IGE vs. NANR

Last updated Jun 3, 2026

IGE (iShares North American Natural Resources ETF) and NANR (SPDR S&P North American Natural Resources ETF) are both exchange-traded funds - IGE is a Energy Equities fund tracking the S&P North American Natural Resources Sector Index, while NANR is a Commodity Producers Equities fund tracking the S&P BMI North American Natural Resources Index. Both are passively managed. Over the past 10 years, IGE returned 9.81%/yr vs 12.58%/yr for NANR. Their correlation of 0.91 suggests significant overlap in exposure. IGE charges 0.39%/yr vs 0.35%/yr for NANR.

Performance

IGE vs. NANR - Performance Comparison

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

Returns By Period

In the year-to-date period, IGE achieves a 23.16% return, which is significantly lower than NANR's 24.74% return. Over the past 10 years, IGE has underperformed NANR with an annualized return of 9.81%, while NANR has yielded a comparatively higher 12.58% annualized return.

IGE

• 1D: 1.62%
• 1M: -0.06%
• YTD: 23.16%
• 6M: 25.35%
• 1Y: 45.28%
• 3Y*: 20.31%
• 5Y*: 17.42%
• 10Y*: 9.81%

NANR

• 1D: 1.67%
• 1M: 2.67%
• YTD: 24.74%
• 6M: 28.76%
• 1Y: 55.64%
• 3Y*: 21.02%
• 5Y*: 16.60%
• 10Y*: 12.58%

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

IGE vs. NANR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IGE iShares North American Natural Resources ETF	23.16%	20.41%	7.55%	3.12%	33.24%	39.42%	-19.58%	17.16%	-21.59%	0.82%
NANR SPDR S&P North American Natural Resources ETF	24.74%	35.35%	2.31%	-3.23%	26.49%	36.43%	1.03%	18.99%	-16.77%	8.03%

Correlation

The correlation between IGE and NANR is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Dec 17, 2015	0.91

The correlation between IGE and NANR has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

IGE vs. NANR - Sectors Allocation Comparison

Sectors	IGE	NANR
Energy	71.9%	41.1%
Basic Materials	24.5%	47.1%
Consumer Cyclical	3.3%	5.9%
Healthcare	0.2%	-
Industrials	0.1%	0.0%
Communication Services	-	-
Consumer Defensive	-	4.4%
Financial Services	-	-
Real Estate	-	0.4%
Technology	-	0.1%
Utilities	-	0.0%

Return for Risk

IGE vs. NANR — Risk / Return Rank

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

IGE

IGE Risk / Return Rank: 86
IGE Sharpe Ratio Rank: 86
IGE Sortino Ratio Rank: 83
IGE Omega Ratio Rank: 78
IGE Calmar Ratio Rank: 95
IGE Martin Ratio Rank: 90

NANR

NANR Risk / Return Rank: 88
NANR Sharpe Ratio Rank: 89
NANR Sortino Ratio Rank: 84
NANR Omega Ratio Rank: 83
NANR Calmar Ratio Rank: 93
NANR Martin Ratio Rank: 92

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. NANR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares North American Natural Resources ETF (IGE) and SPDR S&P North American Natural Resources ETF (NANR). 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.

	IGE	NANR	Difference
Sharpe ratio Return per unit of total volatility	2.85	3.09	-0.24
Sortino ratio Return per unit of downside risk	3.75	3.82	-0.08
Omega ratio Gain probability vs. loss probability	1.47	1.51	-0.04
Calmar ratio Return relative to maximum drawdown	8.59	6.64	+1.95
Martin ratio Return relative to average drawdown	21.23	23.52	-2.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IGE vs. NANR - Sharpe Ratio Comparison

The current IGE Sharpe Ratio is 2.85, which is comparable to the NANR Sharpe Ratio of 3.09. The chart below compares the historical Sharpe Ratios of IGE and NANR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IGE	NANR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.85	3.09	-0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	0.73	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.39	0.54	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.63	-0.33

Drawdowns

IGE vs. NANR - Drawdown Comparison

The maximum IGE drawdown since its inception was -67.55%, which is greater than NANR's maximum drawdown of -49.15%. Use the drawdown chart below to compare losses from any high point for IGE and NANR.

Drawdown Indicators

	IGE	NANR	Difference
Max Drawdown Largest peak-to-trough decline	-67.55%	-49.15%	-18.40%
Max Drawdown (1Y) Largest decline over 1 year	-5.54%	-8.93%	+3.39%
Max Drawdown (3Y) Largest decline over 3 years	-19.49%	-18.42%	-1.07%
Max Drawdown (5Y) Largest decline over 5 years	-25.72%	-26.42%	+0.70%
Max Drawdown (10Y) Largest decline over 10 years	-60.57%	-49.15%	-11.42%
Current Drawdown Current decline from peak	-2.71%	-1.82%	-0.89%
Average Drawdown Average peak-to-trough decline	-18.90%	-8.40%	-10.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	2.52%	-0.28%

Volatility

IGE vs. NANR - Volatility Comparison

The current volatility for iShares North American Natural Resources ETF (IGE) is 4.40%, while SPDR S&P North American Natural Resources ETF (NANR) has a volatility of 4.89%. This indicates that IGE experiences smaller price fluctuations and is considered to be less risky than NANR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IGE	NANR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.40%	4.89%	-0.49%
Volatility (6M) Calculated over the trailing 6-month period	12.67%	14.36%	-1.69%
Volatility (1Y) Calculated over the trailing 1-year period	16.05%	18.25%	-2.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.45%	22.89%	-0.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.95%	23.54%	+1.41%

IGE vs. NANR - Expense Ratio Comparison

IGE has a 0.39% expense ratio, which is higher than NANR's 0.35% expense ratio.

Dividends

IGE vs. NANR - Dividend Comparison

IGE's dividend yield for the trailing twelve months is around 1.89%, more than NANR's 1.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IGE iShares North American Natural Resources ETF	1.89%	2.32%	2.54%	2.85%	2.96%	2.92%	3.34%	5.55%	2.68%	2.11%	1.66%	3.08%
NANR SPDR S&P North American Natural Resources ETF	1.68%	1.77%	2.20%	2.78%	2.70%	2.61%	2.73%	2.02%	1.95%	1.83%	5.01%	0.01%

Frequently Asked Questions

Can I hold both IGE and NANR in my portfolio?

With a correlation of 0.91, IGE and NANR 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, IGE or NANR?

NANR has higher volatility (4.89%) compared to IGE (4.40%). In terms of maximum drawdown, IGE dropped -67.55% vs NANR's -49.15%.

Which ETF is better, IGE or NANR?

On 10-year performance, NANR leads with 12.58% vs 9.81% for IGE. On fees, NANR is cheaper at 0.35% per year. On volatility, IGE has been the lower-risk option at 4.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IGE or NANR?

Over the 10-year period, NANR has performed better with a 12.58% return vs 9.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IGE or NANR?

NANR is cheaper with a 0.35% expense ratio, compared with 0.39% for IGE.

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

IGE has the higher dividend yield at 1.89%, compared with 1.68% for NANR.

What is the main difference between IGE and NANR?

IGE is categorized as Energy Equities, while NANR is Commodity Producers Equities. IGE tracks S&P North American Natural Resources Sector Index, while NANR tracks S&P BMI North American Natural Resources Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.39% for IGE and 0.35% for NANR.

Which has better risk-adjusted returns?

NANR currently has the higher Sharpe Ratio (3.09 vs 2.85), 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.