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NDIV vs. GUNR
Performance
Return for Risk
Drawdowns
Volatility
Dividends

NDIV vs. GUNR

Last updated Jun 24, 2026

NDIV (Amplify Natural Resources Dividend Income ETF) and GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) are both exchange-traded funds - NDIV is a Energy Equities fund tracking the EQM Natural Resources Dividend Income Index, while GUNR is a Natural Resources fund tracking the Morningstar Global Upstream Natural Resources Index. Both are passively managed. Over the past 3 years, NDIV returned 17.25%/yr vs 11.55%/yr for GUNR. A 0.79 correlation means they provide meaningful diversification when combined. NDIV charges 0.59%/yr vs 0.46%/yr for GUNR.

Performance

NDIV vs. GUNR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify Natural Resources Dividend Income ETF (NDIV) and FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, NDIV achieves a 27.13% return, which is significantly higher than GUNR's 9.71% return.

NDIV

1D
0.46%
1M
-6.94%
YTD
27.13%
6M
28.26%
1Y
25.70%
3Y*
17.25%
5Y*
—
10Y*
—

GUNR

1D
-1.68%
1M
-7.63%
YTD
9.71%
6M
9.10%
1Y
27.15%
3Y*
11.55%
5Y*
8.96%
10Y*
10.46%
*Multi-year figures are annualized to reflect compound growth (CAGR)

NDIV vs. GUNR - Yearly Performance Comparison

2026 (YTD)2025202420232022
NDIV
Amplify Natural Resources Dividend Income ETF		27.13%2.85%6.18%15.52%1.50%
GUNR
FlexShares Morningstar Global Upstream Natural Resources Index Fund		9.71%30.03%-8.37%-2.40%2.87%

Correlation

The correlation between NDIV and GUNR is 0.59, 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

0.59

Correlation (3Y)
Calculated over the trailing 3-year period

0.73

Correlation (All Time)
Calculated using the full available price history since Aug 24, 2022

0.79

The correlation between NDIV and GUNR shifts across timeframes, from 0.59 (1 year) to 0.79 (all time), reflecting how their relationship changes across market environments.

NDIV vs. GUNR - Sectors Allocation Comparison

Sectors
NDIV
GUNR

Energy

80.0%
29.6%

Basic Materials

19.0%
49.4%

Financial Services

0.7%
2.9%

Communication Services

-

1.7%

Consumer Cyclical

-

0.2%

Consumer Defensive

-

12.1%

Healthcare

-

-

Industrials

-

2.6%

Real Estate

-

0.3%

Technology

-

0.5%

Utilities

-

4.4%

Energy

NDIV
80.0%
GUNR
29.6%

Basic Materials

NDIV
19.0%
GUNR
49.4%

Financial Services

NDIV
0.7%
GUNR
2.9%

Communication Services

NDIV

-

GUNR
1.7%

Consumer Cyclical

NDIV

-

GUNR
0.2%

Consumer Defensive

NDIV

-

GUNR
12.1%

Healthcare

NDIV

-

GUNR

-

Industrials

NDIV

-

GUNR
2.6%

Real Estate

NDIV

-

GUNR
0.3%

Technology

NDIV

-

GUNR
0.5%

Utilities

NDIV

-

GUNR
4.4%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Amplify Natural Resources Dividend Income ETF

FlexShares Morningstar Global Upstream Natural Resources Index Fund

Often compared with NDIV:
NDIV vs. DIVONDIV vs. CCAPNDIV vs. INCONDIV vs. MLPRNDIV vs. FTRINDIV vs. IVVNDIV vs. VRIG
Often compared with GUNR:
GUNR vs. HAPGUNR vs. XLBGUNR vs. IGEGUNR vs. PDBCGUNR vs. INFLGUNR vs. PCLIXGUNR vs. DBC

Return for Risk

NDIV vs. GUNR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
NDIV
NDIV Risk / Return Rank: 3939
Overall Rank
NDIV Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
NDIV Sortino Ratio Rank: 3636
Sortino Ratio Rank
NDIV Omega Ratio Rank: 3434
Omega Ratio Rank
NDIV Calmar Ratio Rank: 5151
Calmar Ratio Rank
NDIV Martin Ratio Rank: 3737
Martin Ratio Rank
GUNR
GUNR Risk / Return Rank: 5454
Overall Rank
GUNR Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
GUNR Sortino Ratio Rank: 4747
Sortino Ratio Rank
GUNR Omega Ratio Rank: 5050
Omega Ratio Rank
GUNR Calmar Ratio Rank: 5656
Calmar Ratio Rank
GUNR Martin Ratio Rank: 6666
Martin Ratio Rank
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.

