GNR vs. VAW

Last updated Aug 4, 2026

GNR (SPDR S&P Global Natural Resources ETF) and VAW (Vanguard Materials ETF) are both exchange-traded funds - GNR is a Natural Resources fund tracking the S&P Global Natural Resources Index, while VAW is a Materials fund tracking the MSCI US Investable Market Materials 25/50 Index. Both are passively managed. Over the past 10 years, GNR returned 10.08%/yr vs 9.60%/yr for VAW. Their correlation of 0.81 means they have usually moved in the same direction. GNR charges 0.40%/yr vs 0.09%/yr for VAW.

Performance

GNR vs. VAW - Performance Comparison

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

Returns By Period

In the year-to-date period, GNR achieves a 17.31% return, which is significantly higher than VAW's 9.76% return. Both investments have delivered pretty close results over the past 10 years, with GNR having a 10.08% annualized return and VAW not far behind at 9.60%.

GNR

• 1D: -0.47%
• 1M: 6.00%
• 6M: 6.91%
• YTD: 17.31%
• 1Y: 36.53%
• 3Y*: 12.17%
• 5Y*: 10.45%
• 10Y*: 10.08%
• ALL TIME*: 5.43%

VAW

• 1D: 1.48%
• 1M: -2.78%
• 6M: 0.35%
• YTD: 9.76%
• 1Y: 18.81%
• 3Y*: 8.94%
• 5Y*: 6.41%
• 10Y*: 9.60%
• ALL TIME*: 9.09%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GNR SPDR S&P Global Natural Resources ETF	$15.40M	$17.01M	$18.12M
VAW Vanguard Materials ETF	$10.36M	$9.92M	$12.36M

GNR vs. VAW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GNR SPDR S&P Global Natural Resources ETF	17.31%	28.68%	-8.27%	2.95%	10.20%	24.73%	-0.03%	16.49%	-13.19%	22.64%
VAW Vanguard Materials ETF	9.76%	12.30%	0.48%	13.67%	-11.80%	27.43%	19.44%	23.53%	-17.49%	23.76%

Correlation

The correlation between GNR and VAW is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.70
Correlation (3Y) Balances recent behavior with more history.	0.72
Correlation (5Y) Shows whether the relationship held over a longer period.	0.76
Correlation (10Y) Provides a long-term view across more market conditions.	0.78
Correlation (All Time) Calculated using the full available price history since Sep 14, 2010	0.81

The correlation between GNR and VAW shifts across timeframes, from 0.70 (1 year) to 0.81 (all time), reflecting how their relationship changes across market environments.

GNR vs. VAW - Sectors Allocation Comparison

Sectors	GNR	VAW
Basic Materials	53.5%	89.3%
Energy	31.3%	0.0%
Consumer Cyclical	8.5%	9.5%
Consumer Defensive	5.4%	0.0%
Real Estate	1.0%	-
Industrials	0.3%	0.6%
Financial Services	0.0%	-
Healthcare	0.0%	0.5%
Utilities	0.0%	-
Communication Services	-	-
Technology	-	0.1%

Return for Risk

GNR vs. VAW — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GNR

GNR Risk / Return Rank: 84
GNR Sharpe Ratio Rank: 88
GNR Sortino Ratio Rank: 82
GNR Omega Ratio Rank: 85
GNR Calmar Ratio Rank: 85
GNR Martin Ratio Rank: 79

VAW

VAW Risk / Return Rank: 39
VAW Sharpe Ratio Rank: 40
VAW Sortino Ratio Rank: 40
VAW Omega Ratio Rank: 37
VAW Calmar Ratio Rank: 40
VAW Martin Ratio Rank: 38

