CCNR vs HAP: Grades, Fees and Holdings Compared

ALPS Funds CoreCommodity Natural Resources ETF

CCNRBNasdaq

VanEck Natural Resources ETF

HAPANYSE Arca

Overlap

16.7%by weight

Expense ratio

CCNR −0.02pt a year

CCNR0.39%HAP0.41%

Avg volume · 30D

CCNR 1.04×the volume

CCNR29KHAP27.9K

CCNR vs HAP Performance

Oct 31, 2025 – Oct 30, 2026

+24.5%CCNR+32.5%HAP

Expense ratio: CCNR 0.39%, better; HAP 0.41%
Fund size: CCNR $437M; HAP $326M
1Y total return: CCNR +24.5%; HAP +32.5%, better
Yield (12M): CCNR 2.99%, better; HAP 1.84%
Holdings: CCNR 313; HAP 130
Avg volume (30D): CCNR 29K sh, better; HAP 27.9K sh
NAV per share: CCNR $38.27; HAP $74.17
52W range

ETF.net Grade

Pillar letters and Scores for CCNR, HAP, with each pillar’s weight
Pillar	CCNR	HAP
Cost30% weight	A80Higher	B68
Mission25% weight	B61	Not scored
Risk15% weight	C45	A74Higher
Tradability15% weight	D36	B64Higher
Holdings10% weight	A91Higher	A73
Durability5% weight	D39	B60Higher

Rank among Natural Resources funds

How we build Categories ›

Same Category. CCNR and HAP are both graded against the same 14 Natural Resources funds, so their Grades compare head to head.

Natural Resources⁠

Category · 14 funds

See all 14 ›

HAP ranks 4th and CCNR 5th of 14 funds in the Natural Resources Category.

Rank 1AIGEiShares North American Natural Resources ETFScore 76
Rank 2AGNRState Street SPDR S&P Global Natural Resources ETFScore 75
Rank 2ANANRState Street SPDR S&P North American Natural Resources ETFScore 75
Rank 4AHAPVanEck Natural Resources ETFScore 68
Rank 5BCCNRALPS Funds CoreCommodity Natural Resources ETFScore 62
Rank 5BGUNRNorthern Trust Morningstar Global Upstream Natural Resources ETFScore 62

Our read on each fund

ETF.net Research

CCNRBALPS Funds CoreCommodity Natural Resources ETF

HAPAVanEck Natural Resources ETF

In short

CCNR A commodity house's version of a resource stock fund: CCNR spreads across roughly 300 owners, explorers, developers and suppliers, with the Bloomberg Commodity Index as its stated reference point.

HAP Metals, energy and farm goods in one global basket. HAP has held hard-asset producers since 2008, spreading across roughly 150 companies worldwide rather than betting on one commodity or one continent.

Stated mandate

CCNR The fund seeks to maximize real returns through prudent investment management and invests in equity securities of natural-resource owners, explorers, developers, and related suppliers.

HAP The fund seeks to track, before fees and expenses, the price and yield performance of the Market Vector Global Natural Resources Index, which covers global natural-resources companies involved in metals, energy sources, and agricultural products.

Why people hold it

CCNR 0.39% expense ratio lands mid-pack in natural resources, well under GUNR's 0.47% and only a shade over NANR's 0.35%.
Roughly 300 holdings across resource owners, explorers, developers and the suppliers that serve them, so no single miner or driller dominates the outcome.
Its reference is the Bloomberg Commodity Index, the broad commodity benchmark, so the portfolio is framed by the commodity complex rather than an equity sector list alone.
The mandate is written around real returns, the inflation-adjusted kind, which is the classic reason investors keep a resources sleeve at all.

HAP Global by mandate, not North America only like IGE or NANR: it holds producers of metals, energy sources and agricultural products around the world.
Launched in 2008, so the fund has run through a full commodity boom and bust, not just the last good stretch.
About 150 holdings across three resource groups, so no single miner, driller or grain house runs the show.

Worth knowing

CCNR Launched in 2024 and thinly traded, so it carries a short record and wider spreads than the household names in its group.
Distributions come annually or semiannually, not on a monthly rhythm.
Against established natural-resources rivals like IGE, GNR and GUNR, our review places it in the lower half of the group.

