GNR vs. XLRE
GNR (SPDR S&P Global Natural Resources ETF) and XLRE (Real Estate Select Sector SPDR Fund) are both exchange-traded funds - GNR is a Natural Resources fund tracking the S&P Global Natural Resources Index, while XLRE is a REIT fund tracking the Real Estate Select Sector Index. Both are passively managed. Over the past 10 years, GNR returned 10.05%/yr vs 6.23%/yr for XLRE. At a 0.38 correlation, their price movements are largely independent. GNR charges 0.40%/yr vs 0.13%/yr for XLRE.
Performance
GNR vs. XLRE - Performance Comparison
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Returns By Period
In the year-to-date period, GNR achieves a 16.75% return, which is significantly higher than XLRE's 13.28% return. Over the past 10 years, GNR has outperformed XLRE with an annualized return of 10.05%, while XLRE has yielded a comparatively lower 6.23% annualized return.
GNR
- 1D
- 1.83%
- 1M
- 3.31%
- 6M
- 7.07%
- YTD
- 16.75%
- 1Y
- 30.55%
- 3Y*
- 12.18%
- 5Y*
- 10.85%
- 10Y*
- 10.05%
- ALL TIME*
- 5.41%
XLRE
- 1D
- -0.42%
- 1M
- 2.25%
- 6M
- 10.01%
- YTD
- 13.28%
- 1Y
- 8.97%
- 3Y*
- 8.91%
- 5Y*
- 2.83%
- 10Y*
- 6.23%
- ALL TIME*
- 7.45%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $12.02M | $18.40M | $18.51M | |
| $169.99M | $216.67M | $227.44M |
GNR vs. XLRE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GNR SPDR S&P Global Natural Resources ETF | 16.75% | 28.68% | -8.27% | 2.95% | 10.20% | 24.73% | -0.03% | 16.49% | -13.19% | 22.64% |
XLRE Real Estate Select Sector SPDR Fund | 13.28% | 2.63% | 5.09% | 12.36% | -26.25% | 46.10% | -2.18% | 28.68% | -2.39% | 10.69% |
Correlation
The correlation between GNR and XLRE is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.41 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Oct 8, 2015 | 0.38 |
The correlation between GNR and XLRE shifts across timeframes, from 0.29 (1 year) to 0.41 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
GNR vs. XLRE — Risk / Return Rank
GNR
XLRE
GNR vs. XLRE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Global Natural Resources ETF (GNR) and Real Estate Select Sector SPDR Fund (XLRE). 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 | XLRE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.15 | ||
| Sortino ratioReturn per unit of downside risk | +1.39 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.12 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 2.79 | 1.08 | +1.71 |
| Martin ratioReturn relative to average drawdown | 8.88 | 2.96 | +5.92 |
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Drawdowns
GNR vs. XLRE - Drawdown Comparison
The maximum GNR drawdown since its inception was -51.37%, which is greater than XLRE's maximum drawdown of -38.83%. Use the drawdown chart below to compare losses from any high point for GNR and XLRE.
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Drawdown Indicators
| GNR | XLRE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.37% | -38.83% | -12.54% |
Max Drawdown (1Y)Largest decline over 1 year | -10.99% | -8.33% | -2.66% |
Max Drawdown (3Y)Largest decline over 3 years | -21.15% | -16.74% | -4.41% |
Max Drawdown (5Y)Largest decline over 5 years | -25.66% | -34.12% | +8.46% |
Max Drawdown (10Y)Largest decline over 10 years | -48.59% | -38.83% | -9.76% |
Current DrawdownCurrent decline from peak | -4.39% | -0.99% | -3.40% |
Average DrawdownAverage peak-to-trough decline | -14.89% | -9.50% | -5.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.45% | 3.03% | +0.42% |
Volatility
GNR vs. XLRE - Volatility Comparison
SPDR S&P Global Natural Resources ETF (GNR) and Real Estate Select Sector SPDR Fund (XLRE) have volatilities of 4.80% and 4.63%, 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.
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Volatility by Period
| GNR | XLRE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.80% | 4.63% | +0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 14.12% | 10.93% | +3.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.25% | 14.33% | +2.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.21% | 19.15% | +1.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.77% | 20.46% | +1.31% |
GNR vs. XLRE - Expense Ratio Comparison
GNR has a 0.40% expense ratio, which is higher than XLRE's 0.13% expense ratio.
Dividends
GNR vs. XLRE - Dividend Comparison
GNR's dividend yield for the trailing twelve months is around 2.54%, less than XLRE's 3.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GNR SPDR S&P Global Natural Resources ETF | 2.54% | 2.76% | 4.73% | 3.37% | 4.37% | 3.44% | 2.78% | 3.84% | 3.51% | 2.40% | 2.06% | 4.59% |
XLRE Real Estate Select Sector SPDR Fund | 3.12% | 3.45% | 3.43% | 3.31% | 3.70% | 2.61% | 3.15% | 3.06% | 3.78% | 3.25% | 4.22% | 1.09% |
Frequently Asked Questions
GNR and XLRE have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GNR has higher volatility (4.80%) compared to XLRE (4.63%). In terms of maximum drawdown, GNR dropped -51.37% vs XLRE's -38.83%.
On 10-year performance, GNR leads with 10.05% vs 6.23% for XLRE. On fees, XLRE is cheaper at 0.13% per year. On volatility, XLRE has been the lower-risk option at 4.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GNR has performed better with a 10.05% return vs 6.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XLRE is cheaper with a 0.13% expense ratio, compared with 0.40% for GNR.
XLRE has the higher dividend yield at 3.12%, compared with 2.54% for GNR.
GNR is categorized as Natural Resources, while XLRE is REIT. GNR tracks S&P Global Natural Resources Index, while XLRE tracks Real Estate Select Sector Index. Their fees differ too: 0.40% for GNR and 0.13% for XLRE.
GNR currently has the higher Sharpe Ratio (1.79 vs 0.63), 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.
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