GNR vs NANR: Grades, Fees and Holdings Compared

State Street SPDR S&P Global Natural Resources ETF

GNRANYSE Arca

State Street SPDR S&P North American Natural Resources ETF

NANRANYSE Arca

Overlap

51.3%by weight

Expense ratio

NANR −0.05pt a year

GNR0.40%NANR0.35%

Avg volume · 30D

GNR 12.0×the volume

GNR341KNANR28.5K

10Y return · a year

NANR +2.6pt

GNR+10.4%NANR+13.0%

GNR vs NANR Performance

Oct 29, 2021 – Oct 30, 2026

+68.0%GNR+123.4%NANR

Expense ratio: GNR 0.40%; NANR 0.35%, better
Fund size: GNR $5.39B; NANR $840M
1Y total return: GNR +31.9%; NANR +40.2%, better
Yield (12M): GNR 2.42%, better; NANR 1.63%
Holdings: GNR 110; NANR 204
Avg volume (30D): GNR 341K sh, better; NANR 28.5K sh
NAV per share: GNR $75.69; NANR $87.29
52W range

ETF.net Grade

Pillar letters and Scores for GNR, NANR, with each pillar’s weight
Pillar	GNR	NANR
Cost30% weight	A80	A99Higher
Mission25% weight	A76Higher	A72
Risk15% weight	C54	C54
Tradability15% weight	A83Higher	B65
Holdings10% weight	A77Higher	C53
Durability5% weight	A89Higher	A81

Rank among Natural Resources funds

How we build Categories ›

Same Category. GNR and NANR 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 NANR 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
Rank 4AHAPVanEck Natural Resources ETFScore 68

Our read on each fund

ETF.net Research

GNRAState Street SPDR S&P Global Natural Resources ETF

NANRAState Street SPDR S&P 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.

NANR Natural resources without the passport: roughly 200 large and mid cap US and Canadian energy, mining and agriculture names in one basket, for 0.35% a year.

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.

NANR The fund seeks to track, before fees and expenses, the total return of the S&P BMI North American Natural Resources Index. It targets large- and mid-cap publicly traded U.S. and Canadian companies in energy, metals and mining, and agriculture-related natural-resources businesses.

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.

NANR At 0.35% a year, it undercuts its natural-resources peers, including IGE at 0.37% and State Street's own global version, GNR, at 0.40%.
Three commodity engines, not one. Energy, metals and mining, and agriculture-linked businesses sit in the same basket, so it isn't a pure oil bet.
North America only: large and mid cap US and Canadian producers, no emerging-market miners or state-linked oil majors.
Index-tracking since 2015, and one of the stronger builds in its natural-resources cohort.

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.

NANR Thinly traded next to the category's giants, so spreads can be wider and big orders can move the price.
Commodity cycles drive it. A basket parked in energy and materials swings harder than a broad market index.
Cash comes once or twice a year, not quarterly, and the Canadian sleeve adds a currency layer.

Full GNR profile⁠

Full NANR profile⁠

GNR vs NANR Holdings

How GNR and NANR differ

Overlap by weight

51.3%

Shared holdings make up 81.9% of NANR and 54.7% of GNR.

Level by level

Holdings53 in both51.3%
Countryby domicile57.0%
Sector11 Sectors87.5%
Asset classEquity100%

Sector

Sector weights in GNR and NANR, widest gap first
Sector	More in GNRMore in NANR	GNR	NANR
Energy	NANR +11.4 points	37.6%	49.0%
Materials	GNR +10.9 points	47.0%	36.1%
Consumer Discretionary	GNR +1.2 points	7.5%	6.3%
Financials	NANR +0.5 points	2.4%	2.9%
Consumer Staples	GNR +0.4 points	4.6%	4.2%
Real Estate	NANR +0.3 points	0.9%	1.2%
Industrials	NANR +0.3 points	0.0%	0.3%
Health Care	Same weight	0.0%	0.0%
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 NANR, widest gap first
Country	More in GNRMore in NANR	GNR	NANR
United States	NANR +35.8 points	35.6%	71.4%
United Kingdom	GNR +10.6 points	11.9%	1.3%
Australia	GNR +7.2 points	7.2%	0.0%
Canada	NANR +6.8 points	18.9%	25.7%
Finland	GNR +4.3 points	4.3%	0.0%
France	GNR +3.7 points	3.7%	0.0%
Switzerland	GNR +2.9 points	2.9%	0.0%
Brazil	GNR +2.8 points	3.0%	0.2%
Other countries (13)	GNR +11.3 points	12.7%	1.4%

