GNR vs. GLD

Last updated Jun 4, 2026

GNR (SPDR S&P Global Natural Resources ETF) and GLD (SPDR Gold Shares) are both exchange-traded funds - GNR is a Commodity Producers Equities fund tracking the S&P Global Natural Resources Index, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, GNR returned 10.91%/yr vs 13.12%/yr for GLD. At a 0.28 correlation, their price movements are largely independent. Both charge a 0.40% expense ratio.

Performance

GNR vs. GLD - Performance Comparison

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

Returns By Period

In the year-to-date period, GNR achieves a 20.27% return, which is significantly higher than GLD's 2.92% return. Over the past 10 years, GNR has underperformed GLD with an annualized return of 10.91%, while GLD has yielded a comparatively higher 13.12% annualized return.

GNR

• 1D: -0.53%
• 1M: 1.20%
• YTD: 20.27%
• 6M: 23.12%
• 1Y: 43.10%
• 3Y*: 15.55%
• 5Y*: 9.73%
• 10Y*: 10.91%

GLD

• 1D: -0.99%
• 1M: -1.65%
• YTD: 2.92%
• 6M: 5.43%
• 1Y: 32.04%
• 3Y*: 31.09%
• 5Y*: 18.15%
• 10Y*: 13.12%

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

GNR vs. GLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GNR SPDR S&P Global Natural Resources ETF	20.27%	28.68%	-8.27%	2.95%	10.20%	24.73%	-0.03%	16.49%	-13.19%	22.64%
GLD SPDR Gold Shares	2.92%	63.68%	26.66%	12.69%	-0.77%	-4.15%	24.81%	17.86%	-1.94%	12.81%

Correlation

The correlation between GNR and GLD is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (10Y) Calculated over the trailing 10-year period	0.28
Correlation (All Time) Calculated using the full available price history since Sep 15, 2010	0.28

Over the past year, GNR and GLD have become more correlated (0.52) than their long-term average of 0.28, meaning their price movements have been converging.

GNR vs. GLD - Sectors Allocation Comparison

Sectors	GNR	GLD
Basic Materials	50.3%	100.0%
Energy	37.6%	-
Consumer Cyclical	6.3%	-
Consumer Defensive	4.6%	-
Real Estate	0.8%	-
Industrials	0.2%	-
Financial Services	0.0%	-
Healthcare	0.0%	-
Utilities	0.0%	-
Communication Services	-	-
Technology	-	-

Return for Risk

GNR vs. GLD — Risk / Return Rank

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

GNR

GNR Risk / Return Rank: 82
GNR Sharpe Ratio Rank: 80
GNR Sortino Ratio Rank: 74
GNR Omega Ratio Rank: 76
GNR Calmar Ratio Rank: 89
GNR Martin Ratio Rank: 90

GLD

GLD Risk / Return Rank: 32
GLD Sharpe Ratio Rank: 32
GLD Sortino Ratio Rank: 29
GLD Omega Ratio Rank: 35
GLD Calmar Ratio Rank: 33
GLD Martin Ratio Rank: 28

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. GLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Global Natural Resources ETF (GNR) and SPDR Gold Shares (GLD). 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.

	GNR	GLD	Difference
Sharpe ratio: Return per unit of total volatility	2.64	1.21	+1.43
Sortino ratio: Return per unit of downside risk	3.38	1.60	+1.78
Omega ratio: Gain probability vs. loss probability	1.46	1.24	+0.22
Calmar ratio: Return relative to maximum drawdown	5.43	1.68	+3.76
Martin ratio: Return relative to average drawdown	21.28	4.15	+17.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GNR vs. GLD - Sharpe Ratio Comparison

The current GNR Sharpe Ratio is 2.64, which is higher than the GLD Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of GNR and GLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GNR	GLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.64	1.21	+1.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.48	1.01	-0.53
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.83	-0.32
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.60	-0.34

Drawdowns

GNR vs. GLD - Drawdown Comparison

The maximum GNR drawdown since its inception was -51.37%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for GNR and GLD.

Drawdown Indicators

	GNR	GLD	Difference
Max Drawdown Largest peak-to-trough decline	-51.37%	-45.56%	-5.81%
Max Drawdown (1Y) Largest decline over 1 year	-7.97%	-19.21%	+11.24%
Max Drawdown (3Y) Largest decline over 3 years	-21.15%	-19.21%	-1.94%
Max Drawdown (5Y) Largest decline over 5 years	-25.66%	-21.03%	-4.63%
Max Drawdown (10Y) Largest decline over 10 years	-48.59%	-22.00%	-26.59%
Current Drawdown Current decline from peak	-1.51%	-17.75%	+16.24%
Average Drawdown Average peak-to-trough decline	-14.95%	-16.16%	+1.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.03%	7.73%	-5.70%

Volatility

GNR vs. GLD - Volatility Comparison

The current volatility for SPDR S&P Global Natural Resources ETF (GNR) is 4.53%, while SPDR Gold Shares (GLD) has a volatility of 5.51%. This indicates that GNR experiences smaller price fluctuations and is considered to be less risky than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GNR	GLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.53%	5.51%	-0.98%
Volatility (6M) Calculated over the trailing 6-month period	13.23%	23.16%	-9.93%
Volatility (1Y) Calculated over the trailing 1-year period	16.39%	26.61%	-10.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.23%	18.00%	+2.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.88%	15.95%	+5.93%

GNR vs. GLD - Expense Ratio Comparison

Both GNR and GLD have an expense ratio of 0.40%.

Dividends

GNR vs. GLD - Dividend Comparison

GNR's dividend yield for the trailing twelve months is around 2.47%, while GLD has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GLD SPDR Gold Shares	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GNR SPDR S&P Global Natural Resources ETF	2.47%	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 GLD in my portfolio?

GNR and GLD have a correlation of 0.52, 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 GLD?

GLD has higher volatility (5.51%) compared to GNR (4.53%). In terms of maximum drawdown, GNR dropped -51.37% vs GLD's -45.56%.

Which ETF is better, GNR or GLD?

On 10-year performance, GLD leads with 13.12% vs 10.91% for GNR. Both ETFs have the same 0.40% expense ratio. On volatility, GNR has been the lower-risk option at 4.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GNR or GLD?

Over the 10-year period, GLD has performed better with a 13.12% return vs 10.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GNR or GLD?

GNR and GLD have the same expense ratio: 0.40% per year.

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

GNR has the higher dividend yield at 2.47%, compared with 0.00% for GLD.

What is the main difference between GNR and GLD?

GNR is categorized as Commodity Producers Equities, while GLD is Gold. GNR tracks S&P Global Natural Resources Index, while GLD tracks LBMA Gold Price PM.

Which has better risk-adjusted returns?

GNR currently has the higher Sharpe Ratio (2.64 vs 1.21), 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.