NANR vs. GUNR

Last updated Jun 5, 2026

NANR (SPDR S&P North American Natural Resources ETF) and GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) are both Commodity Producers Equities funds - NANR tracks the S&P BMI North American Natural Resources Index while GUNR tracks the Morningstar Global Upstream Natural Resources Index. Both are passively managed. Over the past 10 years, NANR returned 12.38%/yr vs 10.94%/yr for GUNR. Their correlation of 0.92 suggests significant overlap in exposure. NANR charges 0.35%/yr vs 0.46%/yr for GUNR.

Performance

NANR vs. GUNR - 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 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, NANR achieves a 24.36% return, which is significantly higher than GUNR's 18.89% return. Over the past 10 years, NANR has outperformed GUNR with an annualized return of 12.38%, while GUNR has yielded a comparatively lower 10.94% annualized return.

NANR

• 1D: 0.24%
• 1M: 1.75%
• YTD: 24.36%
• 6M: 26.46%
• 1Y: 54.85%
• 3Y*: 21.11%
• 5Y*: 16.27%
• 10Y*: 12.38%

GUNR

• 1D: -0.26%
• 1M: -1.34%
• YTD: 18.89%
• 6M: 20.95%
• 1Y: 41.20%
• 3Y*: 14.43%
• 5Y*: 9.87%
• 10Y*: 10.94%

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

NANR vs. GUNR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NANR SPDR S&P North American Natural Resources ETF	24.36%	35.35%	2.31%	-3.23%	26.49%	36.43%	1.03%	18.99%	-16.77%	8.03%
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	18.89%	30.03%	-8.37%	-2.40%	14.83%	26.06%	0.46%	18.41%	-9.42%	18.74%

Correlation

The correlation between NANR and GUNR 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	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Dec 17, 2015	0.92

The correlation between NANR and GUNR has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.

NANR vs. GUNR - Sectors Allocation Comparison

Sectors	NANR	GUNR
Basic Materials	47.1%	44.3%
Energy	41.1%	30.6%
Consumer Cyclical	5.9%	0.2%
Consumer Defensive	4.4%	11.4%
Real Estate	0.4%	0.2%
Technology	0.1%	0.5%
Industrials	0.0%	2.3%
Utilities	0.0%	4.0%
Communication Services	-	1.6%
Financial Services	-	2.6%
Healthcare	-	-

Return for Risk

NANR vs. GUNR — Risk / Return Rank

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

NANR

NANR Risk / Return Rank: 88
NANR Sharpe Ratio Rank: 90
NANR Sortino Ratio Rank: 85
NANR Omega Ratio Rank: 84
NANR Calmar Ratio Rank: 92
NANR Martin Ratio Rank: 91

GUNR

GUNR Risk / Return Rank: 85
GUNR Sharpe Ratio Rank: 84
GUNR Sortino Ratio Rank: 79
GUNR Omega Ratio Rank: 81
GUNR Calmar Ratio Rank: 92
GUNR Martin Ratio Rank: 92

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. GUNR - 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 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.

	NANR	GUNR	Difference
Sharpe ratio: Return per unit of total volatility	3.04	2.73	+0.31
Sortino ratio: Return per unit of downside risk	3.78	3.46	+0.32
Omega ratio: Gain probability vs. loss probability	1.50	1.48	+0.03
Calmar ratio: Return relative to maximum drawdown	6.17	6.08	+0.09
Martin ratio: Return relative to average drawdown	21.74	22.95	-1.21
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. GUNR - Sharpe Ratio Comparison

The current NANR Sharpe Ratio is 3.04, which is comparable to the GUNR Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of NANR and GUNR, 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	GUNR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.04	2.73	+0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	0.52	+0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.54	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.32	+0.31

Drawdowns

NANR vs. GUNR - Drawdown Comparison

The maximum NANR drawdown since its inception was -49.15%, which is greater than GUNR's maximum drawdown of -45.64%. Use the drawdown chart below to compare losses from any high point for NANR and GUNR.

Drawdown Indicators

	NANR	GUNR	Difference
Max Drawdown Largest peak-to-trough decline	-49.15%	-45.64%	-3.51%
Max Drawdown (1Y) Largest decline over 1 year	-8.93%	-6.81%	-2.12%
Max Drawdown (3Y) Largest decline over 3 years	-18.42%	-19.59%	+1.17%
Max Drawdown (5Y) Largest decline over 5 years	-26.42%	-24.06%	-2.36%
Max Drawdown (10Y) Largest decline over 10 years	-49.15%	-43.04%	-6.11%
Current Drawdown Current decline from peak	-2.12%	-2.81%	+0.69%
Average Drawdown Average peak-to-trough decline	-8.40%	-10.40%	+2.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.53%	1.80%	+0.73%

Volatility

NANR vs. GUNR - Volatility Comparison

SPDR S&P North American Natural Resources ETF (NANR) has a higher volatility of 4.86% compared to FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) at 4.23%. This indicates that NANR's price experiences larger fluctuations and is considered to be riskier than GUNR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NANR	GUNR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.86%	4.23%	+0.63%
Volatility (6M) Calculated over the trailing 6-month period	14.31%	12.55%	+1.76%
Volatility (1Y) Calculated over the trailing 1-year period	18.13%	15.14%	+2.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.88%	18.98%	+3.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.53%	20.42%	+3.11%

NANR vs. GUNR - Expense Ratio Comparison

NANR has a 0.35% expense ratio, which is lower than GUNR's 0.46% expense ratio.

Dividends

NANR vs. GUNR - Dividend Comparison

NANR's dividend yield for the trailing twelve months is around 1.69%, less than GUNR's 2.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	2.25%	2.81%	3.39%	3.55%	4.12%	3.61%	2.79%	3.25%	3.27%	2.00%	1.73%	4.50%
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 GUNR in my portfolio?

With a correlation of 0.93, NANR and GUNR 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 GUNR?

NANR has higher volatility (4.86%) compared to GUNR (4.23%). In terms of maximum drawdown, NANR dropped -49.15% vs GUNR's -45.64%.

Which ETF is better, NANR or GUNR?

On 10-year performance, NANR leads with 12.38% vs 10.94% for GUNR. On fees, NANR is cheaper at 0.35% per year. On volatility, GUNR has been the lower-risk option at 4.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NANR or GUNR?

Over the 10-year period, NANR has performed better with a 12.38% return vs 10.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NANR or GUNR?

NANR is cheaper with a 0.35% expense ratio, compared with 0.46% for GUNR.

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

GUNR has the higher dividend yield at 2.25%, compared with 1.69% for NANR.

What is the main difference between NANR and GUNR?

NANR tracks S&P BMI North American Natural Resources Index, while GUNR tracks Morningstar Global Upstream Natural Resources Index. They also come from different issuers: State Street and Northern Trust. Their fees differ too: 0.35% for NANR and 0.46% for GUNR.

Which has better risk-adjusted returns?

NANR currently has the higher Sharpe Ratio (3.04 vs 2.73), 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.