GUNR vs. NVO

Last updated Jun 13, 2026

GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) is Commodity Producers Equities fund tracking the Morningstar Global Upstream Natural Resources Index, while NVO (Novo Nordisk A/S) is a stock. Over the past 10 years, GUNR returned 11.10%/yr vs 7.56%/yr for NVO. At a 0.25 correlation, their price movements are largely independent.

Performance

GUNR vs. NVO - 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 Novo Nordisk A/S (NVO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GUNR achieves a 15.74% return, which is significantly higher than NVO's -10.74% return. Over the past 10 years, GUNR has outperformed NVO with an annualized return of 11.10%, while NVO has yielded a comparatively lower 7.56% annualized return.

GUNR

• 1D: 1.19%
• 1M: -5.35%
• YTD: 15.74%
• 6M: 17.02%
• 1Y: 34.03%
• 3Y*: 12.40%
• 5Y*: 9.47%
• 10Y*: 11.10%

NVO

• 1D: -0.18%
• 1M: -6.80%
• YTD: -10.74%
• 6M: -9.50%
• 1Y: -43.34%
• 3Y*: -15.59%
• 5Y*: 2.92%
• 10Y*: 7.56%

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

GUNR vs. NVO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	15.74%	30.03%	-8.37%	-2.40%	14.83%	26.06%	0.46%	18.41%	-9.42%	18.74%
NVO Novo Nordisk A/S	-10.74%	-39.22%	-15.93%	54.84%	22.66%	63.52%	23.33%	28.70%	-12.98%	52.92%

Correlation

The correlation between GUNR and NVO is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (10Y) Calculated over the trailing 10-year period	0.21
Correlation (All Time) Calculated using the full available price history since Sep 22, 2011	0.25

Return for Risk

GUNR vs. NVO — Risk / Return Rank

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

GUNR

GUNR Risk / Return Rank: 80
GUNR Sharpe Ratio Rank: 79
GUNR Sortino Ratio Rank: 72
GUNR Omega Ratio Rank: 75
GUNR Calmar Ratio Rank: 87
GUNR Martin Ratio Rank: 88

NVO

NVO Risk / Return Rank: 12
NVO Sharpe Ratio Rank: 9
NVO Sortino Ratio Rank: 12
NVO Omega Ratio Rank: 10
NVO Calmar Ratio Rank: 12
NVO Martin Ratio Rank: 16

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. NVO - 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 Novo Nordisk A/S (NVO). 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	NVO	Difference
Sharpe ratio: Return per unit of total volatility	2.18	-0.84	+3.02
Sortino ratio: Return per unit of downside risk	2.79	-1.05	+3.84
Omega ratio: Gain probability vs. loss probability	1.38	0.85	+0.53
Calmar ratio: Return relative to maximum drawdown	4.40	-0.80	+5.20
Martin ratio: Return relative to average drawdown	16.53	-1.18	+17.71

GUNR vs. NVO - Sharpe Ratio Comparison

The current GUNR Sharpe Ratio is 2.18, which is higher than the NVO Sharpe Ratio of -0.84. The chart below compares the historical Sharpe Ratios of GUNR and NVO, 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. NVO - Drawdown Comparison

The maximum GUNR drawdown since its inception was -45.64%, smaller than the maximum NVO drawdown of -74.70%. Use the drawdown chart below to compare losses from any high point for GUNR and NVO.

Drawdown Indicators

	GUNR	NVO	Difference
Max Drawdown Largest peak-to-trough decline	-45.64%	-74.70%	+29.06%
Max Drawdown (1Y) Largest decline over 1 year	-7.77%	-54.34%	+46.57%
Max Drawdown (3Y) Largest decline over 3 years	-19.59%	-74.70%	+55.11%
Max Drawdown (5Y) Largest decline over 5 years	-24.06%	-74.70%	+50.64%
Max Drawdown (10Y) Largest decline over 10 years	-43.04%	-74.70%	+31.66%
Current Drawdown Current decline from peak	-5.39%	-68.11%	+62.72%
Average Drawdown Average peak-to-trough decline	-10.39%	-17.79%	+7.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	37.62%	-35.56%

Volatility

GUNR vs. NVO - Volatility Comparison

The current volatility for FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) is 5.11%, while Novo Nordisk A/S (NVO) has a volatility of 10.68%. This indicates that GUNR experiences smaller price fluctuations and is considered to be less risky than NVO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GUNR	NVO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.11%	10.68%	-5.57%
Volatility (6M) Calculated over the trailing 6-month period	13.13%	38.04%	-24.91%
Volatility (1Y) Calculated over the trailing 1-year period	15.69%	51.88%	-36.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.06%	38.33%	-19.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.44%	32.56%	-12.12%

Dividends

GUNR vs. NVO - Dividend Comparison

GUNR's dividend yield for the trailing twelve months is around 2.31%, less than NVO's 4.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	2.31%	2.81%	3.39%	3.55%	4.12%	3.61%	2.79%	3.25%	3.27%	2.00%	1.73%	4.50%
NVO Novo Nordisk A/S	4.11%	3.31%	1.68%	1.00%	1.20%	1.35%	1.87%	2.14%	1.45%	1.52%	2.87%	0.92%

Frequently Asked Questions

Can I hold both GUNR and NVO in my portfolio?

GUNR and NVO 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 NVO?

NVO has higher volatility (10.68%) compared to GUNR (5.11%). In terms of maximum drawdown, GUNR dropped -45.64% vs NVO's -74.70%.

Which has better risk-adjusted returns?

GUNR currently has the higher Sharpe Ratio (2.18 vs -0.84), 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.