GUNR vs. VTEB
GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) and VTEB (Vanguard Tax-Exempt Bond ETF) are both exchange-traded funds - GUNR is a Commodity Producers Equities fund tracking the Morningstar Global Upstream Natural Resources Index, while VTEB is a Municipal Bonds fund tracking the S&P National AMT-Free Municipal Bond Index. Both are passively managed. Over the past 10 years, GUNR returned 10.82%/yr vs 2.06%/yr for VTEB. At a correlation of -0.01, they often move in opposite directions. GUNR charges 0.46%/yr vs 0.03%/yr for VTEB.
Performance
GUNR vs. VTEB - Performance Comparison
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Returns By Period
In the year-to-date period, GUNR achieves a 14.38% return, which is significantly higher than VTEB's 1.52% return. Over the past 10 years, GUNR has outperformed VTEB with an annualized return of 10.82%, while VTEB has yielded a comparatively lower 2.06% annualized return.
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%
VTEB
- 1D
- 0.16%
- 1M
- 0.72%
- YTD
- 1.52%
- 6M
- 1.89%
- 1Y
- 6.79%
- 3Y*
- 3.47%
- 5Y*
- 0.82%
- 10Y*
- 2.06%
GUNR vs. VTEB - 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% |
VTEB Vanguard Tax-Exempt Bond ETF | 1.52% | 3.72% | 1.31% | 6.15% | -7.99% | 1.14% | 5.19% | 7.35% | 1.04% | 4.87% |
Correlation
The correlation between GUNR and VTEB is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Aug 25, 2015 | -0.01 |
The correlation between GUNR and VTEB shifts across timeframes, from -0.01 (all time) to 0.16 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
GUNR vs. VTEB — Risk / Return Rank
GUNR
VTEB
GUNR vs. VTEB - 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 Vanguard Tax-Exempt Bond ETF (VTEB). 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 | VTEB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.41 | ||
| Sortino ratioReturn per unit of downside risk | -1.02 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.55 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 4.27 | 2.52 | +1.76 |
| Martin ratioReturn relative to average drawdown | 16.27 | 8.90 | +7.37 |
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Drawdowns
GUNR vs. VTEB - Drawdown Comparison
The maximum GUNR drawdown since its inception was -45.64%, which is greater than VTEB's maximum drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for GUNR and VTEB.
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Drawdown Indicators
| GUNR | VTEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.64% | -17.00% | -28.64% |
Max Drawdown (1Y)Largest decline over 1 year | -7.77% | -2.71% | -5.06% |
Max Drawdown (3Y)Largest decline over 3 years | -19.59% | -5.53% | -14.06% |
Max Drawdown (5Y)Largest decline over 5 years | -24.06% | -12.64% | -11.42% |
Max Drawdown (10Y)Largest decline over 10 years | -43.04% | -17.00% | -26.04% |
Current DrawdownCurrent decline from peak | -6.50% | -0.46% | -6.04% |
Average DrawdownAverage peak-to-trough decline | -10.39% | -2.32% | -8.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.04% | 0.76% | +1.28% |
Volatility
GUNR vs. VTEB - Volatility Comparison
FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) has a higher volatility of 4.92% compared to Vanguard Tax-Exempt Bond ETF (VTEB) at 0.92%. This indicates that GUNR's price experiences larger fluctuations and is considered to be riskier than VTEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GUNR | VTEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.92% | 0.92% | +4.00% |
Volatility (6M)Calculated over the trailing 6-month period | 13.12% | 2.04% | +11.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.66% | 2.70% | +12.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.06% | 3.90% | +15.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.43% | 5.26% | +15.17% |
GUNR vs. VTEB - Expense Ratio Comparison
GUNR has a 0.46% expense ratio, which is higher than VTEB's 0.03% expense ratio.
Dividends
GUNR vs. VTEB - Dividend Comparison
GUNR's dividend yield for the trailing twelve months is around 2.34%, less than VTEB's 3.35% 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% |
VTEB Vanguard Tax-Exempt Bond ETF | 3.35% | 3.29% | 3.14% | 2.79% | 2.09% | 1.64% | 1.99% | 2.30% | 2.25% | 1.96% | 1.66% | 0.58% |
Frequently Asked Questions
GUNR and VTEB have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GUNR has higher volatility (4.92%) compared to VTEB (0.92%). In terms of maximum drawdown, GUNR dropped -45.64% vs VTEB's -17.00%.
On 10-year performance, GUNR leads with 10.82% vs 2.06% for VTEB. On fees, VTEB is cheaper at 0.03% per year. On volatility, VTEB has been the lower-risk option at 0.92%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GUNR has performed better with a 10.82% return vs 2.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VTEB is cheaper with a 0.03% expense ratio, compared with 0.46% for GUNR.
VTEB has the higher dividend yield at 3.35%, compared with 2.34% for GUNR.
GUNR is categorized as Commodity Producers Equities, while VTEB is Municipal Bonds. GUNR tracks Morningstar Global Upstream Natural Resources Index, while VTEB tracks S&P National AMT-Free Municipal Bond Index. They also come from different issuers: Northern Trust and Vanguard. Their fees differ too: 0.46% for GUNR and 0.03% for VTEB.
VTEB currently has the higher Sharpe Ratio (2.53 vs 2.12), 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.
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