IHI vs. GNR

Last updated Jun 9, 2026

IHI (iShares U.S. Medical Devices ETF) and GNR (SPDR S&P Global Natural Resources ETF) are both exchange-traded funds - IHI is a Health & Biotech Equities fund tracking the Dow Jones U.S. Select Medical Equipment Index, while GNR is a Commodity Producers Equities fund tracking the S&P Global Natural Resources Index. Both are passively managed. Over the past 10 years, IHI returned 8.79%/yr vs 10.53%/yr for GNR. At a 0.49 correlation, their price movements are largely independent. IHI charges 0.43%/yr vs 0.40%/yr for GNR.

Performance

IHI vs. GNR - Performance Comparison

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

Returns By Period

In the year-to-date period, IHI achieves a -19.71% return, which is significantly lower than GNR's 15.95% return. Over the past 10 years, IHI has underperformed GNR with an annualized return of 8.79%, while GNR has yielded a comparatively higher 10.53% annualized return.

IHI

• 1D: -0.44%
• 1M: 1.73%
• YTD: -19.71%
• 6M: -19.80%
• 1Y: -19.39%
• 3Y*: -1.88%
• 5Y*: -2.08%
• 10Y*: 8.79%

GNR

• 1D: 0.18%
• 1M: -2.80%
• YTD: 15.95%
• 6M: 20.08%
• 1Y: 37.42%
• 3Y*: 13.57%
• 5Y*: 9.11%
• 10Y*: 10.53%

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

IHI vs. GNR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IHI iShares U.S. Medical Devices ETF	-19.71%	6.88%	8.62%	3.24%	-19.80%	21.03%	24.17%	32.75%	15.45%	30.81%
GNR SPDR S&P Global Natural Resources ETF	15.95%	28.68%	-8.27%	2.95%	10.20%	24.73%	-0.03%	16.49%	-13.19%	22.64%

Correlation

The correlation between IHI and GNR is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (10Y) Calculated over the trailing 10-year period	0.41
Correlation (All Time) Calculated using the full available price history since Sep 14, 2010	0.49

Over the past year, the correlation between IHI and GNR has dropped to 0.23 - well below their long-term average of 0.49, suggesting their price drivers have been diverging.

IHI vs. GNR - Sectors Allocation Comparison

Sectors	IHI	GNR
Healthcare	100.0%	0.0%
Industrials	0.2%	0.2%
Basic Materials	-	50.3%
Communication Services	-	-
Consumer Cyclical	-	6.3%
Consumer Defensive	-	4.6%
Energy	-	37.6%
Financial Services	-	0.0%
Real Estate	-	0.8%
Technology	-	-
Utilities	-	0.0%

Return for Risk

IHI vs. GNR — Risk / Return Rank

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

IHI

IHI Risk / Return Rank: 1
IHI Sharpe Ratio Rank: 1
IHI Sortino Ratio Rank: 1
IHI Omega Ratio Rank: 1
IHI Calmar Ratio Rank: 3
IHI Martin Ratio Rank: 0

GNR

GNR Risk / Return Rank: 80
GNR Sharpe Ratio Rank: 77
GNR Sortino Ratio Rank: 70
GNR Omega Ratio Rank: 74
GNR Calmar Ratio Rank: 88
GNR Martin Ratio Rank: 89

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.

IHI vs. GNR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Medical Devices ETF (IHI) 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.

	IHI	GNR	Difference
Sharpe ratio: Return per unit of total volatility	-1.15	2.23	-3.38
Sortino ratio: Return per unit of downside risk	-1.60	2.86	-4.46
Omega ratio: Gain probability vs. loss probability	0.82	1.39	-0.57
Calmar ratio: Return relative to maximum drawdown	-0.75	4.72	-5.46
Martin ratio: Return relative to average drawdown	-1.85	18.00	-19.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IHI vs. GNR - Sharpe Ratio Comparison

The current IHI Sharpe Ratio is -1.15, which is lower than the GNR Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of IHI 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.

