GUNR vs. BRK-B

Last updated Jun 9, 2026

GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) is Commodity Producers Equities fund tracking the Morningstar Global Upstream Natural Resources Index, while BRK-B (Berkshire Hathaway Inc.) is a stock. Over the past 10 years, GUNR returned 10.77%/yr vs 13.14%/yr for BRK-B. A 0.53 correlation means they provide meaningful diversification when combined.

Performance

GUNR vs. BRK-B - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) and Berkshire Hathaway Inc. (BRK-B). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GUNR achieves a 14.67% return, which is significantly higher than BRK-B's -3.11% return. Over the past 10 years, GUNR has underperformed BRK-B with an annualized return of 10.77%, while BRK-B has yielded a comparatively higher 13.14% annualized return.

GUNR

• 1D: -0.02%
• 1M: -3.68%
• YTD: 14.67%
• 6M: 18.35%
• 1Y: 35.94%
• 3Y*: 12.40%
• 5Y*: 9.27%
• 10Y*: 10.77%

BRK-B

• 1D: -0.23%
• 1M: 2.32%
• YTD: -3.11%
• 6M: -2.06%
• 1Y: -1.32%
• 3Y*: 13.25%
• 5Y*: 11.03%
• 10Y*: 13.14%

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

GUNR vs. BRK-B - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	14.67%	30.03%	-8.37%	-2.40%	14.83%	26.06%	0.46%	18.41%	-9.42%	18.74%
BRK-B Berkshire Hathaway Inc.	-3.11%	10.89%	27.09%	15.46%	3.31%	28.95%	2.37%	10.93%	3.01%	21.62%

Correlation

The correlation between GUNR and BRK-B is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.50
Correlation (All Time) Calculated using the full available price history since Sep 23, 2011	0.53

Over the past year, the correlation between GUNR and BRK-B has dropped to 0.02 - well below their long-term average of 0.53, suggesting their price drivers have been diverging.

Return for Risk

GUNR vs. BRK-B — Risk / Return Rank

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

GUNR

GUNR Risk / Return Rank: 82
GUNR Sharpe Ratio Rank: 80
GUNR Sortino Ratio Rank: 73
GUNR Omega Ratio Rank: 77
GUNR Calmar Ratio Rank: 91
GUNR Martin Ratio Rank: 90

BRK-B

BRK-B Risk / Return Rank: 35
BRK-B Sharpe Ratio Rank: 38
BRK-B Sortino Ratio Rank: 30
BRK-B Omega Ratio Rank: 30
BRK-B Calmar Ratio Rank: 38
BRK-B Martin Ratio Rank: 37

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.

GUNR vs. BRK-B - 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 Berkshire Hathaway Inc. (BRK-B). 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.

	GUNR	BRK-B	Difference
Sharpe ratio: Return per unit of total volatility	2.32	-0.09	+2.41
Sortino ratio: Return per unit of downside risk	2.93	-0.03	+2.96
Omega ratio: Gain probability vs. loss probability	1.41	1.00	+0.41
Calmar ratio: Return relative to maximum drawdown	5.30	-0.14	+5.44
Martin ratio: Return relative to average drawdown	19.13	-0.30	+19.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GUNR vs. BRK-B - Sharpe Ratio Comparison

The current GUNR Sharpe Ratio is 2.32, which is higher than the BRK-B Sharpe Ratio of -0.09. The chart below compares the historical Sharpe Ratios of GUNR and BRK-B, 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

	GUNR	BRK-B	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.32	-0.09	+2.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.65	-0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.68	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.48	-0.17

Drawdowns

GUNR vs. BRK-B - Drawdown Comparison

The maximum GUNR drawdown since its inception was -45.64%, smaller than the maximum BRK-B drawdown of -53.86%. Use the drawdown chart below to compare losses from any high point for GUNR and BRK-B.

Drawdown Indicators

	GUNR	BRK-B	Difference
Max Drawdown Largest peak-to-trough decline	-45.64%	-53.86%	+8.22%
Max Drawdown (1Y) Largest decline over 1 year	-6.81%	-9.42%	+2.61%
Max Drawdown (3Y) Largest decline over 3 years	-19.59%	-14.95%	-4.64%
Max Drawdown (5Y) Largest decline over 5 years	-24.06%	-26.58%	+2.52%
Max Drawdown (10Y) Largest decline over 10 years	-43.04%	-29.57%	-13.47%
Current Drawdown Current decline from peak	-6.26%	-9.78%	+3.52%
Average Drawdown Average peak-to-trough decline	-10.40%	-11.07%	+0.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.88%	4.49%	-2.61%

Volatility

GUNR vs. BRK-B - Volatility Comparison

FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) has a higher volatility of 5.20% compared to Berkshire Hathaway Inc. (BRK-B) at 3.98%. This indicates that GUNR's price experiences larger fluctuations and is considered to be riskier than BRK-B based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GUNR	BRK-B	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.20%	3.98%	+1.22%
Volatility (6M) Calculated over the trailing 6-month period	13.06%	10.87%	+2.19%
Volatility (1Y) Calculated over the trailing 1-year period	15.61%	14.38%	+1.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.04%	17.13%	+1.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.45%	19.44%	+1.01%

Dividends

GUNR vs. BRK-B - Dividend Comparison

GUNR's dividend yield for the trailing twelve months is around 2.33%, while BRK-B has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BRK-B Berkshire Hathaway Inc.	0.00%	0.00%	0.00%	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	2.33%	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

Can I hold both GUNR and BRK-B in my portfolio?

GUNR and BRK-B have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GUNR or BRK-B?

GUNR has higher volatility (5.20%) compared to BRK-B (3.98%). In terms of maximum drawdown, GUNR dropped -45.64% vs BRK-B's -53.86%.

Which has better risk-adjusted returns?

GUNR currently has the higher Sharpe Ratio (2.32 vs -0.09), 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.