VDE vs. GUNR

Last updated Jul 26, 2026

VDE (Vanguard Energy ETF) and GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) are both exchange-traded funds - VDE is a Energy Equities fund tracking the MSCI US Investable Market Energy 25/50 Index, while GUNR is a Natural Resources fund tracking the Morningstar Global Upstream Natural Resources Index. Both are passively managed. Over the past 10 years, VDE returned 9.81%/yr vs 10.26%/yr for GUNR. Their 0.78 correlation means they have sometimes moved together and sometimes differently. VDE charges 0.09%/yr vs 0.46%/yr for GUNR.

Performance

VDE vs. GUNR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Energy ETF (VDE) 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, VDE achieves a 35.27% return, which is significantly higher than GUNR's 15.47% return. Both investments have delivered pretty close results over the past 10 years, with VDE having a 9.81% annualized return and GUNR not far ahead at 10.26%.

VDE

• 1D: 0.04%
• 1M: 10.29%
• 6M: 22.82%
• YTD: 35.27%
• 1Y: 41.64%
• 3Y*: 15.31%
• 5Y*: 24.05%
• 10Y*: 9.81%
• ALL TIME*: 8.35%

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
VDE Vanguard Energy ETF	$71.54M	$103.66M	$111.94M

VDE vs. GUNR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VDE Vanguard Energy ETF	35.27%	7.11%	6.75%	0.03%	62.89%	56.31%	-33.02%	9.28%	-19.95%	-2.50%
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 VDE and GUNR is 0.49, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.49
Correlation (3Y) Balances recent behavior with more history.	0.62
Correlation (5Y) Shows whether the relationship held over a longer period.	0.73
Correlation (10Y) Provides a long-term view across more market conditions.	0.76
Correlation (All Time) Calculated using the full available price history since Sep 22, 2011	0.78

Over the past year, the correlation between VDE and GUNR has dropped to 0.49 - well below their long-term average of 0.78, suggesting their price drivers have been diverging.

VDE vs. GUNR - Sectors Allocation Comparison

Sectors	VDE	GUNR
Energy	77.0%	29.2%
Basic Materials	0.4%	52.3%
Industrials	0.2%	0.5%
Utilities	0.1%	5.4%
Communication Services	-	1.7%
Consumer Cyclical	-	0.4%
Consumer Defensive	-	11.8%
Financial Services	-	0.0%
Healthcare	-	-
Real Estate	-	1.2%
Technology	-	0.5%

Return for Risk

VDE vs. GUNR — Risk / Return Rank

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

VDE

VDE Risk / Return Rank: 75
VDE Sharpe Ratio Rank: 85
VDE Sortino Ratio Rank: 79
VDE Omega Ratio Rank: 76
VDE Calmar Ratio Rank: 75
VDE Martin Ratio Rank: 61

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.

VDE vs. GUNR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Energy ETF (VDE) 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.

	VDE	GUNR	Difference
Sharpe ratio: Return per unit of total volatility	1.98	1.87	+0.11
Sortino ratio: Return per unit of downside risk	2.57	2.43	+0.14
Omega ratio: Gain probability vs. loss probability	1.32	1.33	-0.01
Calmar ratio: Return relative to maximum drawdown	2.74	2.54	+0.19
Martin ratio: Return relative to average drawdown	7.34	8.17	-0.82

VDE vs. GUNR - Sharpe Ratio Comparison

The current VDE Sharpe Ratio is 1.98, which is comparable to the GUNR Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of VDE 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

VDE vs. GUNR - Drawdown Comparison

The maximum VDE drawdown since its inception was -74.20%, which is greater than GUNR's maximum drawdown of -45.64%. Use the drawdown chart below to compare losses from any high point for VDE and GUNR.

Drawdown Indicators

	VDE	GUNR	Difference
Max Drawdown Largest peak-to-trough decline	-74.20%	-45.64%	-28.56%
Max Drawdown (1Y) Largest decline over 1 year	-15.04%	-11.70%	-3.34%
Max Drawdown (3Y) Largest decline over 3 years	-21.41%	-19.59%	-1.82%
Max Drawdown (5Y) Largest decline over 5 years	-26.58%	-24.06%	-2.52%
Max Drawdown (10Y) Largest decline over 10 years	-69.29%	-43.04%	-26.25%
Current Drawdown Current decline from peak	-4.29%	-5.61%	+1.32%
Average Drawdown Average peak-to-trough decline	-19.90%	-10.38%	-9.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.59%	3.64%	+1.95%

Volatility

VDE vs. GUNR - Volatility Comparison

Vanguard Energy ETF (VDE) has a higher volatility of 5.13% compared to FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) at 3.48%. This indicates that VDE'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

	VDE	GUNR	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.13%	3.48%	+1.65%
Volatility (6M) Calculated over the trailing 6-month period	16.34%	13.16%	+3.18%
Volatility (1Y) Calculated over the trailing 1-year period	20.76%	15.91%	+4.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.14%	18.95%	+7.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.90%	20.31%	+9.59%

VDE vs. GUNR - Expense Ratio Comparison

VDE has a 0.09% expense ratio, which is lower than GUNR's 0.46% expense ratio.

Dividends

VDE vs. GUNR - Dividend Comparison

VDE's dividend yield for the trailing twelve months is around 2.39%, 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%
VDE Vanguard Energy ETF	2.39%	3.11%	3.23%	3.34%	3.65%	4.13%	4.76%	3.42%	3.35%	2.90%	2.31%	3.17%

Frequently Asked Questions

Can I hold both VDE and GUNR in my portfolio?

VDE and GUNR have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VDE or GUNR?

VDE has higher volatility (5.13%) compared to GUNR (3.48%). In terms of maximum drawdown, VDE dropped -74.20% vs GUNR's -45.64%.

Which ETF is better, VDE or GUNR?

On 10-year performance, GUNR leads with 10.26% vs 9.81% for VDE. On fees, VDE is cheaper at 0.09% 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.

Which ETF has performed better, VDE or GUNR?

Over the 10-year period, GUNR has performed better with a 10.26% return vs 9.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VDE or GUNR?

VDE is cheaper with a 0.09% expense ratio, compared with 0.46% for GUNR.

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

VDE has the higher dividend yield at 2.39%, compared with 2.32% for GUNR.

What is the main difference between VDE and GUNR?

VDE is categorized as Energy Equities, while GUNR is Natural Resources. VDE tracks MSCI US Investable Market Energy 25/50 Index, while GUNR tracks Morningstar Global Upstream Natural Resources Index. They also come from different issuers: Vanguard and Northern Trust. Their fees differ too: 0.09% for VDE and 0.46% for GUNR.

Which has better risk-adjusted returns?

VDE currently has the higher Sharpe Ratio (1.98 vs 1.87), 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.