MUNC vs. GUNR
MUNC (Northern Trust 2045 Tax-Exempt Distributing Ladder ETF) and GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) are both exchange-traded funds - MUNC 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. MUNC is actively managed, while GUNR is passively managed. At a 0.05 correlation, their price movements are largely independent. MUNC charges 0.18%/yr vs 0.46%/yr for GUNR.
Performance
MUNC vs. GUNR - Performance Comparison
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Returns By Period
In the year-to-date period, MUNC achieves a 1.32% return, which is significantly lower than GUNR's 8.68% return.
MUNC
- 1D
- 0.06%
- 1M
- 0.92%
- YTD
- 1.32%
- 6M
- 1.54%
- 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%
MUNC vs. GUNR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MUNC Northern Trust 2045 Tax-Exempt Distributing Ladder ETF | 1.32% | 3.78% |
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund | 8.68% | 12.69% |
Correlation
The correlation between MUNC and GUNR is 0.05, 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 | 0.05 |
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Return for Risk
MUNC vs. GUNR — Risk / Return Rank
MUNC
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
GUNR
MUNC vs. GUNR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Northern Trust 2045 Tax-Exempt Distributing Ladder ETF (MUNC) 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.
| MUNC | 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
MUNC vs. GUNR - Drawdown Comparison
The maximum MUNC drawdown since its inception was -3.17%, smaller than the maximum GUNR drawdown of -45.64%. Use the drawdown chart below to compare losses from any high point for MUNC and GUNR.
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Drawdown Indicators
| MUNC | GUNR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.17% | -45.64% | +42.47% |
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 | -0.71% | -10.39% | +9.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 2.68% | — |
Volatility
MUNC vs. GUNR - Volatility Comparison
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Volatility by Period
| MUNC | 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 | 2.63% | 15.98% | -13.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.63% | 19.03% | -16.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.63% | 20.36% | -17.73% |
MUNC vs. GUNR - Expense Ratio Comparison
MUNC has a 0.18% expense ratio, which is lower than GUNR's 0.46% expense ratio.
Dividends
MUNC vs. GUNR - Dividend Comparison
MUNC's dividend yield for the trailing twelve months is around 2.50%, more 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% |
MUNC Northern Trust 2045 Tax-Exempt Distributing Ladder ETF | 2.50% | 1.15% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MUNC and GUNR have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, MUNC is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
MUNC is cheaper with a 0.18% expense ratio, compared with 0.46% for GUNR.
MUNC has the higher dividend yield at 2.50%, compared with 2.47% for GUNR.
MUNC is categorized as Municipal Bonds, while GUNR is Natural Resources. Their fees differ too: 0.18% for MUNC and 0.46% for GUNR.
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