GUNR vs. PHDG
GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) and PHDG (Invesco S&P 500 Downside Hedged ETF) are both exchange-traded funds - GUNR is a Natural Resources fund tracking the Morningstar Global Upstream Natural Resources Index, while PHDG is a Equity Hedged fund tracking the S&P 500 Dynamic VEQTOR Index. Both are passively managed. Over the past 10 years, GUNR returned 10.26%/yr vs 7.14%/yr for PHDG. Their 0.40 correlation means their historical movements had little consistent relationship. GUNR charges 0.46%/yr vs 0.39%/yr for PHDG.
Performance
GUNR vs. PHDG - Performance Comparison
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Returns By Period
In the year-to-date period, GUNR achieves a 15.47% return, which is significantly higher than PHDG's 9.47% return. Over the past 10 years, GUNR has outperformed PHDG with an annualized return of 10.26%, while PHDG has yielded a comparatively lower 7.14% 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%
PHDG
- 1D
- -0.16%
- 1M
- 0.44%
- 6M
- 8.74%
- YTD
- 9.47%
- 1Y
- 14.71%
- 3Y*
- 8.21%
- 5Y*
- 4.01%
- 10Y*
- 7.14%
- ALL TIME*
- 5.56%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $10.72M | $19.11M | $19.24M | |
| $1.28M | $774.65K | $908.35K |
GUNR vs. PHDG - 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% |
PHDG Invesco S&P 500 Downside Hedged ETF | 9.47% | 2.72% | 10.95% | 8.18% | -14.09% | 15.67% | 18.97% | 8.57% | -2.44% | 15.89% |
Correlation
The correlation between GUNR and PHDG is 0.25, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.25 |
Correlation (3Y) Balances recent behavior with more history. | 0.25 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.29 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.35 |
Correlation (All Time) Calculated using the full available price history since Dec 6, 2012 | 0.40 |
The correlation between GUNR and PHDG shifts across timeframes, from 0.25 (3 years) to 0.40 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GUNR vs. PHDG — Risk / Return Rank
GUNR
PHDG
GUNR vs. PHDG - 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 Invesco S&P 500 Downside Hedged ETF (PHDG). 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 | PHDG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.54 | ||
| Sortino ratioReturn per unit of downside risk | +0.54 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.27 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.54 | 2.38 | +0.16 |
| Martin ratioReturn relative to average drawdown | 8.17 | 7.41 | +0.76 |
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Drawdowns
GUNR vs. PHDG - Drawdown Comparison
The maximum GUNR drawdown since its inception was -45.64%, which is greater than PHDG's maximum drawdown of -17.70%. Use the drawdown chart below to compare losses from any high point for GUNR and PHDG.
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Drawdown Indicators
| GUNR | PHDG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.64% | -17.70% | -27.94% |
Max Drawdown (1Y)Largest decline over 1 year | -11.70% | -6.36% | -5.34% |
Max Drawdown (3Y)Largest decline over 3 years | -19.59% | -14.78% | -4.81% |
Max Drawdown (5Y)Largest decline over 5 years | -24.06% | -17.06% | -7.00% |
Max Drawdown (10Y)Largest decline over 10 years | -43.04% | -17.06% | -25.98% |
Current DrawdownCurrent decline from peak | -5.61% | -5.95% | +0.34% |
Average DrawdownAverage peak-to-trough decline | -10.38% | -6.23% | -4.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.64% | 2.04% | +1.60% |
Volatility
GUNR vs. PHDG - Volatility Comparison
FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) has a higher volatility of 3.48% compared to Invesco S&P 500 Downside Hedged ETF (PHDG) at 2.14%. This indicates that GUNR's price experiences larger fluctuations and is considered to be riskier than PHDG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GUNR | PHDG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.48% | 2.14% | +1.34% |
Volatility (6M)Calculated over the trailing 6-month period | 13.16% | 9.37% | +3.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.91% | 11.41% | +4.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.95% | 11.37% | +7.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.31% | 12.10% | +8.21% |
GUNR vs. PHDG - Expense Ratio Comparison
GUNR has a 0.46% expense ratio, which is higher than PHDG's 0.39% expense ratio.
Dividends
GUNR vs. PHDG - Dividend Comparison
GUNR's dividend yield for the trailing twelve months is around 2.32%, more than PHDG's 1.70% 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% |
PHDG Invesco S&P 500 Downside Hedged ETF | 1.70% | 2.10% | 1.94% | 1.93% | 1.35% | 0.44% | 0.63% | 1.80% | 1.56% | 1.83% | 2.29% | 1.64% |
Frequently Asked Questions
GUNR and PHDG have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GUNR has higher volatility (3.48%) compared to PHDG (2.14%). In terms of maximum drawdown, GUNR dropped -45.64% vs PHDG's -17.70%.
On 10-year performance, GUNR leads with 10.26% vs 7.14% for PHDG. On fees, PHDG is cheaper at 0.39% per year. On volatility, PHDG has been the lower-risk option at 2.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GUNR has performed better with a 10.26% return vs 7.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PHDG is cheaper with a 0.39% expense ratio, compared with 0.46% for GUNR.
GUNR has the higher dividend yield at 2.32%, compared with 1.70% for PHDG.
GUNR is categorized as Natural Resources, while PHDG is Equity Hedged. GUNR tracks Morningstar Global Upstream Natural Resources Index, while PHDG tracks S&P 500 Dynamic VEQTOR Index. They also come from different issuers: Northern Trust and Invesco. Their fees differ too: 0.46% for GUNR and 0.39% for PHDG.
GUNR currently has the higher Sharpe Ratio (1.87 vs 1.33), 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.
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