NANR vs. GNR

Last updated Jul 17, 2026

NANR (SPDR S&P North American Natural Resources ETF) and GNR (SPDR S&P Global Natural Resources ETF) are both Natural Resources funds from State Street - NANR tracks the S&P BMI North American Natural Resources Index while GNR tracks the S&P Global Natural Resources Index. Both are passively managed. Over the past 10 years, NANR returned 10.89%/yr vs 9.41%/yr for GNR. Their correlation of 0.90 suggests significant overlap in exposure. NANR charges 0.35%/yr vs 0.40%/yr for GNR.

Performance

NANR vs. GNR - 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 SPDR S&P Global Natural Resources ETF (GNR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NANR achieves a 14.56% return, which is significantly higher than GNR's 12.32% return. Over the past 10 years, NANR has outperformed GNR with an annualized return of 10.89%, while GNR has yielded a comparatively lower 9.41% annualized return.

NANR

• 1D: -0.66%
• 1M: -4.71%
• 6M: 3.97%
• YTD: 14.56%
• 1Y: 36.50%
• 3Y*: 16.48%
• 5Y*: 17.30%
• 10Y*: 10.89%

GNR

• 1D: -0.92%
• 1M: -4.17%
• 6M: 4.27%
• YTD: 12.32%
• 1Y: 28.46%
• 3Y*: 11.18%
• 5Y*: 10.10%
• 10Y*: 9.41%

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

NANR vs. GNR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NANR SPDR S&P North American Natural Resources ETF	14.56%	35.35%	2.31%	-3.23%	26.49%	36.43%	1.03%	18.99%	-16.77%	8.03%
GNR SPDR S&P Global Natural Resources ETF	12.32%	28.68%	-8.27%	2.95%	10.20%	24.73%	-0.03%	16.49%	-13.19%	22.64%

Correlation

The correlation between NANR and GNR is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Dec 16, 2015	0.90

The correlation between NANR and GNR has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

NANR vs. GNR - Sectors Allocation Comparison

Sectors	NANR	GNR
Basic Materials	41.2%	52.1%
Energy	35.5%	35.4%
Consumer Cyclical	7.1%	6.7%
Consumer Defensive	4.4%	4.7%
Real Estate	0.4%	0.8%
Industrials	0.1%	0.2%
Technology	0.1%	-
Utilities	0.0%	0.0%
Financial Services	0.0%	0.0%
Communication Services	-	-
Healthcare	-	0.0%

Return for Risk

NANR vs. GNR — Risk / Return Rank

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

NANR

NANR Risk / Return Rank: 70
NANR Sharpe Ratio Rank: 75
NANR Sortino Ratio Rank: 68
NANR Omega Ratio Rank: 69
NANR Calmar Ratio Rank: 73
NANR Martin Ratio Rank: 64

GNR

GNR Risk / Return Rank: 61
GNR Sharpe Ratio Rank: 64
GNR Sortino Ratio Rank: 57
GNR Omega Ratio Rank: 61
GNR Calmar Ratio Rank: 65
GNR 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.

NANR vs. GNR - 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 SPDR S&P Global Natural Resources ETF (GNR). 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.

	NANR	GNR	Difference
Sharpe ratio: Return per unit of total volatility	1.92	1.67	+0.25
Sortino ratio: Return per unit of downside risk	2.47	2.21	+0.27
Omega ratio: Gain probability vs. loss probability	1.33	1.30	+0.03
Calmar ratio: Return relative to maximum drawdown	2.98	2.60	+0.38
Martin ratio: Return relative to average drawdown	9.10	8.52	+0.59

NANR vs. GNR - Sharpe Ratio Comparison

The current NANR Sharpe Ratio is 1.92, which is comparable to the GNR Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of NANR and GNR, 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

NANR vs. GNR - Drawdown Comparison

The maximum NANR drawdown since its inception was -49.15%, roughly equal to the maximum GNR drawdown of -51.37%. Use the drawdown chart below to compare losses from any high point for NANR and GNR.

Drawdown Indicators

	NANR	GNR	Difference
Max Drawdown Largest peak-to-trough decline	-49.15%	-51.37%	+2.22%
Max Drawdown (1Y) Largest decline over 1 year	-12.31%	-10.99%	-1.32%
Max Drawdown (3Y) Largest decline over 3 years	-18.42%	-21.15%	+2.73%
Max Drawdown (5Y) Largest decline over 5 years	-26.42%	-25.66%	-0.76%
Max Drawdown (10Y) Largest decline over 10 years	-49.15%	-48.59%	-0.56%
Current Drawdown Current decline from peak	-9.83%	-8.02%	-1.81%
Average Drawdown Average peak-to-trough decline	-8.40%	-14.90%	+6.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.02%	3.35%	+0.67%

Volatility

NANR vs. GNR - Volatility Comparison

SPDR S&P North American Natural Resources ETF (NANR) and SPDR S&P Global Natural Resources ETF (GNR) have volatilities of 4.82% and 4.60%, 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	GNR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.82%	4.60%	+0.22%
Volatility (6M) Calculated over the trailing 6-month period	14.96%	14.01%	+0.95%
Volatility (1Y) Calculated over the trailing 1-year period	19.08%	17.08%	+2.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.86%	20.23%	+2.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.56%	21.76%	+1.80%

NANR vs. GNR - Expense Ratio Comparison

NANR has a 0.35% expense ratio, which is lower than GNR's 0.40% expense ratio.

Dividends

NANR vs. GNR - Dividend Comparison

NANR's dividend yield for the trailing twelve months is around 1.83%, less than GNR's 2.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GNR SPDR S&P Global Natural Resources ETF	2.64%	2.76%	4.73%	3.37%	4.37%	3.44%	2.78%	3.84%	3.51%	2.40%	2.06%	4.59%
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 NANR and GNR in my portfolio?

With a correlation of 0.93, NANR and GNR move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, NANR or GNR?

NANR has higher volatility (4.82%) compared to GNR (4.60%). In terms of maximum drawdown, NANR dropped -49.15% vs GNR's -51.37%.

Which ETF is better, NANR or GNR?

On 10-year performance, NANR leads with 10.89% vs 9.41% for GNR. On fees, NANR is cheaper at 0.35% per year. On volatility, GNR has been the lower-risk option at 4.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NANR or GNR?

Over the 10-year period, NANR has performed better with a 10.89% return vs 9.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NANR or GNR?

NANR is cheaper with a 0.35% expense ratio, compared with 0.40% for GNR.

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

GNR has the higher dividend yield at 2.64%, compared with 1.83% for NANR.

What is the main difference between NANR and GNR?

NANR tracks S&P BMI North American Natural Resources Index, while GNR tracks S&P Global Natural Resources Index. Their fees differ too: 0.35% for NANR and 0.40% for GNR.

Which has better risk-adjusted returns?

NANR currently has the higher Sharpe Ratio (1.92 vs 1.67), 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.