TURF vs. GUNR

Last updated Jun 4, 2026

TURF (T. Rowe Price Natural Resources ETF) and GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) are both Commodity Producers Equities funds. With a 0.95 correlation, they move nearly in lockstep. TURF charges 0.44%/yr vs 0.46%/yr for GUNR.

Performance

TURF vs. GUNR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Natural Resources ETF (TURF) and FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with TURF having a 19.55% return and GUNR slightly lower at 19.20%.

TURF

• 1D: -0.82%
• 1M: 0.33%
• YTD: 19.55%
• 6M: 22.12%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

GUNR

• 1D: -0.69%
• 1M: 0.04%
• YTD: 19.20%
• 6M: 21.67%
• 1Y: 41.45%
• 3Y*: 14.42%
• 5Y*: 9.93%
• 10Y*: 11.17%

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

TURF vs. GUNR - Yearly Performance Comparison

	2026 (YTD)	2025
TURF T. Rowe Price Natural Resources ETF	19.55%	17.05%
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	19.20%	15.80%

Correlation

The correlation between TURF and GUNR is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 13, 2025	0.95

TURF vs. GUNR - Sectors Allocation Comparison

Sectors	TURF	GUNR
Basic Materials	33.9%	44.3%
Energy	29.2%	30.6%
Consumer Defensive	8.5%	11.4%
Communication Services	3.8%	1.6%
Financial Services	2.3%	2.6%
Industrials	1.6%	2.3%
Technology	0.4%	0.5%
Utilities	0.3%	4.0%
Consumer Cyclical	-	0.2%
Healthcare	-	-
Real Estate	-	0.2%

Return for Risk

TURF vs. GUNR — Risk / Return Rank

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

GUNR

GUNR Risk / Return Rank: 84
GUNR Sharpe Ratio Rank: 83
GUNR Sortino Ratio Rank: 76
GUNR Omega Ratio Rank: 79
GUNR Calmar Ratio Rank: 92
GUNR Martin Ratio Rank: 92

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.

TURF vs. GUNR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Natural Resources ETF (TURF) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	TURF	GUNR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.75	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.53	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.55	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.52	0.33	+2.19

Drawdowns

TURF vs. GUNR - Drawdown Comparison

The maximum TURF drawdown since its inception was -6.84%, smaller than the maximum GUNR drawdown of -45.64%. Use the drawdown chart below to compare losses from any high point for TURF and GUNR.

Drawdown Indicators

	TURF	GUNR	Difference
Max Drawdown Largest peak-to-trough decline	-6.84%	-45.64%	+38.80%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.81%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-19.59%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.06%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-43.04%	—
Current Drawdown Current decline from peak	-2.54%	-2.56%	+0.02%
Average Drawdown Average peak-to-trough decline	-1.53%	-10.40%	+8.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.79%	—

Volatility

Volatility by Period

	TURF	GUNR	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.39%	—
Volatility (6M) Calculated over the trailing 6-month period	—	12.57%	—
Volatility (1Y) Calculated over the trailing 1-year period	16.50%	15.14%	+1.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.50%	18.98%	-2.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.50%	20.42%	-3.92%

TURF vs. GUNR - Expense Ratio Comparison

TURF has a 0.44% expense ratio, which is lower than GUNR's 0.46% expense ratio.

Dividends

TURF vs. GUNR - Dividend Comparison

TURF's dividend yield for the trailing twelve months is around 1.25%, less than GUNR's 2.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	2.24%	2.81%	3.39%	3.55%	4.12%	3.61%	2.79%	3.25%	3.27%	2.00%	1.73%	4.50%
TURF T. Rowe Price Natural Resources ETF	1.25%	1.49%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TURF and GUNR in my portfolio?

With a correlation of 0.95, TURF and GUNR move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, TURF or GUNR?

On fees, TURF is cheaper at 0.44% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TURF or GUNR?

TURF is cheaper with a 0.44% expense ratio, compared with 0.46% for GUNR.

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

GUNR has the higher dividend yield at 2.24%, compared with 1.25% for TURF.

What is the main difference between TURF and GUNR?

They also come from different issuers: T. Rowe Price and Northern Trust. Their fees differ too: 0.44% for TURF and 0.46% for GUNR.