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GNR vs. HAP
Performance
Return for Risk
Dividends
Drawdowns
Volatility

GNR vs. HAP

Last updated Apr 1, 2026

Compare and contrast key facts about SPDR S&P Global Natural Resources ETF (GNR) and VanEck Natural Resources ETF (HAP).

GNR and HAP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GNR is a passively managed fund by State Street that tracks the performance of the S&P Global Natural Resources Index. It was launched on Sep 13, 2010. HAP is a passively managed fund by VanEck that tracks the performance of the MarketVector Global Natural Resources Index. It was launched on Aug 29, 2008. Both GNR and HAP are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

GNR vs. HAP - Performance Comparison

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

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GNR vs. HAP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
GNR
SPDR S&P Global Natural Resources ETF		20.16%28.68%-8.27%2.95%10.20%24.73%-0.03%16.49%-13.19%22.64%
HAP
VanEck Natural Resources ETF		20.50%34.91%-4.08%2.46%7.84%25.04%6.30%18.60%-10.68%17.12%

Returns By Period

The year-to-date returns for both investments are quite close, with GNR having a 20.16% return and HAP slightly higher at 20.50%. Over the past 10 years, GNR has underperformed HAP with an annualized return of 11.66%, while HAP has yielded a comparatively higher 12.75% annualized return.

GNR

1D
2.19%
1M
-1.16%
YTD
20.16%
6M
28.10%
1Y
44.49%
3Y*
13.40%
5Y*
12.05%
10Y*
11.66%

HAP

1D
2.33%
1M
-2.27%
YTD
20.50%
6M
29.86%
1Y
48.82%
3Y*
16.84%
5Y*
12.99%
10Y*
12.75%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

VanEck Natural Resources ETF

Often compared with GNR:
GNR vs. REMXGNR vs. XLEGNR vs. BCIGNR vs. VAWGNR vs. SPYGNR vs. XLBGNR vs. MXI
Often compared with HAP:
HAP vs. GUNRHAP vs. NANRHAP vs. URAHAP vs. SPYHAP vs. DGROHAP vs. QQQHAP vs. MOAT

GNR vs. HAP - Expense Ratio Comparison

GNR has a 0.40% expense ratio, which is lower than HAP's 0.42% expense ratio.

HAP
VanEck Natural Resources ETF
GNR
SPDR S&P Global Natural Resources ETF

Return for Risk

GNR vs. HAP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GNR
GNR Risk / Return Rank: 9393
Overall Rank
GNR Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
GNR Sortino Ratio Rank: 9393
Sortino Ratio Rank
GNR Omega Ratio Rank: 9393
Omega Ratio Rank
GNR Calmar Ratio Rank: 9090
Calmar Ratio Rank
GNR Martin Ratio Rank: 9595
Martin Ratio Rank
HAP
HAP Risk / Return Rank: 9696
Overall Rank
HAP Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
HAP Sortino Ratio Rank: 9696
Sortino Ratio Rank
HAP Omega Ratio Rank: 9696
Omega Ratio Rank
HAP Calmar Ratio Rank: 9494
Calmar Ratio Rank
HAP Martin Ratio Rank: 9797
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. HAP - Risk-Adjusted Trends Comparison

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

GNRHAPDifference

Sharpe ratio

Return per unit of total volatility

2.16

2.59

-0.43

Sortino ratio

Return per unit of downside risk

2.75

3.21

-0.46

Omega ratio

Gain probability vs. loss probability

1.42

1.51

-0.09

Calmar ratio

Return relative to maximum drawdown

2.98

3.60

-0.61

Martin ratio

Return relative to average drawdown

15.63

18.89

-3.26

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. HAP - Sharpe Ratio Comparison

The current GNR Sharpe Ratio is 2.16, which is comparable to the HAP Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of GNR and HAP, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

GNRHAPDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.16

2.59

-0.43

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.60

0.71

-0.12

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.53

0.65

-0.11

Sharpe Ratio (All Time)

Calculated using the full available price history

0.26

0.26

0.00

Correlation

The correlation between GNR and HAP is 0.95, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

GNR vs. HAP - Dividend Comparison

GNR's dividend yield for the trailing twelve months is around 2.30%, more than HAP's 1.88% yield.

TTM20252024202320222021202020192018201720162015
GNR
SPDR S&P Global Natural Resources ETF		2.30%2.76%4.73%3.37%4.37%3.44%2.78%3.84%3.51%2.40%2.06%4.59%
HAP
VanEck Natural Resources ETF		1.88%2.27%2.65%3.27%3.28%2.16%2.45%2.80%2.85%2.02%1.99%3.00%

Drawdowns

GNR vs. HAP - Drawdown Comparison

The maximum GNR drawdown since its inception was -51.37%, roughly equal to the maximum HAP drawdown of -50.73%. Use the drawdown chart below to compare losses from any high point for GNR and HAP.

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Drawdown Indicators

GNRHAPDifference

Max Drawdown

Largest peak-to-trough decline

-51.37%

-50.73%

-0.64%

Max Drawdown (1Y)

Largest decline over 1 year

-14.80%

-13.64%

-1.16%

Max Drawdown (5Y)

Largest decline over 5 years

-25.66%

-25.66%

0.00%

Max Drawdown (10Y)

Largest decline over 10 years

-48.59%

-44.07%

-4.52%

Current Drawdown

Current decline from peak

-1.59%

-2.61%

+1.02%

Average Drawdown

Average peak-to-trough decline

-15.10%

-12.13%

-2.97%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.83%

2.60%

+0.23%

Volatility

GNR vs. HAP - Volatility Comparison

SPDR S&P Global Natural Resources ETF (GNR) and VanEck Natural Resources ETF (HAP) have volatilities of 6.47% and 6.40%, 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

GNRHAPDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.47%

6.40%

+0.07%

Volatility (6M)

Calculated over the trailing 6-month period

13.76%

12.48%

+1.28%

Volatility (1Y)

Calculated over the trailing 1-year period

20.70%

18.94%

+1.76%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.36%

18.30%

+2.06%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.01%

19.81%

+2.20%