GNR vs. AVLV

Last updated Jun 13, 2026

GNR (SPDR S&P Global Natural Resources ETF) and AVLV (Avantis U.S. Large Cap Value ETF) are both exchange-traded funds - GNR is a Commodity Producers Equities fund tracking the S&P Global Natural Resources Index, while AVLV is a Large Cap Value Equities fund actively managed by Avantis. GNR is passively managed, while AVLV is actively managed. Over the past 3 years, GNR returned 13.61%/yr vs 22.42%/yr for AVLV. A 0.71 correlation means they provide meaningful diversification when combined. GNR charges 0.40%/yr vs 0.15%/yr for AVLV.

Performance

GNR vs. AVLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Global Natural Resources ETF (GNR) and Avantis U.S. Large Cap Value ETF (AVLV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GNR achieves a 17.34% return, which is significantly lower than AVLV's 21.54% return.

GNR

• 1D: 1.21%
• 1M: -3.83%
• YTD: 17.34%
• 6M: 18.86%
• 1Y: 35.92%
• 3Y*: 13.61%
• 5Y*: 9.29%
• 10Y*: 10.91%

AVLV

• 1D: 0.72%
• 1M: 4.03%
• YTD: 21.54%
• 6M: 21.48%
• 1Y: 38.63%
• 3Y*: 22.42%
• 5Y*: —
• 10Y*: —

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

GNR vs. AVLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GNR SPDR S&P Global Natural Resources ETF	17.34%	28.68%	-8.27%	2.95%	10.20%	8.94%
AVLV Avantis U.S. Large Cap Value ETF	21.54%	15.12%	17.49%	17.43%	-5.53%	6.27%

Correlation

The correlation between GNR and AVLV is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (All Time) Calculated using the full available price history since Sep 23, 2021	0.71

The correlation between GNR and AVLV shifts across timeframes, from 0.53 (1 year) to 0.71 (all time), reflecting how their relationship changes across market environments.

GNR vs. AVLV - Sectors Allocation Comparison

Sectors	GNR	AVLV
Basic Materials	50.3%	2.0%
Energy	37.6%	14.4%
Consumer Cyclical	6.3%	14.1%
Consumer Defensive	4.6%	7.7%
Real Estate	0.8%	0.1%
Industrials	0.2%	15.4%
Financial Services	0.0%	16.3%
Healthcare	0.0%	5.6%
Utilities	0.0%	0.3%
Communication Services	-	6.9%
Technology	-	17.2%

Return for Risk

GNR vs. AVLV — Risk / Return Rank

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

GNR

GNR Risk / Return Rank: 79
GNR Sharpe Ratio Rank: 76
GNR Sortino Ratio Rank: 70
GNR Omega Ratio Rank: 73
GNR Calmar Ratio Rank: 88
GNR Martin Ratio Rank: 87

AVLV

AVLV Risk / Return Rank: 94
AVLV Sharpe Ratio Rank: 94
AVLV Sortino Ratio Rank: 94
AVLV Omega Ratio Rank: 92
AVLV Calmar Ratio Rank: 94
AVLV Martin Ratio Rank: 94

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. AVLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Global Natural Resources ETF (GNR) and Avantis U.S. Large Cap Value ETF (AVLV). 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.

	GNR	AVLV	Difference
Sharpe ratio: Return per unit of total volatility	2.12	3.10	-0.98
Sortino ratio: Return per unit of downside risk	2.74	4.26	-1.52
Omega ratio: Gain probability vs. loss probability	1.37	1.56	-0.18
Calmar ratio: Return relative to maximum drawdown	4.53	6.07	-1.55
Martin ratio: Return relative to average drawdown	16.42	24.12	-7.71

GNR vs. AVLV - Sharpe Ratio Comparison

The current GNR Sharpe Ratio is 2.12, which is lower than the AVLV Sharpe Ratio of 3.10. The chart below compares the historical Sharpe Ratios of GNR and AVLV, 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

GNR vs. AVLV - Drawdown Comparison

The maximum GNR drawdown since its inception was -51.37%, which is greater than AVLV's maximum drawdown of -19.50%. Use the drawdown chart below to compare losses from any high point for GNR and AVLV.

Drawdown Indicators

	GNR	AVLV	Difference
Max Drawdown Largest peak-to-trough decline	-51.37%	-19.50%	-31.87%
Max Drawdown (1Y) Largest decline over 1 year	-7.97%	-6.39%	-1.58%
Max Drawdown (3Y) Largest decline over 3 years	-21.15%	-19.50%	-1.65%
Max Drawdown (5Y) Largest decline over 5 years	-25.66%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-48.59%	—	—
Current Drawdown Current decline from peak	-3.91%	0.00%	-3.91%
Average Drawdown Average peak-to-trough decline	-14.93%	-3.91%	-11.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.19%	1.61%	+0.58%

Volatility

GNR vs. AVLV - Volatility Comparison

SPDR S&P Global Natural Resources ETF (GNR) has a higher volatility of 5.75% compared to Avantis U.S. Large Cap Value ETF (AVLV) at 3.67%. This indicates that GNR's price experiences larger fluctuations and is considered to be riskier than AVLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GNR	AVLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.75%	3.67%	+2.08%
Volatility (6M) Calculated over the trailing 6-month period	13.87%	9.33%	+4.54%
Volatility (1Y) Calculated over the trailing 1-year period	17.04%	12.52%	+4.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.33%	17.34%	+2.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.89%	17.34%	+4.55%

GNR vs. AVLV - Expense Ratio Comparison

GNR has a 0.40% expense ratio, which is higher than AVLV's 0.15% expense ratio.

Dividends

GNR vs. AVLV - Dividend Comparison

GNR's dividend yield for the trailing twelve months is around 2.53%, more than AVLV's 1.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVLV Avantis U.S. Large Cap Value ETF	1.37%	1.33%	1.58%	1.85%	2.00%	0.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GNR SPDR S&P Global Natural Resources ETF	2.53%	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 AVLV in my portfolio?

GNR and AVLV have a correlation of 0.53, 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 AVLV?

GNR has higher volatility (5.75%) compared to AVLV (3.67%). In terms of maximum drawdown, GNR dropped -51.37% vs AVLV's -19.50%.

Which ETF is better, GNR or AVLV?

On 3-year performance, AVLV leads with 22.42% vs 13.61% for GNR. On fees, AVLV is cheaper at 0.15% per year. On volatility, AVLV has been the lower-risk option at 3.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GNR or AVLV?

Over the 3-year period, AVLV has performed better with a 22.42% return vs 13.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GNR or AVLV?

AVLV is cheaper with a 0.15% expense ratio, compared with 0.40% for GNR.

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

GNR has the higher dividend yield at 2.53%, compared with 1.37% for AVLV.

What is the main difference between GNR and AVLV?

GNR is categorized as Commodity Producers Equities, while AVLV is Large Cap Value Equities. They also come from different issuers: State Street and Avantis. Their fees differ too: 0.40% for GNR and 0.15% for AVLV.

Which has better risk-adjusted returns?

AVLV currently has the higher Sharpe Ratio (3.10 vs 2.12), 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.