GUNR vs. IQDY

Last updated Jun 4, 2026

GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) and IQDY (FlexShares International Quality Dividend Dynamic Index Fund) are both exchange-traded funds - GUNR is a Commodity Producers Equities fund tracking the Morningstar Global Upstream Natural Resources Index, while IQDY is a Foreign Large Cap Equities fund tracking the Northern Trust International Quality Dividend Dynamic Index. Both are passively managed. Over the past 10 years, GUNR returned 11.17%/yr vs 11.61%/yr for IQDY. A 0.70 correlation means they provide meaningful diversification when combined. GUNR charges 0.46%/yr vs 0.47%/yr for IQDY.

Performance

GUNR vs. IQDY - 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 FlexShares International Quality Dividend Dynamic Index Fund (IQDY). 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 higher than IQDY's 17.95% return. Both investments have delivered pretty close results over the past 10 years, with GUNR having a 11.17% annualized return and IQDY not far ahead at 11.61%.

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%

IQDY

• 1D: -0.89%
• 1M: 6.55%
• YTD: 17.95%
• 6M: 20.74%
• 1Y: 41.61%
• 3Y*: 24.42%
• 5Y*: 11.45%
• 10Y*: 11.61%

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

GUNR vs. IQDY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	19.20%	30.03%	-8.37%	-2.40%	14.83%	26.06%	0.46%	18.41%	-9.42%	18.74%
IQDY FlexShares International Quality Dividend Dynamic Index Fund	17.95%	37.44%	5.97%	23.45%	-15.78%	12.00%	9.54%	27.27%	-20.04%	24.06%

Correlation

The correlation between GUNR and IQDY is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Apr 17, 2013	0.70

Over the past year, the correlation between GUNR and IQDY has dropped to 0.49 - well below their long-term average of 0.70, suggesting their price drivers have been diverging.

GUNR vs. IQDY - Sectors Allocation Comparison

Sectors	GUNR	IQDY
Basic Materials	44.3%	7.8%
Energy	30.6%	7.6%
Consumer Defensive	11.4%	3.5%
Utilities	4.0%	3.4%
Financial Services	2.6%	26.3%
Industrials	2.3%	14.5%
Communication Services	1.6%	3.5%
Technology	0.5%	18.2%
Real Estate	0.2%	1.0%
Consumer Cyclical	0.2%	8.8%
Healthcare	-	5.4%

Return for Risk

GUNR vs. IQDY — 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

IQDY

IQDY Risk / Return Rank: 79
IQDY Sharpe Ratio Rank: 80
IQDY Sortino Ratio Rank: 77
IQDY Omega Ratio Rank: 78
IQDY Calmar Ratio Rank: 78
IQDY Martin Ratio Rank: 80

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. IQDY - 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 FlexShares International Quality Dividend Dynamic Index Fund (IQDY). 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	IQDY	Difference
Sharpe ratio: Return per unit of total volatility	2.75	2.63	+0.12
Sortino ratio: Return per unit of downside risk	3.48	3.51	-0.03
Omega ratio: Gain probability vs. loss probability	1.48	1.47	+0.01
Calmar ratio: Return relative to maximum drawdown	6.12	4.01	+2.10
Martin ratio: Return relative to average drawdown	23.21	15.76	+7.45
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. IQDY - Sharpe Ratio Comparison

The current GUNR Sharpe Ratio is 2.75, which is comparable to the IQDY Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of GUNR and IQDY, 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	IQDY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.75	2.63	+0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.65	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.63	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.50	-0.18

Drawdowns

GUNR vs. IQDY - Drawdown Comparison

The maximum GUNR drawdown since its inception was -45.64%, which is greater than IQDY's maximum drawdown of -39.60%. Use the drawdown chart below to compare losses from any high point for GUNR and IQDY.

Drawdown Indicators

	GUNR	IQDY	Difference
Max Drawdown Largest peak-to-trough decline	-45.64%	-39.60%	-6.04%
Max Drawdown (1Y) Largest decline over 1 year	-6.81%	-10.42%	+3.61%
Max Drawdown (3Y) Largest decline over 3 years	-19.59%	-14.76%	-4.83%
Max Drawdown (5Y) Largest decline over 5 years	-24.06%	-33.03%	+8.97%
Max Drawdown (10Y) Largest decline over 10 years	-43.04%	-39.60%	-3.44%
Current Drawdown Current decline from peak	-2.56%	-0.89%	-1.67%
Average Drawdown Average peak-to-trough decline	-10.40%	-9.10%	-1.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.79%	2.65%	-0.86%

Volatility

GUNR vs. IQDY - Volatility Comparison

The current volatility for FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) is 4.39%, while FlexShares International Quality Dividend Dynamic Index Fund (IQDY) has a volatility of 5.84%. This indicates that GUNR experiences smaller price fluctuations and is considered to be less risky than IQDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GUNR	IQDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.39%	5.84%	-1.45%
Volatility (6M) Calculated over the trailing 6-month period	12.57%	13.40%	-0.83%
Volatility (1Y) Calculated over the trailing 1-year period	15.14%	15.93%	-0.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.98%	17.81%	+1.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.42%	18.43%	+1.99%

GUNR vs. IQDY - Expense Ratio Comparison

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

Dividends

GUNR vs. IQDY - Dividend Comparison

GUNR's dividend yield for the trailing twelve months is around 2.24%, less than IQDY's 2.76% 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%
IQDY FlexShares International Quality Dividend Dynamic Index Fund	2.76%	3.26%	6.95%	6.45%	5.52%	3.89%	2.62%	3.85%	5.97%	3.57%	3.77%	4.08%

Frequently Asked Questions

Can I hold both GUNR and IQDY in my portfolio?

GUNR and IQDY have a correlation of 0.49, 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 IQDY?

IQDY has higher volatility (5.84%) compared to GUNR (4.39%). In terms of maximum drawdown, GUNR dropped -45.64% vs IQDY's -39.60%.

Which ETF is better, GUNR or IQDY?

On 10-year performance, IQDY leads with 11.61% vs 11.17% 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 IQDY?

Over the 10-year period, IQDY has performed better with a 11.61% return vs 11.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GUNR or IQDY?

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

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

IQDY has the higher dividend yield at 2.76%, compared with 2.24% for GUNR.

What is the main difference between GUNR and IQDY?

GUNR is categorized as Commodity Producers Equities, while IQDY is Foreign Large Cap Equities. GUNR tracks Morningstar Global Upstream Natural Resources Index, while IQDY tracks Northern Trust International Quality Dividend Dynamic Index. Their fees differ too: 0.46% for GUNR and 0.47% for IQDY.

Which has better risk-adjusted returns?

GUNR currently has the higher Sharpe Ratio (2.75 vs 2.63), 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.