GUNR vs. IQDY

Last updated Apr 2, 2026

Compare and contrast key facts about FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) and FlexShares International Quality Dividend Dynamic Index Fund (IQDY).

GUNR and IQDY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GUNR is a passively managed fund by Northern Trust that tracks the performance of the Morningstar Global Upstream Natural Resources Index. It was launched on Sep 16, 2011. IQDY is a passively managed fund by Northern Trust that tracks the performance of the Northern Trust International Quality Dividend Dynamic Index. It was launched on Apr 12, 2013. Both GUNR and IQDY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

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.

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	20.73%	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	4.83%	37.44%	5.97%	23.45%	-15.78%	12.00%	9.54%	27.27%	-20.04%	24.06%

Returns By Period

In the year-to-date period, GUNR achieves a 20.73% return, which is significantly higher than IQDY's 4.83% return. Over the past 10 years, GUNR has outperformed IQDY with an annualized return of 12.13%, while IQDY has yielded a comparatively lower 10.63% annualized return.

GUNR

• 1D: -0.02%
• 1M: -0.96%
• YTD: 20.73%
• 6M: 27.72%
• 1Y: 45.55%
• 3Y*: 12.85%
• 5Y*: 12.39%
• 10Y*: 12.13%

IQDY

• 1D: 1.00%
• 1M: -4.19%
• YTD: 4.83%
• 6M: 13.30%
• 1Y: 35.97%
• 3Y*: 20.02%
• 5Y*: 10.24%
• 10Y*: 10.63%

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

GUNR vs. IQDY - Expense Ratio Comparison

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

IQDY

FlexShares International Quality Dividend Dynamic Index Fund

GUNR

FlexShares Morningstar Global Upstream Natural Resources Index Fund

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: 95
GUNR Sharpe Ratio Rank: 95
GUNR Sortino Ratio Rank: 94
GUNR Omega Ratio Rank: 95
GUNR Calmar Ratio Rank: 92
GUNR Martin Ratio Rank: 97

IQDY

IQDY Risk / Return Rank: 89
IQDY Sharpe Ratio Rank: 88
IQDY Sortino Ratio Rank: 90
IQDY Omega Ratio Rank: 90
IQDY Calmar Ratio Rank: 87
IQDY Martin Ratio Rank: 90

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	2.44	1.95	+0.48
Sortino ratio Return per unit of downside risk	3.02	2.64	+0.38
Omega ratio Gain probability vs. loss probability	1.47	1.40	+0.08
Calmar ratio Return relative to maximum drawdown	3.46	2.91	+0.55
Martin ratio Return relative to average drawdown	19.38	12.60	+6.78
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 2.44, which is comparable to the IQDY Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of GUNR and IQDY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GUNR	IQDY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.44	1.95	+0.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	0.58	+0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	0.58	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.45	-0.12

Correlation

The correlation between GUNR and IQDY is 0.71, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

GUNR vs. IQDY - Dividend Comparison

GUNR's dividend yield for the trailing twelve months is around 2.21%, less than IQDY's 3.11% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	2.21%	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	3.11%	3.26%	6.95%	6.45%	5.52%	3.89%	2.62%	3.85%	5.97%	3.57%	3.77%	4.08%

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	-13.25%	-12.52%	-0.73%
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	-0.96%	-6.04%	+5.08%
Average Drawdown Average peak-to-trough decline	-10.50%	-9.21%	-1.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.38%	2.90%	-0.52%

Volatility

GUNR vs. IQDY - Volatility Comparison

The current volatility for FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) is 5.25%, while FlexShares International Quality Dividend Dynamic Index Fund (IQDY) has a volatility of 7.74%. 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	5.25%	7.74%	-2.49%
Volatility (6M) Calculated over the trailing 6-month period	12.82%	11.96%	+0.86%
Volatility (1Y) Calculated over the trailing 1-year period	18.79%	18.52%	+0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.09%	17.61%	+1.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.56%	18.34%	+2.22%