GUNR vs. TURF

Last updated Jul 17, 2026

GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) and TURF (T. Rowe Price Natural Resources ETF) are both Natural Resources funds. Over the past year, GUNR returned 28.31% vs 27.00% for TURF. With a 0.95 correlation, they move nearly in lockstep. GUNR charges 0.46%/yr vs 0.44%/yr for TURF.

Performance

GUNR vs. TURF - 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 T. Rowe Price Natural Resources ETF (TURF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GUNR achieves a 11.43% return, which is significantly higher than TURF's 9.15% return.

GUNR

• 1D: -0.78%
• 1M: -3.45%
• 6M: 3.64%
• YTD: 11.43%
• 1Y: 28.31%
• 3Y*: 10.71%
• 5Y*: 10.24%
• 10Y*: 9.62%

TURF

• 1D: -0.98%
• 1M: -4.51%
• 6M: 0.84%
• YTD: 9.15%
• 1Y: 27.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GUNR vs. TURF - Yearly Performance Comparison

	2026 (YTD)	2025
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	11.43%	16.32%
TURF T. Rowe Price Natural Resources ETF	9.15%	17.82%

Correlation

The correlation between GUNR and TURF is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (All Time) Calculated using the full available price history since Jun 12, 2025	0.95

The correlation between GUNR and TURF has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

GUNR vs. TURF - Sectors Allocation Comparison

Sectors	GUNR	TURF
Basic Materials	51.4%	49.6%
Energy	30.6%	33.9%
Consumer Defensive	11.9%	15.0%
Utilities	4.8%	0.3%
Communication Services	1.7%	3.8%
Real Estate	0.9%	-
Technology	0.5%	0.4%
Consumer Cyclical	0.4%	1.1%
Financial Services	0.0%	2.4%
Industrials	0.0%	0.2%
Healthcare	-	-

Return for Risk

GUNR vs. TURF — Risk / Return Rank

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

GUNR

GUNR Risk / Return Rank: 63
GUNR Sharpe Ratio Rank: 69
GUNR Sortino Ratio Rank: 62
GUNR Omega Ratio Rank: 66
GUNR Calmar Ratio Rank: 61
GUNR Martin Ratio Rank: 58

TURF

TURF Risk / Return Rank: 53
TURF Sharpe Ratio Rank: 59
TURF Sortino Ratio Rank: 53
TURF Omega Ratio Rank: 56
TURF Calmar Ratio Rank: 50
TURF Martin Ratio Rank: 50

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. TURF - 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 T. Rowe Price Natural Resources ETF (TURF). 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	TURF	Difference
Sharpe ratio: Return per unit of total volatility	1.79	1.59	+0.20
Sortino ratio: Return per unit of downside risk	2.33	2.10	+0.23
Omega ratio: Gain probability vs. loss probability	1.32	1.28	+0.03
Calmar ratio: Return relative to maximum drawdown	2.43	2.05	+0.38
Martin ratio: Return relative to average drawdown	8.10	6.70	+1.41

GUNR vs. TURF - Sharpe Ratio Comparison

The current GUNR Sharpe Ratio is 1.79, which is comparable to the TURF Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of GUNR and TURF, 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. TURF - Drawdown Comparison

The maximum GUNR drawdown since its inception was -45.64%, which is greater than TURF's maximum drawdown of -13.24%. Use the drawdown chart below to compare losses from any high point for GUNR and TURF.

Drawdown Indicators

	GUNR	TURF	Difference
Max Drawdown Largest peak-to-trough decline	-45.64%	-13.24%	-32.40%
Max Drawdown (1Y) Largest decline over 1 year	-11.70%	-13.24%	+1.54%
Max Drawdown (3Y) Largest decline over 3 years	-19.59%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.06%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-43.04%	—	—
Current Drawdown Current decline from peak	-8.91%	-11.02%	+2.11%
Average Drawdown Average peak-to-trough decline	-10.39%	-2.42%	-7.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.50%	4.04%	-0.54%

Volatility

GUNR vs. TURF - Volatility Comparison

FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) and T. Rowe Price Natural Resources ETF (TURF) have volatilities of 4.24% and 4.28%, 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	TURF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.24%	4.28%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	13.18%	13.99%	-0.81%
Volatility (1Y) Calculated over the trailing 1-year period	15.87%	17.05%	-1.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.99%	16.89%	+2.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.31%	16.89%	+3.42%

GUNR vs. TURF - Expense Ratio Comparison

GUNR has a 0.46% expense ratio, which is higher than TURF's 0.44% expense ratio.

Dividends

GUNR vs. TURF - Dividend Comparison

GUNR's dividend yield for the trailing twelve months is around 2.41%, more than TURF's 1.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	2.41%	2.81%	3.39%	3.55%	4.12%	3.61%	2.79%	3.25%	3.27%	2.00%	1.73%	4.50%
TURF T. Rowe Price Natural Resources ETF	1.36%	1.49%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GUNR and TURF in my portfolio?

With a correlation of 0.96, GUNR and TURF move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, GUNR or TURF?

TURF has higher volatility (4.28%) compared to GUNR (4.24%). In terms of maximum drawdown, GUNR dropped -45.64% vs TURF's -13.24%.

Which ETF is better, GUNR or TURF?

On 1-year performance, GUNR leads with 28.31% vs 27.00% for TURF. On fees, TURF is cheaper at 0.44% 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 TURF?

Over the 1-year period, GUNR has performed better with a 28.31% return vs 27.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GUNR or TURF?

TURF is cheaper with a 0.44% expense ratio, compared with 0.46% for GUNR.

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

GUNR has the higher dividend yield at 2.41%, compared with 1.36% for TURF.

What is the main difference between GUNR and TURF?

They also come from different issuers: Northern Trust and T. Rowe Price. Their fees differ too: 0.46% for GUNR and 0.44% for TURF.

Which has better risk-adjusted returns?

GUNR currently has the higher Sharpe Ratio (1.79 vs 1.59), 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.