PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
GNR vs. EWY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GNR vs. EWY

Last updated Jun 13, 2026

GNR (SPDR S&P Global Natural Resources ETF) and EWY (iShares MSCI South Korea ETF) are both exchange-traded funds - GNR is a Commodity Producers Equities fund tracking the S&P Global Natural Resources Index, while EWY is a Asia Pacific Equities fund tracking the MSCI Korea Index. Both are passively managed. Over the past 10 years, GNR returned 10.91%/yr vs 16.84%/yr for EWY. A 0.62 correlation means they provide meaningful diversification when combined. GNR charges 0.40%/yr vs 0.59%/yr for EWY.

Performance

GNR vs. EWY - 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 South Korea ETF (EWY). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, GNR achieves a 17.34% return, which is significantly lower than EWY's 103.10% return. Over the past 10 years, GNR has underperformed EWY with an annualized return of 10.91%, while EWY has yielded a comparatively higher 16.84% annualized 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%

EWY

1D
-0.75%
1M
4.68%
YTD
103.10%
6M
117.85%
1Y
198.25%
3Y*
46.46%
5Y*
18.80%
10Y*
16.84%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GNR vs. EWY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%22.64%
EWY
iShares MSCI South Korea ETF		103.10%95.33%-20.48%19.05%-26.59%-7.58%39.43%7.97%-20.37%44.97%

Correlation

The correlation between GNR and EWY is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.40

Correlation (3Y)
Calculated over the trailing 3-year period

0.48

Correlation (5Y)
Calculated over the trailing 5-year period

0.52

Correlation (10Y)
Calculated over the trailing 10-year period

0.57

Correlation (All Time)
Calculated using the full available price history since Sep 14, 2010

0.62

Over the past year, the correlation between GNR and EWY has dropped to 0.40 - well below their long-term average of 0.62, suggesting their price drivers have been diverging.

GNR vs. EWY - Sectors Allocation Comparison

Sectors
GNR
EWY

Basic Materials

50.3%
2.0%

Energy

37.6%
1.4%

Consumer Cyclical

6.3%
5.7%

Consumer Defensive

4.6%
1.7%

Real Estate

0.8%

-

Industrials

0.2%
20.4%

Financial Services

0.0%
9.6%

Healthcare

0.0%
3.5%

Utilities

0.0%
0.4%

Communication Services

-

2.9%

Technology

-

52.4%

Basic Materials

GNR
50.3%
EWY
2.0%

Energy

GNR
37.6%
EWY
1.4%

Consumer Cyclical

GNR
6.3%
EWY
5.7%

Consumer Defensive

GNR
4.6%
EWY
1.7%

Real Estate

GNR
0.8%
EWY

-

Industrials

GNR
0.2%
EWY
20.4%

Financial Services

GNR
0.0%
EWY
9.6%

Healthcare

GNR
0.0%
EWY
3.5%

Utilities

GNR
0.0%
EWY
0.4%

Communication Services

GNR

-

EWY
2.9%

Technology

GNR

-

EWY
52.4%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

SPDR S&P Global Natural Resources ETF

iShares MSCI South Korea ETF

Often compared with GNR:
GNR vs. REMXGNR vs. XLEGNR vs. SPYGNR vs. BCIGNR vs. VAWGNR vs. XLBGNR vs. MXI
Often compared with EWY:
EWY vs. FLKREWY vs. SPYEWY vs. EWJEWY vs. KORUEWY vs. QQQEWY vs. EWTEWY vs. EWH

Return for Risk

GNR vs. EWY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GNR
GNR Risk / Return Rank: 7979
Overall Rank
GNR Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
GNR Sortino Ratio Rank: 7070
Sortino Ratio Rank
GNR Omega Ratio Rank: 7373
Omega Ratio Rank
GNR Calmar Ratio Rank: 8888
Calmar Ratio Rank
GNR Martin Ratio Rank: 8787
Martin Ratio Rank
EWY
EWY Risk / Return Rank: 9595
Overall Rank
EWY Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
EWY Sortino Ratio Rank: 9393
Sortino Ratio Rank
EWY Omega Ratio Rank: 9494
Omega Ratio Rank
EWY Calmar Ratio Rank: 9797
Calmar Ratio Rank
EWY Martin Ratio Rank: 9696
Martin Ratio Rank
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. EWY - 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 South Korea ETF (EWY). 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.