HAP No price edge: the 0.41% fee lands exactly at the category median, and peers such as NANR (0.35%) and IGE (0.37%) charge less.
Thinly traded for its size, so spreads can run wider than in the category's busiest names.
Cash arrives once or twice a year, not quarterly or monthly.

Full CCNR profile⁠

Full HAP profile⁠

CCNR vs HAP Holdings

How CCNR and HAP differ

Overlap by weight

16.7%

Shared holdings make up 49.6% of HAP and 22.8% of CCNR.

Level by level

Holdings54 in both16.7%
Countryby domicile69.0%
Sector9 Sectors87.4%
Asset classEquity100%

Sector

Sector weights in CCNR and HAP, widest gap first
Sector	More in CCNRMore in HAP	CCNR	HAP
Energy	CCNR +9.4 points	40.7%	31.3%
Industrials	HAP +6.4 points	5.2%	11.6%
Health Care	HAP +3.7 points	0.0%	3.7%
Consumer Staples	CCNR +2.1 points	8.3%	6.2%
Utilities	HAP +1.7 points	7.4%	9.1%
Materials	CCNR +1.1 points	37.6%	36.5%
Technology	HAP +0.4 points	0.4%	0.8%
Real Estate	HAP +0.3 points	0.2%	0.5%
Consumer Discretionary	HAP +0.1 points	0.2%	0.3%

Country, concentration and asset class

Country by domicile

Country weights in CCNR and HAP, widest gap first
Country	More in CCNRMore in HAP	CCNR	HAP
United States	HAP +17.3 points	33.1%	50.4%
Australia	CCNR +7.0 points	11.6%	4.6%
China	CCNR +5.2 points	5.5%	0.3%
Japan	CCNR +5.1 points	7.2%	2.1%
Spain	HAP +3.7 points	1.2%	4.9%
Norway	CCNR +3.5 points	5.4%	1.9%
United Kingdom	HAP +3.3 points	3.4%	6.7%
Canada	CCNR +2.9 points	17.1%	14.2%
Other countries (20)	CCNR +0.6 points	15.4%	14.8%

Outside the US: CCNR 83% developed, 17% emerging. HAP 89% developed, 11% emerging.

Concentration

Weight in the 10 largest Holdings

CCNR11.7%
HAP37.9%

Securities held

CCNR312
HAP124

Asset class

CCNR: Equity
HAP: Equity

Holdings

Only in CCNR258
In both54
Only in HAP70

Only in CCNR

258 securities, 76.8% of CCNR by weight

Eni SpA1.18%
Inpex Corp.1.11%
Equinor ASA1.05%
Murphy Oil Corp.0.99%
Antero Resources Corp.0.91%
FMC Corp.0.88%
Liberty Energy Inc.0.88%
Organo Corp.0.87%
BHP Group Ltd.0.86%
Regis Resources Ltd.0.85%
Helmerich & Payne Inc.0.82%
Baytex Energy Corp.0.81%
Greatland Resources Ltd.0.76%
Chord Energy Corp.0.75%
Peyto Exploration & Development Corp.0.74%
Perseus Mining Ltd.0.73%
Halliburton Co.0.73%
Capricorn Metals Ltd.0.73%
ProPetro Holding Corp.0.69%
OceanaGold Corp.0.67%
China Longyuan Power Group Corp. Ltd.0.65%
Saipem SpA0.65%
Imperial Oil Ltd.0.65%
Tamarack Valley Energy Ltd.0.65%
Kurita Water Industries Ltd.0.63%
Canadian Natural Resources Ltd.0.62%
Lynas Rare Earths Ltd.0.61%
South32 Ltd.0.61%
Noble Corp. PLC0.59%
Westgold Resources Ltd.0.57%
Paladin Energy Ltd.0.56%
Ormat Technologies Inc.0.55%
Select Water Solutions Inc.0.55%
Endeavour Mining PLC0.52%
Patterson-UTI Energy Inc.0.51%
Var Energi ASA0.50%
Xinyi Solar Holdings Ltd.0.50%
Genesis Minerals Ltd.0.50%
Permian Resources Corp.0.50%
Barry Callebaut AG0.50%
China Hongqiao Group Ltd.0.50%
Uranium Energy Corp.0.49%
Cenovus Energy Inc.0.49%
China Nonferrous Mining Corp. Ltd.0.49%
Capstone Copper Corp.0.49%
Cia de Minas Buenaventura SAA0.48%
Guangdong Investment Ltd.0.48%
ICL Group Ltd.0.48%
NexGen Energy Ltd.0.47%
Talos Energy Inc.0.47%

