GNR vs GUNR: Grades, Fees and Holdings Compared

State Street SPDR S&P Global Natural Resources ETF

GNRANYSE Arca

Northern Trust Morningstar Global Upstream Natural Resources ETF

GUNRBNYSE Arca

Overlap

42.3%by weight

Expense ratio

GNR −0.06pt a year

GNR0.40%GUNR0.46%

Avg volume · 30D

GUNR 1.4×the volume

GNR341KGUNR492K

10Y return · a year

GNR +0.1pt

GNR+10.4%GUNR+10.3%

GNR vs GUNR Performance

Nov 2, 2021 – Nov 2, 2026

+67.7%GNR+63.4%GUNR

Expense ratio: GNR 0.40%, better; GUNR 0.46%
Fund size: GNR $5.39B; GUNR $7.01B
1Y total return: GNR +30.6%, better; GUNR +25.2%
Yield (12M): GNR 2.44%, better; GUNR 2.32%
Holdings: GNR 110; GUNR 160
Avg volume (30D): GNR 341K sh; GUNR 492K sh, better
NAV per share: GNR $75.69; GUNR $53.58
52W range

ETF.net Grade

Pillar letters and Scores for GNR, GUNR, with each pillar’s weight
Pillar	GNR	GUNR
Cost30% weight	A80Higher	C50
Mission25% weight	A76	A77Higher
Risk15% weight	B55	B59Higher
Tradability15% weight	A81Higher	A74
Holdings10% weight	A77	A77
Durability5% weight	A89Higher	A85

Rank among Natural Resources funds

How we build Categories ›

Same Category. GNR and GUNR 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 ›

GNR ranks 2nd and GUNR 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 5BCCNRALPS Funds CoreCommodity Natural Resources ETFScore 62
Rank 5BGUNRNorthern Trust Morningstar Global Upstream Natural Resources ETFScore 62
Rank 7BTURFT. Rowe Price Natural Resources ETFScore 59

Our read on each fund

ETF.net Research

GNRAState Street SPDR S&P Global Natural Resources ETF

GUNRBNorthern Trust Morningstar Global Upstream Natural Resources ETF

In short

GNR Most resource ETFs are energy funds in a hard hat. GNR spreads a global, large-cap lineup across agriculture, energy, and metals and mining, roughly 90 names tracking an S&P natural resources index since 2010.

GUNR Most natural resources funds are oil majors and miners with a sprinkle of farmland. GUNR's index targets five upstream industries, timber and water included, and buys the companies that own the resource rather than the ones that ship it.

Stated mandate

GNR The fund seeks to provide investment results corresponding generally to the total return performance of the S&P Global Natural Resources Index. It provides exposure to large-cap companies across agriculture, energy, and metals and mining.

GUNR The fund seeks to track the price and yield performance of the Morningstar Global Upstream Natural Resources Index before fees and expenses.

Why people hold it

GNR Three legs, one ticker: crop and fertilizer names, oil and gas, and miners all sit inside the mandate, so no single commodity story runs the whole fund.ssga.com
Genuinely global, not North America with a passport. Cohort neighbors IGE and NANR chase the same theme inside one region.
0.40% a year, right around the middle of its natural resources peer group, for an index fund that has been open since 2010.
A multi-billion-dollar fund with steady day-to-day trading and one of the stronger builds in its natural resources peer group.

GUNR The index targets all five upstream industries: energy, metals, agriculture, timber and water. Timberland and water businesses get a standing seat instead of crumbs.flexshares.com flexshares.com 2
Upstream means owners and producers: companies with significant operations in owning, managing or producing the raw resource, not the refiners and shippers downstream.sec.gov flexshares.com
0.46% net of a waiver through March 1, 2027 (0.47% gross), near the category median, on a multi-billion-dollar fund that has traded since 2011 and pays quarterly.
Weight caps limit how much can pile into any single resource category, any one stock, the US or emerging markets, so roughly 180 holdings stay spread out.sec.gov

Worth knowing

GNR Resource equities ride the commodity cycle. When crude and metals roll over, the drillers and miners in here go with them, diversified thirds or not.
Global reach means overseas listings and foreign currency swings layered on top of the commodity moves.
Distributions land on an annual or semiannual schedule rather than monthly, so the cash flow is lumpy.

