IGE vs. GUNR

Last updated Jun 24, 2026

IGE (iShares North American Natural Resources ETF) and GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) are both exchange-traded funds - IGE is a Energy Equities fund tracking the S&P North American Natural Resources Sector 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, IGE returned 9.09%/yr vs 10.46%/yr for GUNR. Their correlation of 0.86 suggests significant overlap in exposure. IGE charges 0.39%/yr vs 0.46%/yr for GUNR.

Performance

IGE vs. GUNR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares North American Natural Resources ETF (IGE) 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, IGE achieves a 15.54% return, which is significantly higher than GUNR's 9.71% return. Over the past 10 years, IGE has underperformed GUNR with an annualized return of 9.09%, while GUNR has yielded a comparatively higher 10.46% annualized return.

IGE

• 1D: -0.66%
• 1M: -6.23%
• YTD: 15.54%
• 6M: 14.58%
• 1Y: 31.93%
• 3Y*: 18.55%
• 5Y*: 16.34%
• 10Y*: 9.09%

GUNR

• 1D: -1.68%
• 1M: -7.63%
• YTD: 9.71%
• 6M: 9.10%
• 1Y: 27.15%
• 3Y*: 11.55%
• 5Y*: 8.96%
• 10Y*: 10.46%

*Multi-year figures are annualized to reflect compound growth (CAGR)

IGE vs. GUNR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IGE iShares North American Natural Resources ETF	15.54%	20.41%	7.55%	3.12%	33.24%	39.42%	-19.58%	17.16%	-21.59%	0.82%
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	9.71%	30.03%	-8.37%	-2.40%	14.83%	26.06%	0.46%	18.41%	-9.42%	18.74%

Correlation

The correlation between IGE and GUNR is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Sep 22, 2011	0.86

The correlation between IGE and GUNR has been stable across timeframes, ranging from 0.83 to 0.87 - a consistent structural relationship.

IGE vs. GUNR - Sectors Allocation Comparison

Sectors	IGE	GUNR
Energy	70.1%	29.6%
Basic Materials	26.1%	49.4%
Consumer Cyclical	3.5%	0.2%
Healthcare	0.2%	-
Industrials	0.1%	2.6%
Communication Services	-	1.7%
Consumer Defensive	-	12.1%
Financial Services	-	2.9%
Real Estate	-	0.3%
Technology	-	0.5%
Utilities	-	4.4%

Return for Risk

IGE vs. GUNR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IGE

IGE Risk / Return Rank: 64
IGE Sharpe Ratio Rank: 62
IGE Sortino Ratio Rank: 59
IGE Omega Ratio Rank: 56
IGE Calmar Ratio Rank: 75
IGE Martin Ratio Rank: 68

GUNR

GUNR Risk / Return Rank: 54
GUNR Sharpe Ratio Rank: 52
GUNR Sortino Ratio Rank: 47
GUNR Omega Ratio Rank: 50
GUNR Calmar Ratio Rank: 56
GUNR Martin Ratio Rank: 66

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.

IGE vs. GUNR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares North American Natural Resources ETF (IGE) 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.

	IGE	GUNR	Difference
Sharpe ratio: Return per unit of total volatility	1.95	1.71	+0.24
Sortino ratio: Return per unit of downside risk	2.63	2.24	+0.39
Omega ratio: Gain probability vs. loss probability	1.33	1.30	+0.03
Calmar ratio: Return relative to maximum drawdown	3.65	2.64	+1.00
Martin ratio: Return relative to average drawdown	11.94	11.45	+0.49

IGE vs. GUNR - Sharpe Ratio Comparison

The current IGE Sharpe Ratio is 1.95, which is comparable to the GUNR Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of IGE 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

IGE vs. GUNR - Drawdown Comparison

The maximum IGE drawdown since its inception was -67.55%, which is greater than GUNR's maximum drawdown of -45.64%. Use the drawdown chart below to compare losses from any high point for IGE and GUNR.

Drawdown Indicators

	IGE	GUNR	Difference
Max Drawdown Largest peak-to-trough decline	-67.55%	-45.64%	-21.91%
Max Drawdown (1Y) Largest decline over 1 year	-8.80%	-10.31%	+1.51%
Max Drawdown (3Y) Largest decline over 3 years	-19.49%	-19.59%	+0.10%
Max Drawdown (5Y) Largest decline over 5 years	-25.72%	-24.06%	-1.66%
Max Drawdown (10Y) Largest decline over 10 years	-60.57%	-43.04%	-17.53%
Current Drawdown Current decline from peak	-8.73%	-10.31%	+1.58%
Average Drawdown Average peak-to-trough decline	-18.87%	-10.39%	-8.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.68%	2.38%	+0.30%

Volatility

IGE vs. GUNR - Volatility Comparison

iShares North American Natural Resources ETF (IGE) and FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) have volatilities of 5.32% and 5.24%, 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

	IGE	GUNR	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.32%	5.24%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	12.96%	13.31%	-0.35%
Volatility (1Y) Calculated over the trailing 1-year period	16.51%	15.93%	+0.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.41%	19.02%	+3.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.93%	20.37%	+4.56%

IGE vs. GUNR - Expense Ratio Comparison

IGE has a 0.39% expense ratio, which is lower than GUNR's 0.46% expense ratio.

Dividends

IGE vs. GUNR - Dividend Comparison

IGE's dividend yield for the trailing twelve months is around 2.07%, less than GUNR's 2.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	2.44%	2.81%	3.39%	3.55%	4.12%	3.61%	2.79%	3.25%	3.27%	2.00%	1.73%	4.50%
IGE iShares North American Natural Resources ETF	2.07%	2.32%	2.54%	2.85%	2.96%	2.92%	3.34%	5.55%	2.68%	2.11%	1.66%	3.08%

Frequently Asked Questions

Can I hold both IGE and GUNR in my portfolio?

IGE and GUNR have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IGE or GUNR?

IGE has higher volatility (5.32%) compared to GUNR (5.24%). In terms of maximum drawdown, IGE dropped -67.55% vs GUNR's -45.64%.

Which ETF is better, IGE or GUNR?

On 10-year performance, GUNR leads with 10.46% vs 9.09% for IGE. On fees, IGE is cheaper at 0.39% 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, IGE or GUNR?

Over the 10-year period, GUNR has performed better with a 10.46% return vs 9.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IGE or GUNR?

IGE is cheaper with a 0.39% expense ratio, compared with 0.46% for GUNR.

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

GUNR has the higher dividend yield at 2.44%, compared with 2.07% for IGE.

What is the main difference between IGE and GUNR?

IGE is categorized as Energy Equities, while GUNR is Natural Resources. IGE tracks S&P North American Natural Resources Sector Index, while GUNR tracks Morningstar Global Upstream Natural Resources Index. They also come from different issuers: iShares and Northern Trust. Their fees differ too: 0.39% for IGE and 0.46% for GUNR.

Which has better risk-adjusted returns?

IGE currently has the higher Sharpe Ratio (1.95 vs 1.71), 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.