GUNR vs. IGE

Last updated Jun 23, 2026

GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) and IGE (iShares North American Natural Resources ETF) are both exchange-traded funds - GUNR is a Natural Resources fund tracking the Morningstar Global Upstream Natural Resources Index, while IGE is a Energy Equities fund tracking the S&P North American Natural Resources Sector Index. Both are passively managed. Over the past 10 years, GUNR returned 10.65%/yr vs 9.16%/yr for IGE. Their correlation of 0.86 suggests significant overlap in exposure. GUNR charges 0.46%/yr vs 0.39%/yr for IGE.

Performance

GUNR vs. IGE - 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 North American Natural Resources ETF (IGE). 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 IGE's 16.30% return. Over the past 10 years, GUNR has outperformed IGE with an annualized return of 10.65%, while IGE has yielded a comparatively lower 9.16% 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%

IGE

• 1D: 0.73%
• 1M: -5.61%
• YTD: 16.30%
• 6M: 16.09%
• 1Y: 31.04%
• 3Y*: 18.81%
• 5Y*: 16.68%
• 10Y*: 9.16%

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

GUNR vs. IGE - 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%
IGE iShares North American Natural Resources ETF	16.30%	20.41%	7.55%	3.12%	33.24%	39.42%	-19.58%	17.16%	-21.59%	0.82%

Correlation

The correlation between GUNR and IGE is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Sep 22, 2011	0.86

The correlation between GUNR and IGE has been stable across timeframes, ranging from 0.83 to 0.87 - a consistent structural relationship.

GUNR vs. IGE - Sectors Allocation Comparison

Sectors	GUNR	IGE
Basic Materials	49.4%	26.1%
Energy	29.6%	70.1%
Consumer Defensive	12.1%	-
Utilities	4.4%	-
Financial Services	2.9%	-
Industrials	2.6%	0.1%
Communication Services	1.7%	-
Technology	0.5%	-
Real Estate	0.3%	-
Consumer Cyclical	0.2%	3.5%
Healthcare	-	0.2%

Return for Risk

GUNR vs. IGE — 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

IGE

IGE Risk / Return Rank: 61
IGE Sharpe Ratio Rank: 58
IGE Sortino Ratio Rank: 55
IGE Omega Ratio Rank: 52
IGE Calmar Ratio Rank: 73
IGE Martin Ratio Rank: 66

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. IGE - 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 North American Natural Resources ETF (IGE). 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	IGE	Difference
Sharpe ratio: Return per unit of total volatility	1.84	1.89	-0.05
Sortino ratio: Return per unit of downside risk	2.39	2.56	-0.17
Omega ratio: Gain probability vs. loss probability	1.32	1.32	+0.01
Calmar ratio: Return relative to maximum drawdown	3.31	3.54	-0.23
Martin ratio: Return relative to average drawdown	12.68	11.85	+0.83

GUNR vs. IGE - Sharpe Ratio Comparison

The current GUNR Sharpe Ratio is 1.84, which is comparable to the IGE Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of GUNR and IGE, 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. IGE - Drawdown Comparison

The maximum GUNR drawdown since its inception was -45.64%, smaller than the maximum IGE drawdown of -67.55%. Use the drawdown chart below to compare losses from any high point for GUNR and IGE.

Drawdown Indicators

	GUNR	IGE	Difference
Max Drawdown Largest peak-to-trough decline	-45.64%	-67.55%	+21.91%
Max Drawdown (1Y) Largest decline over 1 year	-8.78%	-8.80%	+0.02%
Max Drawdown (3Y) Largest decline over 3 years	-19.59%	-19.49%	-0.10%
Max Drawdown (5Y) Largest decline over 5 years	-24.06%	-25.72%	+1.66%
Max Drawdown (10Y) Largest decline over 10 years	-43.04%	-60.57%	+17.53%
Current Drawdown Current decline from peak	-8.78%	-8.13%	-0.65%
Average Drawdown Average peak-to-trough decline	-10.39%	-18.87%	+8.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.29%	2.64%	-0.35%

Volatility

GUNR vs. IGE - Volatility Comparison

FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) and iShares North American Natural Resources ETF (IGE) have volatilities of 5.11% and 5.31%, 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	IGE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.11%	5.31%	-0.20%
Volatility (6M) Calculated over the trailing 6-month period	13.19%	12.97%	+0.22%
Volatility (1Y) Calculated over the trailing 1-year period	15.86%	16.53%	-0.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.01%	22.40%	-3.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.43%	24.95%	-4.52%

GUNR vs. IGE - Expense Ratio Comparison

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

Dividends

GUNR vs. IGE - Dividend Comparison

GUNR's dividend yield for the trailing twelve months is around 2.40%, more than IGE's 2.05% 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%
IGE iShares North American Natural Resources ETF	2.05%	2.32%	2.54%	2.85%	2.96%	2.92%	3.34%	5.55%	2.68%	2.11%	1.66%	3.08%

Frequently Asked Questions

Can I hold both GUNR and IGE in my portfolio?

GUNR and IGE have a correlation of 0.85, 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 IGE?

IGE has higher volatility (5.31%) compared to GUNR (5.11%). In terms of maximum drawdown, GUNR dropped -45.64% vs IGE's -67.55%.

Which ETF is better, GUNR or IGE?

On 10-year performance, GUNR leads with 10.65% vs 9.16% for IGE. On fees, IGE is cheaper at 0.39% per year. On volatility, GUNR has been the lower-risk option at 5.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GUNR or IGE?

Over the 10-year period, GUNR has performed better with a 10.65% return vs 9.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GUNR or IGE?

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

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

GUNR has the higher dividend yield at 2.40%, compared with 2.05% for IGE.

What is the main difference between GUNR and IGE?

GUNR is categorized as Natural Resources, while IGE is Energy Equities. GUNR tracks Morningstar Global Upstream Natural Resources Index, while IGE tracks S&P North American Natural Resources Sector Index. They also come from different issuers: Northern Trust and iShares. Their fees differ too: 0.46% for GUNR and 0.39% for IGE.

Which has better risk-adjusted returns?

IGE currently has the higher Sharpe Ratio (1.89 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.