GUNR vs. INFL

Last updated Aug 2, 2026

GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) and INFL (Horizon Kinetics Inflation Beneficiaries ETF) are both exchange-traded funds - GUNR is a Natural Resources fund tracking the Morningstar Global Upstream Natural Resources Index, while INFL is a Global Equities fund actively managed by Horizon Kinetics. GUNR is passively managed, while INFL is actively managed. Over the past 5 years, GUNR returned 10.53%/yr vs 12.86%/yr for INFL. Their correlation of 0.82 means they have usually moved in the same direction. GUNR charges 0.46%/yr vs 0.85%/yr for INFL.

Performance

GUNR vs. INFL - 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 Horizon Kinetics Inflation Beneficiaries ETF (INFL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with GUNR having a 15.36% return and INFL slightly higher at 15.87%.

GUNR

• 1D: -1.34%
• 1M: 5.08%
• 6M: 4.45%
• YTD: 15.36%
• 1Y: 33.75%
• 3Y*: 10.87%
• 5Y*: 10.53%
• 10Y*: 10.25%
• ALL TIME*: 6.57%

INFL

• 1D: -0.06%
• 1M: 3.05%
• 6M: 5.26%
• YTD: 15.87%
• 1Y: 25.84%
• 3Y*: 18.91%
• 5Y*: 12.86%
• 10Y*: —
• ALL TIME*: 15.35%

*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)
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	$21.90M	$15.47M	$20.20M
INFL Horizon Kinetics Inflation Beneficiaries ETF	$4.88M	$5.98M	$13.46M

GUNR vs. INFL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	15.36%	30.03%	-8.37%	-2.40%	14.83%	17.84%
INFL Horizon Kinetics Inflation Beneficiaries ETF	15.87%	18.30%	23.34%	1.62%	2.65%	25.22%

Correlation

The correlation between GUNR and INFL is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.77
Correlation (3Y) Balances recent behavior with more history.	0.77
Correlation (5Y) Shows whether the relationship held over a longer period.	0.82
Correlation (All Time) Calculated using the full available price history since Jan 12, 2021	0.82

The correlation between GUNR and INFL has been stable across timeframes, ranging from 0.77 to 0.82 - a consistent structural relationship.

GUNR vs. INFL - Sectors Allocation Comparison

Sectors	GUNR	INFL
Basic Materials	52.3%	19.1%
Energy	29.2%	43.4%
Consumer Defensive	11.8%	1.9%
Utilities	5.4%	3.0%
Communication Services	1.7%	0.3%
Real Estate	1.2%	1.2%
Technology	0.5%	-
Industrials	0.5%	1.8%
Consumer Cyclical	0.4%	-
Financial Services	0.0%	20.6%
Healthcare	-	1.3%

Return for Risk

GUNR vs. INFL — Risk / Return Rank

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

GUNR

GUNR Risk / Return Rank: 81
GUNR Sharpe Ratio Rank: 87
GUNR Sortino Ratio Rank: 82
GUNR Omega Ratio Rank: 85
GUNR Calmar Ratio Rank: 79
GUNR Martin Ratio Rank: 73

INFL

INFL Risk / Return Rank: 60
INFL Sharpe Ratio Rank: 68
INFL Sortino Ratio Rank: 60
INFL Omega Ratio Rank: 63
INFL Calmar Ratio Rank: 59
INFL Martin Ratio Rank: 48

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. INFL - 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 Horizon Kinetics Inflation Beneficiaries ETF (INFL). 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	INFL	Difference
Sharpe ratio: Return per unit of total volatility	2.09	1.55	+0.54
Sortino ratio: Return per unit of downside risk	2.68	2.02	+0.65
Omega ratio: Gain probability vs. loss probability	1.36	1.27	+0.10
Calmar ratio: Return relative to maximum drawdown	2.84	2.07	+0.77
Martin ratio: Return relative to average drawdown	8.94	5.55	+3.39

GUNR vs. INFL - Sharpe Ratio Comparison

The current GUNR Sharpe Ratio is 2.09, which is higher than the INFL Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of GUNR and INFL, 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. INFL - Drawdown Comparison

The maximum GUNR drawdown since its inception was -45.64%, which is greater than INFL's maximum drawdown of -21.30%. Use the drawdown chart below to compare losses from any high point for GUNR and INFL.

Drawdown Indicators

	GUNR	INFL	Difference
Max Drawdown Largest peak-to-trough decline	-45.64%	-21.30%	-24.34%
Max Drawdown (1Y) Largest decline over 1 year	-11.70%	-12.20%	+0.50%
Max Drawdown (3Y) Largest decline over 3 years	-19.59%	-15.56%	-4.03%
Max Drawdown (5Y) Largest decline over 5 years	-24.06%	-21.30%	-2.76%
Max Drawdown (10Y) Largest decline over 10 years	-43.04%	—	—
Current Drawdown Current decline from peak	-5.70%	-6.59%	+0.89%
Average Drawdown Average peak-to-trough decline	-10.37%	-5.20%	-5.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.71%	4.55%	-0.84%

Volatility

GUNR vs. INFL - Volatility Comparison

FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) has a higher volatility of 4.14% compared to Horizon Kinetics Inflation Beneficiaries ETF (INFL) at 3.06%. This indicates that GUNR's price experiences larger fluctuations and is considered to be riskier than INFL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GUNR	INFL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.14%	3.06%	+1.08%
Volatility (6M) Calculated over the trailing 6-month period	13.16%	12.71%	+0.45%
Volatility (1Y) Calculated over the trailing 1-year period	15.95%	16.38%	-0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.95%	17.74%	+1.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.32%	17.59%	+2.73%

GUNR vs. INFL - Expense Ratio Comparison

GUNR has a 0.46% expense ratio, which is lower than INFL's 0.85% expense ratio.

Dividends

GUNR vs. INFL - Dividend Comparison

GUNR's dividend yield for the trailing twelve months is around 2.32%, more than INFL's 0.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	2.32%	2.81%	3.39%	3.55%	4.12%	3.61%	2.79%	3.25%	3.27%	2.00%	1.73%	4.50%
INFL Horizon Kinetics Inflation Beneficiaries ETF	0.80%	1.26%	1.77%	1.60%	1.65%	0.91%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GUNR and INFL in my portfolio?

GUNR and INFL have a correlation of 0.77, 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 INFL?

GUNR has higher volatility (4.14%) compared to INFL (3.06%). In terms of maximum drawdown, GUNR dropped -45.64% vs INFL's -21.30%.

Which ETF is better, GUNR or INFL?

On 5-year performance, INFL leads with 12.86% vs 10.53% for GUNR. On fees, GUNR is cheaper at 0.46% per year. On volatility, INFL has been the lower-risk option at 3.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GUNR or INFL?

Over the 5-year period, INFL has performed better with a 12.86% return vs 10.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GUNR or INFL?

GUNR is cheaper with a 0.46% expense ratio, compared with 0.85% for INFL.

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

GUNR has the higher dividend yield at 2.32%, compared with 0.80% for INFL.

What is the main difference between GUNR and INFL?

GUNR is categorized as Natural Resources, while INFL is Global Equities. They also come from different issuers: Northern Trust and Horizon Kinetics. Their fees differ too: 0.46% for GUNR and 0.85% for INFL.

Which has better risk-adjusted returns?

GUNR currently has the higher Sharpe Ratio (2.09 vs 1.55), 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.