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IEFA vs. GNR
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IEFA vs. GNR

Last updated Jul 22, 2026
Documentation

IEFA (iShares Core MSCI EAFE ETF) and GNR (SPDR S&P Global Natural Resources ETF) are both exchange-traded funds - IEFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE IMI Index (Net), while GNR is a Natural Resources fund tracking the S&P Global Natural Resources Index. Both are passively managed. Over the past 10 years, IEFA returned 9.48%/yr vs 9.85%/yr for GNR. A 0.76 correlation means they provide meaningful diversification when combined. IEFA charges 0.07%/yr vs 0.40%/yr for GNR.

Performance

IEFA vs. GNR - Performance Comparison

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

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Returns By Period

In the year-to-date period, IEFA achieves a 10.11% return, which is significantly lower than GNR's 14.65% return. Both investments have delivered pretty close results over the past 10 years, with IEFA having a 9.48% annualized return and GNR not far ahead at 9.85%.

IEFA

1D
1.41%
1M
-0.38%
6M
7.75%
YTD
10.11%
1Y
20.91%
3Y*
15.73%
5Y*
8.84%
10Y*
9.48%
ALL TIME*
8.43%

GNR

1D
1.76%
1M
1.29%
6M
6.86%
YTD
14.65%
1Y
30.46%
3Y*
11.51%
5Y*
10.49%
10Y*
9.85%
ALL TIME*
5.29%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IEFA vs. GNR - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IEFA
iShares Core MSCI EAFE ETF		10.11%32.08%3.26%17.95%-15.24%11.63%8.18%22.64%-14.14%26.57%
GNR
SPDR S&P Global Natural Resources ETF		14.65%28.68%-8.27%2.95%10.20%24.73%-0.03%16.49%-13.19%22.64%

Correlation

The correlation between IEFA and GNR is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.58

Correlation (3Y)
Calculated over the trailing 3-year period

0.64

Correlation (5Y)
Calculated over the trailing 5-year period

0.68

Correlation (10Y)
Calculated over the trailing 10-year period

0.74

Correlation (All Time)
Calculated using the full available price history since Oct 24, 2012

0.76

The correlation between IEFA and GNR shifts across timeframes, from 0.58 (1 year) to 0.76 (all time), reflecting how their relationship changes across market environments.

IEFA vs. GNR - Sectors Allocation Comparison

Sectors
IEFA
GNR

Financial Services

24.2%
0.0%

Industrials

19.4%
0.3%

Technology

12.1%

-

Healthcare

9.6%
0.0%

Consumer Cyclical

7.8%
8.5%

Basic Materials

6.5%
53.5%

Consumer Defensive

6.4%
5.4%

Communication Services

3.7%

-

Energy

3.5%
31.3%

Utilities

3.5%
0.0%

Real Estate

2.7%
1.0%

Financial Services

IEFA
24.2%
GNR
0.0%

Industrials

IEFA
19.4%
GNR
0.3%

Technology

IEFA
12.1%
GNR

-

Healthcare

IEFA
9.6%
GNR
0.0%

Consumer Cyclical

IEFA
7.8%
GNR
8.5%

Basic Materials

IEFA
6.5%
GNR
53.5%

Consumer Defensive

IEFA
6.4%
GNR
5.4%

Communication Services

IEFA
3.7%
GNR

-

Energy

IEFA
3.5%
GNR
31.3%

Utilities

IEFA
3.5%
GNR
0.0%

Real Estate

IEFA
2.7%
GNR
1.0%

Compare stocks, funds, or ETFs

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

iShares Core MSCI EAFE ETF

SPDR S&P Global Natural Resources ETF

Often compared with IEFA:
IEFA vs. VEAIEFA vs. VXUSIEFA vs. EFAIEFA vs. FSPSXIEFA vs. IEMGIEFA vs. XEF.TOIEFA vs. IXUS
Often compared with GNR:
GNR vs. REMXGNR vs. XLEGNR vs. BCIGNR vs. VAWGNR vs. SPYGNR vs. XLBGNR vs. MXI

Return for Risk

IEFA vs. GNR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IEFA
IEFA Risk / Return Rank: 5252
Overall Rank
IEFA Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
IEFA Sortino Ratio Rank: 5353
Sortino Ratio Rank
IEFA Omega Ratio Rank: 5151
Omega Ratio Rank
IEFA Calmar Ratio Rank: 4848
Calmar Ratio Rank
IEFA Martin Ratio Rank: 5555
Martin Ratio Rank
GNR
GNR Risk / Return Rank: 7171
Overall Rank
GNR Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
GNR Sortino Ratio Rank: 6868
Sortino Ratio Rank
GNR Omega Ratio Rank: 7171
Omega Ratio Rank
GNR Calmar Ratio Rank: 7474
Calmar Ratio Rank
GNR Martin Ratio Rank: 6868
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.