GUNR Cheaper rivals exist: GNR charges 0.40% and NANR 0.35%, neither under a waiver. The extra cost here pays for the timber and water sleeves and the global reach.
Global and non-diversified per the prospectus, emerging markets included, so currency moves and commodity cycles both ride along.flexshares.com sec.gov
New nameplate, same fund: FlexShares rebranded it as a Northern Trust ETF in 2026. Ticker and Morningstar index are unchanged.flexshares.com

Full GNR profile⁠

Full GUNR profile⁠

GNR vs GUNR Holdings

How GNR and GUNR differ

Overlap by weight

42.3%

Shared holdings make up 50.9% of GUNR and 46.8% of GNR.

Level by level

Holdings37 in both42.3%
Sector11 Sectors87.5%
Countryby domicile89.3%
Asset classEquity100%

Sector

Sector weights in GNR and GUNR, widest gap first
Sector	More in GNRMore in GUNR	GNR	GUNR
Consumer Discretionary	GNR +7.5 points	7.5%	0.0%
Consumer Staples	GUNR +6.9 points	4.6%	11.5%
Utilities	GUNR +5.5 points	0.0%	5.5%
Financials	GNR +2.1 points	2.4%	0.3%
Materials	GNR +1.5 points	47.0%	45.5%
Energy	GNR +1.4 points	37.6%	36.2%
Real Estate	GUNR +0.1 points	0.9%	1.0%
Industrials	GUNR +0.1 points	0.0%	0.1%
Health Care	Same weight	0.0%	0.0%
Communication	Same weight	0.0%	0.0%
Technology	Same weight	0.0%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in GNR and GUNR, widest gap first
Country	More in GNRMore in GUNR	GNR	GUNR
Finland	GNR +3.2 points	4.3%	1.1%
Norway	GUNR +2.4 points	2.4%	4.8%
Singapore	GNR +1.4 points	1.4%	0.0%
United Kingdom	GUNR +1.3 points	11.9%	13.2%
Switzerland	GNR +1.3 points	2.9%	1.6%
Japan	GNR +1.2 points	1.9%	0.7%
China	GUNR +1.2 points	0.7%	1.9%
Ireland	GNR +1.0 points	1.0%	0.0%
Other countries (22)	GUNR +3.2 points	73.5%	76.7%

Outside the US: GNR 91% developed, 9% emerging. GUNR 83% developed, 17% emerging.

Concentration

Weight in the 10 largest Holdings

GNR36.5%
GUNR36.9%

Securities held

GNR98
GUNR128

Asset class

GNR: Equity
GUNR: Equity

Holdings

Only in GNR61
In both37
Only in GUNR91

Only in GNR

61 securities, 52.9% of GNR by weight

Shell PLC5.58%
Totalenergies SE3.65%
Upm Kymmene Oyj2.86%
Bp PLC2.42%
Vylor Inc2.26%
Glencore PLC1.56%
Svenska Cellulosa Ab Sca B1.55%
Yara International Asa1.46%
Nucor Corp1.44%
Stora Enso Oyj R Shs1.41%
Anglo American PLC1.40%
Wilmar International Ltd1.35%
Suzano SA Spon Adr1.31%
Sig Group AG1.28%
Eni Spa1.11%
Packaging Corp of America1.05%
Smurfit Westrock PLC1.04%
Amcor PLC1.01%
Mondi PLC0.96%
Rio Tinto Ltd0.90%
Vale SA Sp Adr0.90%
International Paper Co0.88%
Marathon Petroleum Corp0.87%
Anglogold Ashanti PLC0.83%
Steel Dynamics Inc0.79%
Valero Energy Corp0.79%
Phillips 660.76%
Petroleo Brasileiro Spon Adr0.75%
Equinor Asa0.73%
Gold Fields Ltd Spons Adr0.72%
Icl Group Ltd0.70%
Repsol SA0.67%
Teck Resources Ltd Cls B0.66%
Avery Dennison Corp0.65%
Arcelormittal0.60%
Slb Ltd0.56%
Nutrien Ltd0.54%
Reliance Inc0.51%
Nippon Steel Corp0.51%
Zijin Mining Group Co Ltd H0.49%
Darling Ingredients Inc0.41%
Baker Hughes Co0.38%
Antofagasta PLC0.35%
Posco Holdings Inc Spon Adr0.34%
Ingredion Inc0.28%
Sonoco Products Co0.23%
Norsk Hydro Asa0.22%
Halliburton Co0.21%
China Hongqiao Group Ltd0.19%
Tenaris SA0.19%

