GUNR vs. SPY

Last updated Jun 4, 2026

GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - GUNR is a Commodity Producers Equities fund tracking the Morningstar Global Upstream Natural Resources Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, GUNR returned 11.17%/yr vs 15.49%/yr for SPY. A 0.66 correlation means they provide meaningful diversification when combined. GUNR charges 0.46%/yr vs 0.09%/yr for SPY.

Performance

GUNR vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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 SPY's 10.91% return. Over the past 10 years, GUNR has underperformed SPY with an annualized return of 11.17%, while SPY has yielded a comparatively higher 15.49% 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%

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

GUNR vs. SPY - 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%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between GUNR and SPY is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Sep 23, 2011	0.66

Over the past year, the correlation between GUNR and SPY has dropped to 0.33 - well below their long-term average of 0.66, suggesting their price drivers have been diverging.

GUNR vs. SPY - Sectors Allocation Comparison

Sectors	GUNR	SPY
Basic Materials	44.3%	1.8%
Energy	30.6%	3.6%
Consumer Defensive	11.4%	4.8%
Utilities	4.0%	2.4%
Financial Services	2.6%	11.8%
Industrials	2.3%	7.8%
Communication Services	1.6%	11.3%
Technology	0.5%	35.9%
Real Estate	0.2%	1.9%
Consumer Cyclical	0.2%	10.3%
Healthcare	-	8.4%

Return for Risk

GUNR vs. SPY — 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

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio Return per unit of total volatility	2.75	2.38	+0.37
Sortino ratio Return per unit of downside risk	3.48	3.24	+0.24
Omega ratio Gain probability vs. loss probability	1.48	1.43	+0.05
Calmar ratio Return relative to maximum drawdown	6.12	3.16	+2.95
Martin ratio Return relative to average drawdown	23.21	14.72	+8.49
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. SPY - Sharpe Ratio Comparison

The current GUNR Sharpe Ratio is 2.75, which is comparable to the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of GUNR and SPY, 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	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.75	2.38	+0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.82	-0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.87	-0.32
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.59	-0.26

Drawdowns

GUNR vs. SPY - Drawdown Comparison

The maximum GUNR drawdown since its inception was -45.64%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for GUNR and SPY.

Drawdown Indicators

	GUNR	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-45.64%	-55.19%	+9.55%
Max Drawdown (1Y) Largest decline over 1 year	-6.81%	-8.88%	+2.07%
Max Drawdown (3Y) Largest decline over 3 years	-19.59%	-18.76%	-0.83%
Max Drawdown (5Y) Largest decline over 5 years	-24.06%	-24.50%	+0.44%
Max Drawdown (10Y) Largest decline over 10 years	-43.04%	-33.72%	-9.32%
Current Drawdown Current decline from peak	-2.56%	-0.70%	-1.86%
Average Drawdown Average peak-to-trough decline	-10.40%	-9.05%	-1.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.79%	1.91%	-0.12%

Volatility

GUNR vs. SPY - Volatility Comparison

FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) has a higher volatility of 4.39% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that GUNR's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GUNR	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.39%	2.84%	+1.55%
Volatility (6M) Calculated over the trailing 6-month period	12.57%	8.90%	+3.67%
Volatility (1Y) Calculated over the trailing 1-year period	15.14%	11.83%	+3.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.98%	17.05%	+1.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.42%	17.94%	+2.48%

GUNR vs. SPY - Expense Ratio Comparison

GUNR has a 0.46% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

GUNR vs. SPY - Dividend Comparison

GUNR's dividend yield for the trailing twelve months is around 2.24%, more than SPY's 0.98% 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%
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both GUNR and SPY in my portfolio?

GUNR and SPY have a correlation of 0.33, 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 SPY?

GUNR has higher volatility (4.39%) compared to SPY (2.84%). In terms of maximum drawdown, GUNR dropped -45.64% vs SPY's -55.19%.

Which ETF is better, GUNR or SPY?

On 10-year performance, SPY leads with 15.49% vs 11.17% for GUNR. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GUNR or SPY?

Over the 10-year period, SPY has performed better with a 15.49% 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 SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.46% for GUNR.

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

GUNR has the higher dividend yield at 2.24%, compared with 0.98% for SPY.

What is the main difference between GUNR and SPY?

GUNR is categorized as Commodity Producers Equities, while SPY is S&P 500. GUNR tracks Morningstar Global Upstream Natural Resources Index, while SPY tracks S&P 500 Index. They also come from different issuers: Northern Trust and State Street. Their fees differ too: 0.46% for GUNR and 0.09% for SPY.

Which has better risk-adjusted returns?

GUNR currently has the higher Sharpe Ratio (2.75 vs 2.38), 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.