GNR vs. EWZ

Last updated Jun 13, 2026

GNR (SPDR S&P Global Natural Resources ETF) and EWZ (iShares MSCI Brazil ETF) are both exchange-traded funds - GNR is a Commodity Producers Equities fund tracking the S&P Global Natural Resources Index, while EWZ is a Latin America Equities fund tracking the MSCI Brazil 25/50 Index. Both are passively managed. Over the past 10 years, GNR returned 10.91%/yr vs 8.29%/yr for EWZ. A 0.62 correlation means they provide meaningful diversification when combined. GNR charges 0.40%/yr vs 0.59%/yr for EWZ.

Performance

GNR vs. EWZ - 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 Brazil ETF (EWZ). 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 higher than EWZ's 10.48% return. Over the past 10 years, GNR has outperformed EWZ with an annualized return of 10.91%, while EWZ has yielded a comparatively lower 8.29% 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%

EWZ

• 1D: 0.83%
• 1M: -4.57%
• YTD: 10.48%
• 6M: 9.03%
• 1Y: 31.47%
• 3Y*: 9.47%
• 5Y*: 4.96%
• 10Y*: 8.29%

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

GNR vs. EWZ - 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%	22.64%
EWZ iShares MSCI Brazil ETF	10.48%	48.81%	-30.41%	32.62%	12.09%	-17.32%	-20.35%	27.67%	-2.52%	23.62%

Correlation

The correlation between GNR and EWZ is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (10Y) Calculated over the trailing 10-year period	0.56
Correlation (All Time) Calculated using the full available price history since Sep 14, 2010	0.62

The correlation between GNR and EWZ shifts across timeframes, from 0.51 (1 year) to 0.62 (all time), reflecting how their relationship changes across market environments.

GNR vs. EWZ - Sectors Allocation Comparison

Sectors	GNR	EWZ
Basic Materials	50.3%	13.7%
Energy	37.6%	18.5%
Consumer Cyclical	6.3%	1.5%
Consumer Defensive	4.6%	4.2%
Real Estate	0.8%	-
Industrials	0.2%	10.9%
Financial Services	0.0%	32.7%
Healthcare	0.0%	2.4%
Utilities	0.0%	12.9%
Communication Services	-	2.2%
Technology	-	1.0%

Return for Risk

GNR vs. EWZ — 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

EWZ

EWZ Risk / Return Rank: 38
EWZ Sharpe Ratio Rank: 40
EWZ Sortino Ratio Rank: 38
EWZ Omega Ratio Rank: 38
EWZ Calmar Ratio Rank: 37
EWZ Martin Ratio Rank: 37

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. EWZ - 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 Brazil ETF (EWZ). 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	EWZ	Difference
Sharpe ratio: Return per unit of total volatility	2.12	1.25	+0.86
Sortino ratio: Return per unit of downside risk	2.74	1.76	+0.99
Omega ratio: Gain probability vs. loss probability	1.37	1.22	+0.15
Calmar ratio: Return relative to maximum drawdown	4.53	1.64	+2.89
Martin ratio: Return relative to average drawdown	16.42	5.17	+11.24

GNR vs. EWZ - Sharpe Ratio Comparison

The current GNR Sharpe Ratio is 2.12, which is higher than the EWZ Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of GNR and EWZ, 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. EWZ - Drawdown Comparison

The maximum GNR drawdown since its inception was -51.37%, smaller than the maximum EWZ drawdown of -77.25%. Use the drawdown chart below to compare losses from any high point for GNR and EWZ.

Drawdown Indicators

	GNR	EWZ	Difference
Max Drawdown Largest peak-to-trough decline	-51.37%	-77.25%	+25.88%
Max Drawdown (1Y) Largest decline over 1 year	-7.97%	-19.27%	+11.30%
Max Drawdown (3Y) Largest decline over 3 years	-21.15%	-31.36%	+10.21%
Max Drawdown (5Y) Largest decline over 5 years	-25.66%	-32.24%	+6.58%
Max Drawdown (10Y) Largest decline over 10 years	-48.59%	-56.99%	+8.40%
Current Drawdown Current decline from peak	-3.91%	-23.06%	+19.15%
Average Drawdown Average peak-to-trough decline	-14.93%	-35.93%	+21.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.19%	6.10%	-3.91%

Volatility

GNR vs. EWZ - Volatility Comparison

The current volatility for SPDR S&P Global Natural Resources ETF (GNR) is 5.75%, while iShares MSCI Brazil ETF (EWZ) has a volatility of 7.35%. This indicates that GNR experiences smaller price fluctuations and is considered to be less risky than EWZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GNR	EWZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.75%	7.35%	-1.60%
Volatility (6M) Calculated over the trailing 6-month period	13.87%	19.97%	-6.10%
Volatility (1Y) Calculated over the trailing 1-year period	17.04%	25.20%	-8.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.33%	27.70%	-7.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.89%	34.04%	-12.15%

GNR vs. EWZ - Expense Ratio Comparison

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

Dividends

GNR vs. EWZ - Dividend Comparison

GNR's dividend yield for the trailing twelve months is around 2.53%, less than EWZ's 4.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWZ iShares MSCI Brazil ETF	4.70%	5.19%	8.91%	5.66%	12.59%	9.87%	1.71%	2.54%	2.89%	1.71%	1.81%	4.08%
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 EWZ in my portfolio?

GNR and EWZ have a correlation of 0.51, 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 EWZ?

EWZ has higher volatility (7.35%) compared to GNR (5.75%). In terms of maximum drawdown, GNR dropped -51.37% vs EWZ's -77.25%.

Which ETF is better, GNR or EWZ?

On 10-year performance, GNR leads with 10.91% vs 8.29% for EWZ. 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 EWZ?

Over the 10-year period, GNR has performed better with a 10.91% return vs 8.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GNR or EWZ?

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

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

EWZ has the higher dividend yield at 4.70%, compared with 2.53% for GNR.

What is the main difference between GNR and EWZ?

GNR is categorized as Commodity Producers Equities, while EWZ is Latin America Equities. GNR tracks S&P Global Natural Resources Index, while EWZ tracks MSCI Brazil 25/50 Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.40% for GNR and 0.59% for EWZ.

Which has better risk-adjusted returns?

GNR currently has the higher Sharpe Ratio (2.12 vs 1.25), 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.