GUNR vs. CCNR

Last updated Aug 4, 2026

GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) and CCNR (ALPS/CoreCommodity Natural Resources ETF) are both Natural Resources funds. GUNR is passively managed, while CCNR is actively managed. Over the past year, GUNR returned 32.63% vs 50.28% for CCNR. Their correlation of 0.90 means they have usually moved in the same direction. GUNR charges 0.46%/yr vs 0.39%/yr for CCNR.

Performance

GUNR vs. CCNR - 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 ALPS/CoreCommodity Natural Resources ETF (CCNR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GUNR achieves a 14.39% return, which is significantly lower than CCNR's 16.37% return.

GUNR

• 1D: -0.84%
• 1M: 4.20%
• 6M: 3.67%
• YTD: 14.39%
• 1Y: 32.63%
• 3Y*: 11.02%
• 5Y*: 10.41%
• 10Y*: 10.05%
• ALL TIME*: 6.50%

CCNR

• 1D: 0.17%
• 1M: 2.70%
• 6M: 2.27%
• YTD: 16.37%
• 1Y: 50.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 24.52%

*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)
CCNR ALPS/CoreCommodity Natural Resources ETF	$256.37K	$2.34M	$1.27M
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	$77.78M	$41.91M	$28.99M

GUNR vs. CCNR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	14.39%	30.03%	-8.95%
CCNR ALPS/CoreCommodity Natural Resources ETF	16.37%	46.48%	-7.79%

Correlation

The correlation between GUNR and CCNR is 0.86, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.86
Correlation (All Time) Calculated using the full available price history since Jul 11, 2024	0.90

The correlation between GUNR and CCNR has been stable across timeframes, ranging from 0.86 to 0.90 - a consistent structural relationship.

GUNR vs. CCNR - Sectors Allocation Comparison

Sectors	GUNR	CCNR
Basic Materials	52.3%	35.7%
Energy	29.2%	37.5%
Consumer Defensive	11.8%	9.0%
Utilities	5.4%	8.8%
Communication Services	1.7%	-
Real Estate	1.2%	0.5%
Technology	0.5%	1.1%
Industrials	0.5%	7.6%
Consumer Cyclical	0.4%	0.3%
Financial Services	0.0%	0.1%
Healthcare	-	-

Return for Risk

GUNR vs. CCNR — Risk / Return Rank

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

GUNR

GUNR Risk / Return Rank: 79
GUNR Sharpe Ratio Rank: 85
GUNR Sortino Ratio Rank: 79
GUNR Omega Ratio Rank: 82
GUNR Calmar Ratio Rank: 77
GUNR Martin Ratio Rank: 70

CCNR

CCNR Risk / Return Rank: 90
CCNR Sharpe Ratio Rank: 94
CCNR Sortino Ratio Rank: 91
CCNR Omega Ratio Rank: 92
CCNR Calmar Ratio Rank: 90
CCNR Martin Ratio Rank: 83

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.

GUNR vs. CCNR - 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 ALPS/CoreCommodity Natural Resources ETF (CCNR). 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	CCNR	Difference
Sharpe ratio: Return per unit of total volatility	2.06	2.72	-0.66
Sortino ratio: Return per unit of downside risk	2.64	3.34	-0.71
Omega ratio: Gain probability vs. loss probability	1.36	1.46	-0.10
Calmar ratio: Return relative to maximum drawdown	2.80	3.92	-1.12
Martin ratio: Return relative to average drawdown	8.76	11.72	-2.96

GUNR vs. CCNR - Sharpe Ratio Comparison

The current GUNR Sharpe Ratio is 2.06, which is comparable to the CCNR Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of GUNR and CCNR, 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

GUNR vs. CCNR - Drawdown Comparison

The maximum GUNR drawdown since its inception was -45.64%, which is greater than CCNR's maximum drawdown of -20.06%. Use the drawdown chart below to compare losses from any high point for GUNR and CCNR.

Drawdown Indicators

	GUNR	CCNR	Difference
Max Drawdown Largest peak-to-trough decline	-45.64%	-20.06%	-25.58%
Max Drawdown (1Y) Largest decline over 1 year	-11.70%	-12.88%	+1.18%
Max Drawdown (3Y) Largest decline over 3 years	-19.59%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.06%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-43.04%	—	—
Current Drawdown Current decline from peak	-6.49%	-9.53%	+3.04%
Average Drawdown Average peak-to-trough decline	-10.37%	-4.02%	-6.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.74%	4.30%	-0.56%

Volatility

GUNR vs. CCNR - Volatility Comparison

The current volatility for FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) is 4.06%, while ALPS/CoreCommodity Natural Resources ETF (CCNR) has a volatility of 4.61%. This indicates that GUNR experiences smaller price fluctuations and is considered to be less risky than CCNR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GUNR	CCNR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.06%	4.61%	-0.55%
Volatility (6M) Calculated over the trailing 6-month period	12.60%	13.49%	-0.89%
Volatility (1Y) Calculated over the trailing 1-year period	15.98%	18.61%	-2.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.95%	19.96%	-1.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.33%	19.96%	+0.37%

GUNR vs. CCNR - Expense Ratio Comparison

GUNR has a 0.46% expense ratio, which is higher than CCNR's 0.39% expense ratio.

Dividends

GUNR vs. CCNR - Dividend Comparison

GUNR's dividend yield for the trailing twelve months is around 2.34%, less than CCNR's 2.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CCNR ALPS/CoreCommodity Natural Resources ETF	2.99%	3.48%	1.27%	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	2.34%	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 CCNR in my portfolio?

GUNR and CCNR have a correlation of 0.86, 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 CCNR?

CCNR has higher volatility (4.61%) compared to GUNR (4.06%). In terms of maximum drawdown, GUNR dropped -45.64% vs CCNR's -20.06%.

Which ETF is better, GUNR or CCNR?

On 1-year performance, CCNR leads with 50.28% vs 32.63% for GUNR. On fees, CCNR is cheaper at 0.39% per year. On volatility, GUNR has been the lower-risk option at 4.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GUNR or CCNR?

Over the 1-year period, CCNR has performed better with a 50.28% return vs 32.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GUNR or CCNR?

CCNR is cheaper with a 0.39% expense ratio, compared with 0.46% for GUNR.

Which ETF pays a higher dividend yield, GUNR or CCNR?

CCNR has the higher dividend yield at 2.99%, compared with 2.34% for GUNR.

What is the main difference between GUNR and CCNR?

They also come from different issuers: Northern Trust and ALPS. Their fees differ too: 0.46% for GUNR and 0.39% for CCNR.

Which has better risk-adjusted returns?

CCNR currently has the higher Sharpe Ratio (2.72 vs 2.06), 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.