SGOL vs. GUNR
SGOL (abrdn Physical Gold Shares ETF) and GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) are both exchange-traded funds - SGOL is a Gold fund tracking the LBMA Gold Price PM ($/ozt), while GUNR is a Natural Resources fund tracking the Morningstar Global Upstream Natural Resources Index. Both are passively managed. Over the past 10 years, SGOL returned 11.62%/yr vs 10.26%/yr for GUNR. Their 0.31 correlation means their historical movements had little consistent relationship. SGOL charges 0.17%/yr vs 0.46%/yr for GUNR.
Performance
SGOL vs. GUNR - Performance Comparison
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Returns By Period
In the year-to-date period, SGOL achieves a -6.06% return, which is significantly lower than GUNR's 15.47% return. Over the past 10 years, SGOL has outperformed GUNR with an annualized return of 11.62%, while GUNR has yielded a comparatively lower 10.26% annualized return.
SGOL
- 1D
- 0.08%
- 1M
- 0.65%
- 6M
- -18.71%
- YTD
- -6.06%
- 1Y
- 21.20%
- 3Y*
- 27.11%
- 5Y*
- 17.42%
- 10Y*
- 11.62%
- ALL TIME*
- 8.34%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $10.72M | $19.11M | $19.24M | |
| $79.87M | $79.24M | $102.39M |
SGOL vs. GUNR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SGOL abrdn Physical Gold Shares ETF | -6.06% | 63.99% | 26.90% | 12.99% | -0.51% | -3.94% | 25.03% | 18.21% | -1.94% | 12.86% |
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 SGOL and GUNR is 0.56, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.56 |
Correlation (3Y) Balances recent behavior with more history. | 0.48 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.42 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.32 |
Correlation (All Time) Calculated using the full available price history since Sep 22, 2011 | 0.31 |
Over the past year, SGOL and GUNR have become more correlated (0.56) than their long-term average of 0.31, meaning their price movements have been converging.
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Return for Risk
SGOL vs. GUNR — Risk / Return Rank
SGOL
GUNR
SGOL vs. GUNR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for abrdn Physical Gold Shares ETF (SGOL) 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.
| SGOL | GUNR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.15 | ||
| Sortino ratioReturn per unit of downside risk | -1.36 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.33 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 0.77 | 2.54 | -1.78 |
| Martin ratioReturn relative to average drawdown | 1.73 | 8.17 | -6.44 |
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Drawdowns
SGOL vs. GUNR - Drawdown Comparison
The maximum SGOL drawdown since its inception was -45.51%, roughly equal to the maximum GUNR drawdown of -45.64%. Use the drawdown chart below to compare losses from any high point for SGOL and GUNR.
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Drawdown Indicators
| SGOL | GUNR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.51% | -45.64% | +0.13% |
Max Drawdown (1Y)Largest decline over 1 year | -26.32% | -11.70% | -14.62% |
Max Drawdown (3Y)Largest decline over 3 years | -26.32% | -19.59% | -6.73% |
Max Drawdown (5Y)Largest decline over 5 years | -26.32% | -24.06% | -2.26% |
Max Drawdown (10Y)Largest decline over 10 years | -26.32% | -43.04% | +16.72% |
Current DrawdownCurrent decline from peak | -24.94% | -5.61% | -19.33% |
Average DrawdownAverage peak-to-trough decline | -18.45% | -10.38% | -8.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.64% | 3.64% | +8.00% |
Volatility
SGOL vs. GUNR - Volatility Comparison
abrdn Physical Gold Shares ETF (SGOL) has a higher volatility of 6.07% compared to FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) at 3.48%. This indicates that SGOL'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
| SGOL | GUNR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.07% | 3.48% | +2.59% |
Volatility (6M)Calculated over the trailing 6-month period | 23.69% | 13.16% | +10.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.79% | 15.91% | +11.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.34% | 18.95% | -0.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.08% | 20.31% | -4.23% |
SGOL vs. GUNR - Expense Ratio Comparison
SGOL has a 0.17% expense ratio, which is lower than GUNR's 0.46% expense ratio.
Dividends
SGOL vs. GUNR - Dividend Comparison
SGOL has not paid dividends to shareholders, while GUNR's dividend yield for the trailing twelve months is around 2.32%.
| 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% |
SGOL abrdn Physical Gold Shares ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SGOL and GUNR have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SGOL has higher volatility (6.07%) compared to GUNR (3.48%). In terms of maximum drawdown, SGOL dropped -45.51% vs GUNR's -45.64%.
On 10-year performance, SGOL leads with 11.62% vs 10.26% for GUNR. On fees, SGOL is cheaper at 0.17% per year. On volatility, GUNR has been the lower-risk option at 3.48%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SGOL has performed better with a 11.62% return vs 10.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SGOL is cheaper with a 0.17% expense ratio, compared with 0.46% for GUNR.
GUNR has the higher dividend yield at 2.32%, compared with 0.00% for SGOL.
SGOL is categorized as Gold, while GUNR is Natural Resources. SGOL tracks LBMA Gold Price PM ($/ozt), while GUNR tracks Morningstar Global Upstream Natural Resources Index. They also come from different issuers: abrdn and Northern Trust. Their fees differ too: 0.17% for SGOL and 0.46% for GUNR.
GUNR currently has the higher Sharpe Ratio (1.87 vs 0.73), 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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