Only in GUNR

91 securities, 47.5% of GUNR by weight

Shell PLC4.68%
Totalenergies SE Common Stock Eur 2.53.05%
Bp PLC Common Stock Gbp 0.251.99%
Rio Tinto PLC Common Stock Gbp 101.93%
Mowi Asa Common Stock Nok 7.51.73%
Tyson Foods Inc Common Stock USD 0.11.72%
Glencore PLC Common Stock Gbp 0.011.43%
American Water Works Co Inc Common Stock USD 0.011.33%
Sabic Agri-Nutrients Co Common Stock Sar 101.18%
Industries Qatar Qsc Common Stock Qar 11.17%
United Utilities Group PLC Common Stock Gbp 51.13%
Yara International Asa Common Stock Nok 1.71.13%
Anglo American PLC Common Stock Gbp 0.62391.11%
Upm-Kymmene Oyj Common Stock Eur 00.99%
Eni Spa0.88%
Vale SA Common Stock Brl 00.88%
Severn Trent PLC Common Stock Gbp 97.890.87%
Grupo Mexico Sab De Cv Common Stock Mxn 00.86%
Salmar Asa Common Stock Nok 0.250.76%
Cia De Saneamento Basico Do Estado De Sao Paulo0.70%
Petroleo Brasileiro SA - Petrobras Preference Brl0.68%
Saudi Arabian Oil Co Common Stock Sar0.65%
Gold Fields Ltd Common Stock Zar 500.61%
Teck Resources Ltd Common Stock Cad 00.60%
Repsol SA Common Stock Eur 10.60%
Essential Utilities Inc Common Stock USD 0.50.58%
Equinor Asa Common Stock Nok 2.50.52%
Upl Ltd Common Stock Inr 20.52%
Icl Group Ltd Common Stock Ils 10.52%
Petrochina Co Ltd Common Stock Hkd 10.48%
Saudi Arabian Mining Co Common Stock Sar 100.46%
Suzano SA Common Stock Brl 00.44%
Svenska Cellulosa Ab Sca Common Stock Sek 00.43%
K+s AG Common Stock Eur 00.42%
Bakkafrost P/F Common Stock Nok 10.41%
Simpson Manufacturing Co Inc Common Stock USD 0.010.41%
Muyuan Foods Group Co Ltd Common Stock Cny 10.39%
Pi Industries Ltd Common Stock Inr 10.38%
Valterra Platinum Ltd Common Stock Zar 100.37%
Evolution Mining Ltd Common Stock Aud 00.37%
Mondi PLC Common Stock Gbp 0.20.35%
Pan American Silver Corp Common Stock Cad 00.34%
Orlen SA Common Stock Pln 1.250.34%
United Plantations Bhd Common Stock Myr 00.33%
Antofagasta PLC Common Stock Gbp 50.33%
Lundin Mining Corp Common Stock Cad 00.32%
Royal Gold Inc0.32%
Santos Ltd Common Stock Aud 00.32%
Cal-Maine Foods Inc Common Stock USD 0.010.29%
Charoen Pokphand Foods Pcl Nvdr Thb 10.29%

Weight gaps

All 37 Holdings in both funds, largest gap first.

Holding weights in GNR and GUNR, widest gap first
Holding	More in GNRMore in GUNR	GNR	GUNR
Archer Daniels Midland CoADM	GUNR +1.65 points	1.70%	3.35%
Chevron CorpCVX	GUNR +1.35 points	3.01%	4.36%
Exxonmobil Holdings CorpXOM	GUNR +1.05 points	5.27%	6.32%
Cf Industries Holdings IncCF	GUNR +1.00 points	0.84%	1.83%
Newmont CorpNEM	GNR +0.91 points	2.74%	1.83%
Bunge Global SABG	GUNR +0.66 points	0.60%	1.26%
Oji Holdings Corp	GNR +0.64 points	0.97%	0.33%
Freeport Mcmoran IncFCX	GNR +0.64 points	2.18%	1.54%
ConocophillipsCOP	GUNR +0.56 points	1.27%	1.83%
West Fraser Timber Co Ltd	GNR +0.56 points	0.81%	0.25%
Nutrien Ltd	GUNR +0.43 points	4.26%	4.69%
Corteva IncCTVA	GUNR +0.35 points	0.36%	0.71%
Bhp Group Ltd	GUNR +0.29 points	4.43%	4.72%
Canadian Natural Resources	GNR +0.29 points	2.12%	1.83%
Eog Resources IncEOG	GUNR +0.27 points	0.60%	0.87%
Mosaic Co/TheMOS	GUNR +0.25 points	0.27%	0.52%
Agnico Eagle Mines Ltd	GNR +0.24 points	2.06%	1.81%
Suncor Energy Inc	GNR +0.20 points	1.70%	1.50%
Devon Energy CorpDVN	GUNR +0.17 points	0.41%	0.58%
Wheaton Precious Metals Corp	GNR +0.17 points	1.29%	1.12%
Barrick Mining Corp	GNR +0.17 points	1.50%	1.33%
Occidental Petroleum CorpOXY	GUNR +0.15 points	0.32%	0.47%
Cenovus Energy Inc	GNR +0.11 points	0.80%	0.69%
Diamondback Energy IncFANG	GUNR +0.10 points	0.28%	0.38%
Eqt CorpEQT	GUNR +0.10 points	0.24%	0.34%
Franco Nevada Corp	GNR +0.08 points	1.02%	0.94%
Woodside Energy Group Ltd	GNR +0.09 points	0.81%	0.72%
Kinross Gold Corp	GNR +0.06 points	0.59%	0.53%
Southern Copper CorpSCCO	GNR +0.06 points	0.37%	0.31%
Weyerhaeuser CoWY	GUNR +0.06 points	0.66%	0.72%
Inpex Corp	GNR +0.06 points	0.44%	0.38%
Rayonier IncRYN	GUNR +0.04 points	0.25%	0.29%
Fortescue Ltd	GNR +0.04 points	0.39%	0.35%
Northern Star Resources Ltd	GNR +0.04 points	0.58%	0.54%
Imperial Oil Ltd	GNR +0.02 points	0.36%	0.34%
First Quantum Minerals Ltd	GNR +0.02 points	0.38%	0.36%
Cameco Corp	GUNR +0.02 points	0.67%	0.69%

