GNR vs. LVHI

Last updated Jun 13, 2026

GNR (SPDR S&P Global Natural Resources ETF) and LVHI (Franklin International Low Volatility High Dividend Index ETF) are both exchange-traded funds - GNR is a Commodity Producers Equities fund tracking the S&P Global Natural Resources Index, while LVHI is a Volatility Hedged Equity fund tracking the Franklin International Low Volatility High Dividend Hedged Index-NR. Both are passively managed. Over the past 5 years, GNR returned 9.29%/yr vs 15.97%/yr for LVHI. A 0.58 correlation means they provide meaningful diversification when combined. Both charge a 0.40% expense ratio.

Performance

GNR vs. LVHI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Global Natural Resources ETF (GNR) and Franklin International Low Volatility High Dividend Index ETF (LVHI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GNR achieves a 17.34% return, which is significantly higher than LVHI's 13.78% 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%

LVHI

• 1D: 0.49%
• 1M: 1.30%
• YTD: 13.78%
• 6M: 14.96%
• 1Y: 31.64%
• 3Y*: 21.52%
• 5Y*: 15.97%
• 10Y*: —

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

GNR vs. LVHI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
LVHI Franklin International Low Volatility High Dividend Index ETF	13.78%	27.12%	14.81%	17.45%	3.84%	18.19%	-8.76%	18.35%	-5.22%	12.26%

Correlation

The correlation between GNR and LVHI is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (All Time) Calculated using the full available price history since Jul 28, 2016	0.58

The correlation between GNR and LVHI has been stable across timeframes, ranging from 0.58 to 0.65 - a consistent structural relationship.

GNR vs. LVHI - Sectors Allocation Comparison

Sectors	GNR	LVHI
Basic Materials	50.3%	6.1%
Energy	37.6%	17.4%
Consumer Cyclical	6.3%	5.3%
Consumer Defensive	4.6%	8.7%
Real Estate	0.8%	1.9%
Industrials	0.2%	13.4%
Financial Services	0.0%	23.6%
Healthcare	0.0%	7.4%
Utilities	0.0%	10.4%
Communication Services	-	5.8%
Technology	-	0.1%

Return for Risk

GNR vs. LVHI — Risk / Return Rank

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

GNR

GNR Risk / Return Rank: 79
GNR Sharpe Ratio Rank: 76
GNR Sortino Ratio Rank: 70
GNR Omega Ratio Rank: 73
GNR Calmar Ratio Rank: 88
GNR Martin Ratio Rank: 87

LVHI

LVHI Risk / Return Rank: 94
LVHI Sharpe Ratio Rank: 95
LVHI Sortino Ratio Rank: 95
LVHI Omega Ratio Rank: 94
LVHI Calmar Ratio Rank: 92
LVHI Martin Ratio Rank: 93

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. LVHI - 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 International Low Volatility High Dividend Index ETF (LVHI). 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	LVHI	Difference
Sharpe ratio: Return per unit of total volatility	2.12	3.31	-1.19
Sortino ratio: Return per unit of downside risk	2.74	4.54	-1.80
Omega ratio: Gain probability vs. loss probability	1.37	1.63	-0.25
Calmar ratio: Return relative to maximum drawdown	4.53	5.23	-0.71
Martin ratio: Return relative to average drawdown	16.42	21.61	-5.20

GNR vs. LVHI - Sharpe Ratio Comparison

The current GNR Sharpe Ratio is 2.12, which is lower than the LVHI Sharpe Ratio of 3.31. The chart below compares the historical Sharpe Ratios of GNR and LVHI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GNR vs. LVHI - Drawdown Comparison

The maximum GNR drawdown since its inception was -51.37%, which is greater than LVHI's maximum drawdown of -32.31%. Use the drawdown chart below to compare losses from any high point for GNR and LVHI.

Drawdown Indicators

	GNR	LVHI	Difference
Max Drawdown Largest peak-to-trough decline	-51.37%	-32.31%	-19.06%
Max Drawdown (1Y) Largest decline over 1 year	-7.97%	-6.08%	-1.89%
Max Drawdown (3Y) Largest decline over 3 years	-21.15%	-11.99%	-9.16%
Max Drawdown (5Y) Largest decline over 5 years	-25.66%	-11.99%	-13.67%
Max Drawdown (10Y) Largest decline over 10 years	-48.59%	—	—
Current Drawdown Current decline from peak	-3.91%	0.00%	-3.91%
Average Drawdown Average peak-to-trough decline	-14.93%	-3.51%	-11.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.19%	1.48%	+0.71%

Volatility

GNR vs. LVHI - Volatility Comparison

SPDR S&P Global Natural Resources ETF (GNR) has a higher volatility of 5.75% compared to Franklin International Low Volatility High Dividend Index ETF (LVHI) at 2.78%. This indicates that GNR's price experiences larger fluctuations and is considered to be riskier than LVHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GNR	LVHI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.75%	2.78%	+2.97%
Volatility (6M) Calculated over the trailing 6-month period	13.87%	7.72%	+6.15%
Volatility (1Y) Calculated over the trailing 1-year period	17.04%	9.60%	+7.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.33%	11.08%	+9.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.89%	13.75%	+8.14%

GNR vs. LVHI - Expense Ratio Comparison

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

Dividends

GNR vs. LVHI - Dividend Comparison

GNR's dividend yield for the trailing twelve months is around 2.53%, less than LVHI's 4.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
LVHI Franklin International Low Volatility High Dividend Index ETF	4.69%	4.92%	3.98%	8.12%	7.74%	4.13%	3.97%	6.67%	10.67%	3.38%	2.02%	0.00%

Frequently Asked Questions

Can I hold both GNR and LVHI in my portfolio?

GNR and LVHI have a correlation of 0.61, 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 LVHI?

GNR has higher volatility (5.75%) compared to LVHI (2.78%). In terms of maximum drawdown, GNR dropped -51.37% vs LVHI's -32.31%.

Which ETF is better, GNR or LVHI?

On 5-year performance, LVHI leads with 15.97% vs 9.29% for GNR. Both ETFs have the same 0.40% expense ratio. On volatility, LVHI has been the lower-risk option at 2.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GNR or LVHI?

Over the 5-year period, LVHI has performed better with a 15.97% return vs 9.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GNR or LVHI?

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

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

LVHI has the higher dividend yield at 4.69%, compared with 2.53% for GNR.

What is the main difference between GNR and LVHI?

GNR is categorized as Commodity Producers Equities, while LVHI is Volatility Hedged Equity. GNR tracks S&P Global Natural Resources Index, while LVHI tracks Franklin International Low Volatility High Dividend Hedged Index-NR. They also come from different issuers: State Street and Franklin Templeton.

Which has better risk-adjusted returns?

LVHI currently has the higher Sharpe Ratio (3.31 vs 2.12), 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.