NDIV vs. GUNR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify Natural Resources Dividend Income ETF (NDIV) 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.

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.

NDIVGUNRDifference
Sharpe ratioReturn per unit of total volatility
1.29
1.71

-0.42

Sortino ratioReturn per unit of downside risk
1.79
2.24

-0.45

Omega ratioGain probability vs. loss probability

1.22

1.30

-0.08

Calmar ratioReturn relative to maximum drawdown

2.41

2.64

-0.24

Martin ratioReturn relative to average drawdown

5.45

11.45

-6.00

NDIV vs. GUNR - Sharpe Ratio Comparison

The current NDIV Sharpe Ratio is 1.29, which is comparable to the GUNR Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of NDIV 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.

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Drawdowns

NDIV vs. GUNR - Drawdown Comparison

The maximum NDIV drawdown since its inception was -19.73%, smaller than the maximum GUNR drawdown of -45.64%. Use the drawdown chart below to compare losses from any high point for NDIV and GUNR.

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Drawdown Indicators

NDIVGUNRDifference

Max Drawdown

Largest peak-to-trough decline

-19.73%

-45.64%

+25.91%

Max Drawdown (1Y)

Largest decline over 1 year

-10.73%

-10.31%

-0.42%

Max Drawdown (3Y)

Largest decline over 3 years

-19.73%

-19.59%

-0.14%

Max Drawdown (5Y)

Largest decline over 5 years

—

-24.06%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-43.04%

—

Current Drawdown

Current decline from peak

-8.07%

-10.31%

+2.24%

Average Drawdown

Average peak-to-trough decline

-4.23%

-10.39%

+6.16%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.73%

2.38%

+2.35%

Volatility

NDIV vs. GUNR - Volatility Comparison

Amplify Natural Resources Dividend Income ETF (NDIV) has a higher volatility of 5.97% compared to FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) at 5.24%. This indicates that NDIV'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.

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Volatility by Period

NDIVGUNRDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.97%

5.24%

+0.73%

Volatility (6M)

Calculated over the trailing 6-month period

13.53%

13.31%

+0.22%

Volatility (1Y)

Calculated over the trailing 1-year period

20.18%

15.93%

+4.25%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.94%

19.02%

+1.92%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.94%

20.37%

+0.57%

NDIV vs. GUNR - Expense Ratio Comparison

NDIV has a 0.59% expense ratio, which is higher than GUNR's 0.46% expense ratio.

Dividends

NDIV vs. GUNR - Dividend Comparison

NDIV's dividend yield for the trailing twelve months is around 6.81%, more than GUNR's 2.44% yield.

PositionTTM20252024202320222021202020192018201720162015
GUNR
FlexShares Morningstar Global Upstream Natural Resources Index Fund		2.44%2.81%3.39%3.55%4.12%3.61%2.79%3.25%3.27%2.00%1.73%4.50%
NDIV
Amplify Natural Resources Dividend Income ETF		6.81%5.64%5.88%7.37%1.69%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

NDIV and GUNR have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

NDIV has higher volatility (5.97%) compared to GUNR (5.24%). In terms of maximum drawdown, NDIV dropped -19.73% vs GUNR's -45.64%.

On 3-year performance, NDIV leads with 17.25% vs 11.55% for GUNR. On fees, GUNR is cheaper at 0.46% per year. On volatility, GUNR has been the lower-risk option at 5.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 3-year period, NDIV has performed better with a 17.25% return vs 11.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

GUNR is cheaper with a 0.46% expense ratio, compared with 0.59% for NDIV.

NDIV has the higher dividend yield at 6.81%, compared with 2.44% for GUNR.

NDIV is categorized as Energy Equities, while GUNR is Natural Resources. NDIV tracks EQM Natural Resources Dividend Income Index, while GUNR tracks Morningstar Global Upstream Natural Resources Index. They also come from different issuers: Amplify and Northern Trust. Their fees differ too: 0.59% for NDIV and 0.46% for GUNR.

GUNR currently has the higher Sharpe Ratio (1.71 vs 1.29), 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.

Portfolio Optimizer

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