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IXC vs. GNR
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IXC vs. GNR

Last updated Jun 13, 2026

IXC (iShares Global Energy ETF) and GNR (SPDR S&P Global Natural Resources ETF) are both exchange-traded funds - IXC is a Energy Equities fund tracking the S&P Global 1200 Energy Capped 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, IXC returned 10.05%/yr vs 10.91%/yr for GNR. Their correlation of 0.84 suggests significant overlap in exposure. Both charge a 0.40% expense ratio.

Performance

IXC vs. GNR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Global Energy ETF (IXC) 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, IXC achieves a 29.17% return, which is significantly higher than GNR's 17.34% return. Over the past 10 years, IXC has underperformed GNR with an annualized return of 10.05%, while GNR has yielded a comparatively higher 10.91% annualized return.

IXC

1D
0.28%
1M
-1.17%
YTD
29.17%
6M
28.84%
1Y
38.93%
3Y*
17.43%
5Y*
19.14%
10Y*
10.05%

GNR

1D
1.21%
1M
-3.83%
YTD
17.34%
6M
18.86%
1Y
35.92%
3Y*
13.61%
5Y*
9.29%
10Y*
10.91%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IXC vs. GNR - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IXC
iShares Global Energy ETF		29.17%13.98%1.95%3.92%48.51%40.88%-31.00%12.67%-14.85%5.54%
GNR
SPDR S&P Global Natural Resources ETF		17.34%28.68%-8.27%2.95%10.20%24.73%-0.03%16.49%-13.19%22.64%

Correlation

The correlation between IXC and GNR is 0.55, 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

0.55

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

0.69

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

0.78

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

0.81

Correlation (All Time)
Calculated using the full available price history since Sep 14, 2010

0.84

Over the past year, the correlation between IXC and GNR has dropped to 0.55 - well below their long-term average of 0.84, suggesting their price drivers have been diverging.

IXC vs. GNR - Sectors Allocation Comparison

Sectors
IXC
GNR

Energy

100.0%
37.6%

Basic Materials

-

50.3%

Communication Services

-

-

Consumer Cyclical

-

6.3%

Consumer Defensive

-

4.6%

Financial Services

-

0.0%

Healthcare

-

0.0%

Industrials

-

0.2%

Real Estate

-

0.8%

Technology

-

-

Utilities

-

0.0%

Energy

IXC
100.0%
GNR
37.6%

Basic Materials

IXC

-

GNR
50.3%

Communication Services

IXC

-

GNR

-

Consumer Cyclical

IXC

-

GNR
6.3%

Consumer Defensive

IXC

-

GNR
4.6%

Financial Services

IXC

-

GNR
0.0%

Healthcare

IXC

-

GNR
0.0%

Industrials

IXC

-

GNR
0.2%

Real Estate

IXC

-

GNR
0.8%

Technology

IXC

-

GNR

-

Utilities

IXC

-

GNR
0.0%

Compare stocks, funds, or ETFs

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

iShares Global Energy ETF

SPDR S&P Global Natural Resources ETF

Often compared with IXC:
IXC vs. XLEIXC vs. VDEIXC vs. IYEIXC vs. OIHIXC vs. IUES.LIXC vs. DDMIXC vs. XDW0.DE
Often compared with GNR:
GNR vs. REMXGNR vs. XLEGNR vs. SPYGNR vs. BCIGNR vs. VAWGNR vs. XLBGNR vs. MXI

Return for Risk

IXC vs. GNR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IXC
IXC Risk / Return Rank: 7373
Overall Rank
IXC Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
IXC Sortino Ratio Rank: 6969
Sortino Ratio Rank
IXC Omega Ratio Rank: 6767
Omega Ratio Rank
IXC Calmar Ratio Rank: 8585
Calmar Ratio Rank
IXC Martin Ratio Rank: 7171
Martin Ratio Rank
GNR
GNR Risk / Return Rank: 7979
Overall Rank
GNR Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
GNR Sortino Ratio Rank: 7070
Sortino Ratio Rank
GNR Omega Ratio Rank: 7373
Omega Ratio Rank
GNR Calmar Ratio Rank: 8888
Calmar Ratio Rank
GNR Martin Ratio Rank: 8787
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.

