UX vs. GNR

Last updated Jun 4, 2026

UX (Roundhill Uranium ETF) and GNR (SPDR S&P Global Natural Resources ETF) are both Commodity Producers Equities funds. UX is actively managed, while GNR is passively managed. Over the past year, UX returned 17.18% vs 43.10% for GNR. At a 0.35 correlation, their price movements are largely independent. UX charges 0.75%/yr vs 0.40%/yr for GNR.

Performance

UX vs. GNR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill Uranium ETF (UX) and SPDR S&P Global Natural Resources ETF (GNR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UX achieves a -0.61% return, which is significantly lower than GNR's 20.27% return.

UX

• 1D: -2.53%
• 1M: -3.11%
• YTD: -0.61%
• 6M: 6.59%
• 1Y: 17.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GNR

• 1D: -0.53%
• 1M: 1.20%
• YTD: 20.27%
• 6M: 23.12%
• 1Y: 43.10%
• 3Y*: 15.55%
• 5Y*: 9.73%
• 10Y*: 10.91%

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

UX vs. GNR - Yearly Performance Comparison

	2026 (YTD)	2025
UX Roundhill Uranium ETF	-0.61%	15.76%
GNR SPDR S&P Global Natural Resources ETF	20.27%	22.41%

Correlation

The correlation between UX and GNR is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (All Time) Calculated using the full available price history since Jan 30, 2025	0.35

UX vs. GNR - Sectors Allocation Comparison

Sectors	UX	GNR
Energy	100.0%	37.6%
Basic Materials	-	50.3%
Communication Services	-	-
Consumer Cyclical	-	6.3%
Consumer Defensive	-	4.6%
Financial Services	-	0.0%
Healthcare	-	0.0%
Industrials	-	0.2%
Real Estate	-	0.8%
Technology	-	-
Utilities	-	0.0%

Return for Risk

UX vs. GNR — Risk / Return Rank

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

UX

UX Risk / Return Rank: 17
UX Sharpe Ratio Rank: 17
UX Sortino Ratio Rank: 18
UX Omega Ratio Rank: 18
UX Calmar Ratio Rank: 18
UX Martin Ratio Rank: 16

GNR

GNR Risk / Return Rank: 82
GNR Sharpe Ratio Rank: 80
GNR Sortino Ratio Rank: 74
GNR Omega Ratio Rank: 76
GNR Calmar Ratio Rank: 89
GNR Martin Ratio Rank: 90

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.

UX vs. GNR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill Uranium ETF (UX) and SPDR S&P Global Natural Resources ETF (GNR). 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.

	UX	GNR	Difference
Sharpe ratio: Return per unit of total volatility	0.50	2.64	-2.14
Sortino ratio: Return per unit of downside risk	0.93	3.38	-2.45
Omega ratio: Gain probability vs. loss probability	1.11	1.46	-0.35
Calmar ratio: Return relative to maximum drawdown	0.73	5.43	-4.70
Martin ratio: Return relative to average drawdown	1.45	21.28	-19.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UX vs. GNR - Sharpe Ratio Comparison

The current UX Sharpe Ratio is 0.50, which is lower than the GNR Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of UX and GNR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UX	GNR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.50	2.64	-2.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.48	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.50	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.26	+0.04

Drawdowns

UX vs. GNR - Drawdown Comparison

The maximum UX drawdown since its inception was -23.72%, smaller than the maximum GNR drawdown of -51.37%. Use the drawdown chart below to compare losses from any high point for UX and GNR.

Drawdown Indicators

	UX	GNR	Difference
Max Drawdown Largest peak-to-trough decline	-23.72%	-51.37%	+27.65%
Max Drawdown (1Y) Largest decline over 1 year	-23.72%	-7.97%	-15.75%
Max Drawdown (3Y) Largest decline over 3 years	—	-21.15%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.66%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-48.59%	—
Current Drawdown Current decline from peak	-19.59%	-1.51%	-18.08%
Average Drawdown Average peak-to-trough decline	-10.13%	-14.95%	+4.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.87%	2.03%	+9.84%

Volatility

UX vs. GNR - Volatility Comparison

Roundhill Uranium ETF (UX) has a higher volatility of 8.07% compared to SPDR S&P Global Natural Resources ETF (GNR) at 4.53%. This indicates that UX's price experiences larger fluctuations and is considered to be riskier than GNR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UX	GNR	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.07%	4.53%	+3.54%
Volatility (6M) Calculated over the trailing 6-month period	24.59%	13.23%	+11.36%
Volatility (1Y) Calculated over the trailing 1-year period	34.45%	16.39%	+18.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.20%	20.23%	+15.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.20%	21.88%	+14.32%

UX vs. GNR - Expense Ratio Comparison

UX has a 0.75% expense ratio, which is higher than GNR's 0.40% expense ratio.

Dividends

UX vs. GNR - Dividend Comparison

UX's dividend yield for the trailing twelve months is around 1.49%, less than GNR's 2.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GNR SPDR S&P Global Natural Resources ETF	2.47%	2.76%	4.73%	3.37%	4.37%	3.44%	2.78%	3.84%	3.51%	2.40%	2.06%	4.59%
UX Roundhill Uranium ETF	1.49%	1.48%	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 UX and GNR in my portfolio?

UX and GNR have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UX or GNR?

UX has higher volatility (8.07%) compared to GNR (4.53%). In terms of maximum drawdown, UX dropped -23.72% vs GNR's -51.37%.

Which ETF is better, UX or GNR?

On 1-year performance, GNR leads with 43.10% vs 17.18% for UX. On fees, GNR is cheaper at 0.40% per year. On volatility, GNR has been the lower-risk option at 4.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UX or GNR?

Over the 1-year period, GNR has performed better with a 43.10% return vs 17.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UX or GNR?

GNR is cheaper with a 0.40% expense ratio, compared with 0.75% for UX.

Which ETF pays a higher dividend yield, UX or GNR?

GNR has the higher dividend yield at 2.47%, compared with 1.49% for UX.

What is the main difference between UX and GNR?

They also come from different issuers: Roundhill and State Street. Their fees differ too: 0.75% for UX and 0.40% for GNR.

Which has better risk-adjusted returns?

GNR currently has the higher Sharpe Ratio (2.64 vs 0.50), 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.