GUNR vs. TLTD

Last updated Aug 4, 2026

GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) and TLTD (FlexShares Morningstar Developed Markets ex-US Factor Tilt) are both exchange-traded funds - GUNR is a Natural Resources fund tracking the Morningstar Global Upstream Natural Resources Index, while TLTD is a Global Equities fund tracking the Morningstar Developed Markets ex-US Factor Tilt Index. Both are passively managed. Over the past 10 years, GUNR returned 10.05%/yr vs 9.84%/yr for TLTD. Their 0.75 correlation means they have sometimes moved together and sometimes differently. GUNR charges 0.46%/yr vs 0.39%/yr for TLTD.

Performance

GUNR vs. TLTD - 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 Morningstar Developed Markets ex-US Factor Tilt (TLTD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GUNR achieves a 14.39% return, which is significantly higher than TLTD's 11.20% return. Both investments have delivered pretty close results over the past 10 years, with GUNR having a 10.05% annualized return and TLTD not far behind at 9.84%.

GUNR

• 1D: -0.84%
• 1M: 4.20%
• 6M: 3.67%
• YTD: 14.39%
• 1Y: 32.63%
• 3Y*: 11.02%
• 5Y*: 10.41%
• 10Y*: 10.05%
• ALL TIME*: 6.50%

TLTD

• 1D: 0.36%
• 1M: 2.49%
• 6M: 5.50%
• YTD: 11.20%
• 1Y: 27.13%
• 3Y*: 19.91%
• 5Y*: 10.43%
• 10Y*: 9.84%
• ALL TIME*: 8.38%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	$77.78M	$41.91M	$28.99M
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt	$470.57K	$675.01K	$784.22K

GUNR vs. TLTD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	14.39%	30.03%	-8.37%	-2.40%	14.83%	26.06%	0.46%	18.41%	-9.42%	18.74%
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt	11.20%	39.69%	4.78%	17.19%	-13.74%	12.84%	4.21%	21.26%	-17.57%	26.27%

Correlation

The correlation between GUNR and TLTD is 0.55, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.55
Correlation (3Y) Balances recent behavior with more history.	0.65
Correlation (5Y) Shows whether the relationship held over a longer period.	0.69
Correlation (10Y) Provides a long-term view across more market conditions.	0.74
Correlation (All Time) Calculated using the full available price history since Oct 2, 2012	0.75

Over the past year, the correlation between GUNR and TLTD has dropped to 0.55 - well below their long-term average of 0.75, suggesting their price drivers have been diverging.

GUNR vs. TLTD - Sectors Allocation Comparison

Sectors	GUNR	TLTD
Basic Materials	52.3%	9.7%
Energy	29.2%	5.7%
Consumer Defensive	11.8%	5.0%
Utilities	5.4%	3.1%
Communication Services	1.7%	3.5%
Real Estate	1.2%	3.6%
Technology	0.5%	6.7%
Industrials	0.5%	17.2%
Consumer Cyclical	0.4%	10.2%
Financial Services	0.0%	25.3%
Healthcare	-	6.1%

Return for Risk

GUNR vs. TLTD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GUNR

GUNR Risk / Return Rank: 79
GUNR Sharpe Ratio Rank: 85
GUNR Sortino Ratio Rank: 79
GUNR Omega Ratio Rank: 82
GUNR Calmar Ratio Rank: 77
GUNR Martin Ratio Rank: 70

TLTD

TLTD Risk / Return Rank: 71
TLTD Sharpe Ratio Rank: 77
TLTD Sortino Ratio Rank: 76
TLTD Omega Ratio Rank: 76
TLTD Calmar Ratio Rank: 61
TLTD Martin Ratio Rank: 66

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GUNR vs. TLTD - 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 Morningstar Developed Markets ex-US Factor Tilt (TLTD). 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	TLTD	Difference
Sharpe ratio: Return per unit of total volatility	2.06	1.83	+0.22
Sortino ratio: Return per unit of downside risk	2.64	2.57	+0.07
Omega ratio: Gain probability vs. loss probability	1.36	1.33	+0.03
Calmar ratio: Return relative to maximum drawdown	2.80	2.25	+0.55
Martin ratio: Return relative to average drawdown	8.76	8.35	+0.41

GUNR vs. TLTD - Sharpe Ratio Comparison

The current GUNR Sharpe Ratio is 2.06, which is comparable to the TLTD Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of GUNR and TLTD, 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. TLTD - Drawdown Comparison

The maximum GUNR drawdown since its inception was -45.64%, which is greater than TLTD's maximum drawdown of -40.62%. Use the drawdown chart below to compare losses from any high point for GUNR and TLTD.

Drawdown Indicators

	GUNR	TLTD	Difference
Max Drawdown Largest peak-to-trough decline	-45.64%	-40.62%	-5.02%
Max Drawdown (1Y) Largest decline over 1 year	-11.70%	-12.11%	+0.41%
Max Drawdown (3Y) Largest decline over 3 years	-19.59%	-13.10%	-6.49%
Max Drawdown (5Y) Largest decline over 5 years	-24.06%	-28.96%	+4.90%
Max Drawdown (10Y) Largest decline over 10 years	-43.04%	-40.62%	-2.42%
Current Drawdown Current decline from peak	-6.49%	-0.23%	-6.26%
Average Drawdown Average peak-to-trough decline	-10.37%	-7.62%	-2.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.74%	3.26%	+0.48%

Volatility

GUNR vs. TLTD - Volatility Comparison

FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) and FlexShares Morningstar Developed Markets ex-US Factor Tilt (TLTD) have volatilities of 4.06% and 4.05%, 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	TLTD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.06%	4.05%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	12.60%	12.64%	-0.04%
Volatility (1Y) Calculated over the trailing 1-year period	15.98%	14.91%	+1.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.95%	16.01%	+2.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.33%	16.54%	+3.79%

GUNR vs. TLTD - Expense Ratio Comparison

GUNR has a 0.46% expense ratio, which is higher than TLTD's 0.39% expense ratio.

Dividends

GUNR vs. TLTD - Dividend Comparison

GUNR's dividend yield for the trailing twelve months is around 2.34%, less than TLTD's 3.29% 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%
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt	3.29%	3.44%	3.88%	3.39%	2.76%	3.44%	2.04%	3.46%	3.16%	2.71%	2.93%	2.56%

Frequently Asked Questions

Can I hold both GUNR and TLTD in my portfolio?

GUNR and TLTD have a correlation of 0.55, 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 TLTD?

GUNR has higher volatility (4.06%) compared to TLTD (4.05%). In terms of maximum drawdown, GUNR dropped -45.64% vs TLTD's -40.62%.

Which ETF is better, GUNR or TLTD?

On 10-year performance, GUNR leads with 10.05% vs 9.84% for TLTD. On fees, TLTD is cheaper at 0.39% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GUNR or TLTD?

Over the 10-year period, GUNR has performed better with a 10.05% return vs 9.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GUNR or TLTD?

TLTD is cheaper with a 0.39% expense ratio, compared with 0.46% for GUNR.

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

TLTD has the higher dividend yield at 3.29%, compared with 2.34% for GUNR.

What is the main difference between GUNR and TLTD?

GUNR is categorized as Natural Resources, while TLTD is Global Equities. GUNR tracks Morningstar Global Upstream Natural Resources Index, while TLTD tracks Morningstar Developed Markets ex-US Factor Tilt Index. Their fees differ too: 0.46% for GUNR and 0.39% for TLTD.

Which has better risk-adjusted returns?

GUNR currently has the higher Sharpe Ratio (2.06 vs 1.83), 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.