SLYV vs. GUNR

Last updated Jun 12, 2026

SLYV (SPDR S&P 600 Small Cap Value ETF) and GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) are both exchange-traded funds - SLYV is a Small Cap Value Equities fund tracking the S&P SmallCap 600 Value 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, SLYV returned 10.53%/yr vs 10.82%/yr for GUNR. A 0.67 correlation means they provide meaningful diversification when combined. SLYV charges 0.15%/yr vs 0.46%/yr for GUNR.

Performance

SLYV vs. GUNR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P 600 Small Cap Value ETF (SLYV) 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, SLYV achieves a 18.18% return, which is significantly higher than GUNR's 14.38% return. Both investments have delivered pretty close results over the past 10 years, with SLYV having a 10.53% annualized return and GUNR not far ahead at 10.82%.

SLYV

• 1D: 1.81%
• 1M: 5.47%
• YTD: 18.18%
• 6M: 14.15%
• 1Y: 36.99%
• 3Y*: 14.26%
• 5Y*: 6.05%
• 10Y*: 10.53%

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)

SLYV vs. GUNR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SLYV SPDR S&P 600 Small Cap Value ETF	18.18%	6.54%	7.28%	14.82%	-11.08%	30.57%	2.68%	24.26%	-12.77%	11.74%
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 SLYV and GUNR is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Sep 22, 2011	0.67

Over the past year, the correlation between SLYV and GUNR has dropped to 0.44 - well below their long-term average of 0.67, suggesting their price drivers have been diverging.

SLYV vs. GUNR - Sectors Allocation Comparison

Sectors	SLYV	GUNR
Financial Services	19.8%	2.7%
Consumer Cyclical	15.9%	0.2%
Industrials	11.6%	2.3%
Technology	11.3%	0.5%
Real Estate	8.7%	0.2%
Energy	7.6%	29.3%
Healthcare	7.5%	-
Basic Materials	7.1%	45.1%
Communication Services	4.4%	1.7%
Consumer Defensive	3.8%	11.5%
Utilities	2.2%	4.0%

Return for Risk

SLYV vs. GUNR — Risk / Return Rank

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

SLYV

SLYV Risk / Return Rank: 78
SLYV Sharpe Ratio Rank: 76
SLYV Sortino Ratio Rank: 79
SLYV Omega Ratio Rank: 71
SLYV Calmar Ratio Rank: 85
SLYV Martin Ratio Rank: 81

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.

SLYV vs. GUNR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P 600 Small Cap Value ETF (SLYV) 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.

	SLYV	GUNR	Difference
Sharpe ratio: Return per unit of total volatility	2.03	2.12	-0.09
Sortino ratio: Return per unit of downside risk	2.92	2.72	+0.20
Omega ratio: Gain probability vs. loss probability	1.35	1.37	-0.02
Calmar ratio: Return relative to maximum drawdown	3.97	4.27	-0.30
Martin ratio: Return relative to average drawdown	13.17	16.27	-3.11

SLYV vs. GUNR - Sharpe Ratio Comparison

The current SLYV Sharpe Ratio is 2.03, which is comparable to the GUNR Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of SLYV 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

SLYV vs. GUNR - Drawdown Comparison

The maximum SLYV drawdown since its inception was -61.15%, which is greater than GUNR's maximum drawdown of -45.64%. Use the drawdown chart below to compare losses from any high point for SLYV and GUNR.

Drawdown Indicators

	SLYV	GUNR	Difference
Max Drawdown Largest peak-to-trough decline	-61.15%	-45.64%	-15.51%
Max Drawdown (1Y) Largest decline over 1 year	-9.36%	-7.77%	-1.59%
Max Drawdown (3Y) Largest decline over 3 years	-28.68%	-19.59%	-9.09%
Max Drawdown (5Y) Largest decline over 5 years	-28.68%	-24.06%	-4.62%
Max Drawdown (10Y) Largest decline over 10 years	-47.73%	-43.04%	-4.69%
Current Drawdown Current decline from peak	0.00%	-6.50%	+6.50%
Average Drawdown Average peak-to-trough decline	-8.94%	-10.39%	+1.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.82%	2.04%	+0.78%

Volatility

SLYV vs. GUNR - Volatility Comparison

SPDR S&P 600 Small Cap Value ETF (SLYV) and FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) have volatilities of 4.80% and 4.92%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLYV	GUNR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.80%	4.92%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	11.74%	13.12%	-1.38%
Volatility (1Y) Calculated over the trailing 1-year period	18.30%	15.66%	+2.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.97%	19.06%	+2.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.96%	20.43%	+3.53%

SLYV vs. GUNR - Expense Ratio Comparison

SLYV has a 0.15% expense ratio, which is lower than GUNR's 0.46% expense ratio.

Dividends

SLYV vs. GUNR - Dividend Comparison

SLYV's dividend yield for the trailing twelve months is around 1.77%, 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%
SLYV SPDR S&P 600 Small Cap Value ETF	1.77%	2.02%	2.30%	2.11%	1.47%	1.94%	1.40%	1.67%	2.14%	5.53%	2.18%	6.55%

Frequently Asked Questions

Can I hold both SLYV and GUNR in my portfolio?

SLYV and GUNR have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SLYV or GUNR?

GUNR has higher volatility (4.92%) compared to SLYV (4.80%). In terms of maximum drawdown, SLYV dropped -61.15% vs GUNR's -45.64%.

Which ETF is better, SLYV or GUNR?

On 10-year performance, GUNR leads with 10.82% vs 10.53% for SLYV. On fees, SLYV is cheaper at 0.15% per year. On volatility, SLYV has been the lower-risk option at 4.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLYV or GUNR?

Over the 10-year period, GUNR has performed better with a 10.82% return vs 10.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLYV or GUNR?

SLYV is cheaper with a 0.15% expense ratio, compared with 0.46% for GUNR.

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

GUNR has the higher dividend yield at 2.34%, compared with 1.77% for SLYV.

What is the main difference between SLYV and GUNR?

SLYV is categorized as Small Cap Value Equities, while GUNR is Commodity Producers Equities. SLYV tracks S&P SmallCap 600 Value Index, while GUNR tracks Morningstar Global Upstream Natural Resources Index. They also come from different issuers: State Street and Northern Trust. Their fees differ too: 0.15% for SLYV and 0.46% for GUNR.

Which has better risk-adjusted returns?

GUNR currently has the higher Sharpe Ratio (2.12 vs 2.03), 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.