All 95 GNR holdings⁠All 178 GUNR 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.

GNR vs GUNR Cost

Overpaying GUNR vs GNR

$1,140

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

GNR 0.40%
$8,090
GUNR 0.46%
$9,230

Amount$10,000

Years30 years

Cost over time

GNR 0.40%
GUNR 0.46%
Overpaying

Year by year

Year	GNR	GUNR	Overpaying
10	$723	$830	$107
20	$2,793	$3,195	$402
30	$8,090	$9,230	$1,140

Expense ratio

0.40%GNR, cheaper
0.46%GUNR

GNR0.40%GUNR0.46%

0.35%0.79%

Middle half of Natural Resources funds
Median 0.46%

GNR 4th cheapest of 14 funds

GUNR 8th cheapest of 14 funds

GNR vs GUNR Dividends

Last 12 months to Nov 2, 2026

Yield (12M): GNR 2.44%, better; GUNR 2.32%
Payout (12M): GNR $1.82; GUNR $1.23
Last payment: GNR $0.86; GUNR $0.37
Ex-dividend: GNR Jun 1, 2026; GUNR Sep 18, 2026
Paid on: GNR Jun 3, 2026; GUNR Sep 24, 2026
Frequency: GNR Twice a year; GUNR Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

GNRTwice a year · 19 paymentsAll GNR payments⁠

GUNRQuarterly · 39 paymentsAll GUNR payments⁠

GNR vs GUNR Risk

Fall from peak · 5 years

GNR
GUNR

Risk facts

VolatilityStd dev, 3 years: GNR 15.9%GUNR 15.4%, better
Return per unit of riskSharpe ratio, 3 years: GNR 0.75, betterGUNR 0.69
Worst fallMax drawdown, 5 years: GNR −25.7%GUNR −24.0%, better
Market sensitivityBeta, 5 years: GNR 0.48GUNR 0.46; Market = 1

Popular comparisons

GNRAvsIGEA
State Street SPDR S&P Global Natural Resources ETF · iShares North American Natural Resources ETF
Expense ratio
0.40% · 0.37%
Category
GUNRBvsIGEA
Northern Trust Morningstar Global Upstream Natural Resources ETF · iShares North American Natural Resources ETF
Expense ratio
0.46% · 0.37%
Category
GNRAvsNANRA
State Street SPDR S&P Global Natural Resources ETF · State Street SPDR S&P North American Natural Resources ETF
Expense ratio
0.40% · 0.35%
Category
GUNRBvsNANRA
Northern Trust Morningstar Global Upstream Natural Resources ETF · State Street SPDR S&P North American Natural Resources ETF
Expense ratio
0.46% · 0.35%
Category
GNRAvsHAPB
State Street SPDR S&P Global Natural Resources ETF · VanEck Natural Resources ETF
Expense ratio
0.40% · 0.41%
Category
GUNRBvsHAPB
Northern Trust Morningstar Global Upstream Natural Resources ETF · VanEck Natural Resources ETF
Expense ratio
0.46% · 0.41%
Category