Only in HAP

70 securities, 50.3% of HAP by weight

Bayer Ag3.57%
Nextera Energy Inc3.50%
Bhp Group Ltd2.80%
Shell Plc2.53%
Vylor Inc2.33%
Totalenergies Se1.95%
Newmont Corp1.65%
Rio Tinto Plc1.49%
Barrick Mining Corp1.18%
Bp Plc1.13%
Enbridge Inc0.99%
Tyson Foods Inc0.96%
Marathon Petroleum Corp0.88%
Suncor Energy Inc0.86%
Canadian Natural Resources Ltd0.84%
Wheaton Precious Metals Corp0.81%
Phillips 660.80%
Valero Energy Corp0.80%
Nucor Corp0.76%
Toro Co/The0.73%
Reliance Industries Ltd0.71%
Franco-Nevada Corp0.71%
Cameco Corp0.70%
Williams Cos Inc/The0.69%
Vale Sa0.68%
Cnh Industrial Nv0.64%
Anglogold Ashanti Plc0.64%
Wilmar International Ltd0.61%
Cheniere Energy Inc0.56%
Steel Dynamics Inc0.54%
Tc Energy Corp0.54%
Arcelormittal Sa0.53%
Rio Tinto Ltd0.52%
Kinder Morgan Inc0.51%
Edp Sa0.50%
Axia Energia Sa0.49%
Upm-Kymmene Oyj0.47%
Gold Fields Ltd0.46%
Oneok Inc0.46%
Targa Resources Corp0.45%
Kinross Gold Corp0.43%
Equinor Asa0.40%
Petroleo Brasileiro Sa0.40%
Cenovus Energy Inc0.37%
Repsol Sa0.36%
Reliance Steel & Aluminum Co0.36%
Woodside Energy Group Ltd0.34%
Weyerhaeuser Co0.34%
Fortescue Metals Group Ltd0.33%
Pan American Silver Corp0.32%

Weight gaps

All 54 Holdings in both funds, largest gap first.

