MUNB vs. GUNR
MUNB (Northern Trust 2035 Tax-Exempt Distributing Ladder ETF) and GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) are both exchange-traded funds - MUNB is a Municipal Bonds fund actively managed by Northern Trust, while GUNR is a Natural Resources fund tracking the Morningstar Global Upstream Natural Resources Index. MUNB is actively managed, while GUNR is passively managed. At a 0.06 correlation, their price movements are largely independent. MUNB charges 0.18%/yr vs 0.46%/yr for GUNR.
Performance
MUNB vs. GUNR - Performance Comparison
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Returns By Period
In the year-to-date period, MUNB achieves a 0.84% return, which is significantly lower than GUNR's 8.68% return.
MUNB
- 1D
- 0.05%
- 1M
- 0.57%
- YTD
- 0.84%
- 6M
- 1.01%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GUNR
- 1D
- -0.16%
- 1M
- -7.83%
- YTD
- 8.68%
- 6M
- 7.65%
- 1Y
- 25.76%
- 3Y*
- 10.81%
- 5Y*
- 8.71%
- 10Y*
- 10.34%
MUNB vs. GUNR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MUNB Northern Trust 2035 Tax-Exempt Distributing Ladder ETF | 0.84% | 1.91% |
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund | 8.68% | 12.69% |
Correlation
The correlation between MUNB and GUNR is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Aug 19, 2025 | 0.06 |
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Return for Risk
MUNB vs. GUNR — Risk / Return Rank
MUNB
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
GUNR
MUNB vs. GUNR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Northern Trust 2035 Tax-Exempt Distributing Ladder ETF (MUNB) 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.
| MUNB | GUNR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.29 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.23 | — |
| Martin ratioReturn relative to average drawdown | — | 9.65 | — |
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Drawdowns
MUNB vs. GUNR - Drawdown Comparison
The maximum MUNB drawdown since its inception was -2.49%, smaller than the maximum GUNR drawdown of -45.64%. Use the drawdown chart below to compare losses from any high point for MUNB and GUNR.
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Drawdown Indicators
| MUNB | GUNR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.49% | -45.64% | +43.15% |
Max Drawdown (1Y)Largest decline over 1 year | — | -11.63% | — |
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 | -0.97% | -11.16% | +10.19% |
Average DrawdownAverage peak-to-trough decline | -0.61% | -10.39% | +9.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 2.68% | — |
Volatility
MUNB vs. GUNR - Volatility Comparison
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Volatility by Period
| MUNB | GUNR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 5.40% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 13.34% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 1.87% | 15.98% | -14.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.87% | 19.03% | -17.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.87% | 20.36% | -18.49% |
MUNB vs. GUNR - Expense Ratio Comparison
MUNB has a 0.18% expense ratio, which is lower than GUNR's 0.46% expense ratio.
Dividends
MUNB vs. GUNR - Dividend Comparison
MUNB's dividend yield for the trailing twelve months is around 1.79%, less than GUNR's 2.47% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund | 2.47% | 2.81% | 3.39% | 3.55% | 4.12% | 3.61% | 2.79% | 3.25% | 3.27% | 2.00% | 1.73% | 4.50% |
MUNB Northern Trust 2035 Tax-Exempt Distributing Ladder ETF | 1.79% | 0.90% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MUNB and GUNR have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, MUNB is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
MUNB is cheaper with a 0.18% expense ratio, compared with 0.46% for GUNR.
GUNR has the higher dividend yield at 2.47%, compared with 1.79% for MUNB.
MUNB is categorized as Municipal Bonds, while GUNR is Natural Resources. Their fees differ too: 0.18% for MUNB and 0.46% for GUNR.
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