GNR vs. GUNR

Last updated Jun 5, 2026

GNR (SPDR S&P Global Natural Resources ETF) and GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) are both Commodity Producers Equities funds - GNR tracks the S&P Global Natural Resources Index while GUNR tracks the Morningstar Global Upstream Natural Resources Index. Both are passively managed. Over the past 10 years, GNR returned 10.69%/yr vs 10.94%/yr for GUNR. With a 0.97 correlation, they move nearly in lockstep. GNR charges 0.40%/yr vs 0.46%/yr for GUNR.

Performance

GNR vs. GUNR - Performance Comparison

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

Returns By Period

In the year-to-date period, GNR achieves a 20.29% return, which is significantly higher than GUNR's 18.89% return. Both investments have delivered pretty close results over the past 10 years, with GNR having a 10.69% annualized return and GUNR not far ahead at 10.94%.

GNR

• 1D: 0.01%
• 1M: -0.11%
• YTD: 20.29%
• 6M: 22.66%
• 1Y: 43.06%
• 3Y*: 15.71%
• 5Y*: 9.73%
• 10Y*: 10.69%

GUNR

• 1D: -0.26%
• 1M: -1.34%
• YTD: 18.89%
• 6M: 20.95%
• 1Y: 41.20%
• 3Y*: 14.43%
• 5Y*: 9.87%
• 10Y*: 10.94%

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

GNR vs. GUNR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GNR SPDR S&P Global Natural Resources ETF	20.29%	28.68%	-8.27%	2.95%	10.20%	24.73%	-0.03%	16.49%	-13.19%	22.64%
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	18.89%	30.03%	-8.37%	-2.40%	14.83%	26.06%	0.46%	18.41%	-9.42%	18.74%

Correlation

The correlation between GNR and GUNR is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Sep 23, 2011	0.97

The correlation between GNR and GUNR has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

GNR vs. GUNR - Sectors Allocation Comparison

Sectors	GNR	GUNR
Basic Materials	50.3%	44.3%
Energy	37.6%	30.6%
Consumer Cyclical	6.3%	0.2%
Consumer Defensive	4.6%	11.4%
Real Estate	0.8%	0.2%
Industrials	0.2%	2.3%
Financial Services	0.0%	2.6%
Healthcare	0.0%	-
Utilities	0.0%	4.0%
Communication Services	-	1.6%
Technology	-	0.5%

Return for Risk

GNR vs. GUNR — Risk / Return Rank

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

GNR

GNR Risk / Return Rank: 83
GNR Sharpe Ratio Rank: 82
GNR Sortino Ratio Rank: 76
GNR Omega Ratio Rank: 79
GNR Calmar Ratio Rank: 90
GNR Martin Ratio Rank: 91

GUNR

GUNR Risk / Return Rank: 85
GUNR Sharpe Ratio Rank: 84
GUNR Sortino Ratio Rank: 79
GUNR Omega Ratio Rank: 81
GUNR Calmar Ratio Rank: 92
GUNR Martin Ratio Rank: 92

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. GUNR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Global Natural Resources ETF (GNR) and FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR). 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	GUNR	Difference
Sharpe ratio: Return per unit of total volatility	2.64	2.73	-0.09
Sortino ratio: Return per unit of downside risk	3.38	3.46	-0.09
Omega ratio: Gain probability vs. loss probability	1.46	1.48	-0.01
Calmar ratio: Return relative to maximum drawdown	5.43	6.08	-0.65
Martin ratio: Return relative to average drawdown	21.24	22.95	-1.72
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. GUNR - Sharpe Ratio Comparison

The current GNR Sharpe Ratio is 2.64, which is comparable to the GUNR Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of GNR and GUNR, 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	GUNR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.64	2.73	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.48	0.52	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.54	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.32	-0.06

Drawdowns

GNR vs. GUNR - Drawdown Comparison

The maximum GNR drawdown since its inception was -51.37%, which is greater than GUNR's maximum drawdown of -45.64%. Use the drawdown chart below to compare losses from any high point for GNR and GUNR.

Drawdown Indicators

	GNR	GUNR	Difference
Max Drawdown Largest peak-to-trough decline	-51.37%	-45.64%	-5.73%
Max Drawdown (1Y) Largest decline over 1 year	-7.97%	-6.81%	-1.16%
Max Drawdown (3Y) Largest decline over 3 years	-21.15%	-19.59%	-1.56%
Max Drawdown (5Y) Largest decline over 5 years	-25.66%	-24.06%	-1.60%
Max Drawdown (10Y) Largest decline over 10 years	-48.59%	-43.04%	-5.55%
Current Drawdown Current decline from peak	-1.50%	-2.81%	+1.31%
Average Drawdown Average peak-to-trough decline	-14.95%	-10.40%	-4.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.03%	1.80%	+0.23%

Volatility

GNR vs. GUNR - Volatility Comparison

SPDR S&P Global Natural Resources ETF (GNR) and FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) have volatilities of 4.33% and 4.23%, 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.

Volatility by Period

	GNR	GUNR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.33%	4.23%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	13.19%	12.55%	+0.64%
Volatility (1Y) Calculated over the trailing 1-year period	16.39%	15.14%	+1.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.23%	18.98%	+1.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.87%	20.42%	+1.45%

GNR vs. GUNR - Expense Ratio Comparison

GNR has a 0.40% expense ratio, which is lower than GUNR's 0.46% expense ratio.

Dividends

GNR vs. GUNR - Dividend Comparison

GNR's dividend yield for the trailing twelve months is around 2.47%, more than GUNR's 2.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	2.25%	2.81%	3.39%	3.55%	4.12%	3.61%	2.79%	3.25%	3.27%	2.00%	1.73%	4.50%

Frequently Asked Questions

Can I hold both GNR and GUNR in my portfolio?

With a correlation of 0.96, GNR and GUNR 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.

Which is riskier, GNR or GUNR?

GNR has higher volatility (4.33%) compared to GUNR (4.23%). In terms of maximum drawdown, GNR dropped -51.37% vs GUNR's -45.64%.

Which ETF is better, GNR or GUNR?

On 10-year performance, GUNR leads with 10.94% vs 10.69% for GNR. On fees, GNR is cheaper at 0.40% per year. On volatility, GUNR has been the lower-risk option at 4.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GNR or GUNR?

Over the 10-year period, GUNR has performed better with a 10.94% return vs 10.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GNR or GUNR?

GNR is cheaper with a 0.40% expense ratio, compared with 0.46% for GUNR.

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

GNR has the higher dividend yield at 2.47%, compared with 2.25% for GUNR.

What is the main difference between GNR and GUNR?

GNR tracks S&P Global Natural Resources Index, while GUNR tracks Morningstar Global Upstream Natural Resources Index. They also come from different issuers: State Street and Northern Trust. Their fees differ too: 0.40% for GNR and 0.46% for GUNR.

Which has better risk-adjusted returns?

GUNR currently has the higher Sharpe Ratio (2.73 vs 2.64), 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.