LIMI vs. GUNR
LIMI (Themes Lithium & Battery Metal Miners ETF) and GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) are both exchange-traded funds - LIMI is a Lithium & Battery Metals fund tracking the BITA Global Lithium and Battery Metals Select Index, while GUNR is a Natural Resources fund tracking the Morningstar Global Upstream Natural Resources Index. Both are passively managed. Over the past year, LIMI returned 67.12% vs 25.03% for GUNR. At a 0.45 correlation, their price movements are largely independent. LIMI charges 0.35%/yr vs 0.46%/yr for GUNR.
Performance
LIMI vs. GUNR - Performance Comparison
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Returns By Period
In the year-to-date period, LIMI achieves a -7.47% return, which is significantly lower than GUNR's 10.46% return.
LIMI
- 1D
- -1.07%
- 1M
- -20.27%
- 6M
- -17.03%
- YTD
- -7.47%
- 1Y
- 67.12%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GUNR
- 1D
- 0.97%
- 1M
- -4.56%
- 6M
- 6.94%
- YTD
- 10.46%
- 1Y
- 25.03%
- 3Y*
- 10.79%
- 5Y*
- 9.27%
- 10Y*
- 9.65%
LIMI vs. GUNR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
LIMI Themes Lithium & Battery Metal Miners ETF | -7.47% | 91.22% | -0.82% |
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund | 10.46% | 30.03% | -8.86% |
Correlation
The correlation between LIMI and GUNR is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2024 | 0.45 |
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Return for Risk
LIMI vs. GUNR — Risk / Return Rank
LIMI
GUNR
LIMI vs. GUNR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Themes Lithium & Battery Metal Miners ETF (LIMI) 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.
| LIMI | GUNR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.10 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.28 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.08 | 2.17 | -0.10 |
| Martin ratioReturn relative to average drawdown | 6.50 | 7.60 | -1.10 |
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Drawdowns
LIMI vs. GUNR - Drawdown Comparison
The maximum LIMI drawdown since its inception was -43.77%, roughly equal to the maximum GUNR drawdown of -45.64%. Use the drawdown chart below to compare losses from any high point for LIMI and GUNR.
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Drawdown Indicators
| LIMI | GUNR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.77% | -45.64% | +1.87% |
Max Drawdown (1Y)Largest decline over 1 year | -31.47% | -11.70% | -19.77% |
Max Drawdown (3Y)Largest decline over 3 years | — | -19.59% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.06% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -43.04% | — |
Current DrawdownCurrent decline from peak | -31.47% | -9.70% | -21.77% |
Average DrawdownAverage peak-to-trough decline | -13.42% | -10.39% | -3.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.03% | 3.34% | +6.69% |
Volatility
LIMI vs. GUNR - Volatility Comparison
Themes Lithium & Battery Metal Miners ETF (LIMI) has a higher volatility of 12.96% compared to FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) at 4.49%. This indicates that LIMI'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.
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Volatility by Period
| LIMI | GUNR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.96% | 4.49% | +8.47% |
Volatility (6M)Calculated over the trailing 6-month period | 30.72% | 13.22% | +17.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 45.09% | 15.87% | +29.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.82% | 19.00% | +22.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.82% | 20.31% | +21.51% |
LIMI vs. GUNR - Expense Ratio Comparison
LIMI has a 0.35% expense ratio, which is lower than GUNR's 0.46% expense ratio.
Dividends
LIMI vs. GUNR - Dividend Comparison
LIMI's dividend yield for the trailing twelve months is around 0.59%, less than GUNR's 2.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund | 2.43% | 2.81% | 3.39% | 3.55% | 4.12% | 3.61% | 2.79% | 3.25% | 3.27% | 2.00% | 1.73% | 4.50% |
LIMI Themes Lithium & Battery Metal Miners ETF | 0.59% | 0.54% | 8.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
LIMI and GUNR have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LIMI has higher volatility (12.96%) compared to GUNR (4.49%). In terms of maximum drawdown, LIMI dropped -43.77% vs GUNR's -45.64%.
On 1-year performance, LIMI leads with 67.12% vs 25.03% for GUNR. On fees, LIMI is cheaper at 0.35% per year. On volatility, GUNR has been the lower-risk option at 4.49%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, LIMI has performed better with a 67.12% return vs 25.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LIMI is cheaper with a 0.35% expense ratio, compared with 0.46% for GUNR.
GUNR has the higher dividend yield at 2.43%, compared with 0.59% for LIMI.
LIMI is categorized as Lithium & Battery Metals, while GUNR is Natural Resources. LIMI tracks BITA Global Lithium and Battery Metals Select Index, while GUNR tracks Morningstar Global Upstream Natural Resources Index. They also come from different issuers: Themes and Northern Trust. Their fees differ too: 0.35% for LIMI and 0.46% for GUNR.
GUNR currently has the higher Sharpe Ratio (1.60 vs 1.45), 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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