GNR vs IGE: Grades, Fees and Holdings Compared

State Street SPDR S&P Global Natural Resources ETF

GNRANYSE Arca

iShares North American Natural Resources ETF

IGEACboe

Overlap

22.7%by weight

Expense ratio

IGE −0.03pt a year

GNR0.40%IGE0.37%

Avg volume · 30D

GNR 2.4×the volume

GNR341KIGE144K

10Y return · a year

GNR+10.4%IGE+10.4%

GNR vs IGE Performance

Oct 29, 2021 – Oct 30, 2026

+68.0%GNR+137.4%IGE

Expense ratio: GNR 0.40%; IGE 0.37%, better
Fund size: GNR $5.39B; IGE $839M
1Y total return: GNR +31.9%; IGE +42.6%, better
Yield (12M): GNR 2.42%, better; IGE 1.81%
Holdings: GNR 110; IGE 153
Avg volume (30D): GNR 341K sh, better; IGE 144K sh
NAV per share: GNR $75.69; IGE $66.58
52W range

ETF.net Grade

Pillar letters and Scores for GNR, IGE, with each pillar’s weight
Pillar	GNR	IGE
Cost30% weight	A80	A91Higher
Mission25% weight	A76	Not scored
Risk15% weight	C54	B64Higher
Tradability15% weight	A83	A85Higher
Holdings10% weight	A77Higher	D37
Durability5% weight	A89Higher	A79

Rank among Natural Resources funds

How we build Categories ›

Same Category. GNR and IGE 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 ›

IGE ranks 1st and GNR 2nd 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

Our read on each fund

ETF.net Research

GNRAState Street SPDR S&P Global Natural Resources ETF

IGEAiShares North American 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.

IGE A 2001-vintage way to own the stuff the economy digs up and drills for: US and Canadian energy, metals, miners and timber in one market-cap-weighted basket, priced below the natural-resources average.

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.

IGE The fund seeks to follow an index representing North American equities in the natural-resources sector.

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.

IGE Launched in October 2001, one of the longest-running natural-resources ETFs on the tape, with several full commodity cycles behind it.investing.com
0.37% a year sits under the natural-resources cohort median of 0.41%, and well under GUNR's 0.47%.
About 150 names spanning oil and gas, metals and mining, and paper and forest products, so it reaches past the usual oil-major shortlist.investing.com
Plain index tracking from iShares, distributions paid quarterly, and one of the stronger builds in its natural-resources peer group.ishares.com

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.

IGE North America only. GNR and GUNR cast a global net, which picks up large overseas miners this one leaves on the table.
Market-cap weighting hands the largest energy names the heaviest slots, and the basket rides the commodity cycle in both directions.
Mid-sized and moderately traded rather than a mega-liquid giant, so spreads deserve a look on larger orders.

Full GNR profile⁠

Full IGE profile⁠

GNR vs IGE Holdings

How GNR and IGE differ

Overlap by weight

22.7%

Shared holdings make up 53.3% of IGE and 25.2% of GNR.

Level by level

Holdings24 in both22.7%
Countryby domicile54.4%
Sector11 Sectors62.6%
Asset classEquity100%

Sector

Sector weights in GNR and IGE, widest gap first
Sector	More in GNRMore in IGE	GNR	IGE
Energy	IGE +37.1 points	37.6%	74.7%
Materials	GNR +25.0 points	47.0%	22.0%
Consumer Staples	GNR +4.6 points	4.6%	0.0%
Consumer Discretionary	GNR +4.5 points	7.5%	3.0%
Financials	GNR +2.4 points	2.4%	0.0%
Real Estate	GNR +0.9 points	0.9%	0.0%
Health Care	IGE +0.2 points	0.0%	0.2%
Industrials	IGE +0.1 points	0.0%	0.1%
Utilities	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 IGE, widest gap first
Country	More in GNRMore in IGE	GNR	IGE
United States	IGE +41.1 points	35.6%	76.7%
United Kingdom	GNR +11.9 points	11.9%	0.0%
Australia	GNR +7.2 points	7.2%	0.0%
Canada	IGE +4.4 points	18.9%	23.3%
Finland	GNR +4.3 points	4.3%	0.0%
France	GNR +3.7 points	3.7%	0.0%
Brazil	GNR +3.0 points	3.0%	0.0%
Switzerland	GNR +2.9 points	2.9%	0.0%
Other countries (13)	GNR +12.7 points	12.7%	0.0%

