MUNC vs. GUNR

Last updated Jun 7, 2026

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 Commodity Producers Equities 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

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Trust 2045 Tax-Exempt Distributing Ladder ETF (MUNC) 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, MUNC achieves a 0.96% return, which is significantly lower than GUNR's 14.69% return.

MUNC

• 1D: -0.12%
• 1M: 0.15%
• YTD: 0.96%
• 6M: 1.37%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

GUNR

• 1D: -3.54%
• 1M: -2.87%
• YTD: 14.69%
• 6M: 17.27%
• 1Y: 35.96%
• 3Y*: 12.75%
• 5Y*: 9.08%
• 10Y*: 10.48%

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

MUNC vs. GUNR - Yearly Performance Comparison

	2026 (YTD)	2025
MUNC Northern Trust 2045 Tax-Exempt Distributing Ladder ETF	0.96%	3.78%
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	14.69%	12.99%

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 20, 2025	0.05

Return for Risk

MUNC vs. GUNR — Risk / Return Rank

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

GUNR

GUNR Risk / Return Rank: 78
GUNR Sharpe Ratio Rank: 74
GUNR Sortino Ratio Rank: 66
GUNR Omega Ratio Rank: 71
GUNR Calmar Ratio Rank: 89
GUNR Martin Ratio Rank: 89

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.

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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	MUNC	GUNR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.32	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.48	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.51	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.24	0.31	+1.93

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.

Drawdown Indicators

	MUNC	GUNR	Difference
Max Drawdown Largest peak-to-trough decline	-3.17%	-45.64%	+42.47%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.81%	—
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 Drawdown Current decline from peak	-1.32%	-6.25%	+4.93%
Average Drawdown Average peak-to-trough decline	-0.68%	-10.40%	+9.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.84%	—

Volatility

Volatility by Period

	MUNC	GUNR	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.51%	—
Volatility (6M) Calculated over the trailing 6-month period	—	13.06%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.71%	15.58%	-12.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.71%	19.04%	-16.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.71%	20.44%	-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 2.51%, more than GUNR's 2.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	2.33%	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	2.51%	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

Can I hold both MUNC and GUNR in my portfolio?

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.

Which ETF is better, MUNC or GUNR?

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.

Which ETF is cheaper, MUNC or GUNR?

MUNC is cheaper with a 0.18% expense ratio, compared with 0.46% for GUNR.

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

MUNC has the higher dividend yield at 2.51%, compared with 2.33% for GUNR.

What is the main difference between MUNC and GUNR?

MUNC is categorized as Municipal Bonds, while GUNR is Commodity Producers Equities. Their fees differ too: 0.18% for MUNC and 0.46% for GUNR.