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QQQ vs. GUNR
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QQQ vs. GUNR

Last updated Jun 14, 2026

QQQ (Invesco QQQ ETF) and GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) are both exchange-traded funds - QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while GUNR is a Natural Resources fund tracking the Morningstar Global Upstream Natural Resources Index. Both are passively managed. Over the past 10 years, QQQ returned 21.79%/yr vs 11.10%/yr for GUNR. A 0.51 correlation means they provide meaningful diversification when combined. QQQ charges 0.18%/yr vs 0.46%/yr for GUNR.

Performance

QQQ vs. GUNR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco QQQ ETF (QQQ) 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, QQQ achieves a 17.57% return, which is significantly higher than GUNR's 15.74% return. Over the past 10 years, QQQ has outperformed GUNR with an annualized return of 21.79%, while GUNR has yielded a comparatively lower 11.10% annualized return.

QQQ

1D
0.59%
1M
1.75%
YTD
17.57%
6M
17.85%
1Y
37.55%
3Y*
26.43%
5Y*
16.85%
10Y*
21.79%

GUNR

1D
1.19%
1M
-4.60%
YTD
15.74%
6M
17.02%
1Y
32.88%
3Y*
12.40%
5Y*
9.47%
10Y*
11.10%
*Multi-year figures are annualized to reflect compound growth (CAGR)

QQQ vs. GUNR - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QQQ
Invesco QQQ ETF		17.57%20.77%25.58%54.86%-32.58%27.42%48.62%38.96%-0.13%32.66%
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 QQQ and GUNR is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.28

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

0.33

Correlation (5Y)
Calculated over the trailing 5-year period

0.38

Correlation (10Y)
Calculated over the trailing 10-year period

0.46

Correlation (All Time)
Calculated using the full available price history since Sep 22, 2011

0.51

Over the past year, the correlation between QQQ and GUNR has dropped to 0.28 - well below their long-term average of 0.51, suggesting their price drivers have been diverging.

QQQ vs. GUNR - Sectors Allocation Comparison

Sectors
QQQ
GUNR

Technology

58.7%
0.5%

Communication Services

14.3%
1.6%

Consumer Cyclical

11.4%
0.2%

Consumer Defensive

6.4%
11.4%

Healthcare

3.7%

-

Industrials

2.6%
2.3%

Utilities

1.2%
4.0%

Basic Materials

1.0%
44.1%

Energy

0.5%
30.4%

Financial Services

0.2%
2.6%

Real Estate

0.1%
0.2%

Technology

QQQ
58.7%
GUNR
0.5%

Communication Services

QQQ
14.3%
GUNR
1.6%

Consumer Cyclical

QQQ
11.4%
GUNR
0.2%

Consumer Defensive

QQQ
6.4%
GUNR
11.4%

Healthcare

QQQ
3.7%
GUNR

-

Industrials

QQQ
2.6%
GUNR
2.3%

Utilities

QQQ
1.2%
GUNR
4.0%

Basic Materials

QQQ
1.0%
GUNR
44.1%

Energy

QQQ
0.5%
GUNR
30.4%

Financial Services

QQQ
0.2%
GUNR
2.6%

Real Estate

QQQ
0.1%
GUNR
0.2%

Compare stocks, funds, or ETFs

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

Invesco QQQ ETF

FlexShares Morningstar Global Upstream Natural Resources Index Fund

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Often compared with GUNR:
GUNR vs. HAPGUNR vs. XLBGUNR vs. IGEGUNR vs. PDBCGUNR vs. INFLGUNR vs. PCLIXGUNR vs. DBC

Return for Risk

QQQ vs. GUNR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QQQ
QQQ Risk / Return Rank: 7171
Overall Rank
QQQ Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
QQQ Sortino Ratio Rank: 7070
Sortino Ratio Rank
QQQ Omega Ratio Rank: 7373
Omega Ratio Rank
QQQ Calmar Ratio Rank: 6969
Calmar Ratio Rank
QQQ Martin Ratio Rank: 7070
Martin Ratio Rank
GUNR
GUNR Risk / Return Rank: 8080
Overall Rank
GUNR Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
GUNR Sortino Ratio Rank: 7272
Sortino Ratio Rank
GUNR Omega Ratio Rank: 7575
Omega Ratio Rank
GUNR Calmar Ratio Rank: 8787
Calmar Ratio Rank
GUNR Martin Ratio Rank: 8888
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.

