MOO vs. NANR

Last updated Jul 14, 2026

MOO (VanEck Agribusiness ETF) and NANR (SPDR S&P North American Natural Resources ETF) are both Natural Resources funds - MOO tracks the MVIS Global Agribusiness Index while NANR tracks the S&P BMI North American Natural Resources Index. Both are passively managed. Over the past 10 years, MOO returned 7.23%/yr vs 10.97%/yr for NANR. A 0.70 correlation means they provide meaningful diversification when combined. MOO charges 0.56%/yr vs 0.35%/yr for NANR.

Performance

MOO vs. NANR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Agribusiness ETF (MOO) and SPDR S&P North American Natural Resources ETF (NANR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MOO achieves a 11.94% return, which is significantly lower than NANR's 15.01% return. Over the past 10 years, MOO has underperformed NANR with an annualized return of 7.23%, while NANR has yielded a comparatively higher 10.97% annualized return.

MOO

• 1D: 0.63%
• 1M: 3.68%
• 6M: 8.42%
• YTD: 11.94%
• 1Y: 12.19%
• 3Y*: 2.07%
• 5Y*: 0.16%
• 10Y*: 7.23%

NANR

• 1D: 0.89%
• 1M: -4.02%
• 6M: 7.50%
• YTD: 15.01%
• 1Y: 33.54%
• 3Y*: 16.59%
• 5Y*: 16.57%
• 10Y*: 10.97%

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

MOO vs. NANR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MOO VanEck Agribusiness ETF	11.94%	15.61%	-12.43%	-8.57%	-8.10%	23.99%	14.59%	22.29%	-6.03%	21.75%
NANR SPDR S&P North American Natural Resources ETF	15.01%	35.35%	2.31%	-3.23%	26.49%	36.43%	1.03%	18.99%	-16.77%	8.03%

Correlation

The correlation between MOO and NANR is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Dec 16, 2015	0.70

The correlation between MOO and NANR has been stable across timeframes, ranging from 0.61 to 0.71 - a consistent structural relationship.

MOO vs. NANR - Sectors Allocation Comparison

Sectors	MOO	NANR
Consumer Defensive	37.8%	4.4%
Basic Materials	25.2%	41.2%
Industrials	21.7%	0.1%
Healthcare	15.3%	-
Communication Services	-	-
Consumer Cyclical	-	7.1%
Energy	-	35.5%
Financial Services	-	0.0%
Real Estate	-	0.4%
Technology	-	0.1%
Utilities	-	0.0%

Return for Risk

MOO vs. NANR — Risk / Return Rank

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

MOO

MOO Risk / Return Rank: 28
MOO Sharpe Ratio Rank: 29
MOO Sortino Ratio Rank: 29
MOO Omega Ratio Rank: 27
MOO Calmar Ratio Rank: 27
MOO Martin Ratio Rank: 26

NANR

NANR Risk / Return Rank: 65
NANR Sharpe Ratio Rank: 69
NANR Sortino Ratio Rank: 62
NANR Omega Ratio Rank: 63
NANR Calmar Ratio Rank: 69
NANR Martin Ratio Rank: 61

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.

MOO vs. NANR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Agribusiness ETF (MOO) and SPDR S&P North American Natural Resources ETF (NANR). 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.

	MOO	NANR	Difference
Sharpe ratio: Return per unit of total volatility	0.85	1.76	-0.91
Sortino ratio: Return per unit of downside risk	1.32	2.29	-0.97
Omega ratio: Gain probability vs. loss probability	1.15	1.30	-0.15
Calmar ratio: Return relative to maximum drawdown	1.10	2.74	-1.64
Martin ratio: Return relative to average drawdown	2.84	8.63	-5.79

MOO vs. NANR - Sharpe Ratio Comparison

The current MOO Sharpe Ratio is 0.85, which is lower than the NANR Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of MOO and NANR, 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

MOO vs. NANR - Drawdown Comparison

The maximum MOO drawdown since its inception was -69.53%, which is greater than NANR's maximum drawdown of -49.15%. Use the drawdown chart below to compare losses from any high point for MOO and NANR.

Drawdown Indicators

	MOO	NANR	Difference
Max Drawdown Largest peak-to-trough decline	-69.53%	-49.15%	-20.38%
Max Drawdown (1Y) Largest decline over 1 year	-11.17%	-12.31%	+1.14%
Max Drawdown (3Y) Largest decline over 3 years	-26.83%	-18.42%	-8.41%
Max Drawdown (5Y) Largest decline over 5 years	-39.52%	-26.42%	-13.10%
Max Drawdown (10Y) Largest decline over 10 years	-39.52%	-49.15%	+9.63%
Current Drawdown Current decline from peak	-16.12%	-9.48%	-6.64%
Average Drawdown Average peak-to-trough decline	-16.98%	-8.40%	-8.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.31%	3.90%	+0.41%

Volatility

MOO vs. NANR - Volatility Comparison

The current volatility for VanEck Agribusiness ETF (MOO) is 4.33%, while SPDR S&P North American Natural Resources ETF (NANR) has a volatility of 5.30%. This indicates that MOO experiences smaller price fluctuations and is considered to be less risky than NANR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MOO	NANR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.33%	5.30%	-0.97%
Volatility (6M) Calculated over the trailing 6-month period	11.10%	15.02%	-3.92%
Volatility (1Y) Calculated over the trailing 1-year period	14.39%	19.18%	-4.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.18%	22.90%	-5.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.13%	23.57%	-5.44%

MOO vs. NANR - Expense Ratio Comparison

MOO has a 0.56% expense ratio, which is higher than NANR's 0.35% expense ratio.

Dividends

MOO vs. NANR - Dividend Comparison

MOO's dividend yield for the trailing twelve months is around 2.21%, more than NANR's 1.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MOO VanEck Agribusiness ETF	2.21%	2.47%	3.41%	2.93%	2.15%	1.17%	1.10%	1.26%	1.69%	1.44%	2.14%	2.89%
NANR SPDR S&P North American Natural Resources ETF	1.83%	1.77%	2.20%	2.78%	2.70%	2.61%	2.73%	2.02%	1.95%	1.83%	5.01%	0.01%

Frequently Asked Questions

Can I hold both MOO and NANR in my portfolio?

MOO and NANR have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MOO or NANR?

NANR has higher volatility (5.30%) compared to MOO (4.33%). In terms of maximum drawdown, MOO dropped -69.53% vs NANR's -49.15%.

Which ETF is better, MOO or NANR?

On 10-year performance, NANR leads with 10.97% vs 7.23% for MOO. On fees, NANR is cheaper at 0.35% per year. On volatility, MOO has been the lower-risk option at 4.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MOO or NANR?

Over the 10-year period, NANR has performed better with a 10.97% return vs 7.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MOO or NANR?

NANR is cheaper with a 0.35% expense ratio, compared with 0.56% for MOO.

Which ETF pays a higher dividend yield, MOO or NANR?

MOO has the higher dividend yield at 2.21%, compared with 1.83% for NANR.

What is the main difference between MOO and NANR?

MOO tracks MVIS Global Agribusiness Index, while NANR tracks S&P BMI North American Natural Resources Index. They also come from different issuers: VanEck and State Street. Their fees differ too: 0.56% for MOO and 0.35% for NANR.

Which has better risk-adjusted returns?

NANR currently has the higher Sharpe Ratio (1.76 vs 0.85), 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.