Sharpe Ratios by Period

	IHI	GNR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.15	2.23	-3.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.11	0.45	-0.56
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.48	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.25	+0.22

Drawdowns

IHI vs. GNR - Drawdown Comparison

The maximum IHI drawdown since its inception was -49.65%, roughly equal to the maximum GNR drawdown of -51.37%. Use the drawdown chart below to compare losses from any high point for IHI and GNR.

Drawdown Indicators

	IHI	GNR	Difference
Max Drawdown Largest peak-to-trough decline	-49.65%	-51.37%	+1.72%
Max Drawdown (1Y) Largest decline over 1 year	-26.11%	-7.97%	-18.14%
Max Drawdown (3Y) Largest decline over 3 years	-26.64%	-21.15%	-5.49%
Max Drawdown (5Y) Largest decline over 5 years	-33.12%	-25.66%	-7.46%
Max Drawdown (10Y) Largest decline over 10 years	-33.25%	-48.59%	+15.34%
Current Drawdown Current decline from peak	-24.19%	-5.04%	-19.15%
Average Drawdown Average peak-to-trough decline	-8.33%	-14.94%	+6.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.48%	2.08%	+8.40%

Volatility

IHI vs. GNR - Volatility Comparison

iShares U.S. Medical Devices ETF (IHI) has a higher volatility of 7.01% compared to SPDR S&P Global Natural Resources ETF (GNR) at 5.49%. This indicates that IHI's price experiences larger fluctuations and is considered to be riskier than GNR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IHI	GNR	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.01%	5.49%	+1.52%
Volatility (6M) Calculated over the trailing 6-month period	13.06%	13.73%	-0.67%
Volatility (1Y) Calculated over the trailing 1-year period	17.00%	16.88%	+0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.99%	20.30%	-1.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.80%	21.90%	-2.10%

IHI vs. GNR - Expense Ratio Comparison

IHI has a 0.43% expense ratio, which is higher than GNR's 0.40% expense ratio.

Dividends

IHI vs. GNR - Dividend Comparison

IHI's dividend yield for the trailing twelve months is around 0.45%, less than GNR's 2.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GNR SPDR S&P Global Natural Resources ETF	2.56%	2.76%	4.73%	3.37%	4.37%	3.44%	2.78%	3.84%	3.51%	2.40%	2.06%	4.59%
IHI iShares U.S. Medical Devices ETF	0.45%	0.34%	0.46%	0.53%	0.45%	0.25%	0.25%	0.33%	0.26%	0.37%	0.55%	1.28%

Frequently Asked Questions

Can I hold both IHI and GNR in my portfolio?

IHI and GNR have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IHI or GNR?

IHI has higher volatility (7.01%) compared to GNR (5.49%). In terms of maximum drawdown, IHI dropped -49.65% vs GNR's -51.37%.

Which ETF is better, IHI or GNR?

On 10-year performance, GNR leads with 10.53% vs 8.79% for IHI. On fees, GNR is cheaper at 0.40% per year. On volatility, GNR has been the lower-risk option at 5.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IHI or GNR?

Over the 10-year period, GNR has performed better with a 10.53% return vs 8.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IHI or GNR?

GNR is cheaper with a 0.40% expense ratio, compared with 0.43% for IHI.

Which ETF pays a higher dividend yield, IHI or GNR?

GNR has the higher dividend yield at 2.56%, compared with 0.45% for IHI.

What is the main difference between IHI and GNR?

IHI is categorized as Health & Biotech Equities, while GNR is Commodity Producers Equities. IHI tracks Dow Jones U.S. Select Medical Equipment Index, while GNR tracks S&P Global Natural Resources Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.43% for IHI and 0.40% for GNR.

Which has better risk-adjusted returns?

GNR currently has the higher Sharpe Ratio (2.23 vs -1.15), 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.