Holding weights in CCNR and HAP, widest gap first
Holding	More in CCNRMore in HAP	CCNR	HAP
ExxonMobil Holdings Corp.XOM	HAP +5.78 points	0.11%	5.89%
Chevron Corp.CVX	HAP +5.60 points	0.12%	5.72%
Deere & Co.DE	HAP +5.02 points	0.13%	5.15%
Iberdrola SA	HAP +4.16 points	0.15%	4.31%
Freeport-McMoRan Inc.FCX	HAP +1.39 points	0.04%	1.43%
Bloom Energy Corp.BE	HAP +1.23 points	0.24%	1.47%
Kubota Corp.	HAP +1.12 points	0.13%	1.25%
Agnico Eagle Mines Ltd.AEM	HAP +1.11 points	0.52%	1.63%
Corteva Inc.CTVA	CCNR +1.01 points	1.38%	0.37%
Archer-Daniels-Midland Co.ADM	HAP +1.00 points	0.74%	1.74%
Boliden AB	CCNR +0.84 points	1.14%	0.30%
ConocoPhillipsCOP	HAP +0.75 points	0.61%	1.36%
Anglo American PLCAAL.L	HAP +0.68 points	0.29%	0.97%
Yara International ASA	CCNR +0.68 points	1.28%	0.60%
Eni SpAE	HAP +0.63 points	<0.01%	0.64%
Occidental Petroleum Corp.OXY	CCNR +0.62 points	0.97%	0.35%
Vestas Wind Systems A/S	HAP +0.60 points	0.19%	0.79%
EOG Resources Inc.EOG	CCNR +0.58 points	1.07%	0.49%
Nutrien Ltd.NTR	HAP +0.57 points	1.56%	2.13%
Enlight Renewable Energy Ltd.	CCNR +0.52 points	0.52%	0.00%
Lundin Mining Corp.	CCNR +0.48 points	0.74%	0.26%
Darling Ingredients Inc.DAR	HAP +0.44 points	0.19%	0.63%
Southern Copper Corp.SCCO	HAP +0.33 points	0.05%	0.38%
Grupo Mexico SAB de CV	HAP +0.32 points	0.42%	0.74%
Nippon Steel Corp.	HAP +0.30 points	0.11%	0.41%
EQT Corp.EQT	HAP +0.25 points	0.03%	0.28%
Lundin Gold Inc.	CCNR +0.23 points	0.40%	0.17%
Coeur Mining Inc.CDE	HAP +0.21 points	0.02%	0.23%
Baker Hughes Co.BKR	HAP +0.21 points	0.13%	0.34%
CF Industries Holdings Inc.CF	HAP +0.18 points	0.91%	1.09%
Northern Star Resources Ltd.	CCNR +0.18 points	0.58%	0.40%
Mowi ASA	HAP +0.17 points	0.68%	0.85%
Impala Platinum Holdings Ltd.	CCNR +0.17 points	0.34%	0.17%
Mosaic Co.MOS	HAP +0.15 points	0.28%	0.43%
Diamondback Energy Inc.FANG	CCNR +0.13 points	0.49%	0.36%
First Solar Inc.FSLR	CCNR +0.11 points	0.57%	0.46%
Teck Resources Ltd.TECK	HAP +0.11 points	0.49%	0.60%
Devon Energy Corp.DVN	HAP +0.11 points	0.33%	0.44%
Bunge Global SABG	CCNR +0.09 points	0.79%	0.70%
Svenska Cellulosa AB SCA	HAP +0.10 points	0.16%	0.26%
Valterra Platinum Ltd.	CCNR +0.09 points	0.36%	0.27%
Evolution Mining Ltd.	CCNR +0.08 points	0.30%	0.22%
Sumitomo Metal Mining Co. Ltd.	HAP +0.09 points	0.17%	0.26%
Industrias Penoles SAB de CV	CCNR +0.07 points	0.26%	0.19%
Antofagasta PLCANTO.L	HAP +0.07 points	0.28%	0.35%
G Mining Ventures Corp.	HAP +0.07 points	0.08%	0.15%
SLB Ltd.SLB	CCNR +0.06 points	0.65%	0.59%
Zijin Gold International Co. Ltd.	HAP +0.06 points	0.11%	0.17%
Ingredion Inc.INGR	HAP +0.05 points	0.47%	0.52%
Fresnillo PLCFRES.L	CCNR +0.05 points	0.20%	0.15%
Hecla Mining Co.HL	CCNR +0.03 points	0.20%	0.17%
First Quantum Minerals Ltd.	HAP +0.02 points	0.21%	0.23%
Orsted AS	HAP +0.01 points	0.34%	0.35%
Rayonier Inc.RYN	CCNR +0.01 points	0.20%	0.19%

All 295 CCNR holdings⁠All 146 HAP holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CCNR vs HAP Cost

Overpaying HAP vs CCNR

$383

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

CCNR 0.39%
$7,898
HAP 0.41%
$8,281

Amount$10,000

Years30 years

Cost over time

CCNR 0.39%
HAP 0.41%
Overpaying

Year by year

Year	CCNR	HAP	Overpaying
10	$705	$741	$36
20	$2,725	$2,860	$135
30	$7,898	$8,281	$383

Expense ratio

0.39%CCNR, cheaper
0.41%HAP

CCNR0.39%HAP0.41%

0.35%0.79%

Middle half of Natural Resources funds
Median 0.46%

CCNR 3rd cheapest of 14 funds

HAP 5th cheapest of 14 funds

CCNR vs HAP Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CCNR 2.99%, better; HAP 1.84%
Payout (12M): CCNR $1.14; HAP $1.36
Last payment: CCNR $1.14; HAP $1.36
Ex-dividend: CCNR Dec 8, 2025; HAP Dec 22, 2025
Paid on: CCNR Dec 9, 2025; HAP Dec 26, 2025
Frequency: CCNR Irregular; HAP Annual

Distribution history

Per share, 2017 to 2026, same scale for both

CCNRIrregular · 2 paymentsAll CCNR payments⁠

HAPAnnual · 9 paymentsAll HAP payments⁠

CCNR vs HAP Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: CCNR 18.3%since Aug 2024HAP 15.1%
Return per unit of riskSharpe ratio, 3 years: CCNR 0.96since Aug 2024HAP 0.98
Worst fallMax drawdown, 5 years: CCNR −20.1%since Jul 2024HAP −25.7%
Market sensitivityBeta, 5 years: CCNR 0.46HAP 0.59; Market = 1

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