GNR vs HAP: Grades, Fees and Holdings Compared

State Street SPDR S&P Global Natural Resources ETF

GNRANYSE Arca

VanEck Natural Resources ETF

HAPANYSE Arca

Overlap

38.1%by weight

Expense ratio

GNR −0.01pt a year

GNR0.40%HAP0.41%

Avg volume · 30D

GNR 12.2×the volume

GNR341KHAP27.9K

10Y return · a year

HAP +1.5pt

GNR+10.4%HAP+11.9%

GNR vs HAP Performance

Oct 29, 2021 – Oct 30, 2026

+68.0%GNR+78.0%HAP

Expense ratio: GNR 0.40%, better; HAP 0.41%
Fund size: GNR $5.39B; HAP $326M
1Y total return: GNR +31.9%; HAP +32.5%, better
Yield (12M): GNR 2.42%, better; HAP 1.84%
Holdings: GNR 110; HAP 130
Avg volume (30D): GNR 341K sh, better; HAP 27.9K sh
NAV per share: GNR $75.69; HAP $74.17
52W range

ETF.net Grade

Pillar letters and Scores for GNR, HAP, with each pillar’s weight
Pillar	GNR	HAP
Cost30% weight	A80Higher	B68
Mission25% weight	A76	Not scored
Risk15% weight	C54	A74Higher
Tradability15% weight	A83Higher	B64
Holdings10% weight	A77Higher	A73
Durability5% weight	A89Higher	B60

Rank among Natural Resources funds

How we build Categories ›

Same Category. GNR 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 ›

GNR ranks 2nd and HAP 4th 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

Our read on each fund

ETF.net Research

GNRAState Street SPDR S&P Global Natural Resources ETF

HAPAVanEck 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.

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

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.

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

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.

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

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.

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 GNR profile⁠

Full HAP profile⁠

GNR vs HAP Holdings

How GNR and HAP differ

Overlap by weight

38.1%

Shared holdings make up 50.8% of GNR and 44.5% of HAP.

Level by level

Holdings47 in both38.1%
Sector11 Sectors73.2%
Countryby domicile73.6%
Asset classEquity100%

Sector

Sector weights in GNR and HAP, widest gap first
Sector	More in GNRMore in HAP	GNR	HAP
Industrials	HAP +11.6 points	0.0%	11.6%
Materials	GNR +10.5 points	47.0%	36.5%
Utilities	HAP +9.1 points	0.0%	9.1%
Consumer Discretionary	GNR +7.2 points	7.5%	0.3%
Energy	GNR +6.3 points	37.6%	31.3%
Health Care	HAP +3.7 points	0.0%	3.7%
Financials	GNR +2.4 points	2.4%	0.0%
Consumer Staples	HAP +1.6 points	4.6%	6.2%
Technology	HAP +0.8 points	0.0%	0.8%
Real Estate	GNR +0.4 points	0.9%	0.5%
Communication	Same weight	0.0%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in GNR and HAP, widest gap first
Country	More in GNRMore in HAP	GNR	HAP
United States	HAP +14.8 points	35.6%	50.4%
United Kingdom	GNR +5.2 points	11.9%	6.7%
Canada	GNR +4.7 points	18.9%	14.2%
Spain	HAP +4.2 points	0.7%	4.9%
Finland	GNR +3.6 points	4.3%	0.7%
Germany	HAP +3.6 points	0.0%	3.6%
Switzerland	GNR +2.9 points	2.9%	0.0%
Australia	GNR +2.6 points	7.2%	4.6%
Other countries (18)	GNR +3.9 points	18.7%	14.8%

Outside the US: GNR 91% developed, 9% emerging. HAP 89% developed, 11% emerging.