QQQ vs. GUNR - Risk-Adjusted Trends Comparison

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

QQQGUNRDifference
Sharpe ratioReturn per unit of total volatility
2.09
2.18

-0.09

Sortino ratioReturn per unit of downside risk
2.73
2.79

-0.06

Omega ratioGain probability vs. loss probability

1.37

1.38

-0.01

Calmar ratioReturn relative to maximum drawdown

3.01

4.40

-1.39

Martin ratioReturn relative to average drawdown

11.22

16.53

-5.30

QQQ vs. GUNR - Sharpe Ratio Comparison

The current QQQ Sharpe Ratio is 2.09, which is comparable to the GUNR Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of QQQ 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

QQQ vs. GUNR - Drawdown Comparison

The maximum QQQ drawdown since its inception was -82.97%, which is greater than GUNR's maximum drawdown of -45.64%. Use the drawdown chart below to compare losses from any high point for QQQ and GUNR.

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Drawdown Indicators

QQQGUNRDifference

Max Drawdown

Largest peak-to-trough decline

-82.97%

-45.64%

-37.33%

Max Drawdown (1Y)

Largest decline over 1 year

-11.96%

-7.77%

-4.19%

Max Drawdown (3Y)

Largest decline over 3 years

-22.77%

-19.59%

-3.18%

Max Drawdown (5Y)

Largest decline over 5 years

-35.12%

-24.06%

-11.06%

Max Drawdown (10Y)

Largest decline over 10 years

-35.12%

-43.04%

+7.92%

Current Drawdown

Current decline from peak

-3.33%

-5.39%

+2.06%

Average Drawdown

Average peak-to-trough decline

-32.75%

-10.39%

-22.36%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.20%

2.06%

+1.14%

Volatility

QQQ vs. GUNR - Volatility Comparison

Invesco QQQ ETF (QQQ) has a higher volatility of 7.56% compared to FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) at 5.11%. This indicates that QQQ'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

QQQGUNRDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.56%

5.11%

+2.45%

Volatility (6M)

Calculated over the trailing 6-month period

13.81%

13.13%

+0.68%

Volatility (1Y)

Calculated over the trailing 1-year period

17.19%

15.69%

+1.50%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.55%

19.06%

+3.49%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.38%

20.44%

+1.94%

QQQ vs. GUNR - Expense Ratio Comparison

QQQ has a 0.18% expense ratio, which is lower than GUNR's 0.46% expense ratio.

Dividends

QQQ vs. GUNR - Dividend Comparison

QQQ's dividend yield for the trailing twelve months is around 0.39%, less than GUNR's 2.31% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
QQQ
Invesco QQQ ETF		0.39%0.45%0.56%0.62%0.80%0.43%0.55%0.74%0.91%0.84%1.06%0.99%

Frequently Asked Questions

QQQ and GUNR have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

QQQ has higher volatility (7.56%) compared to GUNR (5.11%). In terms of maximum drawdown, QQQ dropped -82.97% vs GUNR's -45.64%.

On 10-year performance, QQQ leads with 21.79% vs 11.10% for GUNR. On fees, QQQ is cheaper at 0.18% 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.

Over the 10-year period, QQQ has performed better with a 21.79% return vs 11.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

QQQ is cheaper with a 0.18% expense ratio, compared with 0.46% for GUNR.

GUNR has the higher dividend yield at 2.31%, compared with 0.39% for QQQ.

QQQ is categorized as Nasdaq-100, while GUNR is Natural Resources. QQQ tracks NASDAQ-100 Index, while GUNR tracks Morningstar Global Upstream Natural Resources Index. They also come from different issuers: Invesco and Northern Trust. Their fees differ too: 0.18% for QQQ and 0.46% for GUNR.

GUNR currently has the higher Sharpe Ratio (2.18 vs 2.09), 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.

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