GNR vs. ADIV

Last updated Jun 9, 2026

GNR (SPDR S&P Global Natural Resources ETF) and ADIV (SmartETFs Asia Pacific Dividend Builder ETF) are both exchange-traded funds - GNR is a Commodity Producers Equities fund tracking the S&P Global Natural Resources Index, while ADIV is a Asia Pacific Equities fund actively managed by Guinness Atkinson Asset Management. GNR is passively managed, while ADIV is actively managed. Over the past 5 years, GNR returned 9.11%/yr vs 5.91%/yr for ADIV. A 0.62 correlation means they provide meaningful diversification when combined. GNR charges 0.40%/yr vs 0.78%/yr for ADIV.

Performance

GNR vs. ADIV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Global Natural Resources ETF (GNR) and SmartETFs Asia Pacific Dividend Builder ETF (ADIV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GNR achieves a 15.95% return, which is significantly higher than ADIV's 4.50% return.

GNR

• 1D: 0.18%
• 1M: -2.80%
• YTD: 15.95%
• 6M: 20.08%
• 1Y: 37.42%
• 3Y*: 13.57%
• 5Y*: 9.11%
• 10Y*: 10.53%

ADIV

• 1D: 0.43%
• 1M: -2.41%
• YTD: 4.50%
• 6M: 4.87%
• 1Y: 14.36%
• 3Y*: 15.97%
• 5Y*: 5.91%
• 10Y*: —

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

GNR vs. ADIV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GNR SPDR S&P Global Natural Resources ETF	15.95%	28.68%	-8.27%	2.95%	10.20%	9.67%
ADIV SmartETFs Asia Pacific Dividend Builder ETF	4.50%	21.86%	14.47%	12.28%	-18.00%	1.41%

Correlation

The correlation between GNR and ADIV is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (All Time) Calculated using the full available price history since Mar 29, 2021	0.62

The correlation between GNR and ADIV shifts across timeframes, from 0.45 (1 year) to 0.63 (5 years), reflecting how their relationship changes across market environments.

GNR vs. ADIV - Sectors Allocation Comparison

Sectors	GNR	ADIV
Basic Materials	50.3%	-
Energy	37.6%	-
Consumer Cyclical	6.3%	16.3%
Consumer Defensive	4.6%	4.7%
Real Estate	0.8%	7.9%
Industrials	0.2%	2.4%
Financial Services	0.0%	32.4%
Healthcare	0.0%	5.6%
Utilities	0.0%	2.5%
Communication Services	-	2.7%
Technology	-	25.5%

Return for Risk

GNR vs. ADIV — Risk / Return Rank

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

GNR

GNR Risk / Return Rank: 80
GNR Sharpe Ratio Rank: 77
GNR Sortino Ratio Rank: 70
GNR Omega Ratio Rank: 74
GNR Calmar Ratio Rank: 88
GNR Martin Ratio Rank: 89

ADIV

ADIV Risk / Return Rank: 32
ADIV Sharpe Ratio Rank: 32
ADIV Sortino Ratio Rank: 31
ADIV Omega Ratio Rank: 31
ADIV Calmar Ratio Rank: 32
ADIV Martin Ratio Rank: 34

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.

GNR vs. ADIV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Global Natural Resources ETF (GNR) and SmartETFs Asia Pacific Dividend Builder ETF (ADIV). 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.

	GNR	ADIV	Difference
Sharpe ratio: Return per unit of total volatility	2.23	1.04	+1.19
Sortino ratio: Return per unit of downside risk	2.86	1.50	+1.36
Omega ratio: Gain probability vs. loss probability	1.39	1.19	+0.20
Calmar ratio: Return relative to maximum drawdown	4.72	1.42	+3.29
Martin ratio: Return relative to average drawdown	18.00	4.66	+13.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GNR vs. ADIV - Sharpe Ratio Comparison

The current GNR Sharpe Ratio is 2.23, which is higher than the ADIV Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of GNR and ADIV, 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

	GNR	ADIV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.23	1.04	+1.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	0.36	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.38	-0.12

Drawdowns

GNR vs. ADIV - Drawdown Comparison

The maximum GNR drawdown since its inception was -51.37%, which is greater than ADIV's maximum drawdown of -31.55%. Use the drawdown chart below to compare losses from any high point for GNR and ADIV.

Drawdown Indicators

	GNR	ADIV	Difference
Max Drawdown Largest peak-to-trough decline	-51.37%	-31.55%	-19.82%
Max Drawdown (1Y) Largest decline over 1 year	-7.97%	-10.15%	+2.18%
Max Drawdown (3Y) Largest decline over 3 years	-21.15%	-18.53%	-2.62%
Max Drawdown (5Y) Largest decline over 5 years	-25.66%	-31.55%	+5.89%
Max Drawdown (10Y) Largest decline over 10 years	-48.59%	—	—
Current Drawdown Current decline from peak	-5.04%	-4.40%	-0.64%
Average Drawdown Average peak-to-trough decline	-14.94%	-8.44%	-6.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	3.09%	-1.01%

Volatility

GNR vs. ADIV - Volatility Comparison

SPDR S&P Global Natural Resources ETF (GNR) has a higher volatility of 5.49% compared to SmartETFs Asia Pacific Dividend Builder ETF (ADIV) at 5.13%. This indicates that GNR's price experiences larger fluctuations and is considered to be riskier than ADIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GNR	ADIV	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.49%	5.13%	+0.36%
Volatility (6M) Calculated over the trailing 6-month period	13.73%	11.02%	+2.71%
Volatility (1Y) Calculated over the trailing 1-year period	16.88%	13.87%	+3.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.30%	16.54%	+3.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.90%	16.41%	+5.49%

GNR vs. ADIV - Expense Ratio Comparison

GNR has a 0.40% expense ratio, which is lower than ADIV's 0.78% expense ratio.

Dividends

GNR vs. ADIV - Dividend Comparison

GNR's dividend yield for the trailing twelve months is around 2.56%, less than ADIV's 2.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ADIV SmartETFs Asia Pacific Dividend Builder ETF	2.88%	2.77%	4.83%	4.55%	2.98%	13.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GNR SPDR S&P Global Natural Resources ETF	2.56%	2.76%	4.73%	3.37%	4.37%	3.44%	2.78%	3.84%	3.51%	2.40%	2.06%	4.59%

Frequently Asked Questions

Can I hold both GNR and ADIV in my portfolio?

GNR and ADIV have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GNR or ADIV?

GNR has higher volatility (5.49%) compared to ADIV (5.13%). In terms of maximum drawdown, GNR dropped -51.37% vs ADIV's -31.55%.

Which ETF is better, GNR or ADIV?

On 5-year performance, GNR leads with 9.11% vs 5.91% for ADIV. On fees, GNR is cheaper at 0.40% per year. On volatility, ADIV has been the lower-risk option at 5.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GNR or ADIV?

Over the 5-year period, GNR has performed better with a 9.11% return vs 5.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GNR or ADIV?

GNR is cheaper with a 0.40% expense ratio, compared with 0.78% for ADIV.

Which ETF pays a higher dividend yield, GNR or ADIV?

ADIV has the higher dividend yield at 2.88%, compared with 2.56% for GNR.

What is the main difference between GNR and ADIV?

GNR is categorized as Commodity Producers Equities, while ADIV is Asia Pacific Equities. They also come from different issuers: State Street and Guinness Atkinson Asset Management. Their fees differ too: 0.40% for GNR and 0.78% for ADIV.

Which has better risk-adjusted returns?

GNR currently has the higher Sharpe Ratio (2.23 vs 1.04), 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.