VLUE vs. GUNR

Last updated Jun 13, 2026

VLUE (iShares MSCI USA Value Factor ETF) and GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) are both exchange-traded funds - VLUE is a Large Cap Value Equities fund tracking the MSCI USA Enhanced 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, VLUE returned 15.38%/yr vs 11.10%/yr for GUNR. A 0.67 correlation means they provide meaningful diversification when combined. VLUE charges 0.15%/yr vs 0.46%/yr for GUNR.

Performance

VLUE vs. GUNR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Value Factor ETF (VLUE) 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, VLUE achieves a 45.72% return, which is significantly higher than GUNR's 15.74% return. Over the past 10 years, VLUE has outperformed GUNR with an annualized return of 15.38%, while GUNR has yielded a comparatively lower 11.10% annualized return.

VLUE

• 1D: 0.40%
• 1M: 7.90%
• YTD: 45.72%
• 6M: 46.53%
• 1Y: 83.16%
• 3Y*: 31.47%
• 5Y*: 16.01%
• 10Y*: 15.38%

GUNR

• 1D: 1.19%
• 1M: -5.35%
• YTD: 15.74%
• 6M: 17.02%
• 1Y: 34.03%
• 3Y*: 12.40%
• 5Y*: 9.47%
• 10Y*: 11.10%

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

VLUE vs. GUNR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VLUE iShares MSCI USA Value Factor ETF	45.72%	32.67%	7.25%	14.26%	-14.17%	28.93%	-0.23%	27.20%	-11.13%	21.95%
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	15.74%	30.03%	-8.37%	-2.40%	14.83%	26.06%	0.46%	18.41%	-9.42%	18.74%

Correlation

The correlation between VLUE and GUNR is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Apr 18, 2013	0.67

Over the past year, the correlation between VLUE and GUNR has dropped to 0.40 - well below their long-term average of 0.67, suggesting their price drivers have been diverging.

VLUE vs. GUNR - Sectors Allocation Comparison

Sectors	VLUE	GUNR
Technology	44.5%	0.5%
Financial Services	10.4%	2.7%
Healthcare	8.5%	-
Communication Services	8.3%	1.7%
Consumer Cyclical	8.3%	0.2%
Industrials	7.4%	2.3%
Consumer Defensive	4.0%	11.5%
Energy	3.2%	29.3%
Utilities	2.0%	4.0%
Real Estate	1.8%	0.2%
Basic Materials	1.6%	45.1%

Return for Risk

VLUE vs. GUNR — Risk / Return Rank

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

VLUE

VLUE Risk / Return Rank: 97
VLUE Sharpe Ratio Rank: 98
VLUE Sortino Ratio Rank: 97
VLUE Omega Ratio Rank: 96
VLUE Calmar Ratio Rank: 97
VLUE Martin Ratio Rank: 97

GUNR

GUNR Risk / Return Rank: 80
GUNR Sharpe Ratio Rank: 79
GUNR Sortino Ratio Rank: 72
GUNR Omega Ratio Rank: 75
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.

VLUE vs. GUNR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Value Factor ETF (VLUE) 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.

	VLUE	GUNR	Difference
Sharpe ratio: Return per unit of total volatility	4.55	2.18	+2.37
Sortino ratio: Return per unit of downside risk	5.75	2.79	+2.96
Omega ratio: Gain probability vs. loss probability	1.77	1.38	+0.39
Calmar ratio: Return relative to maximum drawdown	9.25	4.40	+4.85
Martin ratio: Return relative to average drawdown	39.16	16.53	+22.64

VLUE vs. GUNR - Sharpe Ratio Comparison

The current VLUE Sharpe Ratio is 4.55, which is higher than the GUNR Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of VLUE 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

VLUE vs. GUNR - Drawdown Comparison

The maximum VLUE drawdown since its inception was -39.47%, smaller than the maximum GUNR drawdown of -45.64%. Use the drawdown chart below to compare losses from any high point for VLUE and GUNR.

Drawdown Indicators

	VLUE	GUNR	Difference
Max Drawdown Largest peak-to-trough decline	-39.47%	-45.64%	+6.17%
Max Drawdown (1Y) Largest decline over 1 year	-9.04%	-7.77%	-1.27%
Max Drawdown (3Y) Largest decline over 3 years	-17.89%	-19.59%	+1.70%
Max Drawdown (5Y) Largest decline over 5 years	-27.12%	-24.06%	-3.06%
Max Drawdown (10Y) Largest decline over 10 years	-39.47%	-43.04%	+3.57%
Current Drawdown Current decline from peak	-2.61%	-5.39%	+2.78%
Average Drawdown Average peak-to-trough decline	-6.01%	-10.39%	+4.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.13%	2.06%	+0.07%

Volatility

VLUE vs. GUNR - Volatility Comparison

iShares MSCI USA Value Factor ETF (VLUE) has a higher volatility of 8.83% compared to FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) at 5.11%. This indicates that VLUE'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

	VLUE	GUNR	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.83%	5.11%	+3.72%
Volatility (6M) Calculated over the trailing 6-month period	15.31%	13.13%	+2.18%
Volatility (1Y) Calculated over the trailing 1-year period	18.38%	15.69%	+2.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.00%	19.06%	-1.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.91%	20.44%	-0.53%

VLUE vs. GUNR - Expense Ratio Comparison

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

Dividends

VLUE vs. GUNR - Dividend Comparison

VLUE's dividend yield for the trailing twelve months is around 1.43%, less than GUNR's 2.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	2.31%	2.81%	3.39%	3.55%	4.12%	3.61%	2.79%	3.25%	3.27%	2.00%	1.73%	4.50%
VLUE iShares MSCI USA Value Factor ETF	1.43%	2.11%	2.73%	2.66%	3.18%	2.22%	2.42%	2.61%	2.70%	2.14%	2.07%	2.39%

Frequently Asked Questions

Can I hold both VLUE and GUNR in my portfolio?

VLUE and GUNR have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VLUE or GUNR?

VLUE has higher volatility (8.83%) compared to GUNR (5.11%). In terms of maximum drawdown, VLUE dropped -39.47% vs GUNR's -45.64%.

Which ETF is better, VLUE or GUNR?

On 10-year performance, VLUE leads with 15.38% vs 11.10% for GUNR. On fees, VLUE is cheaper at 0.15% per year. On volatility, GUNR has been the lower-risk option at 5.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VLUE or GUNR?

Over the 10-year period, VLUE has performed better with a 15.38% return vs 11.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VLUE or GUNR?

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

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

GUNR has the higher dividend yield at 2.31%, compared with 1.43% for VLUE.

What is the main difference between VLUE and GUNR?

VLUE is categorized as Large Cap Value Equities, while GUNR is Commodity Producers Equities. VLUE tracks MSCI USA Enhanced Value Index, while GUNR tracks Morningstar Global Upstream Natural Resources Index. They also come from different issuers: iShares and Northern Trust. Their fees differ too: 0.15% for VLUE and 0.46% for GUNR.

Which has better risk-adjusted returns?

VLUE currently has the higher Sharpe Ratio (4.55 vs 2.18), 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.