largest decline over 5 years	-26.29%	-24.06%	-2.23%
Max Drawdown (10Y) Largest decline over 10 years	-70.71%	-43.04%	-27.67%
Current Drawdown Current decline from peak	-0.54%	-2.81%	+2.27%
Average Drawdown Average peak-to-trough decline	-23.83%	-10.40%	-13.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.83%	1.80%	+0.03%

Volatility

FRNRX vs. GUNR - Volatility Comparison

Franklin Natural Resources Fund (FRNRX) has a higher volatility of 4.59% compared to FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) at 4.23%. This indicates that FRNRX'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

	FRNRX	GUNR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.59%	4.23%	+0.36%
Volatility (6M) Calculated over the trailing 6-month period	12.89%	12.55%	+0.34%
Volatility (1Y) Calculated over the trailing 1-year period	16.32%	15.14%	+1.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.57%	18.98%	+6.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.57%	20.42%	+8.15%

FRNRX vs. GUNR - Expense Ratio Comparison

FRNRX has a 0.96% expense ratio, which is higher than GUNR's 0.46% expense ratio.

Dividends

FRNRX vs. GUNR - Dividend Comparison

FRNRX's dividend yield for the trailing twelve months is around 1.35%, less than GUNR's 2.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRNRX Franklin Natural Resources Fund	1.35%	1.70%	2.40%	1.98%	2.38%	22.66%	2.39%	1.64%	2.43%	1.16%	1.02%	0.86%
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	2.25%	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 FRNRX and GUNR in my portfolio?

With a correlation of 0.92, FRNRX and GUNR move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FRNRX or GUNR?

FRNRX has higher volatility (4.59%) compared to GUNR (4.23%). In terms of maximum drawdown, FRNRX dropped -80.54% vs GUNR's -45.64%.

Which has better risk-adjusted returns?

FRNRX currently has the higher Sharpe Ratio (3.48 vs 2.73), 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.