GUNR vs. RAAX

Last updated Jun 4, 2026

GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) and RAAX (VanEck Inflation Allocation ETF) are both exchange-traded funds - GUNR is a Commodity Producers Equities fund tracking the Morningstar Global Upstream Natural Resources Index, while RAAX is a Diversified Portfolio fund actively managed by VanEck. GUNR is passively managed, while RAAX is actively managed. Over the past 5 years, GUNR returned 9.93%/yr vs 13.54%/yr for RAAX. A 0.77 correlation means they provide meaningful diversification when combined. GUNR charges 0.46%/yr vs 0.78%/yr for RAAX.

Performance

GUNR vs. RAAX - 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 VanEck Inflation Allocation ETF (RAAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with GUNR having a 19.20% return and RAAX slightly lower at 19.15%.

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%

RAAX

• 1D: 0.39%
• 1M: -1.28%
• YTD: 19.15%
• 6M: 19.65%
• 1Y: 37.19%
• 3Y*: 22.13%
• 5Y*: 13.54%
• 10Y*: —

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

GUNR vs. RAAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
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%	-10.00%
RAAX VanEck Inflation Allocation ETF	19.15%	26.74%	12.50%	6.71%	1.51%	21.56%	-8.27%	6.14%	-2.41%

Correlation

The correlation between GUNR and RAAX is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since Apr 11, 2018	0.77

The correlation between GUNR and RAAX has been stable across timeframes, ranging from 0.75 to 0.82 - a consistent structural relationship.

GUNR vs. RAAX - Sectors Allocation Comparison

Sectors	GUNR	RAAX
Basic Materials	44.3%	17.4%
Energy	30.6%	32.6%
Consumer Defensive	11.4%	0.5%
Utilities	4.0%	13.0%
Financial Services	2.6%	0.0%
Industrials	2.3%	28.6%
Communication Services	1.6%	0.1%
Technology	0.5%	1.7%
Real Estate	0.2%	5.0%
Consumer Cyclical	0.2%	1.0%
Healthcare	-	0.2%

Return for Risk

GUNR vs. RAAX — 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

RAAX

RAAX Risk / Return Rank: 85
RAAX Sharpe Ratio Rank: 83
RAAX Sortino Ratio Rank: 78
RAAX Omega Ratio Rank: 82
RAAX Calmar Ratio Rank: 90
RAAX Martin Ratio Rank: 90

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. RAAX - 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 VanEck Inflation Allocation ETF (RAAX). 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	RAAX	Difference
Sharpe ratio Return per unit of total volatility	2.75	2.75	0.00
Sortino ratio Return per unit of downside risk	3.48	3.57	-0.09
Omega ratio Gain probability vs. loss probability	1.48	1.50	-0.03
Calmar ratio Return relative to maximum drawdown	6.12	5.64	+0.47
Martin ratio Return relative to average drawdown	23.21	21.06	+2.14
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. RAAX - Sharpe Ratio Comparison

The current GUNR Sharpe Ratio is 2.75, which is comparable to the RAAX Sharpe Ratio of 2.75. The chart below compares the historical Sharpe Ratios of GUNR and RAAX, 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	RAAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.75	2.75	0.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.87	-0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.62	-0.29

Drawdowns

GUNR vs. RAAX - Drawdown Comparison

The maximum GUNR drawdown since its inception was -45.64%, which is greater than RAAX's maximum drawdown of -33.91%. Use the drawdown chart below to compare losses from any high point for GUNR and RAAX.

Drawdown Indicators

	GUNR	RAAX	Difference
Max Drawdown Largest peak-to-trough decline	-45.64%	-33.91%	-11.73%
Max Drawdown (1Y) Largest decline over 1 year	-6.81%	-6.62%	-0.19%
Max Drawdown (3Y) Largest decline over 3 years	-19.59%	-11.59%	-8.00%
Max Drawdown (5Y) Largest decline over 5 years	-24.06%	-23.55%	-0.51%
Max Drawdown (10Y) Largest decline over 10 years	-43.04%	—	—
Current Drawdown Current decline from peak	-2.56%	-2.53%	-0.03%
Average Drawdown Average peak-to-trough decline	-10.40%	-6.78%	-3.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.79%	1.77%	+0.02%

Volatility

GUNR vs. RAAX - Volatility Comparison

FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) has a higher volatility of 4.39% compared to VanEck Inflation Allocation ETF (RAAX) at 2.95%. This indicates that GUNR's price experiences larger fluctuations and is considered to be riskier than RAAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GUNR	RAAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.39%	2.95%	+1.44%
Volatility (6M) Calculated over the trailing 6-month period	12.57%	11.58%	+0.99%
Volatility (1Y) Calculated over the trailing 1-year period	15.14%	13.60%	+1.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.98%	15.60%	+3.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.42%	15.76%	+4.66%

GUNR vs. RAAX - Expense Ratio Comparison

GUNR has a 0.46% expense ratio, which is lower than RAAX's 0.78% expense ratio.

Dividends

GUNR vs. RAAX - Dividend Comparison

GUNR's dividend yield for the trailing twelve months is around 2.24%, more than RAAX's 1.96% 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%
RAAX VanEck Inflation Allocation ETF	1.96%	2.34%	1.91%	3.66%	1.53%	8.72%	6.27%	2.37%	0.56%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GUNR and RAAX in my portfolio?

GUNR and RAAX have a correlation of 0.75, 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 RAAX?

GUNR has higher volatility (4.39%) compared to RAAX (2.95%). In terms of maximum drawdown, GUNR dropped -45.64% vs RAAX's -33.91%.

Which ETF is better, GUNR or RAAX?

On 5-year performance, RAAX leads with 13.54% vs 9.93% for GUNR. On fees, GUNR is cheaper at 0.46% per year. On volatility, RAAX has been the lower-risk option at 2.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GUNR or RAAX?

Over the 5-year period, RAAX has performed better with a 13.54% return vs 9.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GUNR or RAAX?

GUNR is cheaper with a 0.46% expense ratio, compared with 0.78% for RAAX.

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

GUNR has the higher dividend yield at 2.24%, compared with 1.96% for RAAX.

What is the main difference between GUNR and RAAX?

GUNR is categorized as Commodity Producers Equities, while RAAX is Diversified Portfolio. They also come from different issuers: Northern Trust and VanEck. Their fees differ too: 0.46% for GUNR and 0.78% for RAAX.

Which has better risk-adjusted returns?

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