GNR vs. FRNRX
GNR (SPDR S&P Global Natural Resources ETF) and FRNRX (Franklin Natural Resources Fund) are both funds - GNR is a Natural Resources fund tracking the S&P Global Natural Resources Index, while FRNRX is a Energy Equities fund managed by Franklin Templeton. Over the past 10 years, GNR returned 10.53%/yr vs 10.30%/yr for FRNRX. Their correlation of 0.89 suggests significant overlap in exposure. GNR charges 0.40%/yr vs 0.96%/yr for FRNRX.
Performance
GNR vs. FRNRX - Performance Comparison
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Returns By Period
In the year-to-date period, GNR achieves a 10.29% return, which is significantly lower than FRNRX's 14.67% return. Both investments have delivered pretty close results over the past 10 years, with GNR having a 10.53% annualized return and FRNRX not far behind at 10.30%.
GNR
- 1D
- 0.91%
- 1M
- -7.46%
- YTD
- 10.29%
- 6M
- 9.86%
- 1Y
- 30.14%
- 3Y*
- 12.05%
- 5Y*
- 8.64%
- 10Y*
- 10.53%
FRNRX
- 1D
- -1.90%
- 1M
- -7.87%
- YTD
- 14.67%
- 6M
- 14.08%
- 1Y
- 40.91%
- 3Y*
- 18.35%
- 5Y*
- 22.01%
- 10Y*
- 10.30%
GNR vs. FRNRX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GNR SPDR S&P Global Natural Resources ETF | 10.29% | 28.68% | -8.27% | 2.95% | 10.20% | 24.73% | -0.03% | 16.49% | -13.19% | 22.64% |
FRNRX Franklin Natural Resources Fund | 14.67% | 30.43% | 1.28% | 3.25% | 30.52% | 74.38% | -21.58% | 10.03% | -23.78% | 0.32% |
Correlation
The correlation between GNR and FRNRX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Sep 14, 2010 | 0.89 |
The correlation between GNR and FRNRX has been stable across timeframes, ranging from 0.89 to 0.91 - a consistent structural relationship.
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Return for Risk
GNR vs. FRNRX — Risk / Return Rank
GNR
FRNRX
GNR vs. FRNRX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Global Natural Resources ETF (GNR) and Franklin Natural Resources Fund (FRNRX). 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 | FRNRX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.59 | ||
| Sortino ratioReturn per unit of downside risk | -0.69 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.40 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.88 | 4.46 | -1.58 |
| Martin ratioReturn relative to average drawdown | 11.79 | 18.41 | -6.62 |
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Drawdowns
GNR vs. FRNRX - Drawdown Comparison
The maximum GNR drawdown since its inception was -51.37%, smaller than the maximum FRNRX drawdown of -80.54%. Use the drawdown chart below to compare losses from any high point for GNR and FRNRX.
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Drawdown Indicators
| GNR | FRNRX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.37% | -80.54% | +29.17% |
Max Drawdown (1Y)Largest decline over 1 year | -10.50% | -9.01% | -1.49% |
Max Drawdown (3Y)Largest decline over 3 years | -21.15% | -19.65% | -1.50% |
Max Drawdown (5Y)Largest decline over 5 years | -25.66% | -26.29% | +0.63% |
Max Drawdown (10Y)Largest decline over 10 years | -48.59% | -70.71% | +22.12% |
Current DrawdownCurrent decline from peak | -9.68% | -9.01% | -0.67% |
Average DrawdownAverage peak-to-trough decline | -14.92% | -23.79% | +8.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.56% | 2.18% | +0.38% |
Volatility
GNR vs. FRNRX - Volatility Comparison
SPDR S&P Global Natural Resources ETF (GNR) and Franklin Natural Resources Fund (FRNRX) have volatilities of 6.13% and 6.06%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GNR | FRNRX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.13% | 6.06% | +0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 14.15% | 13.65% | +0.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.38% | 17.24% | +0.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.29% | 25.57% | -5.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.81% | 28.53% | -6.72% |
GNR vs. FRNRX - Expense Ratio Comparison
GNR has a 0.40% expense ratio, which is lower than FRNRX's 0.96% expense ratio.
Dividends
GNR vs. FRNRX - Dividend Comparison
GNR's dividend yield for the trailing twelve months is around 2.69%, more than FRNRX's 1.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FRNRX Franklin Natural Resources Fund | 1.48% | 1.70% | 2.40% | 1.98% | 2.38% | 22.66% | 2.39% | 1.64% | 2.43% | 1.16% | 1.02% | 0.86% |
GNR SPDR S&P Global Natural Resources ETF | 2.69% | 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
With a correlation of 0.91, GNR and FRNRX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
GNR has higher volatility (6.13%) compared to FRNRX (6.06%). In terms of maximum drawdown, GNR dropped -51.37% vs FRNRX's -80.54%.
FRNRX currently has the higher Sharpe Ratio (2.33 vs 1.74), 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.
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