RSP vs. GUNR

Last updated Jun 12, 2026

RSP (Invesco S&P 500 Equal Weight ETF) and GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) are both exchange-traded funds - RSP is a S&P 500 fund tracking the S&P 500 Equal Weight 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, RSP returned 12.01%/yr vs 10.82%/yr for GUNR. A 0.72 correlation means they provide meaningful diversification when combined. RSP charges 0.20%/yr vs 0.46%/yr for GUNR.

Performance

RSP vs. GUNR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Equal Weight ETF (RSP) 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, RSP achieves a 9.96% return, which is significantly lower than GUNR's 14.38% return. Over the past 10 years, RSP has outperformed GUNR with an annualized return of 12.01%, while GUNR has yielded a comparatively lower 10.82% annualized return.

RSP

• 1D: 1.56%
• 1M: 2.91%
• YTD: 9.96%
• 6M: 8.60%
• 1Y: 19.08%
• 3Y*: 14.69%
• 5Y*: 8.40%
• 10Y*: 12.01%

GUNR

• 1D: 1.38%
• 1M: -6.21%
• YTD: 14.38%
• 6M: 15.02%
• 1Y: 33.05%
• 3Y*: 12.46%
• 5Y*: 9.21%
• 10Y*: 10.82%

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

RSP vs. GUNR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RSP Invesco S&P 500 Equal Weight ETF	9.96%	11.21%	12.79%	13.70%	-11.62%	29.41%	12.66%	28.91%	-7.84%	18.52%
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	14.38%	30.03%	-8.37%	-2.40%	14.83%	26.06%	0.46%	18.41%	-9.42%	18.74%

Correlation

The correlation between RSP and GUNR is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Sep 22, 2011	0.72

Over the past year, the correlation between RSP and GUNR has dropped to 0.46 - well below their long-term average of 0.72, suggesting their price drivers have been diverging.

RSP vs. GUNR - Sectors Allocation Comparison

Sectors	RSP	GUNR
Technology	20.4%	0.5%
Financial Services	14.2%	2.7%
Industrials	14.1%	2.3%
Healthcare	10.9%	-
Consumer Cyclical	10.1%	0.2%
Consumer Defensive	6.4%	11.5%
Real Estate	5.9%	0.2%
Utilities	5.9%	4.0%
Energy	4.2%	29.3%
Basic Materials	4.1%	45.1%
Communication Services	3.6%	1.7%

Return for Risk

RSP vs. GUNR — Risk / Return Rank

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

RSP

RSP Risk / Return Rank: 59
RSP Sharpe Ratio Rank: 58
RSP Sortino Ratio Rank: 61
RSP Omega Ratio Rank: 55
RSP Calmar Ratio Rank: 59
RSP Martin Ratio Rank: 62

GUNR

GUNR Risk / Return Rank: 81
GUNR Sharpe Ratio Rank: 79
GUNR Sortino Ratio Rank: 72
GUNR Omega Ratio Rank: 76
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.

RSP vs. GUNR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Equal Weight ETF (RSP) 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.

	RSP	GUNR	Difference
Sharpe ratio: Return per unit of total volatility	1.62	2.12	-0.50
Sortino ratio: Return per unit of downside risk	2.36	2.72	-0.37
Omega ratio: Gain probability vs. loss probability	1.28	1.37	-0.09
Calmar ratio: Return relative to maximum drawdown	2.44	4.27	-1.83
Martin ratio: Return relative to average drawdown	9.23	16.27	-7.04

RSP vs. GUNR - Sharpe Ratio Comparison

The current RSP Sharpe Ratio is 1.62, which is comparable to the GUNR Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of RSP 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

RSP vs. GUNR - Drawdown Comparison

The maximum RSP drawdown since its inception was -59.92%, which is greater than GUNR's maximum drawdown of -45.64%. Use the drawdown chart below to compare losses from any high point for RSP and GUNR.

Drawdown Indicators

	RSP	GUNR	Difference
Max Drawdown Largest peak-to-trough decline	-59.92%	-45.64%	-14.28%
Max Drawdown (1Y) Largest decline over 1 year	-7.85%	-7.77%	-0.08%
Max Drawdown (3Y) Largest decline over 3 years	-17.81%	-19.59%	+1.78%
Max Drawdown (5Y) Largest decline over 5 years	-21.38%	-24.06%	+2.68%
Max Drawdown (10Y) Largest decline over 10 years	-39.04%	-43.04%	+4.00%
Current Drawdown Current decline from peak	-0.51%	-6.50%	+5.99%
Average Drawdown Average peak-to-trough decline	-6.64%	-10.39%	+3.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	2.04%	+0.03%

Volatility

RSP vs. GUNR - Volatility Comparison

The current volatility for Invesco S&P 500 Equal Weight ETF (RSP) is 3.55%, while FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) has a volatility of 4.92%. This indicates that RSP experiences smaller price fluctuations and is considered to be less risky than GUNR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RSP	GUNR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.55%	4.92%	-1.37%
Volatility (6M) Calculated over the trailing 6-month period	8.65%	13.12%	-4.47%
Volatility (1Y) Calculated over the trailing 1-year period	11.81%	15.66%	-3.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.22%	19.06%	-2.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.36%	20.43%	-2.07%

RSP vs. GUNR - Expense Ratio Comparison

RSP has a 0.20% expense ratio, which is lower than GUNR's 0.46% expense ratio.

Dividends

RSP vs. GUNR - Dividend Comparison

RSP's dividend yield for the trailing twelve months is around 1.49%, less than GUNR's 2.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	2.34%	2.81%	3.39%	3.55%	4.12%	3.61%	2.79%	3.25%	3.27%	2.00%	1.73%	4.50%
RSP Invesco S&P 500 Equal Weight ETF	1.49%	1.64%	1.52%	1.64%	1.82%	1.28%	1.64%	1.69%	2.02%	1.52%	1.20%	1.70%

Frequently Asked Questions

Can I hold both RSP and GUNR in my portfolio?

RSP and GUNR have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RSP or GUNR?

GUNR has higher volatility (4.92%) compared to RSP (3.55%). In terms of maximum drawdown, RSP dropped -59.92% vs GUNR's -45.64%.

Which ETF is better, RSP or GUNR?

On 10-year performance, RSP leads with 12.01% vs 10.82% for GUNR. On fees, RSP is cheaper at 0.20% per year. On volatility, RSP has been the lower-risk option at 3.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RSP or GUNR?

Over the 10-year period, RSP has performed better with a 12.01% return vs 10.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RSP or GUNR?

RSP is cheaper with a 0.20% expense ratio, compared with 0.46% for GUNR.

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

GUNR has the higher dividend yield at 2.34%, compared with 1.49% for RSP.

What is the main difference between RSP and GUNR?

RSP is categorized as S&P 500, while GUNR is Commodity Producers Equities. RSP tracks S&P 500 Equal Weight Index, while GUNR tracks Morningstar Global Upstream Natural Resources Index. They also come from different issuers: Invesco and Northern Trust. Their fees differ too: 0.20% for RSP and 0.46% for GUNR.

Which has better risk-adjusted returns?

GUNR currently has the higher Sharpe Ratio (2.12 vs 1.62), 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.