GUNR vs. RLY

Last updated Jun 4, 2026

GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) and RLY (SPDR SSgA Multi-Asset Real Return ETF) are both exchange-traded funds - GUNR is a Commodity Producers Equities fund tracking the Morningstar Global Upstream Natural Resources Index, while RLY is a Hedge Fund fund actively managed by State Street. GUNR is passively managed, while RLY is actively managed. Over the past 10 years, GUNR returned 11.17%/yr vs 8.56%/yr for RLY. Their correlation of 0.90 suggests significant overlap in exposure. GUNR charges 0.46%/yr vs 0.50%/yr for RLY.

Performance

GUNR vs. RLY - 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 SPDR SSgA Multi-Asset Real Return ETF (RLY). 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 RLY's 17.13% return. Over the past 10 years, GUNR has outperformed RLY with an annualized return of 11.17%, while RLY has yielded a comparatively lower 8.56% 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%

RLY

• 1D: -0.30%
• 1M: -0.30%
• YTD: 17.13%
• 6M: 18.27%
• 1Y: 31.78%
• 3Y*: 15.11%
• 5Y*: 10.43%
• 10Y*: 8.56%

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

GUNR vs. RLY - 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%
RLY SPDR SSgA Multi-Asset Real Return ETF	17.13%	20.26%	2.53%	2.56%	7.86%	22.85%	-0.59%	15.63%	-11.72%	10.40%

Correlation

The correlation between GUNR and RLY is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Apr 27, 2012	0.90

The correlation between GUNR and RLY has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

GUNR vs. RLY - Sectors Allocation Comparison

Sectors	GUNR	RLY
Basic Materials	44.3%	25.1%
Energy	30.6%	30.1%
Consumer Defensive	11.4%	3.6%
Utilities	4.0%	15.9%
Financial Services	2.6%	0.0%
Industrials	2.3%	16.5%
Communication Services	1.6%	-
Technology	0.5%	-
Real Estate	0.2%	5.4%
Consumer Cyclical	0.2%	2.6%
Healthcare	-	0.8%

Return for Risk

GUNR vs. RLY — 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

RLY

RLY Risk / Return Rank: 92
RLY Sharpe Ratio Rank: 90
RLY Sortino Ratio Rank: 91
RLY Omega Ratio Rank: 90
RLY Calmar Ratio Rank: 95
RLY Martin Ratio Rank: 95

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. RLY - 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 SPDR SSgA Multi-Asset Real Return ETF (RLY). 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	RLY	Difference
Sharpe ratio: Return per unit of total volatility	2.75	3.17	-0.42
Sortino ratio: Return per unit of downside risk	3.48	4.33	-0.85
Omega ratio: Gain probability vs. loss probability	1.48	1.60	-0.12
Calmar ratio: Return relative to maximum drawdown	6.12	8.60	-2.48
Martin ratio: Return relative to average drawdown	23.21	31.17	-7.96
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. RLY - Sharpe Ratio Comparison

The current GUNR Sharpe Ratio is 2.75, which is comparable to the RLY Sharpe Ratio of 3.17. The chart below compares the historical Sharpe Ratios of GUNR and RLY, 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	RLY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.75	3.17	-0.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.77	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.62	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.38	-0.05

Drawdowns

GUNR vs. RLY - Drawdown Comparison

The maximum GUNR drawdown since its inception was -45.64%, which is greater than RLY's maximum drawdown of -37.75%. Use the drawdown chart below to compare losses from any high point for GUNR and RLY.

Drawdown Indicators

	GUNR	RLY	Difference
Max Drawdown Largest peak-to-trough decline	-45.64%	-37.75%	-7.89%
Max Drawdown (1Y) Largest decline over 1 year	-6.81%	-3.71%	-3.10%
Max Drawdown (3Y) Largest decline over 3 years	-19.59%	-10.08%	-9.51%
Max Drawdown (5Y) Largest decline over 5 years	-24.06%	-18.94%	-5.12%
Max Drawdown (10Y) Largest decline over 10 years	-43.04%	-34.17%	-8.87%
Current Drawdown Current decline from peak	-2.56%	-1.60%	-0.96%
Average Drawdown Average peak-to-trough decline	-10.40%	-9.46%	-0.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.79%	1.02%	+0.77%

Volatility

GUNR vs. RLY - Volatility Comparison

FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) has a higher volatility of 4.39% compared to SPDR SSgA Multi-Asset Real Return ETF (RLY) at 3.00%. This indicates that GUNR's price experiences larger fluctuations and is considered to be riskier than RLY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GUNR	RLY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.39%	3.00%	+1.39%
Volatility (6M) Calculated over the trailing 6-month period	12.57%	8.15%	+4.42%
Volatility (1Y) Calculated over the trailing 1-year period	15.14%	10.06%	+5.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.98%	13.54%	+5.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.42%	13.81%	+6.61%

GUNR vs. RLY - Expense Ratio Comparison

GUNR has a 0.46% expense ratio, which is lower than RLY's 0.50% expense ratio.

Dividends

GUNR vs. RLY - Dividend Comparison

GUNR's dividend yield for the trailing twelve months is around 2.24%, less than RLY's 2.86% 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%
RLY SPDR SSgA Multi-Asset Real Return ETF	2.86%	3.24%	3.31%	3.71%	5.66%	12.15%	2.16%	3.45%	2.76%	1.85%	2.07%	1.80%

Frequently Asked Questions

Can I hold both GUNR and RLY in my portfolio?

GUNR and RLY have a correlation of 0.89, 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 RLY?

GUNR has higher volatility (4.39%) compared to RLY (3.00%). In terms of maximum drawdown, GUNR dropped -45.64% vs RLY's -37.75%.

Which ETF is better, GUNR or RLY?

On 10-year performance, GUNR leads with 11.17% vs 8.56% for RLY. On fees, GUNR is cheaper at 0.46% per year. On volatility, RLY has been the lower-risk option at 3.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GUNR or RLY?

Over the 10-year period, GUNR has performed better with a 11.17% return vs 8.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GUNR or RLY?

GUNR is cheaper with a 0.46% expense ratio, compared with 0.50% for RLY.

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

RLY has the higher dividend yield at 2.86%, compared with 2.24% for GUNR.

What is the main difference between GUNR and RLY?

GUNR is categorized as Commodity Producers Equities, while RLY is Hedge Fund. They also come from different issuers: Northern Trust and State Street. Their fees differ too: 0.46% for GUNR and 0.50% for RLY.

Which has better risk-adjusted returns?

RLY currently has the higher Sharpe Ratio (3.17 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.