GUNR vs. HAP

Last updated Jun 23, 2026

GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) and HAP (VanEck Natural Resources ETF) are both exchange-traded funds - GUNR is a Natural Resources fund tracking the Morningstar Global Upstream Natural Resources Index, while HAP is a Energy Equities fund tracking the MarketVector Global Natural Resources Index. Both are passively managed. Over the past 10 years, GUNR returned 10.65%/yr vs 11.78%/yr for HAP. Their correlation of 0.95 suggests significant overlap in exposure. GUNR charges 0.46%/yr vs 0.42%/yr for HAP.

Performance

GUNR vs. HAP - 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 VanEck Natural Resources ETF (HAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GUNR achieves a 11.59% return, which is significantly lower than HAP's 15.91% return. Over the past 10 years, GUNR has underperformed HAP with an annualized return of 10.65%, while HAP has yielded a comparatively higher 11.78% 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%

HAP

• 1D: 0.23%
• 1M: -3.69%
• YTD: 15.91%
• 6M: 15.93%
• 1Y: 36.73%
• 3Y*: 17.20%
• 5Y*: 11.62%
• 10Y*: 11.78%

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

GUNR vs. HAP - 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%
HAP VanEck Natural Resources ETF	15.91%	34.91%	-4.08%	2.46%	7.84%	25.04%	6.30%	18.60%	-10.68%	17.12%

Correlation

The correlation between GUNR and HAP is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Sep 22, 2011	0.95

The correlation between GUNR and HAP has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

GUNR vs. HAP - Sectors Allocation Comparison

Sectors	GUNR	HAP
Basic Materials	49.4%	38.6%
Energy	29.6%	30.7%
Consumer Defensive	12.1%	6.4%
Utilities	4.4%	9.3%
Financial Services	2.9%	-
Industrials	2.6%	10.1%
Communication Services	1.7%	-
Technology	0.5%	1.4%
Real Estate	0.3%	0.4%
Consumer Cyclical	0.2%	0.2%
Healthcare	-	2.8%

Return for Risk

GUNR vs. HAP — Risk / Return Rank

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

GUNR

GUNR Risk / Return Rank: 60
GUNR Sharpe Ratio Rank: 56
GUNR Sortino Ratio Rank: 50
GUNR Omega Ratio Rank: 53
GUNR Calmar Ratio Rank: 68
GUNR Martin Ratio Rank: 70

HAP

HAP Risk / Return Rank: 78
HAP Sharpe Ratio Rank: 77
HAP Sortino Ratio Rank: 71
HAP Omega Ratio Rank: 76
HAP Calmar Ratio Rank: 85
HAP Martin Ratio Rank: 82

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. HAP - 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 VanEck Natural Resources ETF (HAP). 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	HAP	Difference
Sharpe ratio: Return per unit of total volatility	1.84	2.37	-0.54
Sortino ratio: Return per unit of downside risk	2.39	3.08	-0.69
Omega ratio: Gain probability vs. loss probability	1.32	1.43	-0.10
Calmar ratio: Return relative to maximum drawdown	3.31	4.44	-1.13
Martin ratio: Return relative to average drawdown	12.68	15.74	-3.06

GUNR vs. HAP - Sharpe Ratio Comparison

The current GUNR Sharpe Ratio is 1.84, which is comparable to the HAP Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of GUNR and HAP, 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. HAP - Drawdown Comparison

The maximum GUNR drawdown since its inception was -45.64%, smaller than the maximum HAP drawdown of -50.99%. Use the drawdown chart below to compare losses from any high point for GUNR and HAP.

Drawdown Indicators

	GUNR	HAP	Difference
Max Drawdown Largest peak-to-trough decline	-45.64%	-50.99%	+5.35%
Max Drawdown (1Y) Largest decline over 1 year	-8.78%	-8.31%	-0.47%
Max Drawdown (3Y) Largest decline over 3 years	-19.59%	-16.92%	-2.67%
Max Drawdown (5Y) Largest decline over 5 years	-24.06%	-25.66%	+1.60%
Max Drawdown (10Y) Largest decline over 10 years	-43.04%	-44.07%	+1.03%
Current Drawdown Current decline from peak	-8.78%	-6.46%	-2.32%
Average Drawdown Average peak-to-trough decline	-10.39%	-12.06%	+1.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.29%	2.34%	-0.05%

Volatility

GUNR vs. HAP - Volatility Comparison

FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) and VanEck Natural Resources ETF (HAP) have volatilities of 5.11% and 5.05%, 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.

Volatility by Period

	GUNR	HAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.11%	5.05%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	13.19%	12.85%	+0.34%
Volatility (1Y) Calculated over the trailing 1-year period	15.86%	15.58%	+0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.01%	18.25%	+0.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.43%	19.75%	+0.68%

GUNR vs. HAP - Expense Ratio Comparison

GUNR has a 0.46% expense ratio, which is higher than HAP's 0.42% expense ratio.

Dividends

GUNR vs. HAP - Dividend Comparison

GUNR's dividend yield for the trailing twelve months is around 2.40%, more than HAP's 1.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
HAP VanEck Natural Resources ETF	1.96%	2.27%	2.65%	3.27%	3.28%	2.16%	2.45%	2.80%	2.85%	2.02%	1.99%	3.00%

Frequently Asked Questions

Can I hold both GUNR and HAP in my portfolio?

With a correlation of 0.96, GUNR and HAP move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, GUNR or HAP?

GUNR has higher volatility (5.11%) compared to HAP (5.05%). In terms of maximum drawdown, GUNR dropped -45.64% vs HAP's -50.99%.

Which ETF is better, GUNR or HAP?

On 10-year performance, HAP leads with 11.78% vs 10.65% for GUNR. On fees, HAP is cheaper at 0.42% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GUNR or HAP?

Over the 10-year period, HAP has performed better with a 11.78% return vs 10.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GUNR or HAP?

HAP is cheaper with a 0.42% expense ratio, compared with 0.46% for GUNR.

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

GUNR has the higher dividend yield at 2.40%, compared with 1.96% for HAP.

What is the main difference between GUNR and HAP?

GUNR is categorized as Natural Resources, while HAP is Energy Equities. GUNR tracks Morningstar Global Upstream Natural Resources Index, while HAP tracks MarketVector Global Natural Resources Index. They also come from different issuers: Northern Trust and VanEck. Their fees differ too: 0.46% for GUNR and 0.42% for HAP.

Which has better risk-adjusted returns?

HAP currently has the higher Sharpe Ratio (2.37 vs 1.84), 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.