GNR vs. SMH

Last updated Jun 13, 2026

GNR (SPDR S&P Global Natural Resources ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - GNR is a Commodity Producers Equities fund tracking the S&P Global Natural Resources Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, GNR returned 10.91%/yr vs 37.49%/yr for SMH. A 0.53 correlation means they provide meaningful diversification when combined. GNR charges 0.40%/yr vs 0.35%/yr for SMH.

Performance

GNR vs. SMH - 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 Semiconductor ETF (SMH). 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 lower than SMH's 72.15% return. Over the past 10 years, GNR has underperformed SMH with an annualized return of 10.91%, while SMH has yielded a comparatively higher 37.49% 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%

SMH

• 1D: 1.72%
• 1M: 8.30%
• YTD: 72.15%
• 6M: 75.62%
• 1Y: 136.32%
• 3Y*: 60.05%
• 5Y*: 38.42%
• 10Y*: 37.49%

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

GNR vs. SMH - 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%
SMH VanEck Semiconductor ETF	72.15%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%

Correlation

The correlation between GNR and SMH is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since Sep 14, 2010	0.53

The correlation between GNR and SMH shifts across timeframes, from 0.36 (1 year) to 0.53 (all time), reflecting how their relationship changes across market environments.

GNR vs. SMH - Sectors Allocation Comparison

Sectors	GNR	SMH
Basic Materials	50.3%	-
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	-	100.0%

Return for Risk

GNR vs. SMH — 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

SMH

SMH Risk / Return Rank: 96
SMH Sharpe Ratio Rank: 97
SMH Sortino Ratio Rank: 94
SMH Omega Ratio Rank: 94
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 96

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. SMH - 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 Semiconductor ETF (SMH). 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	SMH	Difference
Sharpe ratio: Return per unit of total volatility	2.12	4.13	-2.01
Sortino ratio: Return per unit of downside risk	2.74	4.26	-1.52
Omega ratio: Gain probability vs. loss probability	1.37	1.60	-0.23
Calmar ratio: Return relative to maximum drawdown	4.53	9.18	-4.66
Martin ratio: Return relative to average drawdown	16.42	33.74	-17.32

GNR vs. SMH - Sharpe Ratio Comparison

The current GNR Sharpe Ratio is 2.12, which is lower than the SMH Sharpe Ratio of 4.13. The chart below compares the historical Sharpe Ratios of GNR and SMH, 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. SMH - Drawdown Comparison

The maximum GNR drawdown since its inception was -51.37%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for GNR and SMH.

Drawdown Indicators

	GNR	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-51.37%	-84.96%	+33.59%
Max Drawdown (1Y) Largest decline over 1 year	-7.97%	-14.93%	+6.96%
Max Drawdown (3Y) Largest decline over 3 years	-21.15%	-35.74%	+14.59%
Max Drawdown (5Y) Largest decline over 5 years	-25.66%	-45.30%	+19.64%
Max Drawdown (10Y) Largest decline over 10 years	-48.59%	-45.30%	-3.29%
Current Drawdown Current decline from peak	-3.91%	-2.81%	-1.10%
Average Drawdown Average peak-to-trough decline	-14.93%	-41.04%	+26.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.19%	4.06%	-1.87%

Volatility

GNR vs. SMH - Volatility Comparison

The current volatility for SPDR S&P Global Natural Resources ETF (GNR) is 5.75%, while VanEck Semiconductor ETF (SMH) has a volatility of 16.25%. This indicates that GNR experiences smaller price fluctuations and is considered to be less risky than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GNR	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.75%	16.25%	-10.50%
Volatility (6M) Calculated over the trailing 6-month period	13.87%	27.73%	-13.86%
Volatility (1Y) Calculated over the trailing 1-year period	17.04%	33.20%	-16.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.33%	35.47%	-15.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.89%	32.82%	-10.93%

GNR vs. SMH - Expense Ratio Comparison

GNR has a 0.40% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

GNR vs. SMH - Dividend Comparison

GNR's dividend yield for the trailing twelve months is around 2.53%, more than SMH's 0.18% 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%
SMH VanEck Semiconductor ETF	0.18%	0.31%	0.44%	0.60%	1.18%	0.51%	0.69%	1.50%	1.88%	1.43%	0.80%	2.14%

Frequently Asked Questions

Can I hold both GNR and SMH in my portfolio?

GNR and SMH have a correlation of 0.36, 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 SMH?

SMH has higher volatility (16.25%) compared to GNR (5.75%). In terms of maximum drawdown, GNR dropped -51.37% vs SMH's -84.96%.

Which ETF is better, GNR or SMH?

On 10-year performance, SMH leads with 37.49% vs 10.91% for GNR. On fees, SMH is cheaper at 0.35% per year. 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.

Which ETF has performed better, GNR or SMH?

Over the 10-year period, SMH has performed better with a 37.49% 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 SMH?

SMH is cheaper with a 0.35% expense ratio, compared with 0.40% for GNR.

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

GNR has the higher dividend yield at 2.53%, compared with 0.18% for SMH.

What is the main difference between GNR and SMH?

GNR is categorized as Commodity Producers Equities, while SMH is Semiconductors. GNR tracks S&P Global Natural Resources Index, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: State Street and VanEck. Their fees differ too: 0.40% for GNR and 0.35% for SMH.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (4.13 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.