GUNR vs. LMT

Last updated Jul 26, 2026

GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) is Natural Resources fund tracking the Morningstar Global Upstream Natural Resources Index, while LMT (Lockheed Martin Corporation) is a stock. Over the past 10 years, GUNR returned 10.26%/yr vs 11.54%/yr for LMT. Their 0.34 correlation means their historical movements had little consistent relationship.

Performance

GUNR vs. LMT - 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 Lockheed Martin Corporation (LMT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GUNR achieves a 15.47% return, which is significantly lower than LMT's 21.88% return. Over the past 10 years, GUNR has underperformed LMT with an annualized return of 10.26%, while LMT has yielded a comparatively higher 11.54% annualized return.

GUNR

• 1D: -0.13%
• 1M: 6.07%
• 6M: 3.93%
• YTD: 15.47%
• 1Y: 29.81%
• 3Y*: 10.45%
• 5Y*: 11.05%
• 10Y*: 10.26%
• ALL TIME*: 6.58%

LMT

• 1D: 2.46%
• 1M: 15.36%
• 6M: -0.22%
• YTD: 21.88%
• 1Y: 42.06%
• 3Y*: 11.61%
• 5Y*: 11.85%
• 10Y*: 11.54%
• ALL TIME*: 12.38%

*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	$10.72M	$19.11M	$19.24M
LMT Lockheed Martin Corporation	$682.65M	$676.87M	$688.00M

GUNR vs. LMT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	15.47%	30.03%	-8.37%	-2.40%	14.83%	26.06%	0.46%	18.41%	-9.42%	18.74%
LMT Lockheed Martin Corporation	21.88%	2.47%	10.02%	-4.31%	40.48%	3.15%	-6.49%	52.55%	-16.35%	31.77%

Correlation

The correlation between GUNR and LMT is 0.20, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.20
Correlation (3Y) Balances recent behavior with more history.	0.18
Correlation (5Y) Shows whether the relationship held over a longer period.	0.26
Correlation (10Y) Provides a long-term view across more market conditions.	0.31
Correlation (All Time) Calculated using the full available price history since Sep 22, 2011	0.34

The correlation between GUNR and LMT shifts across timeframes, from 0.18 (3 years) to 0.34 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GUNR vs. LMT — Risk / Return Rank

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

GUNR

GUNR Risk / Return Rank: 74
GUNR Sharpe Ratio Rank: 81
GUNR Sortino Ratio Rank: 75
GUNR Omega Ratio Rank: 77
GUNR Calmar Ratio Rank: 72
GUNR Martin Ratio Rank: 67

LMT

LMT Risk / Return Rank: 81
LMT Sharpe Ratio Rank: 87
LMT Sortino Ratio Rank: 86
LMT Omega Ratio Rank: 84
LMT Calmar Ratio Rank: 76
LMT Martin Ratio Rank: 74

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. LMT - 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 Lockheed Martin Corporation (LMT). 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	LMT	Difference
Sharpe ratio: Return per unit of total volatility	1.87	1.57	+0.30
Sortino ratio: Return per unit of downside risk	2.43	2.36	+0.07
Omega ratio: Gain probability vs. loss probability	1.33	1.28	+0.04
Calmar ratio: Return relative to maximum drawdown	2.54	1.58	+0.96
Martin ratio: Return relative to average drawdown	8.17	3.38	+4.79

GUNR vs. LMT - Sharpe Ratio Comparison

The current GUNR Sharpe Ratio is 1.87, which is comparable to the LMT Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of GUNR and LMT, 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. LMT - Drawdown Comparison

The maximum GUNR drawdown since its inception was -45.64%, smaller than the maximum LMT drawdown of -79.29%. Use the drawdown chart below to compare losses from any high point for GUNR and LMT.

Drawdown Indicators

	GUNR	LMT	Difference
Max Drawdown Largest peak-to-trough decline	-45.64%	-79.29%	+33.65%
Max Drawdown (1Y) Largest decline over 1 year	-11.70%	-26.87%	+15.17%
Max Drawdown (3Y) Largest decline over 3 years	-19.59%	-31.79%	+12.20%
Max Drawdown (5Y) Largest decline over 5 years	-24.06%	-31.79%	+7.73%
Max Drawdown (10Y) Largest decline over 10 years	-43.04%	-36.67%	-6.37%
Current Drawdown Current decline from peak	-5.61%	-13.34%	+7.73%
Average Drawdown Average peak-to-trough decline	-10.38%	-26.82%	+16.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.64%	12.54%	-8.90%

Volatility

GUNR vs. LMT - Volatility Comparison

The current volatility for FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) is 3.48%, while Lockheed Martin Corporation (LMT) has a volatility of 12.24%. This indicates that GUNR experiences smaller price fluctuations and is considered to be less risky than LMT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GUNR	LMT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.48%	12.24%	-8.76%
Volatility (6M) Calculated over the trailing 6-month period	13.16%	22.08%	-8.92%
Volatility (1Y) Calculated over the trailing 1-year period	15.91%	27.06%	-11.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.95%	23.79%	-4.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.31%	24.18%	-3.87%

Dividends

GUNR vs. LMT - Dividend Comparison

GUNR's dividend yield for the trailing twelve months is around 2.32%, which matches LMT's 2.34% 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%
LMT Lockheed Martin Corporation	2.34%	2.76%	2.62%	2.68%	2.34%	2.98%	2.76%	2.31%	3.13%	2.32%	2.71%	2.83%

Frequently Asked Questions

Can I hold both GUNR and LMT in my portfolio?

GUNR and LMT have a correlation of 0.20, 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 LMT?

LMT has higher volatility (12.24%) compared to GUNR (3.48%). In terms of maximum drawdown, GUNR dropped -45.64% vs LMT's -79.29%.

Which has better risk-adjusted returns?

GUNR currently has the higher Sharpe Ratio (1.87 vs 1.57), 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.