GNR vs. EMXC

Last updated Jun 13, 2026

GNR (SPDR S&P Global Natural Resources ETF) and EMXC (iShares MSCI Emerging Markets ex China ETF) are both exchange-traded funds - GNR is a Commodity Producers Equities fund tracking the S&P Global Natural Resources Index, while EMXC is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index. Both are passively managed. Over the past 5 years, GNR returned 9.29%/yr vs 12.14%/yr for EMXC. A 0.67 correlation means they provide meaningful diversification when combined. GNR charges 0.40%/yr vs 0.49%/yr for EMXC.

Performance

GNR vs. EMXC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Global Natural Resources ETF (GNR) and iShares MSCI Emerging Markets ex China ETF (EMXC). 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 EMXC's 37.25% 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%

EMXC

• 1D: 0.55%
• 1M: 3.75%
• YTD: 37.25%
• 6M: 42.23%
• 1Y: 65.26%
• 3Y*: 26.47%
• 5Y*: 12.14%
• 10Y*: —

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

GNR vs. EMXC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GNR SPDR S&P Global Natural Resources ETF	17.34%	28.68%	-8.27%	2.95%	10.20%	24.73%	-0.03%	16.49%	-13.19%	14.53%
EMXC iShares MSCI Emerging Markets ex China ETF	37.25%	35.14%	2.68%	18.96%	-19.56%	8.54%	12.76%	15.80%	-12.96%	7.16%

Correlation

The correlation between GNR and EMXC is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (All Time) Calculated using the full available price history since Jul 26, 2017	0.67

The correlation between GNR and EMXC shifts across timeframes, from 0.49 (1 year) to 0.67 (all time), reflecting how their relationship changes across market environments.

GNR vs. EMXC - Sectors Allocation Comparison

Sectors	GNR	EMXC
Basic Materials	50.3%	6.8%
Energy	37.6%	4.2%
Consumer Cyclical	6.3%	4.5%
Consumer Defensive	4.6%	2.9%
Real Estate	0.8%	1.0%
Industrials	0.2%	8.3%
Financial Services	0.0%	19.6%
Healthcare	0.0%	2.2%
Utilities	0.0%	2.3%
Communication Services	-	3.4%
Technology	-	45.0%

Return for Risk

GNR vs. EMXC — 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

EMXC

EMXC Risk / Return Rank: 89
EMXC Sharpe Ratio Rank: 91
EMXC Sortino Ratio Rank: 86
EMXC Omega Ratio Rank: 90
EMXC Calmar Ratio Rank: 88
EMXC Martin Ratio Rank: 89

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. EMXC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Global Natural Resources ETF (GNR) and iShares MSCI Emerging Markets ex China ETF (EMXC). 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	EMXC	Difference
Sharpe ratio: Return per unit of total volatility	2.12	2.74	-0.63
Sortino ratio: Return per unit of downside risk	2.74	3.35	-0.60
Omega ratio: Gain probability vs. loss probability	1.37	1.50	-0.13
Calmar ratio: Return relative to maximum drawdown	4.53	4.55	-0.03
Martin ratio: Return relative to average drawdown	16.42	17.51	-1.10

GNR vs. EMXC - Sharpe Ratio Comparison

The current GNR Sharpe Ratio is 2.12, which is comparable to the EMXC Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of GNR and EMXC, 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. EMXC - Drawdown Comparison

The maximum GNR drawdown since its inception was -51.37%, which is greater than EMXC's maximum drawdown of -42.81%. Use the drawdown chart below to compare losses from any high point for GNR and EMXC.

Drawdown Indicators

	GNR	EMXC	Difference
Max Drawdown Largest peak-to-trough decline	-51.37%	-42.81%	-8.56%
Max Drawdown (1Y) Largest decline over 1 year	-7.97%	-14.41%	+6.44%
Max Drawdown (3Y) Largest decline over 3 years	-21.15%	-19.12%	-2.03%
Max Drawdown (5Y) Largest decline over 5 years	-25.66%	-28.91%	+3.25%
Max Drawdown (10Y) Largest decline over 10 years	-48.59%	—	—
Current Drawdown Current decline from peak	-3.91%	-4.12%	+0.21%
Average Drawdown Average peak-to-trough decline	-14.93%	-10.17%	-4.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.19%	3.74%	-1.55%

Volatility

GNR vs. EMXC - Volatility Comparison

The current volatility for SPDR S&P Global Natural Resources ETF (GNR) is 5.75%, while iShares MSCI Emerging Markets ex China ETF (EMXC) has a volatility of 12.83%. This indicates that GNR experiences smaller price fluctuations and is considered to be less risky than EMXC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GNR	EMXC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.75%	12.83%	-7.08%
Volatility (6M) Calculated over the trailing 6-month period	13.87%	21.90%	-8.03%
Volatility (1Y) Calculated over the trailing 1-year period	17.04%	23.90%	-6.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.33%	18.00%	+2.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.89%	20.07%	+1.82%

GNR vs. EMXC - Expense Ratio Comparison

GNR has a 0.40% expense ratio, which is lower than EMXC's 0.49% expense ratio.

Dividends

GNR vs. EMXC - Dividend Comparison

GNR's dividend yield for the trailing twelve months is around 2.53%, more than EMXC's 2.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMXC iShares MSCI Emerging Markets ex China ETF	2.05%	2.82%	2.69%	1.83%	2.85%	1.78%	1.45%	3.25%	2.63%	0.99%	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 EMXC in my portfolio?

GNR and EMXC have a correlation of 0.49, 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 EMXC?

EMXC has higher volatility (12.83%) compared to GNR (5.75%). In terms of maximum drawdown, GNR dropped -51.37% vs EMXC's -42.81%.

Which ETF is better, GNR or EMXC?

On 5-year performance, EMXC leads with 12.14% vs 9.29% for GNR. On fees, GNR is cheaper at 0.40% per year. On volatility, GNR has been the lower-risk option at 5.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GNR or EMXC?

Over the 5-year period, EMXC has performed better with a 12.14% return vs 9.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GNR or EMXC?

GNR is cheaper with a 0.40% expense ratio, compared with 0.49% for EMXC.

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

GNR has the higher dividend yield at 2.53%, compared with 2.05% for EMXC.

What is the main difference between GNR and EMXC?

GNR is categorized as Commodity Producers Equities, while EMXC is Emerging Markets Equities. GNR tracks S&P Global Natural Resources Index, while EMXC tracks MSCI Emerging Markets ex China Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.40% for GNR and 0.49% for EMXC.

Which has better risk-adjusted returns?

EMXC currently has the higher Sharpe Ratio (2.74 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.