GUNR vs. QLC

Last updated Jun 4, 2026

GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) and QLC (FlexShares US Quality Large Cap Index Fund) are both exchange-traded funds - GUNR is a Commodity Producers Equities fund tracking the Morningstar Global Upstream Natural Resources Index, while QLC is a Large Cap Blend Equities fund tracking the Northern Trust Quality Large Cap Index. Both are passively managed. Over the past 10 years, GUNR returned 11.17%/yr vs 14.83%/yr for QLC. A 0.56 correlation means they provide meaningful diversification when combined. GUNR charges 0.46%/yr vs 0.25%/yr for QLC.

Performance

GUNR vs. QLC - 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 US Quality Large Cap Index Fund (QLC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GUNR achieves a 19.20% return, which is significantly higher than QLC's 11.39% return. Over the past 10 years, GUNR has underperformed QLC with an annualized return of 11.17%, while QLC has yielded a comparatively higher 14.83% annualized return.

GUNR

• 1D: -0.69%
• 1M: 0.04%
• YTD: 19.20%
• 6M: 21.67%
• 1Y: 41.45%
• 3Y*: 14.42%
• 5Y*: 9.93%
• 10Y*: 11.17%

QLC

• 1D: -0.74%
• 1M: 5.38%
• YTD: 11.39%
• 6M: 11.88%
• 1Y: 33.09%
• 3Y*: 25.39%
• 5Y*: 15.29%
• 10Y*: 14.83%

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

GUNR vs. QLC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	19.20%	30.03%	-8.37%	-2.40%	14.83%	26.06%	0.46%	18.41%	-9.42%	18.74%
QLC FlexShares US Quality Large Cap Index Fund	11.39%	23.26%	26.71%	26.02%	-17.21%	28.46%	13.64%	24.51%	-8.12%	21.73%

Correlation

The correlation between GUNR and QLC is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.57
Correlation (All Time) Calculated using the full available price history since Sep 25, 2015	0.56

Over the past year, the correlation between GUNR and QLC has dropped to 0.34 - well below their long-term average of 0.56, suggesting their price drivers have been diverging.

GUNR vs. QLC - Sectors Allocation Comparison

Sectors	GUNR	QLC
Basic Materials	44.3%	2.2%
Energy	30.6%	2.0%
Consumer Defensive	11.4%	3.2%
Utilities	4.0%	3.4%
Financial Services	2.6%	13.8%
Industrials	2.3%	6.6%
Communication Services	1.6%	13.8%
Technology	0.5%	34.8%
Real Estate	0.2%	2.3%
Consumer Cyclical	0.2%	7.9%
Healthcare	-	10.1%

Return for Risk

GUNR vs. QLC — Risk / Return Rank

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

GUNR

GUNR Risk / Return Rank: 84
GUNR Sharpe Ratio Rank: 83
GUNR Sortino Ratio Rank: 76
GUNR Omega Ratio Rank: 79
GUNR Calmar Ratio Rank: 92
GUNR Martin Ratio Rank: 92

QLC

QLC Risk / Return Rank: 81
QLC Sharpe Ratio Rank: 82
QLC Sortino Ratio Rank: 82
QLC Omega Ratio Rank: 80
QLC Calmar Ratio Rank: 75
QLC Martin Ratio Rank: 85

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. QLC - 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 US Quality Large Cap Index Fund (QLC). 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	QLC	Difference
Sharpe ratio: Return per unit of total volatility	2.75	2.69	+0.06
Sortino ratio: Return per unit of downside risk	3.48	3.71	-0.23
Omega ratio: Gain probability vs. loss probability	1.48	1.48	0.00
Calmar ratio: Return relative to maximum drawdown	6.12	3.76	+2.36
Martin ratio: Return relative to average drawdown	23.21	17.59	+5.62
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. QLC - Sharpe Ratio Comparison

The current GUNR Sharpe Ratio is 2.75, which is comparable to the QLC Sharpe Ratio of 2.69. The chart below compares the historical Sharpe Ratios of GUNR and QLC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GUNR	QLC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.75	2.69	+0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.91	-0.39
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.81	-0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.80	-0.47

Drawdowns

GUNR vs. QLC - Drawdown Comparison

The maximum GUNR drawdown since its inception was -45.64%, which is greater than QLC's maximum drawdown of -35.86%. Use the drawdown chart below to compare losses from any high point for GUNR and QLC.