IEFA vs. GNR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI EAFE ETF (IEFA) 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.

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.

IEFAGNRDifference
Sharpe ratioReturn per unit of total volatility
1.34
1.78

-0.44

Sortino ratioReturn per unit of downside risk
1.95
2.33

-0.38

Omega ratioGain probability vs. loss probability

1.24

1.31

-0.07

Calmar ratioReturn relative to maximum drawdown

1.83

2.78

-0.96

Martin ratioReturn relative to average drawdown

6.90

8.88

-1.99

IEFA vs. GNR - Sharpe Ratio Comparison

The current IEFA Sharpe Ratio is 1.34, which is comparable to the GNR Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of IEFA and GNR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

IEFA vs. GNR - Drawdown Comparison

The maximum IEFA drawdown since its inception was -34.78%, smaller than the maximum GNR drawdown of -51.37%. Use the drawdown chart below to compare losses from any high point for IEFA and GNR.

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Drawdown Indicators

IEFAGNRDifference

Max Drawdown

Largest peak-to-trough decline

-34.78%

-51.37%

+16.59%

Max Drawdown (1Y)

Largest decline over 1 year

-11.50%

-10.99%

-0.51%

Max Drawdown (3Y)

Largest decline over 3 years

-13.76%

-21.15%

+7.39%

Max Drawdown (5Y)

Largest decline over 5 years

-30.41%

-25.66%

-4.75%

Max Drawdown (10Y)

Largest decline over 10 years

-34.78%

-48.59%

+13.81%

Current Drawdown

Current decline from peak

-1.41%

-6.11%

+4.70%

Average Drawdown

Average peak-to-trough decline

-6.64%

-14.89%

+8.25%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.04%

3.44%

-0.40%

Volatility

IEFA vs. GNR - Volatility Comparison

The current volatility for iShares Core MSCI EAFE ETF (IEFA) is 4.22%, while SPDR S&P Global Natural Resources ETF (GNR) has a volatility of 4.48%. This indicates that IEFA experiences smaller price fluctuations and is considered to be less risky than GNR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IEFAGNRDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.22%

4.48%

-0.26%

Volatility (6M)

Calculated over the trailing 6-month period

13.52%

14.02%

-0.50%

Volatility (1Y)

Calculated over the trailing 1-year period

15.67%

17.19%

-1.52%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.59%

20.19%

-3.60%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.02%

21.77%

-4.75%

IEFA vs. GNR - Expense Ratio Comparison

IEFA has a 0.07% expense ratio, which is lower than GNR's 0.40% expense ratio.

Dividends

IEFA vs. GNR - Dividend Comparison

IEFA's dividend yield for the trailing twelve months is around 3.39%, more than GNR's 2.59% yield.

PositionTTM20252024202320222021202020192018201720162015
GNR
SPDR S&P Global Natural Resources ETF		2.59%2.76%4.73%3.37%4.37%3.44%2.78%3.84%3.51%2.40%2.06%4.59%
IEFA
iShares Core MSCI EAFE ETF		3.39%3.55%3.47%3.20%2.70%3.32%1.90%3.18%3.46%2.57%2.96%2.63%

Frequently Asked Questions

IEFA and GNR have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GNR has higher volatility (4.48%) compared to IEFA (4.22%). In terms of maximum drawdown, IEFA dropped -34.78% vs GNR's -51.37%.

On 10-year performance, GNR leads with 9.85% vs 9.48% for IEFA. On fees, IEFA is cheaper at 0.07% per year. On volatility, IEFA has been the lower-risk option at 4.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, GNR has performed better with a 9.85% return vs 9.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IEFA is cheaper with a 0.07% expense ratio, compared with 0.40% for GNR.

IEFA has the higher dividend yield at 3.39%, compared with 2.59% for GNR.

IEFA is categorized as Foreign Large Cap Equities, while GNR is Natural Resources. IEFA tracks MSCI EAFE IMI Index (Net), while GNR tracks S&P Global Natural Resources Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.07% for IEFA and 0.40% for GNR.

GNR currently has the higher Sharpe Ratio (1.78 vs 1.34), 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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