GNR vs. VEGI

Last updated Aug 2, 2026

GNR (SPDR S&P Global Natural Resources ETF) and VEGI (iShares MSCI Agriculture Producers ETF) are both Natural Resources funds - GNR tracks the S&P Global Natural Resources Index while VEGI tracks the MSCI ACWI Select Agriculture Producers Investable Market Index. Both are passively managed. Over the past 10 years, GNR returned 10.27%/yr vs 8.64%/yr for VEGI. Their 0.78 correlation means they have sometimes moved together and sometimes differently. GNR charges 0.40%/yr vs 0.39%/yr for VEGI.

Performance

GNR vs. VEGI - 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 MSCI Agriculture Producers ETF (VEGI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GNR achieves a 17.86% return, which is significantly higher than VEGI's 15.49% return. Over the past 10 years, GNR has outperformed VEGI with an annualized return of 10.27%, while VEGI has yielded a comparatively lower 8.64% annualized return.

GNR

• 1D: -1.07%
• 1M: 6.50%
• 6M: 7.47%
• YTD: 17.86%
• 1Y: 37.18%
• 3Y*: 11.94%
• 5Y*: 10.54%
• 10Y*: 10.27%
• ALL TIME*: 5.46%

VEGI

• 1D: -2.47%
• 1M: -0.02%
• 6M: 4.67%
• YTD: 15.49%
• 1Y: 13.43%
• 3Y*: 4.25%
• 5Y*: 4.64%
• 10Y*: 8.64%
• ALL TIME*: 5.87%

*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	$12.18M	$15.84M	$18.04M
VEGI iShares MSCI Agriculture Producers ETF	$2.81M	$2.23M	$2.37M

GNR vs. VEGI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GNR SPDR S&P Global Natural Resources ETF	17.86%	28.68%	-8.27%	2.95%	10.20%	24.73%	-0.03%	16.49%	-13.19%	22.64%
VEGI iShares MSCI Agriculture Producers ETF	15.49%	11.34%	-4.85%	-8.59%	6.34%	21.56%	20.06%	13.52%	-9.76%	19.79%

Correlation

The correlation between GNR and VEGI is 0.59, 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.	0.59
Correlation (3Y) Balances recent behavior with more history.	0.70
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 Feb 2, 2012	0.78

The correlation between GNR and VEGI shifts across timeframes, from 0.59 (1 year) to 0.78 (10 years), reflecting how their relationship changes across market environments.

GNR vs. VEGI - Sectors Allocation Comparison

Sectors	GNR	VEGI
Basic Materials	53.5%	30.5%
Energy	31.3%	-
Consumer Cyclical	8.5%	-
Consumer Defensive	5.4%	30.3%
Real Estate	1.0%	-
Industrials	0.3%	39.2%
Financial Services	0.0%	-
Healthcare	0.0%	-
Utilities	0.0%	-
Communication Services	-	-
Technology	-	-

Return for Risk

GNR vs. VEGI — Risk / Return Rank

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

GNR

GNR Risk / Return Rank: 85
GNR Sharpe Ratio Rank: 88
GNR Sortino Ratio Rank: 84
GNR Omega Ratio Rank: 86
GNR Calmar Ratio Rank: 86
GNR Martin Ratio Rank: 81

VEGI

VEGI Risk / Return Rank: 32
VEGI Sharpe Ratio Rank: 30
VEGI Sortino Ratio Rank: 31
VEGI Omega Ratio Rank: 28
VEGI Calmar Ratio Rank: 38
VEGI Martin Ratio Rank: 31

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. VEGI - 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 MSCI Agriculture Producers ETF (VEGI). 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	VEGI	Difference
Sharpe ratio: Return per unit of total volatility	2.14	0.74	+1.40
Sortino ratio: Return per unit of downside risk	2.75	1.16	+1.59
Omega ratio: Gain probability vs. loss probability	1.38	1.14	+0.24
Calmar ratio: Return relative to maximum drawdown	3.33	1.33	+2.00
Martin ratio: Return relative to average drawdown	10.62	2.81	+7.81

GNR vs. VEGI - Sharpe Ratio Comparison

The current GNR Sharpe Ratio is 2.14, which is higher than the VEGI Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of GNR and VEGI, 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. VEGI - Drawdown Comparison

The maximum GNR drawdown since its inception was -51.37%, which is greater than VEGI's maximum drawdown of -37.37%. Use the drawdown chart below to compare losses from any high point for GNR and VEGI.