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GNR vs. VAW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Global Natural Resources ETF (GNR) and Vanguard Materials ETF (VAW). 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	VAW	Difference
Sharpe ratio: Return per unit of total volatility	2.15	1.01	+1.14
Sortino ratio: Return per unit of downside risk	2.76	1.50	+1.26
Omega ratio: Gain probability vs. loss probability	1.38	1.18	+0.20
Calmar ratio: Return relative to maximum drawdown	3.34	1.41	+1.93
Martin ratio: Return relative to average drawdown	10.62	4.04	+6.59

GNR vs. VAW - Sharpe Ratio Comparison

The current GNR Sharpe Ratio is 2.15, which is higher than the VAW Sharpe Ratio of 1.01. The chart below compares the historical Sharpe Ratios of GNR and VAW, 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. VAW - Drawdown Comparison

The maximum GNR drawdown since its inception was -51.37%, smaller than the maximum VAW drawdown of -62.17%. Use the drawdown chart below to compare losses from any high point for GNR and VAW.

Drawdown Indicators

	GNR	VAW	Difference
Max Drawdown Largest peak-to-trough decline	-51.37%	-62.17%	+10.80%
Max Drawdown (1Y) Largest decline over 1 year	-10.99%	-13.42%	+2.43%
Max Drawdown (3Y) Largest decline over 3 years	-21.15%	-23.21%	+2.06%
Max Drawdown (5Y) Largest decline over 5 years	-25.66%	-25.50%	-0.16%
Max Drawdown (10Y) Largest decline over 10 years	-48.59%	-41.13%	-7.46%
Current Drawdown Current decline from peak	-3.94%	-6.69%	+2.75%
Average Drawdown Average peak-to-trough decline	-14.87%	-9.60%	-5.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.45%	4.67%	-1.22%

Volatility

GNR vs. VAW - Volatility Comparison

The current volatility for SPDR S&P Global Natural Resources ETF (GNR) is 4.15%, while Vanguard Materials ETF (VAW) has a volatility of 5.44%. This indicates that GNR experiences smaller price fluctuations and is considered to be less risky than VAW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GNR	VAW	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.15%	5.44%	-1.29%
Volatility (6M) Calculated over the trailing 6-month period	13.42%	15.02%	-1.60%
Volatility (1Y) Calculated over the trailing 1-year period	17.12%	18.71%	-1.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.19%	19.76%	+0.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.78%	21.23%	+0.55%

GNR vs. VAW - Expense Ratio Comparison

GNR has a 0.40% expense ratio, which is higher than VAW's 0.09% expense ratio.

Dividends

GNR vs. VAW - Dividend Comparison

GNR's dividend yield for the trailing twelve months is around 2.53%, more than VAW's 1.40% 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%
VAW Vanguard Materials ETF	1.40%	1.55%	1.70%	1.72%	1.98%	1.44%	1.67%	1.94%	2.03%	1.63%	1.67%	2.30%

Frequently Asked Questions

Can I hold both GNR and VAW in my portfolio?

GNR and VAW have a correlation of 0.70, 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 VAW?

VAW has higher volatility (5.44%) compared to GNR (4.15%). In terms of maximum drawdown, GNR dropped -51.37% vs VAW's -62.17%.

Which ETF is better, GNR or VAW?

On 10-year performance, GNR leads with 10.08% vs 9.60% for VAW. On fees, VAW is cheaper at 0.09% per year. On volatility, GNR has been the lower-risk option at 4.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GNR or VAW?

Over the 10-year period, GNR has performed better with a 10.08% return vs 9.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GNR or VAW?

VAW is cheaper with a 0.09% expense ratio, compared with 0.40% for GNR.

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

GNR has the higher dividend yield at 2.53%, compared with 1.40% for VAW.

What is the main difference between GNR and VAW?

GNR is categorized as Natural Resources, while VAW is Materials. GNR tracks S&P Global Natural Resources Index, while VAW tracks MSCI US Investable Market Materials 25/50 Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.40% for GNR and 0.09% for VAW.

Which has better risk-adjusted returns?

GNR currently has the higher Sharpe Ratio (2.15 vs 1.01), 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.