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HAP vs. GNR
Performance
Return for Risk
Dividends
Drawdowns
Volatility

HAP vs. GNR

Last updated Apr 1, 2026

Compare and contrast key facts about VanEck Natural Resources ETF (HAP) and SPDR S&P Global Natural Resources ETF (GNR).

HAP and GNR are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HAP is a passively managed fund by VanEck that tracks the performance of the MarketVector Global Natural Resources Index. It was launched on Aug 29, 2008. GNR is a passively managed fund by State Street that tracks the performance of the S&P Global Natural Resources Index. It was launched on Sep 13, 2010. Both HAP and GNR are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

HAP vs. GNR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Natural Resources ETF (HAP) and SPDR S&P Global Natural Resources ETF (GNR). The values are adjusted to include any dividend payments, if applicable.

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HAP vs. GNR - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HAP
VanEck Natural Resources ETF		20.50%34.91%-4.08%2.46%7.84%25.04%6.30%18.60%-10.68%17.12%
GNR
SPDR S&P Global Natural Resources ETF		20.16%28.68%-8.27%2.95%10.20%24.73%-0.03%16.49%-13.19%22.64%

Returns By Period

The year-to-date returns for both stocks are quite close, with HAP having a 20.50% return and GNR slightly lower at 20.16%. Over the past 10 years, HAP has outperformed GNR with an annualized return of 12.75%, while GNR has yielded a comparatively lower 11.66% annualized return.

HAP

1D
2.33%
1M
-2.27%
YTD
20.50%
6M
29.86%
1Y
48.82%
3Y*
16.84%
5Y*
12.99%
10Y*
12.75%

GNR

1D
2.19%
1M
-1.16%
YTD
20.16%
6M
28.10%
1Y
44.49%
3Y*
13.40%
5Y*
12.05%
10Y*
11.66%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

VanEck Natural Resources ETF

SPDR S&P Global Natural Resources ETF

Often compared with HAP:
HAP vs. GUNRHAP vs. NANRHAP vs. URAHAP vs. SPYHAP vs. DGROHAP vs. QQQHAP vs. MOAT
Often compared with GNR:
GNR vs. REMXGNR vs. XLEGNR vs. BCIGNR vs. VAWGNR vs. SPYGNR vs. XLBGNR vs. MXI

HAP vs. GNR - Expense Ratio Comparison

HAP has a 0.42% expense ratio, which is higher than GNR's 0.40% expense ratio.

HAP
VanEck Natural Resources ETF
GNR
SPDR S&P Global Natural Resources ETF

Return for Risk

HAP vs. GNR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HAP
HAP Risk / Return Rank: 9696
Overall Rank
HAP Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
HAP Sortino Ratio Rank: 9696
Sortino Ratio Rank
HAP Omega Ratio Rank: 9696
Omega Ratio Rank
HAP Calmar Ratio Rank: 9494
Calmar Ratio Rank
HAP Martin Ratio Rank: 9797
Martin Ratio Rank
GNR
GNR Risk / Return Rank: 9393
Overall Rank
GNR Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
GNR Sortino Ratio Rank: 9393
Sortino Ratio Rank
GNR Omega Ratio Rank: 9393
Omega Ratio Rank
GNR Calmar Ratio Rank: 9090
Calmar Ratio Rank
GNR Martin Ratio Rank: 9595
Martin Ratio Rank
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.

HAP vs. GNR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Natural Resources ETF (HAP) and SPDR S&P Global Natural Resources ETF (GNR). 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.

HAPGNRDifference

Sharpe ratio

Return per unit of total volatility

2.59

2.16

+0.43

Sortino ratio

Return per unit of downside risk

3.21

2.75

+0.46

Omega ratio

Gain probability vs. loss probability

1.51

1.42

+0.09

Calmar ratio

Return relative to maximum drawdown

3.60

2.98

+0.61

Martin ratio

Return relative to average drawdown

18.89

15.63

+3.26

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HAP vs. GNR - Sharpe Ratio Comparison

The current HAP Sharpe Ratio is 2.59, which is comparable to the GNR Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of HAP and GNR, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

HAPGNRDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.59

2.16

+0.43

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.71

0.60

+0.12

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.65

0.53

+0.11

Sharpe Ratio (All Time)

Calculated using the full available price history

0.26

0.26

0.00

Correlation

The correlation between HAP and GNR is 0.95, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

HAP vs. GNR - Dividend Comparison

HAP's dividend yield for the trailing twelve months is around 1.88%, less than GNR's 2.30% yield.

TTM20252024202320222021202020192018201720162015
HAP
VanEck Natural Resources ETF		1.88%2.27%2.65%3.27%3.28%2.16%2.45%2.80%2.85%2.02%1.99%3.00%
GNR
SPDR S&P Global Natural Resources ETF		2.30%2.76%4.73%3.37%4.37%3.44%2.78%3.84%3.51%2.40%2.06%4.59%

Drawdowns

HAP vs. GNR - Drawdown Comparison

The maximum HAP drawdown since its inception was -50.73%, roughly equal to the maximum GNR drawdown of -51.37%. Use the drawdown chart below to compare losses from any high point for HAP and GNR.

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Drawdown Indicators

HAPGNRDifference

Max Drawdown

Largest peak-to-trough decline

-50.73%

-51.37%

+0.64%

Max Drawdown (1Y)

Largest decline over 1 year

-13.64%

-14.80%

+1.16%

Max Drawdown (5Y)

Largest decline over 5 years

-25.66%

-25.66%

0.00%

Max Drawdown (10Y)

Largest decline over 10 years

-44.07%

-48.59%

+4.52%

Current Drawdown

Current decline from peak

-2.61%

-1.59%

-1.02%

Average Drawdown

Average peak-to-trough decline

-12.13%

-15.10%

+2.97%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.60%

2.83%

-0.23%

Volatility

HAP vs. GNR - Volatility Comparison

VanEck Natural Resources ETF (HAP) and SPDR S&P Global Natural Resources ETF (GNR) have volatilities of 6.40% and 6.47%, 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.

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Volatility by Period

HAPGNRDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.40%

6.47%

-0.07%

Volatility (6M)

Calculated over the trailing 6-month period

12.48%

13.76%

-1.28%

Volatility (1Y)

Calculated over the trailing 1-year period

18.94%

20.70%

-1.76%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.30%

20.36%

-2.06%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.81%

22.01%

-2.20%