GUNR vs. DBC
GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) and DBC (Invesco DB Commodity Index Tracking Fund) are both exchange-traded funds - GUNR is a Natural Resources fund tracking the Morningstar Global Upstream Natural Resources Index, while DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return. Both are passively managed. Over the past 10 years, GUNR returned 10.65%/yr vs 8.01%/yr for DBC. A 0.59 correlation means they provide meaningful diversification when combined. GUNR charges 0.46%/yr vs 0.85%/yr for DBC.
Performance
GUNR vs. DBC - Performance Comparison
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Returns By Period
In the year-to-date period, GUNR achieves a 11.59% return, which is significantly lower than DBC's 22.58% return. Over the past 10 years, GUNR has outperformed DBC with an annualized return of 10.65%, while DBC has yielded a comparatively lower 8.01% annualized return.
GUNR
- 1D
- -0.10%
- 1M
- -6.06%
- YTD
- 11.59%
- 6M
- 11.39%
- 1Y
- 28.93%
- 3Y*
- 12.18%
- 5Y*
- 9.52%
- 10Y*
- 10.65%
DBC
- 1D
- -0.80%
- 1M
- -10.25%
- YTD
- 22.58%
- 6M
- 22.42%
- 1Y
- 21.81%
- 3Y*
- 10.98%
- 5Y*
- 10.64%
- 10Y*
- 8.01%
GUNR vs. DBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund | 11.59% | 30.03% | -8.37% | -2.40% | 14.83% | 26.06% | 0.46% | 18.41% | -9.42% | 18.74% |
DBC Invesco DB Commodity Index Tracking Fund | 22.58% | 8.10% | 2.18% | -6.19% | 19.34% | 41.36% | -7.84% | 11.84% | -11.63% | 4.86% |
Correlation
The correlation between GUNR and DBC is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Sep 22, 2011 | 0.59 |
The correlation between GUNR and DBC shifts across timeframes, from 0.43 (1 year) to 0.59 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GUNR vs. DBC — Risk / Return Rank
GUNR
DBC
GUNR vs. DBC - 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 Invesco DB Commodity Index Tracking Fund (DBC). 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 | DBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.67 | ||
| Sortino ratioReturn per unit of downside risk | +0.75 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.21 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 3.31 | 1.62 | +1.69 |
| Martin ratioReturn relative to average drawdown | 12.68 | 6.82 | +5.86 |
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Drawdowns
GUNR vs. DBC - Drawdown Comparison
The maximum GUNR drawdown since its inception was -45.64%, smaller than the maximum DBC drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for GUNR and DBC.
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Drawdown Indicators
| GUNR | DBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.64% | -76.36% | +30.72% |
Max Drawdown (1Y)Largest decline over 1 year | -8.78% | -13.51% | +4.73% |
Max Drawdown (3Y)Largest decline over 3 years | -19.59% | -13.82% | -5.77% |
Max Drawdown (5Y)Largest decline over 5 years | -24.06% | -27.34% | +3.28% |
Max Drawdown (10Y)Largest decline over 10 years | -43.04% | -41.71% | -1.33% |
Current DrawdownCurrent decline from peak | -8.78% | -29.09% | +20.31% |
Average DrawdownAverage peak-to-trough decline | -10.39% | -46.17% | +35.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.29% | 3.97% | -1.68% |
Volatility
GUNR vs. DBC - Volatility Comparison
FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) has a higher volatility of 5.11% compared to Invesco DB Commodity Index Tracking Fund (DBC) at 4.60%. This indicates that GUNR's price experiences larger fluctuations and is considered to be riskier than DBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GUNR | DBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.11% | 4.60% | +0.51% |
Volatility (6M)Calculated over the trailing 6-month period | 13.19% | 16.16% | -2.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.86% | 18.75% | -2.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.01% | 19.20% | -0.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.43% | 17.81% | +2.62% |
GUNR vs. DBC - Expense Ratio Comparison
GUNR has a 0.46% expense ratio, which is lower than DBC's 0.85% expense ratio.
Dividends
GUNR vs. DBC - Dividend Comparison
GUNR's dividend yield for the trailing twelve months is around 2.40%, less than DBC's 2.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 2.72% | 3.33% | 5.22% | 4.94% | 0.59% | 0.00% | 0.00% | 1.59% | 1.30% | 0.00% | 0.00% | 0.00% |
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund | 2.40% | 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 DBC have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GUNR has higher volatility (5.11%) compared to DBC (4.60%). In terms of maximum drawdown, GUNR dropped -45.64% vs DBC's -76.36%.
On 10-year performance, GUNR leads with 10.65% vs 8.01% for DBC. On fees, GUNR is cheaper at 0.46% per year. On volatility, DBC has been the lower-risk option at 4.60%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GUNR has performed better with a 10.65% return vs 8.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GUNR is cheaper with a 0.46% expense ratio, compared with 0.85% for DBC.
DBC has the higher dividend yield at 2.72%, compared with 2.40% for GUNR.
GUNR is categorized as Natural Resources, while DBC is Commodities. GUNR tracks Morningstar Global Upstream Natural Resources Index, while DBC tracks DBIQ Optimum Yield Diversified Commodity Index Excess Return. They also come from different issuers: Northern Trust and Invesco. Their fees differ too: 0.46% for GUNR and 0.85% for DBC.
GUNR currently has the higher Sharpe Ratio (1.84 vs 1.17), 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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