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

Concentration

Weight in the 10 largest Holdings

GNR36.5%
IGE45.3%

Securities held

GNR98
IGE149

Asset class

GNR: Equity
IGE: Equity

Holdings

Only in GNR74
In both24
Only in IGE125

Only in GNR

74 securities, 74.2% of GNR by weight

Shell PLC5.58%
Bhp Group Ltd4.43%
Nutrien Ltd4.26%
Totalenergies SE3.65%
Upm Kymmene Oyj2.86%
Bp PLC2.42%
Vylor Inc2.26%
Canadian Natural Resources2.12%
Agnico Eagle Mines Ltd2.06%
Archer Daniels Midland Co1.70%
Suncor Energy Inc1.70%
Glencore PLC1.56%
Svenska Cellulosa Ab Sca B1.55%
Barrick Mining Corp1.50%
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%
Wheaton Precious Metals Corp1.29%
Sig Group AG1.28%
Eni Spa1.11%
Franco Nevada Corp1.02%
Oji Holdings Corp0.97%
Mondi PLC0.96%
Rio Tinto Ltd0.90%
Vale SA Sp Adr0.90%
Cf Industries Holdings Inc0.84%
Anglogold Ashanti PLC0.83%
West Fraser Timber Co Ltd0.81%
Woodside Energy Group Ltd0.81%
Cenovus Energy Inc0.80%
Steel Dynamics Inc0.79%
Petroleo Brasileiro Spon Adr0.75%
Equinor Asa0.73%
Gold Fields Ltd Spons Adr0.72%
Icl Group Ltd0.70%
Repsol SA0.67%
Cameco Corp0.67%
Weyerhaeuser Co0.66%
Teck Resources Ltd Cls B0.66%
Bunge Global SA0.60%
Arcelormittal0.60%
Kinross Gold Corp0.59%
Northern Star Resources Ltd0.58%
Nutrien Ltd0.54%
Reliance Inc0.51%
Nippon Steel Corp0.51%
Zijin Mining Group Co Ltd H0.49%

Only in IGE

125 securities, 46.6% of IGE by weight

Canadian Natural Resources Ltd2.75%
Enbridge2.61%
Suncor Energy Inc2.21%
Williams2.16%
Agnico Eagle Mines1.99%
Cheniere Energy1.62%
Targa Resources1.61%
Tc Energy1.60%
Kinder Morgan1.58%
Oneok1.46%
Barrick Mining1.45%
Crh Public Limited PLC1.44%
Wheaton Precious Metals1.26%
Franco Nevada1.03%
Cenovus Energy1.02%
Vulcan Materials0.87%
Cameco0.80%
Martin Marietta Materials0.77%
Pembina Pipeline0.71%
Teck Resources Subordinate Voting0.70%
Technipfmc PLC0.64%
Kinross Gold0.57%
Permian Resources Class A0.52%
Amrize AG0.50%
Expand Energy0.50%
Ovintiv0.48%
Texas Pacific Land0.46%
Royal Gold0.46%
Apa0.44%
Hf Sinclair0.42%
Ball Corp0.42%
Pan American Silver0.38%
Coeur Mining0.32%
Antero Resources0.31%
Crown Holdings Inc0.30%
Range Resources0.30%
Dt Midstream0.30%
Alamos Gold Class A0.27%
Equinox Gold0.27%
Alcoa Corp0.25%
Hudbay Minerals0.23%
Sm Energy0.23%
Viper Energy Inc Class A0.22%
Hecla Mining0.22%
Iamgold Corp0.21%
Aptargroup0.21%
Chord Energy0.20%
Eldorado Gold0.19%
Venture Global Class A0.19%
Pbf Energy Class A0.18%

Weight gaps

All 24 Holdings in both funds, largest gap first.

