GUNR vs. ICOP

Last updated Jun 4, 2026

GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) and ICOP (iShares Copper and Metals Mining ETF) are both Commodity Producers Equities funds - GUNR tracks the Morningstar Global Upstream Natural Resources Index while ICOP tracks the STOXX Global Copper and Metals Mining Index. Both are passively managed. Over the past year, GUNR returned 41.45% vs 102.60% for ICOP. A 0.77 correlation means they provide meaningful diversification when combined. GUNR charges 0.46%/yr vs 0.47%/yr for ICOP.

Performance

GUNR vs. ICOP - 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 iShares Copper and Metals Mining ETF (ICOP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GUNR achieves a 19.20% return, which is significantly lower than ICOP's 27.29% return.

GUNR

• 1D: -0.69%
• 1M: 0.04%
• YTD: 19.20%
• 6M: 21.67%
• 1Y: 41.45%
• 3Y*: 14.42%
• 5Y*: 9.93%
• 10Y*: 11.17%

ICOP

• 1D: -3.29%
• 1M: 17.09%
• YTD: 27.29%
• 6M: 37.08%
• 1Y: 102.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GUNR vs. ICOP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	19.20%	30.03%	-8.37%	6.18%
ICOP iShares Copper and Metals Mining ETF	27.29%	78.01%	1.10%	8.08%

Correlation

The correlation between GUNR and ICOP is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (All Time) Calculated using the full available price history since Jun 26, 2023	0.77

The correlation between GUNR and ICOP has been stable across timeframes, ranging from 0.68 to 0.77 - a consistent structural relationship.

GUNR vs. ICOP - Sectors Allocation Comparison

Sectors	GUNR	ICOP
Basic Materials	44.3%	100.0%
Energy	30.6%	-
Consumer Defensive	11.4%	-
Utilities	4.0%	-
Financial Services	2.6%	-
Industrials	2.3%	-
Communication Services	1.6%	-
Technology	0.5%	-
Real Estate	0.2%	-
Consumer Cyclical	0.2%	-
Healthcare	-	-

Return for Risk

GUNR vs. ICOP — Risk / Return Rank

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

GUNR

GUNR Risk / Return Rank: 84
GUNR Sharpe Ratio Rank: 83
GUNR Sortino Ratio Rank: 76
GUNR Omega Ratio Rank: 79
GUNR Calmar Ratio Rank: 92
GUNR Martin Ratio Rank: 92

ICOP

ICOP Risk / Return Rank: 74
ICOP Sharpe Ratio Rank: 83
ICOP Sortino Ratio Rank: 66
ICOP Omega Ratio Rank: 68
ICOP Calmar Ratio Rank: 77
ICOP Martin Ratio Rank: 75

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. ICOP - 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 iShares Copper and Metals Mining ETF (ICOP). 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	ICOP	Difference
Sharpe ratio Return per unit of total volatility	2.75	2.77	-0.01
Sortino ratio Return per unit of downside risk	3.48	3.11	+0.37
Omega ratio Gain probability vs. loss probability	1.48	1.42	+0.06
Calmar ratio Return relative to maximum drawdown	6.12	3.95	+2.17
Martin ratio Return relative to average drawdown	23.21	14.50	+8.71
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. ICOP - Sharpe Ratio Comparison

The current GUNR Sharpe Ratio is 2.75, which is comparable to the ICOP Sharpe Ratio of 2.77. The chart below compares the historical Sharpe Ratios of GUNR and ICOP, 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	ICOP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.75	2.77	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	1.08	-0.75

Drawdowns

GUNR vs. ICOP - Drawdown Comparison

The maximum GUNR drawdown since its inception was -45.64%, which is greater than ICOP's maximum drawdown of -38.67%. Use the drawdown chart below to compare losses from any high point for GUNR and ICOP.

Drawdown Indicators

	GUNR	ICOP	Difference
Max Drawdown Largest peak-to-trough decline	-45.64%	-38.67%	-6.97%
Max Drawdown (1Y) Largest decline over 1 year	-6.81%	-26.13%	+19.32%
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	-2.56%	-3.29%	+0.73%
Average Drawdown Average peak-to-trough decline	-10.40%	-11.67%	+1.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.79%	7.10%	-5.31%

Volatility

GUNR vs. ICOP - Volatility Comparison

The current volatility for FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) is 4.39%, while iShares Copper and Metals Mining ETF (ICOP) has a volatility of 13.69%. This indicates that GUNR experiences smaller price fluctuations and is considered to be less risky than ICOP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GUNR	ICOP	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.39%	13.69%	-9.30%
Volatility (6M) Calculated over the trailing 6-month period	12.57%	32.28%	-19.71%
Volatility (1Y) Calculated over the trailing 1-year period	15.14%	37.29%	-22.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.98%	33.77%	-14.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.42%	33.77%	-13.35%

GUNR vs. ICOP - Expense Ratio Comparison

GUNR has a 0.46% expense ratio, which is lower than ICOP's 0.47% expense ratio.

Dividends

GUNR vs. ICOP - Dividend Comparison

GUNR's dividend yield for the trailing twelve months is around 2.24%, more than ICOP's 1.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	2.24%	2.81%	3.39%	3.55%	4.12%	3.61%	2.79%	3.25%	3.27%	2.00%	1.73%	4.50%
ICOP iShares Copper and Metals Mining ETF	1.63%	2.08%	1.87%	2.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GUNR and ICOP in my portfolio?

GUNR and ICOP have a correlation of 0.68, 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 ICOP?

ICOP has higher volatility (13.69%) compared to GUNR (4.39%). In terms of maximum drawdown, GUNR dropped -45.64% vs ICOP's -38.67%.

Which ETF is better, GUNR or ICOP?

On 1-year performance, ICOP leads with 102.60% vs 41.45% for GUNR. On fees, GUNR is cheaper at 0.46% per year. On volatility, GUNR has been the lower-risk option at 4.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GUNR or ICOP?

Over the 1-year period, ICOP has performed better with a 102.60% return vs 41.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GUNR or ICOP?

GUNR is cheaper with a 0.46% expense ratio, compared with 0.47% for ICOP.

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

GUNR has the higher dividend yield at 2.24%, compared with 1.63% for ICOP.

What is the main difference between GUNR and ICOP?

GUNR tracks Morningstar Global Upstream Natural Resources Index, while ICOP tracks STOXX Global Copper and Metals Mining Index. They also come from different issuers: Northern Trust and iShares. Their fees differ too: 0.46% for GUNR and 0.47% for ICOP.

Which has better risk-adjusted returns?

ICOP currently has the higher Sharpe Ratio (2.77 vs 2.75), 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.