GUNR vs. SLYV

Last updated Jun 12, 2026

GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) and SLYV (SPDR S&P 600 Small Cap Value ETF) are both exchange-traded funds - GUNR is a Commodity Producers Equities fund tracking the Morningstar Global Upstream Natural Resources Index, while SLYV is a Small Cap Value Equities fund tracking the S&P SmallCap 600 Value Index. Both are passively managed. Over the past 10 years, GUNR returned 10.82%/yr vs 10.53%/yr for SLYV. A 0.67 correlation means they provide meaningful diversification when combined. GUNR charges 0.46%/yr vs 0.15%/yr for SLYV.

Performance

GUNR vs. SLYV - 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 S&P 600 Small Cap Value ETF (SLYV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GUNR achieves a 14.38% return, which is significantly lower than SLYV's 18.18% return. Both investments have delivered pretty close results over the past 10 years, with GUNR having a 10.82% annualized return and SLYV not far behind at 10.53%.

GUNR

• 1D: 1.38%
• 1M: -6.21%
• YTD: 14.38%
• 6M: 15.02%
• 1Y: 33.05%
• 3Y*: 12.46%
• 5Y*: 9.21%
• 10Y*: 10.82%

SLYV

• 1D: 1.81%
• 1M: 5.47%
• YTD: 18.18%
• 6M: 14.15%
• 1Y: 36.99%
• 3Y*: 14.26%
• 5Y*: 6.05%
• 10Y*: 10.53%

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

GUNR vs. SLYV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	14.38%	30.03%	-8.37%	-2.40%	14.83%	26.06%	0.46%	18.41%	-9.42%	18.74%
SLYV SPDR S&P 600 Small Cap Value ETF	18.18%	6.54%	7.28%	14.82%	-11.08%	30.57%	2.68%	24.26%	-12.77%	11.74%

Correlation

The correlation between GUNR and SLYV is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Sep 22, 2011	0.67

Over the past year, the correlation between GUNR and SLYV has dropped to 0.44 - well below their long-term average of 0.67, suggesting their price drivers have been diverging.

GUNR vs. SLYV - Sectors Allocation Comparison

Sectors	GUNR	SLYV
Basic Materials	45.1%	7.1%
Energy	29.3%	7.6%
Consumer Defensive	11.5%	3.8%
Utilities	4.0%	2.2%
Financial Services	2.7%	19.8%
Industrials	2.3%	11.6%
Communication Services	1.7%	4.4%
Technology	0.5%	11.3%
Real Estate	0.2%	8.7%
Consumer Cyclical	0.2%	15.9%
Healthcare	-	7.5%

Return for Risk

GUNR vs. SLYV — Risk / Return Rank

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

GUNR

GUNR Risk / Return Rank: 81
GUNR Sharpe Ratio Rank: 79
GUNR Sortino Ratio Rank: 72
GUNR Omega Ratio Rank: 76
GUNR Calmar Ratio Rank: 87
GUNR Martin Ratio Rank: 88

SLYV

SLYV Risk / Return Rank: 78
SLYV Sharpe Ratio Rank: 76
SLYV Sortino Ratio Rank: 79
SLYV Omega Ratio Rank: 71
SLYV Calmar Ratio Rank: 85
SLYV Martin Ratio Rank: 81

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. SLYV - 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 S&P 600 Small Cap Value ETF (SLYV). 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	SLYV	Difference
Sharpe ratio: Return per unit of total volatility	2.12	2.03	+0.09
Sortino ratio: Return per unit of downside risk	2.72	2.92	-0.20
Omega ratio: Gain probability vs. loss probability	1.37	1.35	+0.02
Calmar ratio: Return relative to maximum drawdown	4.27	3.97	+0.30
Martin ratio: Return relative to average drawdown	16.27	13.17	+3.11

GUNR vs. SLYV - Sharpe Ratio Comparison

The current GUNR Sharpe Ratio is 2.12, which is comparable to the SLYV Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of GUNR and SLYV, 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. SLYV - Drawdown Comparison

The maximum GUNR drawdown since its inception was -45.64%, smaller than the maximum SLYV drawdown of -61.15%. Use the drawdown chart below to compare losses from any high point for GUNR and SLYV.

Drawdown Indicators

	GUNR	SLYV	Difference
Max Drawdown Largest peak-to-trough decline	-45.64%	-61.15%	+15.51%
Max Drawdown (1Y) Largest decline over 1 year	-7.77%	-9.36%	+1.59%
Max Drawdown (3Y) Largest decline over 3 years	-19.59%	-28.68%	+9.09%
Max Drawdown (5Y) Largest decline over 5 years	-24.06%	-28.68%	+4.62%
Max Drawdown (10Y) Largest decline over 10 years	-43.04%	-47.73%	+4.69%
Current Drawdown Current decline from peak	-6.50%	0.00%	-6.50%
Average Drawdown Average peak-to-trough decline	-10.39%	-8.94%	-1.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	2.82%	-0.78%

Volatility

GUNR vs. SLYV - Volatility Comparison

FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) and SPDR S&P 600 Small Cap Value ETF (SLYV) have volatilities of 4.92% and 4.80%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GUNR	SLYV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.92%	4.80%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	13.12%	11.74%	+1.38%
Volatility (1Y) Calculated over the trailing 1-year period	15.66%	18.30%	-2.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.06%	21.97%	-2.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.43%	23.96%	-3.53%

GUNR vs. SLYV - Expense Ratio Comparison

GUNR has a 0.46% expense ratio, which is higher than SLYV's 0.15% expense ratio.

Dividends

GUNR vs. SLYV - Dividend Comparison

GUNR's dividend yield for the trailing twelve months is around 2.34%, more than SLYV's 1.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	2.34%	2.81%	3.39%	3.55%	4.12%	3.61%	2.79%	3.25%	3.27%	2.00%	1.73%	4.50%
SLYV SPDR S&P 600 Small Cap Value ETF	1.77%	2.02%	2.30%	2.11%	1.47%	1.94%	1.40%	1.67%	2.14%	5.53%	2.18%	6.55%

Frequently Asked Questions

Can I hold both GUNR and SLYV in my portfolio?

GUNR and SLYV have a correlation of 0.44, 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 SLYV?

GUNR has higher volatility (4.92%) compared to SLYV (4.80%). In terms of maximum drawdown, GUNR dropped -45.64% vs SLYV's -61.15%.

Which ETF is better, GUNR or SLYV?

On 10-year performance, GUNR leads with 10.82% vs 10.53% for SLYV. On fees, SLYV is cheaper at 0.15% per year. On volatility, SLYV has been the lower-risk option at 4.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GUNR or SLYV?

Over the 10-year period, GUNR has performed better with a 10.82% return vs 10.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GUNR or SLYV?

SLYV is cheaper with a 0.15% expense ratio, compared with 0.46% for GUNR.

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

GUNR has the higher dividend yield at 2.34%, compared with 1.77% for SLYV.

What is the main difference between GUNR and SLYV?

GUNR is categorized as Commodity Producers Equities, while SLYV is Small Cap Value Equities. GUNR tracks Morningstar Global Upstream Natural Resources Index, while SLYV tracks S&P SmallCap 600 Value Index. They also come from different issuers: Northern Trust and State Street. Their fees differ too: 0.46% for GUNR and 0.15% for SLYV.

Which has better risk-adjusted returns?

GUNR currently has the higher Sharpe Ratio (2.12 vs 2.03), 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.