NANR vs. FNARX

Last updated Jun 4, 2026

NANR (SPDR S&P North American Natural Resources ETF) and FNARX (Fidelity Natural Resources Fund) are both funds - NANR is a Commodity Producers Equities fund tracking the S&P BMI North American Natural Resources Index, while FNARX is a Energy Equities fund managed by Fidelity. Over the past 10 years, NANR returned 12.52%/yr vs 11.13%/yr for FNARX. Their correlation of 0.89 suggests significant overlap in exposure. NANR charges 0.35%/yr vs 0.82%/yr for FNARX.

Performance

NANR vs. FNARX - Performance Comparison

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

Returns By Period

In the year-to-date period, NANR achieves a 24.07% return, which is significantly lower than FNARX's 26.41% return. Over the past 10 years, NANR has outperformed FNARX with an annualized return of 12.52%, while FNARX has yielded a comparatively lower 11.13% annualized return.

NANR

• 1D: -0.54%
• 1M: 2.37%
• YTD: 24.07%
• 6M: 26.38%
• 1Y: 53.70%
• 3Y*: 20.80%
• 5Y*: 16.21%
• 10Y*: 12.52%

FNARX

• 1D: 1.53%
• 1M: -0.14%
• YTD: 26.41%
• 6M: 25.73%
• 1Y: 49.46%
• 3Y*: 22.36%
• 5Y*: 20.77%
• 10Y*: 11.13%

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

NANR vs. FNARX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NANR SPDR S&P North American Natural Resources ETF	24.07%	35.35%	2.31%	-3.23%	26.49%	36.43%	1.03%	18.99%	-16.77%	8.03%
FNARX Fidelity Natural Resources Fund	26.41%	28.67%	3.76%	6.41%	41.01%	39.34%	-20.86%	19.09%	-24.28%	-0.11%

Correlation

The correlation between NANR and FNARX is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Dec 17, 2015	0.89

The correlation between NANR and FNARX has been stable across timeframes, ranging from 0.86 to 0.92 - a consistent structural relationship.

Return for Risk

NANR vs. FNARX — Risk / Return Rank

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

NANR

NANR Risk / Return Rank: 86
NANR Sharpe Ratio Rank: 88
NANR Sortino Ratio Rank: 81
NANR Omega Ratio Rank: 81
NANR Calmar Ratio Rank: 91
NANR Martin Ratio Rank: 90

FNARX

FNARX Risk / Return Rank: 87
FNARX Sharpe Ratio Rank: 89
FNARX Sortino Ratio Rank: 81
FNARX Omega Ratio Rank: 72
FNARX Calmar Ratio Rank: 98
FNARX Martin Ratio Rank: 96

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.

NANR vs. FNARX - Risk-Adjusted Trends Comparison

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

	NANR	FNARX	Difference
Sharpe ratio: Return per unit of total volatility	2.98	2.93	+0.05
Sortino ratio: Return per unit of downside risk	3.72	3.82	-0.10
Omega ratio: Gain probability vs. loss probability	1.49	1.48	+0.02
Calmar ratio: Return relative to maximum drawdown	6.04	8.80	-2.76
Martin ratio: Return relative to average drawdown	21.31	23.35	-2.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NANR vs. FNARX - Sharpe Ratio Comparison

The current NANR Sharpe Ratio is 2.98, which is comparable to the FNARX Sharpe Ratio of 2.93. The chart below compares the historical Sharpe Ratios of NANR and FNARX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NANR	FNARX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.98	2.93	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	0.84	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.41	+0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.30	+0.33

Drawdowns

NANR vs. FNARX - Drawdown Comparison

The maximum NANR drawdown since its inception was -49.15%, smaller than the maximum FNARX drawdown of -71.04%. Use the drawdown chart below to compare losses from any high point for NANR and FNARX.

Drawdown Indicators

	NANR	FNARX	Difference
Max Drawdown Largest peak-to-trough decline	-49.15%	-71.04%	+21.89%
Max Drawdown (1Y) Largest decline over 1 year	-8.93%	-5.74%	-3.19%
Max Drawdown (3Y) Largest decline over 3 years	-18.42%	-20.64%	+2.22%
Max Drawdown (5Y) Largest decline over 5 years	-26.42%	-29.93%	+3.51%
Max Drawdown (10Y) Largest decline over 10 years	-49.15%	-64.10%	+14.95%
Current Drawdown Current decline from peak	-2.35%	-3.04%	+0.69%
Average Drawdown Average peak-to-trough decline	-8.40%	-20.05%	+11.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.53%	2.16%	+0.37%

Volatility

NANR vs. FNARX - Volatility Comparison

SPDR S&P North American Natural Resources ETF (NANR) and Fidelity Natural Resources Fund (FNARX) have volatilities of 4.92% and 5.16%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NANR	FNARX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.92%	5.16%	-0.24%
Volatility (6M) Calculated over the trailing 6-month period	14.38%	14.12%	+0.26%
Volatility (1Y) Calculated over the trailing 1-year period	18.13%	17.31%	+0.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.89%	24.99%	-2.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.54%	26.95%	-3.41%

NANR vs. FNARX - Expense Ratio Comparison

NANR has a 0.35% expense ratio, which is lower than FNARX's 0.82% expense ratio.

Dividends

NANR vs. FNARX - Dividend Comparison

NANR's dividend yield for the trailing twelve months is around 1.69%, less than FNARX's 1.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNARX Fidelity Natural Resources Fund	1.74%	1.89%	1.51%	1.60%	2.42%	1.46%	1.79%	1.42%	1.17%	1.38%	0.62%	0.78%
NANR SPDR S&P North American Natural Resources ETF	1.69%	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 NANR and FNARX in my portfolio?

NANR and FNARX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NANR or FNARX?

FNARX has higher volatility (5.16%) compared to NANR (4.92%). In terms of maximum drawdown, NANR dropped -49.15% vs FNARX's -71.04%.

Which has better risk-adjusted returns?

NANR currently has the higher Sharpe Ratio (2.98 vs 2.93), 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.