GNREWYDifference
Sharpe ratioReturn per unit of total volatility
2.12
4.29

-2.17

Sortino ratioReturn per unit of downside risk
2.74
4.08

-1.33

Omega ratioGain probability vs. loss probability

1.37

1.59

-0.22

Calmar ratioReturn relative to maximum drawdown

4.53

8.65

-4.12

Martin ratioReturn relative to average drawdown

16.42

30.24

-13.82

GNR vs. EWY - Sharpe Ratio Comparison

The current GNR Sharpe Ratio is 2.12, which is lower than the EWY Sharpe Ratio of 4.29. The chart below compares the historical Sharpe Ratios of GNR and EWY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

GNR vs. EWY - Drawdown Comparison

The maximum GNR drawdown since its inception was -51.37%, smaller than the maximum EWY drawdown of -74.14%. Use the drawdown chart below to compare losses from any high point for GNR and EWY.

Loading charts...

Drawdown Indicators

GNREWYDifference

Max Drawdown

Largest peak-to-trough decline

-51.37%

-74.14%

+22.77%

Max Drawdown (1Y)

Largest decline over 1 year

-7.97%

-23.08%

+15.11%

Max Drawdown (3Y)

Largest decline over 3 years

-21.15%

-27.36%

+6.21%

Max Drawdown (5Y)

Largest decline over 5 years

-25.66%

-48.55%

+22.89%

Max Drawdown (10Y)

Largest decline over 10 years

-48.59%

-49.73%

+1.14%

Current Drawdown

Current decline from peak

-3.91%

-8.88%

+4.97%

Average Drawdown

Average peak-to-trough decline

-14.93%

-20.11%

+5.18%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.19%

6.59%

-4.40%

Volatility

GNR vs. EWY - Volatility Comparison

The current volatility for SPDR S&P Global Natural Resources ETF (GNR) is 5.75%, while iShares MSCI South Korea ETF (EWY) has a volatility of 25.64%. This indicates that GNR experiences smaller price fluctuations and is considered to be less risky than EWY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

GNREWYDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.75%

25.64%

-19.89%

Volatility (6M)

Calculated over the trailing 6-month period

13.87%

42.65%

-28.78%

Volatility (1Y)

Calculated over the trailing 1-year period

17.04%

46.51%

-29.47%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.33%

30.15%

-9.82%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.89%

28.06%

-6.17%

GNR vs. EWY - Expense Ratio Comparison

GNR has a 0.40% expense ratio, which is lower than EWY's 0.59% expense ratio.

Dividends

GNR vs. EWY - Dividend Comparison

GNR's dividend yield for the trailing twelve months is around 2.53%, more than EWY's 1.03% yield.

PositionTTM20252024202320222021202020192018201720162015
EWY
iShares MSCI South Korea ETF		1.03%2.10%2.55%2.52%1.23%2.16%0.73%2.10%1.34%2.90%1.21%2.42%
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

GNR and EWY have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWY has higher volatility (25.64%) compared to GNR (5.75%). In terms of maximum drawdown, GNR dropped -51.37% vs EWY's -74.14%.

On 10-year performance, EWY leads with 16.84% vs 10.91% 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.

Over the 10-year period, EWY has performed better with a 16.84% return vs 10.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

GNR is cheaper with a 0.40% expense ratio, compared with 0.59% for EWY.

GNR has the higher dividend yield at 2.53%, compared with 1.03% for EWY.

GNR is categorized as Commodity Producers Equities, while EWY is Asia Pacific Equities. GNR tracks S&P Global Natural Resources Index, while EWY tracks MSCI Korea Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.40% for GNR and 0.59% for EWY.

EWY currently has the higher Sharpe Ratio (4.29 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.

Portfolio Optimizer

Find the right allocation for GNR and EWY

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