GNR vs. SPYG

Last updated Jun 4, 2026

GNR (SPDR S&P Global Natural Resources ETF) and SPYG (State Street SPDR Portfolio S&P 500 Growth ETF) are both exchange-traded funds - GNR is a Commodity Producers Equities fund tracking the S&P Global Natural Resources Index, while SPYG is a S&P 500 fund tracking the S&P 500 Growth Index. Both are passively managed. Over the past 10 years, GNR returned 10.91%/yr vs 18.20%/yr for SPYG. A 0.59 correlation means they provide meaningful diversification when combined. GNR charges 0.40%/yr vs 0.04%/yr for SPYG.

Performance

GNR vs. SPYG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Global Natural Resources ETF (GNR) and State Street SPDR Portfolio S&P 500 Growth ETF (SPYG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GNR achieves a 20.27% return, which is significantly higher than SPYG's 13.75% return. Over the past 10 years, GNR has underperformed SPYG with an annualized return of 10.91%, while SPYG has yielded a comparatively higher 18.20% annualized return.

GNR

• 1D: -0.53%
• 1M: 1.20%
• YTD: 20.27%
• 6M: 23.12%
• 1Y: 43.10%
• 3Y*: 15.55%
• 5Y*: 9.73%
• 10Y*: 10.91%

SPYG

• 1D: -0.98%
• 1M: 7.38%
• YTD: 13.75%
• 6M: 13.57%
• 1Y: 33.95%
• 3Y*: 28.16%
• 5Y*: 16.07%
• 10Y*: 18.20%

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

GNR vs. SPYG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GNR SPDR S&P Global Natural Resources ETF	20.27%	28.68%	-8.27%	2.95%	10.20%	24.73%	-0.03%	16.49%	-13.19%	22.64%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	13.75%	22.09%	35.99%	30.02%	-29.41%	32.01%	33.46%	30.84%	-0.12%	27.24%

Correlation

The correlation between GNR and SPYG is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (10Y) Calculated over the trailing 10-year period	0.51
Correlation (All Time) Calculated using the full available price history since Sep 15, 2010	0.59

Over the past year, the correlation between GNR and SPYG has dropped to 0.24 - well below their long-term average of 0.59, suggesting their price drivers have been diverging.

GNR vs. SPYG - Sectors Allocation Comparison

Sectors	GNR	SPYG
Basic Materials	50.3%	0.3%
Energy	37.6%	0.1%
Consumer Cyclical	6.3%	8.9%
Consumer Defensive	4.6%	1.0%
Real Estate	0.8%	0.6%
Industrials	0.2%	5.0%
Financial Services	0.0%	8.5%
Healthcare	0.0%	5.8%
Utilities	0.0%	1.2%
Communication Services	-	16.8%
Technology	-	51.9%

Return for Risk

GNR vs. SPYG — Risk / Return Rank

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

GNR

GNR Risk / Return Rank: 82
GNR Sharpe Ratio Rank: 80
GNR Sortino Ratio Rank: 74
GNR Omega Ratio Rank: 76
GNR Calmar Ratio Rank: 89
GNR Martin Ratio Rank: 90

SPYG

SPYG Risk / Return Rank: 57
SPYG Sharpe Ratio Rank: 62
SPYG Sortino Ratio Rank: 60
SPYG Omega Ratio Rank: 59
SPYG Calmar Ratio Rank: 49
SPYG Martin Ratio Rank: 57

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. SPYG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Global Natural Resources ETF (GNR) and State Street SPDR Portfolio S&P 500 Growth ETF (SPYG). 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	SPYG	Difference
Sharpe ratio: Return per unit of total volatility	2.64	2.12	+0.52
Sortino ratio: Return per unit of downside risk	3.38	2.90	+0.48
Omega ratio: Gain probability vs. loss probability	1.46	1.37	+0.09
Calmar ratio: Return relative to maximum drawdown	5.43	2.48	+2.95
Martin ratio: Return relative to average drawdown	21.28	10.25	+11.02
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. SPYG - Sharpe Ratio Comparison

The current GNR Sharpe Ratio is 2.64, which is comparable to the SPYG Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of GNR and SPYG, 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	SPYG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.64	2.12	+0.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.48	0.76	-0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.88	-0.38
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.35	-0.09

Drawdowns

GNR vs. SPYG - Drawdown Comparison

The maximum GNR drawdown since its inception was -51.37%, smaller than the maximum SPYG drawdown of -67.63%. Use the drawdown chart below to compare losses from any high point for GNR and SPYG.

Drawdown Indicators

	GNR	SPYG	Difference
Max Drawdown Largest peak-to-trough decline	-51.37%	-67.63%	+16.26%
Max Drawdown (1Y) Largest decline over 1 year	-7.97%	-13.76%	+5.79%
Max Drawdown (3Y) Largest decline over 3 years	-21.15%	-22.14%	+0.99%
Max Drawdown (5Y) Largest decline over 5 years	-25.66%	-32.67%	+7.01%
Max Drawdown (10Y) Largest decline over 10 years	-48.59%	-32.67%	-15.92%
Current Drawdown Current decline from peak	-1.51%	-1.13%	-0.38%
Average Drawdown Average peak-to-trough decline	-14.95%	-24.33%	+9.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.03%	3.32%	-1.29%

Volatility

GNR vs. SPYG - Volatility Comparison

SPDR S&P Global Natural Resources ETF (GNR) and State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) have volatilities of 4.53% and 4.35%, 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	SPYG	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.53%	4.35%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	13.23%	12.46%	+0.77%
Volatility (1Y) Calculated over the trailing 1-year period	16.39%	16.06%	+0.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.23%	21.17%	-0.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.88%	20.64%	+1.24%

GNR vs. SPYG - Expense Ratio Comparison

GNR has a 0.40% expense ratio, which is higher than SPYG's 0.04% expense ratio.

Dividends

GNR vs. SPYG - Dividend Comparison

GNR's dividend yield for the trailing twelve months is around 2.47%, more than SPYG's 0.47% 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%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	0.47%	0.52%	0.60%	1.15%	1.03%	0.62%	0.90%	1.37%	1.51%	1.41%	1.55%	1.57%

Frequently Asked Questions

Can I hold both GNR and SPYG in my portfolio?

GNR and SPYG have a correlation of 0.24, 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 SPYG?

GNR has higher volatility (4.53%) compared to SPYG (4.35%). In terms of maximum drawdown, GNR dropped -51.37% vs SPYG's -67.63%.

Which ETF is better, GNR or SPYG?

On 10-year performance, SPYG leads with 18.20% vs 10.91% for GNR. On fees, SPYG is cheaper at 0.04% per year. On volatility, SPYG has been the lower-risk option at 4.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GNR or SPYG?

Over the 10-year period, SPYG has performed better with a 18.20% 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 SPYG?

SPYG is cheaper with a 0.04% expense ratio, compared with 0.40% for GNR.

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

GNR has the higher dividend yield at 2.47%, compared with 0.47% for SPYG.

What is the main difference between GNR and SPYG?

GNR is categorized as Commodity Producers Equities, while SPYG is S&P 500. GNR tracks S&P Global Natural Resources Index, while SPYG tracks S&P 500 Growth Index. Their fees differ too: 0.40% for GNR and 0.04% for SPYG.

Which has better risk-adjusted returns?

GNR currently has the higher Sharpe Ratio (2.64 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.