Concentration

Weight in the 10 largest Holdings

GNR36.5%
HAP37.9%

Securities held

GNR98
HAP124

Asset class

GNR: Equity
HAP: Equity

Holdings

Only in GNR51
In both47
Only in HAP77

Only in GNR

51 securities, 48.7% of GNR by weight

Bhp Group Ltd4.43%
Nutrien Ltd4.26%
Upm Kymmene Oyj2.86%
Bp PLC2.42%
Canadian Natural Resources2.12%
Agnico Eagle Mines Ltd2.06%
Suncor Energy Inc1.70%
Glencore PLC1.56%
Svenska Cellulosa Ab Sca B1.55%
Barrick Mining Corp1.50%
Yara International Asa1.46%
Stora Enso Oyj R Shs1.41%
Anglo American PLC1.40%
Wheaton Precious Metals Corp1.29%
Sig Group AG1.28%
Eni Spa1.11%
Packaging Corp of America1.05%
Smurfit Westrock PLC1.04%
Franco Nevada Corp1.02%
Amcor PLC1.01%
Mondi PLC0.96%
International Paper Co0.88%
West Fraser Timber Co Ltd0.81%
Woodside Energy Group Ltd0.81%
Cenovus Energy Inc0.80%
Petroleo Brasileiro Spon Adr0.75%
Icl Group Ltd0.70%
Repsol SA0.67%
Cameco Corp0.67%
Teck Resources Ltd Cls B0.66%
Avery Dennison Corp0.65%
Kinross Gold Corp0.59%
Zijin Mining Group Co Ltd H0.49%
Inpex Corp0.44%
Imperial Oil Ltd0.36%
Antofagasta PLC0.35%
Sonoco Products Co0.23%
Norsk Hydro Asa0.22%
Halliburton Co0.21%
China Hongqiao Group Ltd0.19%
Tenaris SA0.19%
Russian Ruble0.16%
Scotts Miracle Gro Co0.13%
Graphic Packaging Holding Co0.12%
Ecopetrol SA Sponsored Adr0.08%
Fmc Corp0.03%
Xae Energy DEC260.01%
New Israeli Sheqel<0.01%
S+p/Tsx 60 Ix Fut DEC26<0.01%
Xab Materials DEC26<0.01%

Only in HAP

77 securities, 55.4% of HAP by weight

Deere & Co5.15%
Iberdrola Sa4.31%
Bayer Ag3.57%
Nextera Energy Inc3.50%
Bhp Group Ltd2.80%
Agnico Eagle Mines Ltd1.63%
Rio Tinto Plc1.49%
Bloom Energy Corp1.47%
Kubota Corp1.25%
Barrick Mining Corp1.18%
Bp Plc1.13%
Enbridge Inc0.99%
Anglo American Plc0.97%
Tyson Foods Inc0.96%
Suncor Energy Inc0.86%
Mowi Asa0.85%
Canadian Natural Resources Ltd0.84%
Wheaton Precious Metals Corp0.81%
Vestas Wind Systems A/S0.79%
Grupo Mexico Sab De Cv0.74%
Toro Co/The0.73%
Reliance Industries Ltd0.71%
Franco-Nevada Corp0.71%
Cameco Corp0.70%
Williams Cos Inc/The0.69%
Eni Spa0.64%
Cnh Industrial Nv0.64%
Yara International Asa0.60%
Teck Resources Ltd0.60%
Cheniere Energy Inc0.56%
Tc Energy Corp0.54%
Kinder Morgan Inc0.51%
Edp Sa0.50%
Axia Energia Sa0.49%
Upm-Kymmene Oyj0.47%
Oneok Inc0.46%
First Solar Inc0.46%
Targa Resources Corp0.45%
Kinross Gold Corp0.43%
Petroleo Brasileiro Sa0.40%
Cenovus Energy Inc0.37%
Repsol Sa0.36%
Orsted As0.35%
Antofagasta Plc0.35%
Woodside Energy Group Ltd0.34%
Pan American Silver Corp0.32%
Pembina Pipeline Corp0.31%
Nextpower Inc0.30%
Boliden Ab0.30%
Petrochina Co Ltd0.29%

Weight gaps

All 47 Holdings in both funds, largest gap first.