Holding weights in GNR and IGE, widest gap first
Holding	More in GNRMore in IGE	GNR	IGE
Chevron CorpCVX	IGE +7.95 points	3.01%	10.96%
Exxonmobil Holdings CorpXOM	IGE +6.08 points	5.27%	11.35%
ConocophillipsCOP	IGE +3.13 points	1.27%	4.40%
Marathon Petroleum CorpMPC	IGE +2.10 points	0.87%	2.97%
Valero Energy CorpVLO	IGE +1.95 points	0.79%	2.74%
Phillips 66PSX	IGE +1.92 points	0.76%	2.68%
Eog Resources IncEOG	IGE +1.47 points	0.60%	2.07%
Slb LtdSLB	IGE +1.34 points	0.56%	1.90%
Devon Energy CorpDVN	IGE +0.95 points	0.41%	1.36%
Baker Hughes CoBKR	IGE +0.92 points	0.38%	1.30%
Occidental Petroleum CorpOXY	IGE +0.79 points	0.32%	1.11%
Diamondback Energy IncFANG	IGE +0.75 points	0.28%	1.03%
Eqt CorpEQT	IGE +0.58 points	0.24%	0.82%
Halliburton CoHAL	IGE +0.51 points	0.21%	0.72%
Packaging Corp of AmericaPKG	GNR +0.51 points	1.05%	0.54%
Smurfit Westrock PLCSW	GNR +0.50 points	1.04%	0.54%
Amcor PLCAMCR	GNR +0.49 points	1.01%	0.52%
International Paper CoIP	GNR +0.42 points	0.88%	0.46%
Avery Dennison CorpAVY	GNR +0.32 points	0.65%	0.33%
Imperial Oil Ltd	IGE +0.13 points	0.36%	0.49%
Sonoco Products CoSON	GNR +0.11 points	0.23%	0.12%
Newmont CorpNEM	GNR +0.07 points	2.74%	2.67%
Graphic Packaging Holding CoGPK	GNR +0.06 points	0.12%	0.06%
Freeport Mcmoran IncFCX	GNR +0.05 points	2.18%	2.13%

All 95 GNR holdings⁠All 149 IGE 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 IGE Cost

Overpaying GNR vs IGE

$577

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

GNR 0.40%
$8,090
IGE 0.37%
$7,513

Amount$10,000

Years30 years

Cost over time

GNR 0.40%
IGE 0.37%
Overpaying

Year by year

Year	GNR	IGE	Overpaying
10	$723	$670	$53
20	$2,793	$2,590	$203
30	$8,090	$7,513	$577

Expense ratio

0.40%GNR
0.37%IGE, cheaper

IGE0.37%GNR0.40%

0.35%0.79%

Middle half of Natural Resources funds
Median 0.46%

IGE 2nd cheapest of 14 funds

GNR 4th cheapest of 14 funds

GNR vs IGE Dividends

Last 12 months to Oct 30, 2026

Yield (12M): GNR 2.42%, better; IGE 1.81%
Payout (12M): GNR $1.82; IGE $1.20
Last payment: GNR $0.86; IGE $0.32
Ex-dividend: GNR Jun 1, 2026; IGE Sep 15, 2026
Paid on: GNR Jun 3, 2026; IGE Sep 18, 2026
Frequency: GNR Twice a year; IGE Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

GNRTwice a year · 19 paymentsAll GNR payments⁠

IGEQuarterly · 39 paymentsAll IGE payments⁠

GNR vs IGE Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: GNR 15.9%, betterIGE 17.9%
Return per unit of riskSharpe ratio, 3 years: GNR 0.75IGE 0.93, better
Worst fallMax drawdown, 5 years: GNR −25.7%IGE −25.7%
Market sensitivityBeta, 5 years: GNR 0.48IGE 0.30; Market = 1

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