GUNR vs. PICK

Last updated Jun 21, 2026

GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) and PICK (iShares MSCI Global Metals & Mining Producers ETF) are both exchange-traded funds - GUNR is a Natural Resources fund tracking the Morningstar Global Upstream Natural Resources Index, while PICK is a Metals fund tracking the MSCI ACWI Select Metals & Mining Producers ex Gold and Silver Investable Market Index. Both are passively managed. Over the past 10 years, GUNR returned 10.31%/yr vs 16.63%/yr for PICK. Their correlation of 0.84 suggests significant overlap in exposure. GUNR charges 0.46%/yr vs 0.39%/yr for PICK.

Performance

GUNR vs. PICK - 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 iShares MSCI Global Metals & Mining Producers ETF (PICK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GUNR achieves a 11.70% return, which is significantly lower than PICK's 23.57% return. Over the past 10 years, GUNR has underperformed PICK with an annualized return of 10.31%, while PICK has yielded a comparatively higher 16.63% annualized return.

GUNR

• 1D: -1.54%
• 1M: -6.38%
• YTD: 11.70%
• 6M: 13.03%
• 1Y: 29.06%
• 3Y*: 10.63%
• 5Y*: 10.17%
• 10Y*: 10.31%

PICK

• 1D: -1.83%
• 1M: -0.08%
• YTD: 23.57%
• 6M: 27.11%
• 1Y: 80.52%
• 3Y*: 18.14%
• 5Y*: 12.95%
• 10Y*: 16.63%

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

GUNR vs. PICK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	11.70%	30.03%	-8.37%	-2.40%	14.83%	26.06%	0.46%	18.41%	-9.42%	18.74%
PICK iShares MSCI Global Metals & Mining Producers ETF	23.57%	51.89%	-16.37%	9.69%	2.54%	22.61%	27.46%	16.47%	-18.65%	38.42%

Correlation

The correlation between GUNR and PICK is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Feb 2, 2012	0.84

The correlation between GUNR and PICK shifts across timeframes, from 0.71 (1 year) to 0.86 (10 years), reflecting how their relationship changes across market environments.

GUNR vs. PICK - Sectors Allocation Comparison

Sectors	GUNR	PICK
Basic Materials	49.4%	96.0%
Energy	29.6%	0.0%
Consumer Defensive	12.1%	0.1%
Utilities	4.4%	-
Financial Services	2.9%	0.1%
Industrials	2.6%	3.1%
Communication Services	1.7%	-
Technology	0.5%	0.9%
Real Estate	0.3%	-
Consumer Cyclical	0.2%	-
Healthcare	-	-

Return for Risk

GUNR vs. PICK — Risk / Return Rank

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

GUNR

GUNR Risk / Return Rank: 60
GUNR Sharpe Ratio Rank: 55
GUNR Sortino Ratio Rank: 50
GUNR Omega Ratio Rank: 53
GUNR Calmar Ratio Rank: 69
GUNR Martin Ratio Rank: 72

PICK

PICK Risk / Return Rank: 78
PICK Sharpe Ratio Rank: 84
PICK Sortino Ratio Rank: 72
PICK Omega Ratio Rank: 77
PICK Calmar Ratio Rank: 79
PICK 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. PICK - 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 iShares MSCI Global Metals & Mining Producers ETF (PICK). 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	PICK	Difference
Sharpe ratio: Return per unit of total volatility	1.80	2.57	-0.77
Sortino ratio: Return per unit of downside risk	2.35	3.04	-0.69
Omega ratio: Gain probability vs. loss probability	1.32	1.42	-0.11
Calmar ratio: Return relative to maximum drawdown	3.28	3.92	-0.65
Martin ratio: Return relative to average drawdown	12.79	14.98	-2.19

GUNR vs. PICK - Sharpe Ratio Comparison

The current GUNR Sharpe Ratio is 1.80, which is comparable to the PICK Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of GUNR and PICK, 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. PICK - Drawdown Comparison

The maximum GUNR drawdown since its inception was -45.64%, smaller than the maximum PICK drawdown of -68.87%. Use the drawdown chart below to compare losses from any high point for GUNR and PICK.

Drawdown Indicators

	GUNR	PICK	Difference
Max Drawdown Largest peak-to-trough decline	-45.64%	-68.87%	+23.23%
Max Drawdown (1Y) Largest decline over 1 year	-8.69%	-19.54%	+10.85%
Max Drawdown (3Y) Largest decline over 3 years	-19.59%	-32.52%	+12.93%
Max Drawdown (5Y) Largest decline over 5 years	-24.06%	-36.37%	+12.31%
Max Drawdown (10Y) Largest decline over 10 years	-43.04%	-52.72%	+9.68%
Current Drawdown Current decline from peak	-8.69%	-7.97%	-0.72%
Average Drawdown Average peak-to-trough decline	-10.39%	-24.06%	+13.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.23%	5.11%	-2.88%

Volatility

GUNR vs. PICK - Volatility Comparison

The current volatility for FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) is 5.11%, while iShares MSCI Global Metals & Mining Producers ETF (PICK) has a volatility of 12.69%. This indicates that GUNR experiences smaller price fluctuations and is considered to be less risky than PICK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GUNR	PICK	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.11%	12.69%	-7.58%
Volatility (6M) Calculated over the trailing 6-month period	13.22%	26.14%	-12.92%
Volatility (1Y) Calculated over the trailing 1-year period	15.86%	29.88%	-14.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.03%	28.08%	-9.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.44%	28.46%	-8.02%

GUNR vs. PICK - Expense Ratio Comparison

GUNR has a 0.46% expense ratio, which is higher than PICK's 0.39% expense ratio.

Dividends

GUNR vs. PICK - Dividend Comparison

GUNR's dividend yield for the trailing twelve months is around 3.10%, more than PICK's 2.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	2.40%	2.81%	3.39%	3.55%	4.12%	3.61%	2.79%	3.25%	3.27%	2.00%	1.73%	4.50%
PICK iShares MSCI Global Metals & Mining Producers ETF	2.10%	2.88%	3.26%	4.19%	6.93%	5.89%	2.27%	5.51%	4.77%	2.41%	1.15%	15.77%

Frequently Asked Questions

Can I hold both GUNR and PICK in my portfolio?

GUNR and PICK have a correlation of 0.71, 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 PICK?

PICK has higher volatility (12.69%) compared to GUNR (5.11%). In terms of maximum drawdown, GUNR dropped -45.64% vs PICK's -68.87%.

Which ETF is better, GUNR or PICK?

On 10-year performance, PICK leads with 16.63% vs 10.31% for GUNR. On fees, PICK is cheaper at 0.39% per year. On volatility, GUNR has been the lower-risk option at 5.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GUNR or PICK?

Over the 10-year period, PICK has performed better with a 16.63% return vs 10.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GUNR or PICK?

PICK is cheaper with a 0.39% expense ratio, compared with 0.46% for GUNR.

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

GUNR has the higher dividend yield at 2.40%, compared with 2.10% for PICK.

What is the main difference between GUNR and PICK?

GUNR is categorized as Natural Resources, while PICK is Metals. GUNR tracks Morningstar Global Upstream Natural Resources Index, while PICK tracks MSCI ACWI Select Metals & Mining Producers ex Gold and Silver Investable Market Index. They also come from different issuers: Northern Trust and iShares. Their fees differ too: 0.46% for GUNR and 0.39% for PICK.

Which has better risk-adjusted returns?

PICK currently has the higher Sharpe Ratio (2.57 vs 1.80), 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.