Holding weights in GNR and HAP, widest gap first
Holding	More in GNRMore in HAP	GNR	HAP
Shell PLCSHEL	GNR +3.05 points	5.58%	2.53%
Chevron CorpCVX	HAP +2.71 points	3.01%	5.72%
Totalenergies SETTE	GNR +1.70 points	3.65%	1.95%
Nutrien LtdNTR	HAP +1.59 points	0.54%	2.13%
Newmont CorpNEM	GNR +1.09 points	2.74%	1.65%
Suzano SA Spon AdrSUZ	GNR +1.03 points	1.31%	0.28%
Oji Holdings Corp	GNR +0.77 points	0.97%	0.20%
Freeport Mcmoran IncFCX	GNR +0.75 points	2.18%	1.43%
Wilmar International Ltd	GNR +0.74 points	1.35%	0.61%
Nucor CorpNUE	GNR +0.68 points	1.44%	0.76%
Exxonmobil Holdings CorpXOM	HAP +0.62 points	5.27%	5.89%
Rio Tinto Ltd	GNR +0.38 points	0.90%	0.52%
Equinor AsaEQNR	GNR +0.33 points	0.73%	0.40%
Weyerhaeuser CoWY	GNR +0.32 points	0.66%	0.34%
Gold Fields Ltd Spons AdrGFI	GNR +0.26 points	0.72%	0.46%
Cf Industries Holdings IncCF	HAP +0.25 points	0.84%	1.09%
Steel Dynamics IncSTLD	GNR +0.25 points	0.79%	0.54%
Ingredion IncINGR	HAP +0.24 points	0.28%	0.52%
Vale SA Sp AdrVALE	GNR +0.22 points	0.90%	0.68%
Darling Ingredients IncDAR	HAP +0.22 points	0.41%	0.63%
Anglogold Ashanti PLCAU	GNR +0.19 points	0.83%	0.64%
Northern Star Resources Ltd	GNR +0.18 points	0.58%	0.40%
Mosaic Co/TheMOS	HAP +0.16 points	0.27%	0.43%
Reliance IncRS	GNR +0.15 points	0.51%	0.36%
First Quantum Minerals Ltd	GNR +0.15 points	0.38%	0.23%
Eog Resources IncEOG	GNR +0.11 points	0.60%	0.49%
Nippon Steel Corp	GNR +0.10 points	0.51%	0.41%
Zijin Gold International Co	HAP +0.10 points	0.07%	0.17%
Bunge Global SABG	HAP +0.10 points	0.60%	0.70%
ConocophillipsCOP	HAP +0.09 points	1.27%	1.36%
Diamondback Energy IncFANG	HAP +0.08 points	0.28%	0.36%
ArcelormittalMT	GNR +0.07 points	0.60%	0.53%
Vylor IncVYLR	HAP +0.07 points	2.26%	2.33%
Fortescue Ltd	GNR +0.06 points	0.39%	0.33%
Rayonier IncRYN	GNR +0.06 points	0.25%	0.19%
Eqt CorpEQT	HAP +0.04 points	0.24%	0.28%
Phillips 66PSX	HAP +0.04 points	0.76%	0.80%
Baker Hughes CoBKR	GNR +0.04 points	0.38%	0.34%
Slb LtdSLB	HAP +0.03 points	0.56%	0.59%
Occidental Petroleum CorpOXY	HAP +0.03 points	0.32%	0.35%
Archer Daniels Midland CoADM	HAP +0.04 points	1.70%	1.74%
Devon Energy CorpDVN	HAP +0.03 points	0.41%	0.44%
Posco Holdings Inc Spon AdrPKX	GNR +0.02 points	0.34%	0.32%
Corteva IncCTVA	HAP +0.01 points	0.36%	0.37%
Valero Energy CorpVLO	HAP +0.01 points	0.79%	0.80%
Southern Copper CorpSCCO	HAP +0.01 points	0.37%	0.38%
Marathon Petroleum CorpMPC	HAP +0.01 points	0.87%	0.88%

All 95 GNR 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.

GNR vs HAP Cost

Overpaying HAP vs GNR

$191

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

GNR 0.40%
$8,090
HAP 0.41%
$8,281

Amount$10,000

Years30 years

Cost over time

GNR 0.40%
HAP 0.41%
Overpaying

Year by year

Year	GNR	HAP	Overpaying
10	$723	$741	$18
20	$2,793	$2,860	$67
30	$8,090	$8,281	$191

Expense ratio

0.40%GNR, cheaper
0.41%HAP

GNR0.40%HAP0.41%

0.35%0.79%

Middle half of Natural Resources funds
Median 0.46%

GNR 4th cheapest of 14 funds

HAP 5th cheapest of 14 funds

GNR vs HAP Dividends

Last 12 months to Oct 30, 2026

Yield (12M): GNR 2.42%, better; HAP 1.84%
Payout (12M): GNR $1.82; HAP $1.36
Last payment: GNR $0.86; HAP $1.36
Ex-dividend: GNR Jun 1, 2026; HAP Dec 22, 2025
Paid on: GNR Jun 3, 2026; HAP Dec 26, 2025
Frequency: GNR Twice a year; HAP Annual

Distribution history

Per share, 2017 to 2026, same scale for both

GNRTwice a year · 19 paymentsAll GNR payments⁠

HAPAnnual · 9 paymentsAll HAP payments⁠

GNR vs HAP Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: GNR 15.9%HAP 15.1%, better
Return per unit of riskSharpe ratio, 3 years: GNR 0.75HAP 0.98, better
Worst fallMax drawdown, 5 years: GNR −25.7%HAP −25.7%
Market sensitivityBeta, 5 years: GNR 0.48HAP 0.59; Market = 1

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