HAP vs. GUNR

Last updated Aug 2, 2026

HAP (VanEck Natural Resources ETF) and GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) are both exchange-traded funds - HAP is a Energy Equities fund tracking the MarketVector Global Natural Resources Index, while GUNR is a Natural Resources fund tracking the Morningstar Global Upstream Natural Resources Index. Both are passively managed. Over the past 10 years, HAP returned 11.44%/yr vs 10.25%/yr for GUNR. Their correlation of 0.95 means they have usually moved in the same direction. HAP charges 0.42%/yr vs 0.46%/yr for GUNR.

Performance

HAP vs. GUNR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Natural Resources ETF (HAP) and FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HAP achieves a 18.12% return, which is significantly higher than GUNR's 15.36% return. Over the past 10 years, HAP has outperformed GUNR with an annualized return of 11.44%, while GUNR has yielded a comparatively lower 10.25% annualized return.

HAP

• 1D: -1.03%
• 1M: 2.81%
• 6M: 5.60%
• YTD: 18.12%
• 1Y: 39.17%
• 3Y*: 14.98%
• 5Y*: 12.25%
• 10Y*: 11.44%
• ALL TIME*: 5.91%

GUNR

• 1D: -1.34%
• 1M: 5.08%
• 6M: 4.45%
• YTD: 15.36%
• 1Y: 33.75%
• 3Y*: 10.87%
• 5Y*: 10.53%
• 10Y*: 10.25%
• ALL TIME*: 6.57%

*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	$21.90M	$15.47M	$20.20M
HAP VanEck Natural Resources ETF	$1.89M	$2.98M	$2.39M

HAP vs. GUNR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HAP VanEck Natural Resources ETF	18.12%	34.91%	-4.08%	2.46%	7.84%	25.04%	6.30%	18.60%	-10.68%	17.12%
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	15.36%	30.03%	-8.37%	-2.40%	14.83%	26.06%	0.46%	18.41%	-9.42%	18.74%

Correlation

The correlation between HAP and GUNR is 0.95, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.95
Correlation (3Y) Balances recent behavior with more history.	0.96
Correlation (5Y) Shows whether the relationship held over a longer period.	0.96
Correlation (10Y) Provides a long-term view across more market conditions.	0.95
Correlation (All Time) Calculated using the full available price history since Sep 22, 2011	0.95

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

HAP vs. GUNR - Sectors Allocation Comparison

Sectors	HAP	GUNR
Basic Materials	38.2%	52.3%
Energy	28.7%	29.2%
Industrials	11.6%	0.5%
Utilities	9.8%	5.4%
Consumer Defensive	6.3%	11.8%
Healthcare	3.8%	-
Technology	1.0%	0.5%
Real Estate	0.4%	1.2%
Consumer Cyclical	0.2%	0.4%
Communication Services	-	1.7%
Financial Services	-	0.0%

Return for Risk

HAP vs. GUNR — Risk / Return Rank

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

HAP

HAP Risk / Return Rank: 91
HAP Sharpe Ratio Rank: 93
HAP Sortino Ratio Rank: 91
HAP Omega Ratio Rank: 91
HAP Calmar Ratio Rank: 92
HAP Martin Ratio Rank: 86

GUNR

GUNR Risk / Return Rank: 81
GUNR Sharpe Ratio Rank: 87
GUNR Sortino Ratio Rank: 82
GUNR Omega Ratio Rank: 85
GUNR Calmar Ratio Rank: 79
GUNR Martin Ratio Rank: 73

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.

HAP vs. GUNR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Natural Resources ETF (HAP) and FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR). 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.

	HAP	GUNR	Difference
Sharpe ratio: Return per unit of total volatility	2.48	2.09	+0.39
Sortino ratio: Return per unit of downside risk	3.21	2.68	+0.53
Omega ratio: Gain probability vs. loss probability	1.44	1.36	+0.07
Calmar ratio: Return relative to maximum drawdown	4.28	2.84	+1.43
Martin ratio: Return relative to average drawdown	12.10	8.94	+3.15

HAP vs. GUNR - Sharpe Ratio Comparison

The current HAP Sharpe Ratio is 2.48, which is comparable to the GUNR Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of HAP and GUNR, 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

HAP vs. GUNR - Drawdown Comparison

The maximum HAP drawdown since its inception was -50.99%, which is greater than GUNR's maximum drawdown of -45.64%. Use the drawdown chart below to compare losses from any high point for HAP and GUNR.

Drawdown Indicators

	HAP	GUNR	Difference
Max Drawdown Largest peak-to-trough decline	-50.99%	-45.64%	-5.35%
Max Drawdown (1Y) Largest decline over 1 year	-9.09%	-11.70%	+2.61%
Max Drawdown (3Y) Largest decline over 3 years	-16.92%	-19.59%	+2.67%
Max Drawdown (5Y) Largest decline over 5 years	-25.66%	-24.06%	-1.60%
Max Drawdown (10Y) Largest decline over 10 years	-44.07%	-43.04%	-1.03%
Current Drawdown Current decline from peak	-4.67%	-5.70%	+1.03%
Average Drawdown Average peak-to-trough decline	-12.03%	-10.37%	-1.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.21%	3.71%	-0.50%

Volatility

HAP vs. GUNR - Volatility Comparison

VanEck Natural Resources ETF (HAP) and FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) have volatilities of 4.08% and 4.14%, 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

	HAP	GUNR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.08%	4.14%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	12.98%	13.16%	-0.18%
Volatility (1Y) Calculated over the trailing 1-year period	15.67%	15.95%	-0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.21%	18.95%	-0.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.67%	20.32%	-0.65%

HAP vs. GUNR - Expense Ratio Comparison

HAP has a 0.42% expense ratio, which is lower than GUNR's 0.46% expense ratio.

Dividends

HAP vs. GUNR - Dividend Comparison

HAP's dividend yield for the trailing twelve months is around 1.92%, less than GUNR's 2.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	2.32%	2.81%	3.39%	3.55%	4.12%	3.61%	2.79%	3.25%	3.27%	2.00%	1.73%	4.50%
HAP VanEck Natural Resources ETF	1.92%	2.27%	2.65%	3.27%	3.28%	2.16%	2.45%	2.80%	2.85%	2.02%	1.99%	3.00%

Frequently Asked Questions

Can I hold both HAP and GUNR in my portfolio?

With a correlation of 0.95, HAP and GUNR 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, HAP or GUNR?

GUNR has higher volatility (4.14%) compared to HAP (4.08%). In terms of maximum drawdown, HAP dropped -50.99% vs GUNR's -45.64%.

Which ETF is better, HAP or GUNR?

On 10-year performance, HAP leads with 11.44% vs 10.25% for GUNR. On fees, HAP is cheaper at 0.42% 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, HAP or GUNR?

Over the 10-year period, HAP has performed better with a 11.44% return vs 10.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HAP or GUNR?

HAP is cheaper with a 0.42% expense ratio, compared with 0.46% for GUNR.

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

GUNR has the higher dividend yield at 2.32%, compared with 1.92% for HAP.

What is the main difference between HAP and GUNR?

HAP is categorized as Energy Equities, while GUNR is Natural Resources. HAP tracks MarketVector Global Natural Resources Index, while GUNR tracks Morningstar Global Upstream Natural Resources Index. They also come from different issuers: VanEck and Northern Trust. Their fees differ too: 0.42% for HAP and 0.46% for GUNR.

Which has better risk-adjusted returns?

HAP currently has the higher Sharpe Ratio (2.48 vs 2.09), 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.