NANR vs. PPI
NANR (SPDR S&P North American Natural Resources ETF) and PPI (Astoria Real Assets ETF) are both exchange-traded funds - NANR is a Natural Resources fund tracking the S&P BMI North American Natural Resources Index, while PPI is a Global Allocation fund actively managed by AXS. NANR is passively managed, while PPI is actively managed. Over the past 3 years, NANR returned 18.00%/yr vs 21.33%/yr for PPI. A 0.79 correlation means they provide meaningful diversification when combined. NANR charges 0.35%/yr vs 0.58%/yr for PPI.
Performance
NANR vs. PPI - Performance Comparison
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Returns By Period
In the year-to-date period, NANR achieves a 14.14% return, which is significantly lower than PPI's 15.09% return.
NANR
- 1D
- -1.89%
- 1M
- -5.93%
- YTD
- 14.14%
- 6M
- 12.45%
- 1Y
- 36.86%
- 3Y*
- 18.00%
- 5Y*
- 15.44%
- 10Y*
- 11.63%
PPI
- 1D
- -1.62%
- 1M
- -1.89%
- YTD
- 15.09%
- 6M
- 13.39%
- 1Y
- 35.02%
- 3Y*
- 21.33%
- 5Y*
- —
- 10Y*
- —
NANR vs. PPI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
NANR SPDR S&P North American Natural Resources ETF | 14.14% | 35.35% | 2.31% | -3.23% | 26.49% | 0.49% |
PPI Astoria Real Assets ETF | 15.09% | 30.05% | 6.43% | 11.33% | 4.04% | 0.03% |
Correlation
The correlation between NANR and PPI is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Dec 30, 2021 | 0.79 |
The correlation between NANR and PPI shifts across timeframes, from 0.68 (1 year) to 0.79 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
NANR vs. PPI — Risk / Return Rank
NANR
PPI
NANR vs. PPI - 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 Astoria Real Assets ETF (PPI). 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 | PPI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.23 | ||
| Sortino ratioReturn per unit of downside risk | -0.34 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.38 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 3.64 | 4.41 | -0.77 |
| Martin ratioReturn relative to average drawdown | 12.39 | 13.26 | -0.87 |
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Drawdowns
NANR vs. PPI - Drawdown Comparison
The maximum NANR drawdown since its inception was -49.15%, which is greater than PPI's maximum drawdown of -24.54%. Use the drawdown chart below to compare losses from any high point for NANR and PPI.
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Drawdown Indicators
| NANR | PPI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.15% | -24.54% | -24.61% |
Max Drawdown (1Y)Largest decline over 1 year | -10.16% | -7.98% | -2.18% |
Max Drawdown (3Y)Largest decline over 3 years | -18.42% | -20.70% | +2.28% |
Max Drawdown (5Y)Largest decline over 5 years | -26.42% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -49.15% | — | — |
Current DrawdownCurrent decline from peak | -10.16% | -4.45% | -5.71% |
Average DrawdownAverage peak-to-trough decline | -8.39% | -6.47% | -1.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.99% | 2.65% | +0.34% |
Volatility
NANR vs. PPI - Volatility Comparison
SPDR S&P North American Natural Resources ETF (NANR) has a higher volatility of 6.86% compared to Astoria Real Assets ETF (PPI) at 5.01%. This indicates that NANR's price experiences larger fluctuations and is considered to be riskier than PPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NANR | PPI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.86% | 5.01% | +1.85% |
Volatility (6M)Calculated over the trailing 6-month period | 15.29% | 13.01% | +2.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.13% | 16.25% | +2.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.92% | 19.04% | +3.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.59% | 19.04% | +4.55% |
NANR vs. PPI - Expense Ratio Comparison
NANR has a 0.35% expense ratio, which is lower than PPI's 0.58% expense ratio.
Dividends
NANR vs. PPI - Dividend Comparison
NANR's dividend yield for the trailing twelve months is around 1.84%, more than PPI's 1.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NANR SPDR S&P North American Natural Resources ETF | 1.84% | 1.77% | 2.20% | 2.78% | 2.70% | 2.61% | 2.73% | 2.02% | 1.95% | 1.83% | 5.01% | 0.01% |
PPI Astoria Real Assets ETF | 1.02% | 1.06% | 0.60% | 2.87% | 2.40% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
NANR and PPI have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NANR has higher volatility (6.86%) compared to PPI (5.01%). In terms of maximum drawdown, NANR dropped -49.15% vs PPI's -24.54%.
On 3-year performance, PPI leads with 21.33% vs 18.00% for NANR. On fees, NANR is cheaper at 0.35% per year. On volatility, PPI has been the lower-risk option at 5.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PPI has performed better with a 21.33% return vs 18.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NANR is cheaper with a 0.35% expense ratio, compared with 0.58% for PPI.
NANR has the higher dividend yield at 1.84%, compared with 1.02% for PPI.
NANR is categorized as Natural Resources, while PPI is Global Allocation. They also come from different issuers: State Street and AXS. Their fees differ too: 0.35% for NANR and 0.58% for PPI.
PPI currently has the higher Sharpe Ratio (2.17 vs 1.94), 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.
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