VEA vs. GUNR

Last updated Jun 12, 2026

VEA (Vanguard FTSE Developed Markets ETF) and GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) are both exchange-traded funds - VEA is a Foreign Large Cap Equities fund tracking the FTSE Developed All Cap ex US 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, VEA returned 10.53%/yr vs 10.82%/yr for GUNR. A 0.76 correlation means they provide meaningful diversification when combined. VEA charges 0.03%/yr vs 0.46%/yr for GUNR.

Performance

VEA vs. GUNR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard FTSE Developed Markets ETF (VEA) 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 investments are quite close, with VEA having a 14.35% return and GUNR slightly higher at 14.38%. Both investments have delivered pretty close results over the past 10 years, with VEA having a 10.53% annualized return and GUNR not far ahead at 10.82%.

VEA

• 1D: 3.63%
• 1M: 1.92%
• YTD: 14.35%
• 6M: 15.67%
• 1Y: 30.39%
• 3Y*: 19.28%
• 5Y*: 9.43%
• 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)

VEA vs. GUNR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VEA Vanguard FTSE Developed Markets ETF	14.35%	35.16%	3.15%	17.93%	-15.34%	11.66%	9.71%	22.62%	-14.75%	26.42%
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 VEA and GUNR is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Sep 22, 2011	0.76

Over the past year, the correlation between VEA and GUNR has dropped to 0.54 - well below their long-term average of 0.76, suggesting their price drivers have been diverging.

VEA vs. GUNR - Sectors Allocation Comparison

Sectors	VEA	GUNR
Financial Services	23.3%	2.7%
Industrials	19.2%	2.3%
Technology	13.8%	0.5%
Healthcare	8.2%	-
Basic Materials	7.5%	45.1%
Consumer Cyclical	7.5%	0.2%
Consumer Defensive	5.6%	11.5%
Energy	5.4%	29.3%
Communication Services	3.4%	1.7%
Utilities	3.3%	4.0%
Real Estate	2.7%	0.2%

Return for Risk

VEA vs. GUNR — Risk / Return Rank

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

VEA

VEA Risk / Return Rank: 67
VEA Sharpe Ratio Rank: 69
VEA Sortino Ratio Rank: 68
VEA Omega Ratio Rank: 68
VEA Calmar Ratio Rank: 64
VEA Martin Ratio Rank: 67

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.

VEA vs. GUNR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Developed Markets ETF (VEA) 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.

	VEA	GUNR	Difference
Sharpe ratio: Return per unit of total volatility	1.84	2.12	-0.28
Sortino ratio: Return per unit of downside risk	2.54	2.72	-0.18
Omega ratio: Gain probability vs. loss probability	1.34	1.37	-0.04
Calmar ratio: Return relative to maximum drawdown	2.63	4.27	-1.65
Martin ratio: Return relative to average drawdown	10.08	16.27	-6.19

VEA vs. GUNR - Sharpe Ratio Comparison

The current VEA Sharpe Ratio is 1.84, which is comparable to the GUNR Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of VEA 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

VEA vs. GUNR - Drawdown Comparison

The maximum VEA drawdown since its inception was -60.68%, which is greater than GUNR's maximum drawdown of -45.64%. Use the drawdown chart below to compare losses from any high point for VEA and GUNR.

Drawdown Indicators

	VEA	GUNR	Difference
Max Drawdown Largest peak-to-trough decline	-60.68%	-45.64%	-15.04%
Max Drawdown (1Y) Largest decline over 1 year	-11.63%	-7.77%	-3.86%
Max Drawdown (3Y) Largest decline over 3 years	-13.45%	-19.59%	+6.14%
Max Drawdown (5Y) Largest decline over 5 years	-29.71%	-24.06%	-5.65%
Max Drawdown (10Y) Largest decline over 10 years	-35.73%	-43.04%	+7.31%
Current Drawdown Current decline from peak	-1.40%	-6.50%	+5.10%
Average Drawdown Average peak-to-trough decline	-13.28%	-10.39%	-2.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.02%	2.04%	+0.98%

Volatility

VEA vs. GUNR - Volatility Comparison

Vanguard FTSE Developed Markets ETF (VEA) has a higher volatility of 6.89% compared to FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) at 4.92%. This indicates that VEA'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

	VEA	GUNR	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.89%	4.92%	+1.97%
Volatility (6M) Calculated over the trailing 6-month period	14.42%	13.12%	+1.30%
Volatility (1Y) Calculated over the trailing 1-year period	16.58%	15.66%	+0.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.72%	19.06%	-2.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.41%	20.43%	-3.02%

VEA vs. GUNR - Expense Ratio Comparison

VEA has a 0.03% expense ratio, which is lower than GUNR's 0.46% expense ratio.

Dividends

VEA vs. GUNR - Dividend Comparison

VEA's dividend yield for the trailing twelve months is around 2.63%, more 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%
VEA Vanguard FTSE Developed Markets ETF	2.63%	3.22%	3.35%	3.15%	2.91%	3.16%	2.04%	3.04%	3.35%	2.77%	3.05%	2.92%

Frequently Asked Questions

Can I hold both VEA and GUNR in my portfolio?

VEA and GUNR have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VEA or GUNR?

VEA has higher volatility (6.89%) compared to GUNR (4.92%). In terms of maximum drawdown, VEA dropped -60.68% vs GUNR's -45.64%.

Which ETF is better, VEA or GUNR?

On 10-year performance, GUNR leads with 10.82% vs 10.53% for VEA. On fees, VEA is cheaper at 0.03% per year. On volatility, GUNR has been the lower-risk option at 4.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VEA 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, VEA or GUNR?

VEA is cheaper with a 0.03% expense ratio, compared with 0.46% for GUNR.

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

VEA has the higher dividend yield at 2.63%, compared with 2.34% for GUNR.

What is the main difference between VEA and GUNR?

VEA is categorized as Foreign Large Cap Equities, while GUNR is Commodity Producers Equities. VEA tracks FTSE Developed All Cap ex US Index, while GUNR tracks Morningstar Global Upstream Natural Resources Index. They also come from different issuers: Vanguard and Northern Trust. Their fees differ too: 0.03% for VEA and 0.46% for GUNR.

Which has better risk-adjusted returns?

GUNR currently has the higher Sharpe Ratio (2.12 vs 1.84), 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.