IXC vs. GNR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Energy ETF (IXC) 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.

IXCGNRDifference
Sharpe ratioReturn per unit of total volatility
2.08
2.12

-0.04

Sortino ratioReturn per unit of downside risk
2.70
2.74

-0.04

Omega ratioGain probability vs. loss probability

1.34

1.37

-0.03

Calmar ratioReturn relative to maximum drawdown

4.05

4.53

-0.48

Martin ratioReturn relative to average drawdown

11.55

16.42

-4.86

IXC vs. GNR - Sharpe Ratio Comparison

The current IXC Sharpe Ratio is 2.08, which is comparable to the GNR Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of IXC 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

IXC vs. GNR - Drawdown Comparison

The maximum IXC drawdown since its inception was -67.88%, which is greater than GNR's maximum drawdown of -51.37%. Use the drawdown chart below to compare losses from any high point for IXC and GNR.

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Drawdown Indicators

IXCGNRDifference

Max Drawdown

Largest peak-to-trough decline

-67.88%

-51.37%

-16.51%

Max Drawdown (1Y)

Largest decline over 1 year

-9.66%

-7.97%

-1.69%

Max Drawdown (3Y)

Largest decline over 3 years

-19.06%

-21.15%

+2.09%

Max Drawdown (5Y)

Largest decline over 5 years

-24.93%

-25.66%

+0.73%

Max Drawdown (10Y)

Largest decline over 10 years

-64.16%

-48.59%

-15.57%

Current Drawdown

Current decline from peak

-7.04%

-3.91%

-3.13%

Average Drawdown

Average peak-to-trough decline

-17.47%

-14.93%

-2.54%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.38%

2.19%

+1.19%

Volatility

IXC vs. GNR - Volatility Comparison

iShares Global Energy ETF (IXC) has a higher volatility of 6.44% compared to SPDR S&P Global Natural Resources ETF (GNR) at 5.75%. This indicates that IXC'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.

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Volatility by Period

IXCGNRDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.44%

5.75%

+0.69%

Volatility (6M)

Calculated over the trailing 6-month period

15.63%

13.87%

+1.76%

Volatility (1Y)

Calculated over the trailing 1-year period

18.79%

17.04%

+1.75%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

23.53%

20.33%

+3.20%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

26.84%

21.89%

+4.95%

IXC vs. GNR - Expense Ratio Comparison

Both IXC and GNR have an expense ratio of 0.40%.

Dividends

IXC vs. GNR - Dividend Comparison

IXC's dividend yield for the trailing twelve months is around 2.85%, more than GNR's 2.53% yield.

PositionTTM20252024202320222021202020192018201720162015
GNR
SPDR S&P Global Natural Resources ETF		2.53%2.76%4.73%3.37%4.37%3.44%2.78%3.84%3.51%2.40%2.06%4.59%
IXC
iShares Global Energy ETF		2.85%3.68%4.56%3.45%4.76%3.98%4.86%7.00%3.51%3.05%2.86%3.77%

Frequently Asked Questions

IXC and GNR have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IXC has higher volatility (6.44%) compared to GNR (5.75%). In terms of maximum drawdown, IXC dropped -67.88% vs GNR's -51.37%.

On 10-year performance, GNR leads with 10.91% vs 10.05% for IXC. Both ETFs have the same 0.40% expense ratio. On volatility, GNR has been the lower-risk option at 5.75%. 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 10.91% return vs 10.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IXC and GNR have the same expense ratio: 0.40% per year.

IXC has the higher dividend yield at 2.85%, compared with 2.53% for GNR.

IXC is categorized as Energy Equities, while GNR is Commodity Producers Equities. IXC tracks S&P Global 1200 Energy Capped Index, while GNR tracks S&P Global Natural Resources Index. They also come from different issuers: iShares and State Street.

GNR currently has the higher Sharpe Ratio (2.12 vs 2.08), 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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