Drawdown Indicators

	GNR	VEGI	Difference
Max Drawdown Largest peak-to-trough decline	-51.37%	-37.37%	-14.00%
Max Drawdown (1Y) Largest decline over 1 year	-10.99%	-8.61%	-2.38%
Max Drawdown (3Y) Largest decline over 3 years	-21.15%	-16.39%	-4.76%
Max Drawdown (5Y) Largest decline over 5 years	-25.66%	-28.86%	+3.20%
Max Drawdown (10Y) Largest decline over 10 years	-48.59%	-37.37%	-11.22%
Current Drawdown Current decline from peak	-3.48%	-5.54%	+2.06%
Average Drawdown Average peak-to-trough decline	-14.87%	-9.77%	-5.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.44%	4.07%	-0.63%

Volatility

GNR vs. VEGI - Volatility Comparison

The current volatility for SPDR S&P Global Natural Resources ETF (GNR) is 4.33%, while iShares MSCI Agriculture Producers ETF (VEGI) has a volatility of 5.36%. This indicates that GNR experiences smaller price fluctuations and is considered to be less risky than VEGI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GNR	VEGI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.33%	5.36%	-1.03%
Volatility (6M) Calculated over the trailing 6-month period	14.05%	12.40%	+1.65%
Volatility (1Y) Calculated over the trailing 1-year period	17.13%	15.42%	+1.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.19%	17.87%	+2.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.77%	18.87%	+2.90%

GNR vs. VEGI - Expense Ratio Comparison

GNR has a 0.40% expense ratio, which is higher than VEGI's 0.39% expense ratio.

Dividends

GNR vs. VEGI - Dividend Comparison

GNR's dividend yield for the trailing twelve months is around 2.52%, more than VEGI's 1.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GNR SPDR S&P Global Natural Resources ETF	2.52%	2.76%	4.73%	3.37%	4.37%	3.44%	2.78%	3.84%	3.51%	2.40%	2.06%	4.59%
VEGI iShares MSCI Agriculture Producers ETF	1.94%	2.33%	2.62%	2.54%	1.49%	1.46%	1.55%	1.84%	2.02%	1.75%	2.13%	2.49%

Frequently Asked Questions

Can I hold both GNR and VEGI in my portfolio?

GNR and VEGI have a correlation of 0.59, 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 VEGI?

VEGI has higher volatility (5.36%) compared to GNR (4.33%). In terms of maximum drawdown, GNR dropped -51.37% vs VEGI's -37.37%.

Which ETF is better, GNR or VEGI?

On 10-year performance, GNR leads with 10.27% vs 8.64% for VEGI. On fees, VEGI is cheaper at 0.39% per year. On volatility, GNR has been the lower-risk option at 4.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GNR or VEGI?

Over the 10-year period, GNR has performed better with a 10.27% return vs 8.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GNR or VEGI?

VEGI is cheaper with a 0.39% expense ratio, compared with 0.40% for GNR.

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

GNR has the higher dividend yield at 2.52%, compared with 1.94% for VEGI.

What is the main difference between GNR and VEGI?

GNR tracks S&P Global Natural Resources Index, while VEGI tracks MSCI ACWI Select Agriculture Producers Investable Market Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.40% for GNR and 0.39% for VEGI.

Which has better risk-adjusted returns?

GNR currently has the higher Sharpe Ratio (2.14 vs 0.74), 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.