NANR vs. HAP

Last updated Jun 3, 2026

NANR (SPDR S&P North American Natural Resources ETF) and HAP (VanEck Natural Resources ETF) are both exchange-traded funds - NANR is a Commodity Producers Equities fund tracking the S&P BMI North American Natural Resources Index, while HAP is a Energy Equities fund tracking the MarketVector Global Natural Resources Index. Both are passively managed. Over the past 10 years, NANR returned 12.58%/yr vs 12.03%/yr for HAP. Their correlation of 0.89 suggests significant overlap in exposure. NANR charges 0.35%/yr vs 0.42%/yr for HAP.

Performance

NANR vs. HAP - 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 VanEck Natural Resources ETF (HAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NANR achieves a 24.74% return, which is significantly higher than HAP's 21.93% return. Both investments have delivered pretty close results over the past 10 years, with NANR having a 12.58% annualized return and HAP not far behind at 12.03%.

NANR

• 1D: 1.67%
• 1M: 2.67%
• YTD: 24.74%
• 6M: 28.76%
• 1Y: 55.64%
• 3Y*: 21.02%
• 5Y*: 16.60%
• 10Y*: 12.58%

HAP

• 1D: 1.68%
• 1M: 0.53%
• YTD: 21.93%
• 6M: 25.47%
• 1Y: 47.26%
• 3Y*: 19.08%
• 5Y*: 11.72%
• 10Y*: 12.03%

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

NANR vs. HAP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NANR SPDR S&P North American Natural Resources ETF	24.74%	35.35%	2.31%	-3.23%	26.49%	36.43%	1.03%	18.99%	-16.77%	8.03%
HAP VanEck Natural Resources ETF	21.93%	34.91%	-4.08%	2.46%	7.84%	25.04%	6.30%	18.60%	-10.68%	17.12%

Correlation

The correlation between NANR and HAP is 0.92, 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	0.92
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 17, 2015	0.89

The correlation between NANR and HAP has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

NANR vs. HAP - Sectors Allocation Comparison

Sectors	NANR	HAP
Basic Materials	47.1%	36.7%
Energy	41.1%	32.3%
Consumer Cyclical	5.9%	0.2%
Consumer Defensive	4.4%	6.5%
Real Estate	0.4%	0.4%
Technology	0.1%	0.9%
Industrials	0.0%	10.2%
Utilities	0.0%	9.8%
Communication Services	-	-
Financial Services	-	-
Healthcare	-	2.8%

Return for Risk

NANR vs. HAP — 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: 89
NANR Sortino Ratio Rank: 84
NANR Omega Ratio Rank: 83
NANR Calmar Ratio Rank: 93
NANR Martin Ratio Rank: 92

HAP

HAP Risk / Return Rank: 90
HAP Sharpe Ratio Rank: 91
HAP Sortino Ratio Rank: 88
HAP Omega Ratio Rank: 89
HAP Calmar Ratio Rank: 91
HAP Martin Ratio Rank: 93

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. HAP - 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 VanEck Natural Resources ETF (HAP). 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	HAP	Difference
Sharpe ratio Return per unit of total volatility	3.09	3.19	-0.10
Sortino ratio Return per unit of downside risk	3.82	4.06	-0.23
Omega ratio Gain probability vs. loss probability	1.51	1.57	-0.06
Calmar ratio Return relative to maximum drawdown	6.64	5.94	+0.70
Martin ratio Return relative to average drawdown	23.52	24.35	-0.82
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. HAP - Sharpe Ratio Comparison

The current NANR Sharpe Ratio is 3.09, which is comparable to the HAP Sharpe Ratio of 3.19. The chart below compares the historical Sharpe Ratios of NANR and HAP, 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	HAP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.09	3.19	-0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	0.65	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.61	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.26	+0.37

Drawdowns

NANR vs. HAP - Drawdown Comparison

The maximum NANR drawdown since its inception was -49.15%, roughly equal to the maximum HAP drawdown of -50.73%. Use the drawdown chart below to compare losses from any high point for NANR and HAP.

Drawdown Indicators

	NANR	HAP	Difference
Max Drawdown Largest peak-to-trough decline	-49.15%	-50.73%	+1.58%
Max Drawdown (1Y) Largest decline over 1 year	-8.93%	-8.31%	-0.62%
Max Drawdown (3Y) Largest decline over 3 years	-18.42%	-16.92%	-1.50%
Max Drawdown (5Y) Largest decline over 5 years	-26.42%	-25.66%	-0.76%
Max Drawdown (10Y) Largest decline over 10 years	-49.15%	-44.07%	-5.08%
Current Drawdown Current decline from peak	-1.82%	-1.60%	-0.22%
Average Drawdown Average peak-to-trough decline	-8.40%	-12.03%	+3.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.52%	2.03%	+0.49%

Volatility

NANR vs. HAP - Volatility Comparison

SPDR S&P North American Natural Resources ETF (NANR) has a higher volatility of 4.89% compared to VanEck Natural Resources ETF (HAP) at 4.38%. This indicates that NANR's price experiences larger fluctuations and is considered to be riskier than HAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NANR	HAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.89%	4.38%	+0.51%
Volatility (6M) Calculated over the trailing 6-month period	14.36%	12.23%	+2.13%
Volatility (1Y) Calculated over the trailing 1-year period	18.25%	14.96%	+3.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.89%	18.24%	+4.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.54%	19.74%	+3.80%

NANR vs. HAP - Expense Ratio Comparison

NANR has a 0.35% expense ratio, which is lower than HAP's 0.42% expense ratio.

Dividends

NANR vs. HAP - Dividend Comparison

NANR's dividend yield for the trailing twelve months is around 1.68%, less than HAP's 1.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HAP VanEck Natural Resources ETF	1.86%	2.27%	2.65%	3.27%	3.28%	2.16%	2.45%	2.80%	2.85%	2.02%	1.99%	3.00%
NANR SPDR S&P North American Natural Resources ETF	1.68%	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 HAP in my portfolio?

With a correlation of 0.92, NANR and HAP 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 HAP?

NANR has higher volatility (4.89%) compared to HAP (4.38%). In terms of maximum drawdown, NANR dropped -49.15% vs HAP's -50.73%.

Which ETF is better, NANR or HAP?

On 10-year performance, NANR leads with 12.58% vs 12.03% for HAP. On fees, NANR is cheaper at 0.35% per year. On volatility, HAP has been the lower-risk option at 4.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NANR or HAP?

Over the 10-year period, NANR has performed better with a 12.58% return vs 12.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NANR or HAP?

NANR is cheaper with a 0.35% expense ratio, compared with 0.42% for HAP.

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

HAP has the higher dividend yield at 1.86%, compared with 1.68% for NANR.

What is the main difference between NANR and HAP?

NANR is categorized as Commodity Producers Equities, while HAP is Energy Equities. NANR tracks S&P BMI North American Natural Resources Index, while HAP tracks MarketVector Global Natural Resources Index. They also come from different issuers: State Street and VanEck. Their fees differ too: 0.35% for NANR and 0.42% for HAP.

Which has better risk-adjusted returns?

HAP currently has the higher Sharpe Ratio (3.19 vs 3.09), 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.