NRES vs. GNR

Last updated Jun 23, 2026

NRES (Xtrackers RREEF Global Natural Resources ETF) and GNR (SPDR S&P Global Natural Resources ETF) are both Natural Resources funds. NRES is actively managed, while GNR is passively managed. Over the past year, NRES returned 27.15% vs 30.88% for GNR. With a 0.97 correlation, they move nearly in lockstep. NRES charges 0.45%/yr vs 0.40%/yr for GNR.

Performance

NRES vs. GNR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers RREEF Global Natural Resources ETF (NRES) 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, NRES achieves a 9.86% return, which is significantly lower than GNR's 13.01% return.

NRES

• 1D: -0.31%
• 1M: -5.25%
• YTD: 9.86%
• 6M: 9.71%
• 1Y: 27.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GNR

• 1D: -0.16%
• 1M: -4.82%
• YTD: 13.01%
• 6M: 13.19%
• 1Y: 30.88%
• 3Y*: 13.46%
• 5Y*: 9.38%
• 10Y*: 10.52%

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

NRES vs. GNR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NRES Xtrackers RREEF Global Natural Resources ETF	9.86%	27.08%	-3.05%
GNR SPDR S&P Global Natural Resources ETF	13.01%	28.68%	-2.38%

Correlation

The correlation between NRES and GNR is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (All Time) Calculated using the full available price history since Feb 27, 2024	0.97

The correlation between NRES and GNR has been stable across timeframes, ranging from 0.97 to 0.97 - a consistent structural relationship.

NRES vs. GNR - Sectors Allocation Comparison

Sectors	NRES	GNR
Basic Materials	48.9%	52.1%
Energy	32.7%	35.4%
Consumer Cyclical	9.2%	6.7%
Consumer Defensive	6.0%	4.7%
Real Estate	1.4%	0.8%
Healthcare	1.0%	0.0%
Industrials	0.9%	0.2%
Communication Services	-	-
Financial Services	-	0.0%
Technology	-	-
Utilities	-	0.0%

Return for Risk

NRES vs. GNR — Risk / Return Rank

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

NRES

NRES Risk / Return Rank: 49
NRES Sharpe Ratio Rank: 47
NRES Sortino Ratio Rank: 43
NRES Omega Ratio Rank: 43
NRES Calmar Ratio Rank: 58
NRES Martin Ratio Rank: 56

GNR

GNR Risk / Return Rank: 62
GNR Sharpe Ratio Rank: 55
GNR Sortino Ratio Rank: 50
GNR Omega Ratio Rank: 53
GNR Calmar Ratio Rank: 78
GNR Martin Ratio Rank: 73

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.

NRES vs. GNR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers RREEF Global Natural Resources ETF (NRES) 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.

	NRES	GNR	Difference
Sharpe ratio: Return per unit of total volatility	1.56	1.80	-0.24
Sortino ratio: Return per unit of downside risk	2.11	2.38	-0.27
Omega ratio: Gain probability vs. loss probability	1.27	1.32	-0.05
Calmar ratio: Return relative to maximum drawdown	2.80	3.89	-1.09
Martin ratio: Return relative to average drawdown	9.51	13.28	-3.77

NRES vs. GNR - Sharpe Ratio Comparison

The current NRES Sharpe Ratio is 1.56, which is comparable to the GNR Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of NRES 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

NRES vs. GNR - Drawdown Comparison

The maximum NRES drawdown since its inception was -22.22%, smaller than the maximum GNR drawdown of -51.37%. Use the drawdown chart below to compare losses from any high point for NRES and GNR.

Drawdown Indicators

	NRES	GNR	Difference
Max Drawdown Largest peak-to-trough decline	-22.22%	-51.37%	+29.15%
Max Drawdown (1Y) Largest decline over 1 year	-9.74%	-7.97%	-1.77%
Max Drawdown (3Y) Largest decline over 3 years	—	-21.15%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.66%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-48.59%	—
Current Drawdown Current decline from peak	-9.74%	-7.46%	-2.28%
Average Drawdown Average peak-to-trough decline	-5.26%	-14.92%	+9.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.86%	2.33%	+0.53%

Volatility

NRES vs. GNR - Volatility Comparison

Xtrackers RREEF Global Natural Resources ETF (NRES) and SPDR S&P Global Natural Resources ETF (GNR) have volatilities of 5.68% and 5.73%, 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

	NRES	GNR	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.68%	5.73%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	13.86%	13.97%	-0.11%
Volatility (1Y) Calculated over the trailing 1-year period	17.48%	17.24%	+0.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.14%	20.26%	-2.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.14%	21.89%	-3.75%

NRES vs. GNR - Expense Ratio Comparison

NRES has a 0.45% expense ratio, which is higher than GNR's 0.40% expense ratio.

Dividends

NRES vs. GNR - Dividend Comparison

NRES's dividend yield for the trailing twelve months is around 2.58%, less than GNR's 2.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GNR SPDR S&P Global Natural Resources ETF	2.63%	2.76%	4.73%	3.37%	4.37%	3.44%	2.78%	3.84%	3.51%	2.40%	2.06%	4.59%
NRES Xtrackers RREEF Global Natural Resources ETF	2.58%	2.65%	3.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NRES and GNR in my portfolio?

With a correlation of 0.97, NRES 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, NRES or GNR?

GNR has higher volatility (5.73%) compared to NRES (5.68%). In terms of maximum drawdown, NRES dropped -22.22% vs GNR's -51.37%.

Which ETF is better, NRES or GNR?

On 1-year performance, GNR leads with 30.88% vs 27.15% for NRES. On fees, GNR is cheaper at 0.40% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NRES or GNR?

Over the 1-year period, GNR has performed better with a 30.88% return vs 27.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NRES or GNR?

GNR is cheaper with a 0.40% expense ratio, compared with 0.45% for NRES.

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

GNR has the higher dividend yield at 2.63%, compared with 2.58% for NRES.

What is the main difference between NRES and GNR?

They also come from different issuers: Xtrackers and State Street. Their fees differ too: 0.45% for NRES and 0.40% for GNR.

Which has better risk-adjusted returns?

GNR currently has the higher Sharpe Ratio (1.80 vs 1.56), 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.