IBIT vs. GUNR
IBIT (iShares Bitcoin Trust ETF) and GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) are both exchange-traded funds - IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant, while GUNR is a Commodity Producers Equities fund tracking the Morningstar Global Upstream Natural Resources Index. Both are passively managed. Over the past year, IBIT returned -39.67% vs 32.88% for GUNR. At a 0.25 correlation, their price movements are largely independent. IBIT charges 0.25%/yr vs 0.46%/yr for GUNR.
Performance
IBIT vs. GUNR - Performance Comparison
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Returns By Period
In the year-to-date period, IBIT achieves a -27.41% return, which is significantly lower than GUNR's 15.74% return.
IBIT
- 1D
- -0.03%
- 1M
- -21.94%
- YTD
- -27.41%
- 6M
- -29.61%
- 1Y
- -39.67%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GUNR
- 1D
- 1.19%
- 1M
- -4.60%
- YTD
- 15.74%
- 6M
- 17.02%
- 1Y
- 32.88%
- 3Y*
- 12.40%
- 5Y*
- 9.47%
- 10Y*
- 11.10%
IBIT vs. GUNR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | -27.41% | -6.41% | 89.87% |
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund | 15.74% | 30.03% | -5.03% |
Correlation
The correlation between IBIT and GUNR is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.25 |
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Return for Risk
IBIT vs. GUNR — Risk / Return Rank
IBIT
GUNR
IBIT vs. GUNR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Bitcoin Trust ETF (IBIT) 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.
| IBIT | GUNR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.10 | ||
| Sortino ratioReturn per unit of downside risk | -4.09 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.38 | -0.53 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 4.40 | -5.18 |
| Martin ratioReturn relative to average drawdown | -1.37 | 16.53 | -17.90 |
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Drawdowns
IBIT vs. GUNR - Drawdown Comparison
The maximum IBIT drawdown since its inception was -52.11%, which is greater than GUNR's maximum drawdown of -45.64%. Use the drawdown chart below to compare losses from any high point for IBIT and GUNR.
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Drawdown Indicators
| IBIT | GUNR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.11% | -45.64% | -6.47% |
Max Drawdown (1Y)Largest decline over 1 year | -52.11% | -7.77% | -44.34% |
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 DrawdownCurrent decline from peak | -49.45% | -5.39% | -44.06% |
Average DrawdownAverage peak-to-trough decline | -16.53% | -10.39% | -6.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.64% | 2.06% | +27.58% |
Volatility
IBIT vs. GUNR - Volatility Comparison
iShares Bitcoin Trust ETF (IBIT) has a higher volatility of 12.07% compared to FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) at 5.11%. This indicates that IBIT's price experiences larger fluctuations and is considered to be riskier than GUNR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBIT | GUNR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.07% | 5.11% | +6.96% |
Volatility (6M)Calculated over the trailing 6-month period | 34.45% | 13.13% | +21.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.10% | 15.69% | +28.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.26% | 19.06% | +31.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.26% | 20.44% | +29.82% |
IBIT vs. GUNR - Expense Ratio Comparison
IBIT has a 0.25% expense ratio, which is lower than GUNR's 0.46% expense ratio.
Dividends
IBIT vs. GUNR - Dividend Comparison
IBIT has not paid dividends to shareholders, while GUNR's dividend yield for the trailing twelve months is around 2.31%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund | 2.31% | 2.81% | 3.39% | 3.55% | 4.12% | 3.61% | 2.79% | 3.25% | 3.27% | 2.00% | 1.73% | 4.50% |
IBIT iShares Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IBIT and GUNR have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBIT has higher volatility (12.07%) compared to GUNR (5.11%). In terms of maximum drawdown, IBIT dropped -52.11% vs GUNR's -45.64%.
On 1-year performance, GUNR leads with 32.88% vs -39.67% for IBIT. On fees, IBIT is cheaper at 0.25% per year. On volatility, GUNR has been the lower-risk option at 5.11%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, GUNR has performed better with a 32.88% return vs -39.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBIT is cheaper with a 0.25% expense ratio, compared with 0.46% for GUNR.
GUNR has the higher dividend yield at 2.31%, compared with 0.00% for IBIT.
IBIT is categorized as Cryptocurrency, while GUNR is Commodity Producers Equities. IBIT tracks CME CF Bitcoin Reference Rate - New York Variant, while GUNR tracks Morningstar Global Upstream Natural Resources Index. They also come from different issuers: iShares and Northern Trust. Their fees differ too: 0.25% for IBIT and 0.46% for GUNR.
GUNR currently has the higher Sharpe Ratio (2.18 vs -0.92), 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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