Drawdown Indicators

	GUNR	QLC	Difference
Max Drawdown Largest peak-to-trough decline	-45.64%	-35.86%	-9.78%
Max Drawdown (1Y) Largest decline over 1 year	-6.81%	-8.84%	+2.03%
Max Drawdown (3Y) Largest decline over 3 years	-19.59%	-18.49%	-1.10%
Max Drawdown (5Y) Largest decline over 5 years	-24.06%	-23.81%	-0.25%
Max Drawdown (10Y) Largest decline over 10 years	-43.04%	-35.86%	-7.18%
Current Drawdown Current decline from peak	-2.56%	-0.74%	-1.82%
Average Drawdown Average peak-to-trough decline	-10.40%	-4.54%	-5.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.79%	1.89%	-0.10%

Volatility

GUNR vs. QLC - Volatility Comparison

FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) has a higher volatility of 4.39% compared to FlexShares US Quality Large Cap Index Fund (QLC) at 2.94%. This indicates that GUNR's price experiences larger fluctuations and is considered to be riskier than QLC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GUNR	QLC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.39%	2.94%	+1.45%
Volatility (6M) Calculated over the trailing 6-month period	12.57%	9.51%	+3.06%
Volatility (1Y) Calculated over the trailing 1-year period	15.14%	12.38%	+2.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.98%	16.82%	+2.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.42%	18.42%	+2.00%

GUNR vs. QLC - Expense Ratio Comparison

GUNR has a 0.46% expense ratio, which is higher than QLC's 0.25% expense ratio.

Dividends

GUNR vs. QLC - Dividend Comparison

GUNR's dividend yield for the trailing twelve months is around 2.24%, more than QLC's 0.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	2.24%	2.81%	3.39%	3.55%	4.12%	3.61%	2.79%	3.25%	3.27%	2.00%	1.73%	4.50%
QLC FlexShares US Quality Large Cap Index Fund	0.88%	0.94%	1.03%	1.26%	1.46%	0.96%	1.40%	1.91%	1.82%	1.29%	1.80%	0.64%

Frequently Asked Questions

Can I hold both GUNR and QLC in my portfolio?

GUNR and QLC have a correlation of 0.34, 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 QLC?

GUNR has higher volatility (4.39%) compared to QLC (2.94%). In terms of maximum drawdown, GUNR dropped -45.64% vs QLC's -35.86%.

Which ETF is better, GUNR or QLC?

On 10-year performance, QLC leads with 14.83% vs 11.17% for GUNR. On fees, QLC is cheaper at 0.25% per year. On volatility, QLC has been the lower-risk option at 2.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GUNR or QLC?

Over the 10-year period, QLC has performed better with a 14.83% return vs 11.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GUNR or QLC?

QLC is cheaper with a 0.25% expense ratio, compared with 0.46% for GUNR.

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

GUNR has the higher dividend yield at 2.24%, compared with 0.88% for QLC.

What is the main difference between GUNR and QLC?

GUNR is categorized as Commodity Producers Equities, while QLC is Large Cap Blend Equities. GUNR tracks Morningstar Global Upstream Natural Resources Index, while QLC tracks Northern Trust Quality Large Cap Index. Their fees differ too: 0.46% for GUNR and 0.25% for QLC.

Which has better risk-adjusted returns?

GUNR currently has the higher Sharpe Ratio (2.75 vs 2.69), 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.