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GNR vs. IXC
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GNR vs. IXC

Last updated Jun 13, 2026

GNR (SPDR S&P Global Natural Resources ETF) and IXC (iShares Global Energy ETF) are both exchange-traded funds - GNR is a Commodity Producers Equities fund tracking the S&P Global Natural Resources Index, while IXC is a Energy Equities fund tracking the S&P Global 1200 Energy Capped Index. Both are passively managed. Over the past 10 years, GNR returned 10.91%/yr vs 10.05%/yr for IXC. Their correlation of 0.84 suggests significant overlap in exposure. Both charge a 0.40% expense ratio.

Performance

GNR vs. IXC - 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 Global Energy ETF (IXC). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, GNR achieves a 17.34% return, which is significantly lower than IXC's 29.17% return. Over the past 10 years, GNR has outperformed IXC with an annualized return of 10.91%, while IXC has yielded a comparatively lower 10.05% 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%

IXC

1D
0.28%
1M
-1.17%
YTD
29.17%
6M
28.84%
1Y
38.93%
3Y*
17.43%
5Y*
19.14%
10Y*
10.05%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GNR vs. IXC - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
IXC
iShares Global Energy ETF		29.17%13.98%1.95%3.92%48.51%40.88%-31.00%12.67%-14.85%5.54%

Correlation

The correlation between GNR and IXC is 0.55, 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

0.55

Correlation (3Y)
Calculated over the trailing 3-year period

0.69

Correlation (5Y)
Calculated over the trailing 5-year period

0.78

Correlation (10Y)
Calculated over the trailing 10-year period

0.81

Correlation (All Time)
Calculated using the full available price history since Sep 14, 2010

0.84

Over the past year, the correlation between GNR and IXC has dropped to 0.55 - well below their long-term average of 0.84, suggesting their price drivers have been diverging.

GNR vs. IXC - Sectors Allocation Comparison

Sectors
GNR
IXC

Basic Materials

50.3%

-

Energy

37.6%
100.0%

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

-

-

Basic Materials

GNR
50.3%
IXC

-

Energy

GNR
37.6%
IXC
100.0%

Consumer Cyclical

GNR
6.3%
IXC

-

Consumer Defensive

GNR
4.6%
IXC

-

Real Estate

GNR
0.8%
IXC

-

Industrials

GNR
0.2%
IXC

-

Financial Services

GNR
0.0%
IXC

-

Healthcare

GNR
0.0%
IXC

-

Utilities

GNR
0.0%
IXC

-

Communication Services

GNR

-

IXC

-

Technology

GNR

-

IXC

-

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

iShares Global Energy ETF

Often compared with GNR:
GNR vs. REMXGNR vs. XLEGNR vs. SPYGNR vs. BCIGNR vs. VAWGNR vs. XLBGNR vs. MXI
Often compared with IXC:
IXC vs. XLEIXC vs. VDEIXC vs. IYEIXC vs. OIHIXC vs. IUES.LIXC vs. DDMIXC vs. XDW0.DE

Return for Risk

GNR vs. IXC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GNR
GNR Risk / Return Rank: 7979
Overall Rank
GNR Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
GNR Sortino Ratio Rank: 7070
Sortino Ratio Rank
GNR Omega Ratio Rank: 7373
Omega Ratio Rank
GNR Calmar Ratio Rank: 8888
Calmar Ratio Rank
GNR Martin Ratio Rank: 8787
Martin Ratio Rank
IXC
IXC Risk / Return Rank: 7373
Overall Rank
IXC Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
IXC Sortino Ratio Rank: 6969
Sortino Ratio Rank
IXC Omega Ratio Rank: 6767
Omega Ratio Rank
IXC Calmar Ratio Rank: 8585
Calmar Ratio Rank
IXC Martin Ratio Rank: 7171
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. IXC - 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 Global Energy ETF (IXC). 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.

GNRIXCDifference
Sharpe ratioReturn per unit of total volatility
2.12
2.08

+0.04

Sortino ratioReturn per unit of downside risk
2.74
2.70

+0.04

Omega ratioGain probability vs. loss probability

1.37

1.34

+0.03

Calmar ratioReturn relative to maximum drawdown

4.53

4.05

+0.48

Martin ratioReturn relative to average drawdown

16.42

11.55

+4.86

GNR vs. IXC - Sharpe Ratio Comparison

The current GNR Sharpe Ratio is 2.12, which is comparable to the IXC Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of GNR and IXC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

GNR vs. IXC - Drawdown Comparison

The maximum GNR drawdown since its inception was -51.37%, smaller than the maximum IXC drawdown of -67.88%. Use the drawdown chart below to compare losses from any high point for GNR and IXC.

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Drawdown Indicators

GNRIXCDifference

Max Drawdown

Largest peak-to-trough decline

-51.37%

-67.88%

+16.51%

Max Drawdown (1Y)

Largest decline over 1 year

-7.97%

-9.66%

+1.69%

Max Drawdown (3Y)

Largest decline over 3 years

-21.15%

-19.06%

-2.09%

Max Drawdown (5Y)

Largest decline over 5 years

-25.66%

-24.93%

-0.73%

Max Drawdown (10Y)

Largest decline over 10 years

-48.59%

-64.16%

+15.57%

Current Drawdown

Current decline from peak

-3.91%

-7.04%

+3.13%

Average Drawdown

Average peak-to-trough decline

-14.93%

-17.47%

+2.54%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.19%

3.38%

-1.19%

Volatility

GNR vs. IXC - Volatility Comparison

The current volatility for SPDR S&P Global Natural Resources ETF (GNR) is 5.75%, while iShares Global Energy ETF (IXC) has a volatility of 6.44%. This indicates that GNR experiences smaller price fluctuations and is considered to be less risky than IXC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GNRIXCDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.75%

6.44%

-0.69%

Volatility (6M)

Calculated over the trailing 6-month period

13.87%

15.63%

-1.76%

Volatility (1Y)

Calculated over the trailing 1-year period

17.04%

18.79%

-1.75%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.33%

23.53%

-3.20%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.89%

26.84%

-4.95%

GNR vs. IXC - Expense Ratio Comparison

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

Dividends

GNR vs. IXC - Dividend Comparison

GNR's dividend yield for the trailing twelve months is around 2.53%, less than IXC's 2.85% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
IXC
iShares Global Energy ETF		2.85%3.68%4.56%3.45%4.76%3.98%4.86%7.00%3.51%3.05%2.86%3.77%

Frequently Asked Questions

GNR and IXC have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IXC has higher volatility (6.44%) compared to GNR (5.75%). In terms of maximum drawdown, GNR dropped -51.37% vs IXC's -67.88%.

On 10-year performance, GNR leads with 10.91% vs 10.05% for IXC. Both ETFs have the same 0.40% expense ratio. 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.

Over the 10-year period, GNR has performed better with a 10.91% return vs 10.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

IXC has the higher dividend yield at 2.85%, compared with 2.53% for GNR.

GNR is categorized as Commodity Producers Equities, while IXC is Energy Equities. GNR tracks S&P Global Natural Resources Index, while IXC tracks S&P Global 1200 Energy Capped Index. They also come from different issuers: State Street and iShares.

GNR currently has the higher Sharpe Ratio (2.12 vs 2.08), 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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