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IWFQ.L vs. GUNR
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IWFQ.L vs. GUNR

Last updated Jun 26, 2026

IWFQ.L (iShares MSCI World Quality Factor UCITS) and GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) are both exchange-traded funds - IWFQ.L is a Global Equities fund tracking the MSCI ACWI NR USD, while GUNR is a Natural Resources fund tracking the Morningstar Global Upstream Natural Resources Index. Both are passively managed. Over the past 10 years, IWFQ.L returned 12.95%/yr vs 10.61%/yr for GUNR. At a 0.40 correlation, their price movements are largely independent. IWFQ.L charges 0.30%/yr vs 0.46%/yr for GUNR.

Performance

IWFQ.L vs. GUNR - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares MSCI World Quality Factor UCITS (IWFQ.L) and FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

IWFQ.L is traded in GBp, while GUNR is traded in USD. To make them comparable, the GUNR values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, IWFQ.L achieves a 9.49% return, which is significantly lower than GUNR's 11.13% return. Over the past 10 years, IWFQ.L has outperformed GUNR with an annualized return of 12.95%, while GUNR has yielded a comparatively lower 10.61% annualized return.

IWFQ.L

1D
-0.34%
1M
1.24%
YTD
9.49%
6M
9.69%
1Y
23.42%
3Y*
16.14%
5Y*
10.98%
10Y*
12.95%

GUNR

1D
0.47%
1M
-6.86%
YTD
11.13%
6M
10.85%
1Y
32.39%
3Y*
9.49%
5Y*
9.84%
10Y*
10.61%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IWFQ.L vs. GUNR - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IWFQ.L
iShares MSCI World Quality Factor UCITS		9.49%7.40%18.93%19.15%-9.55%25.17%10.93%25.86%-2.34%12.47%
GUNR
FlexShares Morningstar Global Upstream Natural Resources Index Fund		11.13%20.76%-6.77%-7.28%28.49%27.25%-2.49%13.91%-4.04%8.47%

Correlation

The correlation between IWFQ.L and GUNR is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.11

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

0.20

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

0.25

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

0.39

Correlation (All Time)
Calculated using the full available price history since Oct 6, 2014

0.40

Over the past year, the correlation between IWFQ.L and GUNR has dropped to 0.11 - well below their long-term average of 0.40, suggesting their price drivers have been diverging.

IWFQ.L vs. GUNR - Sectors Allocation Comparison

Sectors
IWFQ.L
GUNR

Technology

30.8%
0.5%

Financial Services

14.9%
2.9%

Industrials

10.2%
2.6%

Consumer Cyclical

9.5%
0.2%

Communication Services

9.0%
1.7%

Healthcare

9.0%

-

Consumer Defensive

5.0%
12.1%

Energy

4.0%
29.6%

Basic Materials

3.3%
49.4%

Utilities

2.6%
4.4%

Real Estate

1.7%
0.3%

Technology

IWFQ.L
30.8%
GUNR
0.5%

Financial Services

IWFQ.L
14.9%
GUNR
2.9%

Industrials

IWFQ.L
10.2%
GUNR
2.6%

Consumer Cyclical

IWFQ.L
9.5%
GUNR
0.2%

Communication Services

IWFQ.L
9.0%
GUNR
1.7%

Healthcare

IWFQ.L
9.0%
GUNR

-

Consumer Defensive

IWFQ.L
5.0%
GUNR
12.1%

Energy

IWFQ.L
4.0%
GUNR
29.6%

Basic Materials

IWFQ.L
3.3%
GUNR
49.4%

Utilities

IWFQ.L
2.6%
GUNR
4.4%

Real Estate

IWFQ.L
1.7%
GUNR
0.3%

Compare stocks, funds, or ETFs

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iShares MSCI World Quality Factor UCITS

FlexShares Morningstar Global Upstream Natural Resources Index Fund

Often compared with IWFQ.L:
IWFQ.L vs. IUQF.LIWFQ.L vs. SWDA.LIWFQ.L vs. GGRA.LIWFQ.L vs. URTHIWFQ.L vs. GERD.DEIWFQ.L vs. MWMIXIWFQ.L vs. GOGB.L
Often compared with GUNR:
GUNR vs. HAPGUNR vs. XLBGUNR vs. IGEGUNR vs. PDBCGUNR vs. INFLGUNR vs. PCLIXGUNR vs. DBC

