SBR vs. GUNR

Last updated Jul 25, 2026

SBR (Sabine Royalty Trust) is a stock, while GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) is Natural Resources fund tracking the Morningstar Global Upstream Natural Resources Index. Over the past 10 years, SBR returned 16.34%/yr vs 10.26%/yr for GUNR. Their 0.43 correlation means their historical movements had little consistent relationship.

Performance

SBR vs. GUNR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sabine Royalty Trust (SBR) 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, SBR achieves a 11.57% return, which is significantly lower than GUNR's 15.47% return. Over the past 10 years, SBR has outperformed GUNR with an annualized return of 16.34%, while GUNR has yielded a comparatively lower 10.26% annualized return.

SBR

• 1D: -0.51%
• 1M: 2.51%
• 6M: 11.20%
• YTD: 11.57%
• 1Y: 19.45%
• 3Y*: 12.34%
• 5Y*: 24.15%
• 10Y*: 16.34%
• ALL TIME*: 15.38%

GUNR

• 1D: -0.13%
• 1M: 6.07%
• 6M: 3.93%
• YTD: 15.47%
• 1Y: 29.81%
• 3Y*: 10.45%
• 5Y*: 11.05%
• 10Y*: 10.26%
• ALL TIME*: 6.58%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	$10.72M	$19.11M	$19.24M
SBR Sabine Royalty Trust	$2.30M	$2.17M	$2.74M

SBR vs. GUNR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SBR Sabine Royalty Trust	11.57%	14.04%	4.06%	-13.10%	132.08%	60.71%	-24.24%	15.77%	-9.61%	34.83%
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	15.47%	30.03%	-8.37%	-2.40%	14.83%	26.06%	0.46%	18.41%	-9.42%	18.74%

Correlation

The correlation between SBR and GUNR is 0.29, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.29
Correlation (3Y) Balances recent behavior with more history.	0.36
Correlation (5Y) Shows whether the relationship held over a longer period.	0.47
Correlation (10Y) Provides a long-term view across more market conditions.	0.45
Correlation (All Time) Calculated using the full available price history since Sep 22, 2011	0.43

The correlation between SBR and GUNR shifts across timeframes, from 0.29 (1 year) to 0.47 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

SBR vs. GUNR — Risk / Return Rank

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

SBR

SBR Risk / Return Rank: 67
SBR Sharpe Ratio Rank: 72
SBR Sortino Ratio Rank: 64
SBR Omega Ratio Rank: 64
SBR Calmar Ratio Rank: 68
SBR Martin Ratio Rank: 67

GUNR

GUNR Risk / Return Rank: 74
GUNR Sharpe Ratio Rank: 81
GUNR Sortino Ratio Rank: 75
GUNR Omega Ratio Rank: 77
GUNR Calmar Ratio Rank: 72
GUNR Martin Ratio Rank: 67

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.

SBR vs. GUNR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sabine Royalty Trust (SBR) 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.

	SBR	GUNR	Difference
Sharpe ratio: Return per unit of total volatility	0.78	1.87	-1.09
Sortino ratio: Return per unit of downside risk	1.12	2.43	-1.31
Omega ratio: Gain probability vs. loss probability	1.15	1.33	-0.18
Calmar ratio: Return relative to maximum drawdown	1.03	2.54	-1.52
Martin ratio: Return relative to average drawdown	2.10	8.17	-6.07

SBR vs. GUNR - Sharpe Ratio Comparison

The current SBR Sharpe Ratio is 0.78, which is lower than the GUNR Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of SBR 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

SBR vs. GUNR - Drawdown Comparison

The maximum SBR drawdown since its inception was -56.40%, which is greater than GUNR's maximum drawdown of -45.64%. Use the drawdown chart below to compare losses from any high point for SBR and GUNR.

Drawdown Indicators

	SBR	GUNR	Difference
Max Drawdown Largest peak-to-trough decline	-56.40%	-45.64%	-10.76%
Max Drawdown (1Y) Largest decline over 1 year	-18.54%	-11.70%	-6.84%
Max Drawdown (3Y) Largest decline over 3 years	-18.54%	-19.59%	+1.05%
Max Drawdown (5Y) Largest decline over 5 years	-34.56%	-24.06%	-10.50%
Max Drawdown (10Y) Largest decline over 10 years	-50.71%	-43.04%	-7.67%
Current Drawdown Current decline from peak	-5.64%	-5.61%	-0.03%
Average Drawdown Average peak-to-trough decline	-13.61%	-10.38%	-3.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.05%	3.64%	+5.41%

Volatility

SBR vs. GUNR - Volatility Comparison

Sabine Royalty Trust (SBR) has a higher volatility of 3.95% compared to FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) at 3.48%. This indicates that SBR'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

	SBR	GUNR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.95%	3.48%	+0.47%
Volatility (6M) Calculated over the trailing 6-month period	15.32%	13.16%	+2.16%
Volatility (1Y) Calculated over the trailing 1-year period	24.41%	15.91%	+8.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.69%	18.95%	+12.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.21%	20.31%	+10.90%

Dividends

SBR vs. GUNR - Dividend Comparison

SBR's dividend yield for the trailing twelve months is around 6.64%, more than GUNR's 2.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	2.32%	2.81%	3.39%	3.55%	4.12%	3.61%	2.79%	3.25%	3.27%	2.00%	1.73%	4.50%
SBR Sabine Royalty Trust	6.64%	7.53%	8.41%	9.41%	10.13%	7.72%	8.59%	7.49%	8.98%	5.31%	5.50%	11.82%

Frequently Asked Questions

Can I hold both SBR and GUNR in my portfolio?

SBR and GUNR have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SBR or GUNR?

SBR has higher volatility (3.95%) compared to GUNR (3.48%). In terms of maximum drawdown, SBR dropped -56.40% vs GUNR's -45.64%.

Which has better risk-adjusted returns?

GUNR currently has the higher Sharpe Ratio (1.87 vs 0.78), 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.