IXC vs. GUNR

Last updated Jun 12, 2026

IXC (iShares Global Energy ETF) and GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) are both exchange-traded funds - IXC is a Energy Equities fund tracking the S&P Global 1200 Energy Capped Index, while GUNR is a Commodity Producers Equities fund tracking the Morningstar Global Upstream Natural Resources Index. Both are passively managed. Over the past 10 years, IXC returned 9.93%/yr vs 10.82%/yr for GUNR. Their correlation of 0.83 suggests significant overlap in exposure. IXC charges 0.40%/yr vs 0.46%/yr for GUNR.

Performance

IXC vs. GUNR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Global Energy ETF (IXC) 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, IXC achieves a 28.81% return, which is significantly higher than GUNR's 14.38% return. Over the past 10 years, IXC has underperformed GUNR with an annualized return of 9.93%, while GUNR has yielded a comparatively higher 10.82% annualized return.

IXC

• 1D: -1.12%
• 1M: -1.50%
• YTD: 28.81%
• 6M: 27.41%
• 1Y: 39.54%
• 3Y*: 17.54%
• 5Y*: 19.08%
• 10Y*: 9.93%

GUNR

• 1D: 1.38%
• 1M: -6.21%
• YTD: 14.38%
• 6M: 15.02%
• 1Y: 33.05%
• 3Y*: 12.46%
• 5Y*: 9.21%
• 10Y*: 10.82%

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

IXC vs. GUNR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IXC iShares Global Energy ETF	28.81%	13.98%	1.95%	3.92%	48.51%	40.88%	-31.00%	12.67%	-14.85%	5.54%
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	14.38%	30.03%	-8.37%	-2.40%	14.83%	26.06%	0.46%	18.41%	-9.42%	18.74%

Correlation

The correlation between IXC and GUNR is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Sep 22, 2011	0.83

Over the past year, the correlation between IXC and GUNR has dropped to 0.57 - well below their long-term average of 0.83, suggesting their price drivers have been diverging.

IXC vs. GUNR - Sectors Allocation Comparison

Sectors	IXC	GUNR
Energy	100.0%	29.3%
Basic Materials	-	45.1%
Communication Services	-	1.7%
Consumer Cyclical	-	0.2%
Consumer Defensive	-	11.5%
Financial Services	-	2.7%
Healthcare	-	-
Industrials	-	2.3%
Real Estate	-	0.2%
Technology	-	0.5%
Utilities	-	4.0%

Return for Risk

IXC vs. GUNR — Risk / Return Rank

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

IXC

IXC Risk / Return Rank: 77
IXC Sharpe Ratio Rank: 79
IXC Sortino Ratio Rank: 74
IXC Omega Ratio Rank: 71
IXC Calmar Ratio Rank: 87
IXC Martin Ratio Rank: 76

GUNR

GUNR Risk / Return Rank: 81
GUNR Sharpe Ratio Rank: 79
GUNR Sortino Ratio Rank: 72
GUNR Omega Ratio Rank: 76
GUNR Calmar Ratio Rank: 87
GUNR Martin Ratio Rank: 88

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. GUNR - Risk-Adjusted Trends Comparison

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

	IXC	GUNR	Difference
Sharpe ratio: Return per unit of total volatility	2.11	2.12	-0.01
Sortino ratio: Return per unit of downside risk	2.73	2.72	+0.01
Omega ratio: Gain probability vs. loss probability	1.35	1.37	-0.02
Calmar ratio: Return relative to maximum drawdown	4.11	4.27	-0.16
Martin ratio: Return relative to average drawdown	11.84	16.27	-4.43

IXC vs. GUNR - Sharpe Ratio Comparison

The current IXC Sharpe Ratio is 2.11, which is comparable to the GUNR Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of IXC 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

IXC vs. GUNR - Drawdown Comparison

The maximum IXC drawdown since its inception was -67.88%, which is greater than GUNR's maximum drawdown of -45.64%. Use the drawdown chart below to compare losses from any high point for IXC and GUNR.

Drawdown Indicators

	IXC	GUNR	Difference
Max Drawdown Largest peak-to-trough decline	-67.88%	-45.64%	-22.24%
Max Drawdown (1Y) Largest decline over 1 year	-9.66%	-7.77%	-1.89%
Max Drawdown (3Y) Largest decline over 3 years	-19.06%	-19.59%	+0.53%
Max Drawdown (5Y) Largest decline over 5 years	-24.93%	-24.06%	-0.87%
Max Drawdown (10Y) Largest decline over 10 years	-64.16%	-43.04%	-21.12%
Current Drawdown Current decline from peak	-7.29%	-6.50%	-0.79%
Average Drawdown Average peak-to-trough decline	-17.47%	-10.39%	-7.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.35%	2.04%	+1.31%

Volatility

IXC vs. GUNR - Volatility Comparison

iShares Global Energy ETF (IXC) has a higher volatility of 6.43% compared to FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) at 4.92%. This indicates that IXC's price experiences larger fluctuations and is considered to be riskier than GUNR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IXC	GUNR	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.43%	4.92%	+1.51%
Volatility (6M) Calculated over the trailing 6-month period	15.64%	13.12%	+2.52%
Volatility (1Y) Calculated over the trailing 1-year period	18.83%	15.66%	+3.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.54%	19.06%	+4.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.84%	20.43%	+6.41%

IXC vs. GUNR - Expense Ratio Comparison

IXC has a 0.40% expense ratio, which is lower than GUNR's 0.46% expense ratio.

Dividends

IXC vs. GUNR - Dividend Comparison

IXC's dividend yield for the trailing twelve months is around 2.86%, more than GUNR's 2.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	2.34%	2.81%	3.39%	3.55%	4.12%	3.61%	2.79%	3.25%	3.27%	2.00%	1.73%	4.50%
IXC iShares Global Energy ETF	2.86%	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

Can I hold both IXC and GUNR in my portfolio?

IXC and GUNR have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IXC or GUNR?

IXC has higher volatility (6.43%) compared to GUNR (4.92%). In terms of maximum drawdown, IXC dropped -67.88% vs GUNR's -45.64%.

Which ETF is better, IXC or GUNR?

On 10-year performance, GUNR leads with 10.82% vs 9.93% for IXC. On fees, IXC is cheaper at 0.40% per year. On volatility, GUNR has been the lower-risk option at 4.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IXC or GUNR?

Over the 10-year period, GUNR has performed better with a 10.82% return vs 9.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IXC or GUNR?

IXC is cheaper with a 0.40% expense ratio, compared with 0.46% for GUNR.

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

IXC has the higher dividend yield at 2.86%, compared with 2.34% for GUNR.

What is the main difference between IXC and GUNR?

IXC is categorized as Energy Equities, while GUNR is Commodity Producers Equities. IXC tracks S&P Global 1200 Energy Capped Index, while GUNR tracks Morningstar Global Upstream Natural Resources Index. They also come from different issuers: iShares and Northern Trust. Their fees differ too: 0.40% for IXC and 0.46% for GUNR.

Which has better risk-adjusted returns?

GUNR currently has the higher Sharpe Ratio (2.12 vs 2.11), 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.