GUNR vs. BOXX
GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) and BOXX (Alpha Architect 1-3 Month Box ETF) are both exchange-traded funds - GUNR is a Natural Resources fund tracking the Morningstar Global Upstream Natural Resources Index, while BOXX is a Ultrashort Bond fund tracking the Solactive 1-3 Month US T-Bill Index. Both are passively managed. Over the past 3 years, GUNR returned 10.35%/yr vs 4.68%/yr for BOXX. At a correlation of -0.01, they often move in opposite directions. GUNR charges 0.46%/yr vs 0.19%/yr for BOXX.
Performance
GUNR vs. BOXX - Performance Comparison
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Returns By Period
In the year-to-date period, GUNR achieves a 8.35% return, which is significantly higher than BOXX's 1.75% return.
GUNR
- 1D
- -0.30%
- 1M
- -8.23%
- YTD
- 8.35%
- 6M
- 8.37%
- 1Y
- 26.00%
- 3Y*
- 10.35%
- 5Y*
- 8.88%
- 10Y*
- 9.75%
BOXX
- 1D
- -0.02%
- 1M
- 0.20%
- YTD
- 1.75%
- 6M
- 1.78%
- 1Y
- 3.96%
- 3Y*
- 4.68%
- 5Y*
- —
- 10Y*
- —
GUNR vs. BOXX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund | 8.35% | 30.03% | -8.37% | -2.40% | -1.43% |
BOXX Alpha Architect 1-3 Month Box ETF | 1.75% | 4.37% | 5.16% | 5.04% | 0.07% |
Correlation
The correlation between GUNR and BOXX is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Dec 28, 2022 | -0.01 |
The correlation between GUNR and BOXX shifts across timeframes, from -0.01 (all time) to 0.11 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GUNR vs. BOXX — Risk / Return Rank
GUNR
BOXX
GUNR vs. BOXX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) and Alpha Architect 1-3 Month Box ETF (BOXX). 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.
| GUNR | BOXX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -10.63 | ||
| Sortino ratioReturn per unit of downside risk | -32.37 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 8.42 | -7.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.25 | 57.79 | -55.54 |
| Martin ratioReturn relative to average drawdown | 9.41 | 488.84 | -479.43 |
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Drawdowns
GUNR vs. BOXX - Drawdown Comparison
The maximum GUNR drawdown since its inception was -45.64%, which is greater than BOXX's maximum drawdown of -0.12%. Use the drawdown chart below to compare losses from any high point for GUNR and BOXX.
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Drawdown Indicators
| GUNR | BOXX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.64% | -0.12% | -45.52% |
Max Drawdown (1Y)Largest decline over 1 year | -11.63% | -0.07% | -11.56% |
Max Drawdown (3Y)Largest decline over 3 years | -19.59% | -0.12% | -19.47% |
Max Drawdown (5Y)Largest decline over 5 years | -24.06% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -43.04% | — | — |
Current DrawdownCurrent decline from peak | -11.43% | -0.02% | -11.41% |
Average DrawdownAverage peak-to-trough decline | -10.39% | -0.00% | -10.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.77% | 0.01% | +2.76% |
Volatility
GUNR vs. BOXX - Volatility Comparison
FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) has a higher volatility of 5.33% compared to Alpha Architect 1-3 Month Box ETF (BOXX) at 0.10%. This indicates that GUNR's price experiences larger fluctuations and is considered to be riskier than BOXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GUNR | BOXX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.33% | 0.10% | +5.23% |
Volatility (6M)Calculated over the trailing 6-month period | 13.35% | 0.26% | +13.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.94% | 0.32% | +15.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.03% | 0.37% | +18.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.33% | 0.37% | +19.96% |
GUNR vs. BOXX - Expense Ratio Comparison
GUNR has a 0.46% expense ratio, which is higher than BOXX's 0.19% expense ratio.
Dividends
GUNR vs. BOXX - Dividend Comparison
GUNR's dividend yield for the trailing twelve months is around 2.47%, while BOXX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BOXX Alpha Architect 1-3 Month Box ETF | 0.00% | 0.00% | 0.26% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund | 2.47% | 2.81% | 3.39% | 3.55% | 4.12% | 3.61% | 2.79% | 3.25% | 3.27% | 2.00% | 1.73% | 4.50% |
Frequently Asked Questions
GUNR and BOXX have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GUNR has higher volatility (5.33%) compared to BOXX (0.10%). In terms of maximum drawdown, GUNR dropped -45.64% vs BOXX's -0.12%.
On 3-year performance, GUNR leads with 10.35% vs 4.68% for BOXX. On fees, BOXX is cheaper at 0.19% per year. On volatility, BOXX has been the lower-risk option at 0.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GUNR has performed better with a 10.35% return vs 4.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BOXX is cheaper with a 0.19% expense ratio, compared with 0.46% for GUNR.
GUNR has the higher dividend yield at 2.47%, compared with 0.00% for BOXX.
GUNR is categorized as Natural Resources, while BOXX is Ultrashort Bond. GUNR tracks Morningstar Global Upstream Natural Resources Index, while BOXX tracks Solactive 1-3 Month US T-Bill Index. They also come from different issuers: Northern Trust and Alpha Architect. Their fees differ too: 0.46% for GUNR and 0.19% for BOXX.
BOXX currently has the higher Sharpe Ratio (12.27 vs 1.64), 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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