PSI vs. GUNR

Last updated Jun 13, 2026

PSI (Invesco Semiconductors ETF) and GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) are both exchange-traded funds - PSI is a Semiconductors fund tracking the Dynamic Semiconductors Intellidex Index, while GUNR is a Commodity Producers Equities fund tracking the Morningstar Global Upstream Natural Resources Index. Both are passively managed. Over the past 10 years, PSI returned 34.59%/yr vs 11.10%/yr for GUNR. At a 0.50 correlation, their price movements are largely independent. PSI charges 0.56%/yr vs 0.46%/yr for GUNR.

Performance

PSI vs. GUNR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Semiconductors ETF (PSI) 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, PSI achieves a 112.90% return, which is significantly higher than GUNR's 15.74% return. Over the past 10 years, PSI has outperformed GUNR with an annualized return of 34.59%, while GUNR has yielded a comparatively lower 11.10% annualized return.

PSI

• 1D: 3.00%
• 1M: 10.45%
• YTD: 112.90%
• 6M: 110.54%
• 1Y: 198.40%
• 3Y*: 55.80%
• 5Y*: 32.57%
• 10Y*: 34.59%

GUNR

• 1D: 1.19%
• 1M: -5.35%
• YTD: 15.74%
• 6M: 17.02%
• 1Y: 34.03%
• 3Y*: 12.40%
• 5Y*: 9.47%
• 10Y*: 11.10%

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

PSI vs. GUNR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSI Invesco Semiconductors ETF	112.90%	36.32%	17.17%	49.06%	-34.43%	46.55%	56.75%	52.49%	-11.55%	40.16%
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	15.74%	30.03%	-8.37%	-2.40%	14.83%	26.06%	0.46%	18.41%	-9.42%	18.74%

Correlation

The correlation between PSI and GUNR is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.47
Correlation (All Time) Calculated using the full available price history since Sep 22, 2011	0.50

The correlation between PSI and GUNR shifts across timeframes, from 0.34 (1 year) to 0.50 (all time), reflecting how their relationship changes across market environments.

PSI vs. GUNR - Sectors Allocation Comparison

Sectors	PSI	GUNR
Technology	97.6%	0.5%
Industrials	2.4%	2.3%
Basic Materials	-	45.1%
Communication Services	-	1.7%
Consumer Cyclical	-	0.2%
Consumer Defensive	-	11.5%
Energy	-	29.3%
Financial Services	-	2.7%
Healthcare	-	-
Real Estate	-	0.2%
Utilities	-	4.0%

Return for Risk

PSI vs. GUNR — Risk / Return Rank

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

PSI

PSI Risk / Return Rank: 97
PSI Sharpe Ratio Rank: 98
PSI Sortino Ratio Rank: 95
PSI Omega Ratio Rank: 94
PSI Calmar Ratio Rank: 98
PSI Martin Ratio Rank: 98

GUNR

GUNR Risk / Return Rank: 80
GUNR Sharpe Ratio Rank: 79
GUNR Sortino Ratio Rank: 72
GUNR Omega Ratio Rank: 75
GUNR Calmar Ratio Rank: 87
GUNR Martin Ratio Rank: 88

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.

PSI vs. GUNR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Semiconductors ETF (PSI) 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.

	PSI	GUNR	Difference
Sharpe ratio: Return per unit of total volatility	4.92	2.18	+2.74
Sortino ratio: Return per unit of downside risk	4.57	2.79	+1.78
Omega ratio: Gain probability vs. loss probability	1.63	1.38	+0.25
Calmar ratio: Return relative to maximum drawdown	12.90	4.40	+8.50
Martin ratio: Return relative to average drawdown	45.29	16.53	+28.76

PSI vs. GUNR - Sharpe Ratio Comparison

The current PSI Sharpe Ratio is 4.92, which is higher than the GUNR Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of PSI 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.

Drawdowns

PSI vs. GUNR - Drawdown Comparison

The maximum PSI drawdown since its inception was -62.96%, which is greater than GUNR's maximum drawdown of -45.64%. Use the drawdown chart below to compare losses from any high point for PSI and GUNR.

Drawdown Indicators

	PSI	GUNR	Difference
Max Drawdown Largest peak-to-trough decline	-62.96%	-45.64%	-17.32%
Max Drawdown (1Y) Largest decline over 1 year	-15.48%	-7.77%	-7.71%
Max Drawdown (3Y) Largest decline over 3 years	-41.07%	-19.59%	-21.48%
Max Drawdown (5Y) Largest decline over 5 years	-44.85%	-24.06%	-20.79%
Max Drawdown (10Y) Largest decline over 10 years	-44.85%	-43.04%	-1.81%
Current Drawdown Current decline from peak	0.00%	-5.39%	+5.39%
Average Drawdown Average peak-to-trough decline	-15.92%	-10.39%	-5.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.40%	2.06%	+2.34%

Volatility

PSI vs. GUNR - Volatility Comparison

Invesco Semiconductors ETF (PSI) has a higher volatility of 18.89% compared to FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) at 5.11%. This indicates that PSI'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

	PSI	GUNR	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.89%	5.11%	+13.78%
Volatility (6M) Calculated over the trailing 6-month period	33.67%	13.13%	+20.54%
Volatility (1Y) Calculated over the trailing 1-year period	40.58%	15.69%	+24.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.44%	19.06%	+19.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.42%	20.44%	+14.98%

PSI vs. GUNR - Expense Ratio Comparison

PSI has a 0.56% expense ratio, which is higher than GUNR's 0.46% expense ratio.

Dividends

PSI vs. GUNR - Dividend Comparison

PSI's dividend yield for the trailing twelve months is around 0.04%, less than GUNR's 2.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	2.31%	2.81%	3.39%	3.55%	4.12%	3.61%	2.79%	3.25%	3.27%	2.00%	1.73%	4.50%
PSI Invesco Semiconductors ETF	0.04%	0.10%	0.15%	0.40%	0.61%	0.14%	0.21%	0.52%	0.83%	0.21%	0.68%	0.16%

Frequently Asked Questions

Can I hold both PSI and GUNR in my portfolio?

PSI and GUNR have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSI or GUNR?

PSI has higher volatility (18.89%) compared to GUNR (5.11%). In terms of maximum drawdown, PSI dropped -62.96% vs GUNR's -45.64%.

Which ETF is better, PSI or GUNR?

On 10-year performance, PSI leads with 34.59% vs 11.10% for GUNR. On fees, GUNR is cheaper at 0.46% per year. On volatility, GUNR has been the lower-risk option at 5.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSI or GUNR?

Over the 10-year period, PSI has performed better with a 34.59% return vs 11.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSI or GUNR?

GUNR is cheaper with a 0.46% expense ratio, compared with 0.56% for PSI.

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

GUNR has the higher dividend yield at 2.31%, compared with 0.04% for PSI.

What is the main difference between PSI and GUNR?

PSI is categorized as Semiconductors, while GUNR is Commodity Producers Equities. PSI tracks Dynamic Semiconductors Intellidex Index, while GUNR tracks Morningstar Global Upstream Natural Resources Index. They also come from different issuers: Invesco and Northern Trust. Their fees differ too: 0.56% for PSI and 0.46% for GUNR.

Which has better risk-adjusted returns?

PSI currently has the higher Sharpe Ratio (4.92 vs 2.18), 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.