Return for Risk

IWFQ.L vs. GUNR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IWFQ.L
IWFQ.L Risk / Return Rank: 8282
Overall Rank
IWFQ.L Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
IWFQ.L Sortino Ratio Rank: 8686
Sortino Ratio Rank
IWFQ.L Omega Ratio Rank: 8585
Omega Ratio Rank
IWFQ.L Calmar Ratio Rank: 7575
Calmar Ratio Rank
IWFQ.L Martin Ratio Rank: 8282
Martin Ratio Rank
GUNR
GUNR Risk / Return Rank: 5959
Overall Rank
GUNR Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
GUNR Sortino Ratio Rank: 5454
Sortino Ratio Rank
GUNR Omega Ratio Rank: 5757
Omega Ratio Rank
GUNR Calmar Ratio Rank: 5656
Calmar Ratio Rank
GUNR 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.

IWFQ.L vs. GUNR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI World Quality Factor UCITS (IWFQ.L) 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.

IWFQ.LGUNRDifference
Sharpe ratioReturn per unit of total volatility
2.37
2.23

+0.13

Sortino ratioReturn per unit of downside risk
3.36
2.98

+0.38

Omega ratioGain probability vs. loss probability

1.45

1.39

+0.06

Calmar ratioReturn relative to maximum drawdown

3.33

3.08

+0.24

Martin ratioReturn relative to average drawdown

14.19

12.46

+1.73

IWFQ.L vs. GUNR - Sharpe Ratio Comparison

The current IWFQ.L Sharpe Ratio is 2.37, which is comparable to the GUNR Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of IWFQ.L 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.

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Drawdowns

IWFQ.L vs. GUNR - Drawdown Comparison

The maximum IWFQ.L drawdown since its inception was -40.49%, which is greater than GUNR's maximum drawdown of -37.79%. Use the drawdown chart below to compare losses from any high point for IWFQ.L and GUNR.

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Drawdown Indicators

IWFQ.LGUNRDifference

Max Drawdown

Largest peak-to-trough decline

-40.49%

-37.79%

-2.70%

Max Drawdown (1Y)

Largest decline over 1 year

-7.01%

-10.55%

+3.54%

Max Drawdown (3Y)

Largest decline over 3 years

-20.20%

-20.00%

-0.20%

Max Drawdown (5Y)

Largest decline over 5 years

-20.20%

-24.21%

+4.01%

Max Drawdown (10Y)

Largest decline over 10 years

-23.91%

-37.47%

+13.56%

Current Drawdown

Current decline from peak

-0.76%

-10.13%

+9.37%

Average Drawdown

Average peak-to-trough decline

-8.95%

-8.65%

-0.30%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.65%

2.61%

-0.96%

Volatility

IWFQ.L vs. GUNR - Volatility Comparison

The current volatility for iShares MSCI World Quality Factor UCITS (IWFQ.L) is 2.66%, while FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) has a volatility of 4.41%. This indicates that IWFQ.L experiences smaller price fluctuations and is considered to be less risky 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

IWFQ.LGUNRDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.66%

4.41%

-1.75%

Volatility (6M)

Calculated over the trailing 6-month period

7.30%

11.92%

-4.62%

Volatility (1Y)

Calculated over the trailing 1-year period

9.85%

14.60%

-4.75%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.20%

16.70%

+2.50%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.28%

19.03%

-1.75%

IWFQ.L vs. GUNR - Expense Ratio Comparison

IWFQ.L has a 0.30% expense ratio, which is lower than GUNR's 0.46% expense ratio.

Dividends

IWFQ.L vs. GUNR - Dividend Comparison

IWFQ.L has not paid dividends to shareholders, while GUNR's dividend yield for the trailing twelve months is around 2.46%.

PositionTTM20252024202320222021202020192018201720162015
GUNR
FlexShares Morningstar Global Upstream Natural Resources Index Fund		2.46%2.81%3.39%3.55%4.12%3.61%2.79%3.25%3.27%2.00%1.73%4.50%
IWFQ.L
iShares MSCI World Quality Factor UCITS		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

IWFQ.L and GUNR have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, IWFQ.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

IWFQ.L is cheaper with a 0.30% expense ratio, compared with 0.46% for GUNR.

IWFQ.L is categorized as Global Equities, while GUNR is Natural Resources. IWFQ.L tracks MSCI ACWI NR USD, while GUNR tracks Morningstar Global Upstream Natural Resources Index. They also come from different issuers: iShares and Northern Trust. Their fees differ too: 0.30% for IWFQ.L and 0.46% for GUNR.

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