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

Concentration

Weight in the 10 largest Holdings

GNR36.5%
NANR41.2%

Securities held

GNR98
NANR202

Asset class

GNR: Equity
NANR: Equity

Holdings

Only in GNR45
In both53
Only in NANR149

Only in GNR

45 securities, 45.0% of GNR by weight

Shell PLC5.58%
Bhp Group Ltd4.43%
Totalenergies SE3.65%
Upm Kymmene Oyj2.86%
Bp PLC2.42%
Glencore PLC1.56%
Svenska Cellulosa Ab Sca B1.55%
Yara International Asa1.46%
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%
Oji Holdings Corp0.97%
Mondi PLC0.96%
Rio Tinto Ltd0.90%
Vale SA Sp Adr0.90%
Woodside Energy Group Ltd0.81%
Petroleo Brasileiro Spon Adr0.75%
Equinor Asa0.73%
Gold Fields Ltd Spons Adr0.72%
Icl Group Ltd0.70%
Repsol SA0.67%
Arcelormittal0.60%
Northern Star Resources Ltd0.58%
Nutrien Ltd0.54%
Nippon Steel Corp0.51%
Zijin Mining Group Co Ltd H0.49%
Inpex Corp0.44%
Fortescue Ltd0.39%
Southern Copper Corp0.37%
Antofagasta PLC0.35%
Posco Holdings Inc Spon Adr0.34%
Norsk Hydro Asa0.22%
China Hongqiao Group Ltd0.19%
Tenaris SA0.19%
Russian Ruble0.16%
Ecopetrol SA Sponsored Adr0.08%
Zijin Gold International Co0.07%
Xae Energy DEC260.01%
New Israeli Sheqel<0.01%
S+p/Tsx 60 Ix Fut DEC26<0.01%
Xab Materials DEC26<0.01%
Spi 200 Futures DEC26<0.01%

Only in NANR

149 securities, 18.1% of NANR by weight

Royal Gold Inc0.62%
Pan American Silver Corp0.53%
Lundin Mining Corp0.47%
Technipfmc PLC0.45%
Coeur Mining Inc0.45%
Alamos Gold Inc Class A0.37%
Permian Resources Corp Class A0.37%
Equinox Gold Corp0.37%
Expand Energy Corp0.36%
Ovintiv Inc0.34%
Texas Pacific Land Corp0.33%
Alcoa Corp0.33%
Hudbay Minerals Inc0.32%
Apa Corp0.31%
Tourmaline Oil Corp0.31%
Hecla Mining Co0.30%
Hf Sinclair Corp0.30%
Iamgold Corp0.30%
Whitecap Resources Inc0.29%
Eldorado Gold Corp0.26%
Cleveland Cliffs Inc0.25%
Dpm Metals Inc0.24%
First Majestic Silver Corp0.23%
Commercial Metals Co0.22%
Antero Resources Corp0.22%
Range Resources Corp0.22%
G Mining Venture Corp0.21%
Mp Materials Corp0.19%
Lundin Gold Inc0.19%
Or Royalties Inc0.19%
B2GOLD Corp0.19%
Capstone Copper Corp0.18%
Ssr Mining Inc0.18%
Oceanagold Corp0.17%
Ivanhoe Mines Ltd Class A0.16%
Sm Energy Co0.16%
Stella Jones Inc0.16%
Viper Energy Inc Class A0.16%
Materion Corp0.15%
Discovery Mining Ltd0.15%
Chord Energy Corp0.15%
Warrior Met Coal Inc0.14%
Torex Gold Resources Inc0.14%
K92 Mining0.14%
Venture Global Inc Class A0.14%
Pbf Energy Inc Class A0.13%
Centerra Gold Inc0.12%
Matador Resources Co0.12%
Nov Inc0.12%
Transocean Ltd0.12%

Weight gaps

All 53 Holdings in both funds, largest gap first.

Holding weights in GNR and NANR, widest gap first
Holding	More in GNRMore in NANR	GNR	NANR
Exxonmobil Holdings CorpXOM	NANR +6.26 points	5.27%	11.53%
Chevron CorpCVX	NANR +4.90 points	3.01%	7.91%
Nutrien Ltd	GNR +2.26 points	4.26%	2.00%
ConocophillipsCOP	NANR +1.85 points	1.27%	3.12%
Marathon Petroleum CorpMPC	NANR +1.23 points	0.87%	2.10%
Phillips 66PSX	NANR +1.13 points	0.76%	1.89%
Valero Energy CorpVLO	NANR +1.12 points	0.79%	1.91%
Newmont CorpNEM	NANR +0.91 points	2.74%	3.65%
Eog Resources IncEOG	NANR +0.87 points	0.60%	1.47%
Slb LtdSLB	NANR +0.82 points	0.56%	1.38%
Freeport Mcmoran IncFCX	NANR +0.76 points	2.18%	2.94%
Vylor IncVYLR	NANR +0.71 points	2.26%	2.97%
Agnico Eagle Mines Ltd	NANR +0.70 points	2.06%	2.76%
West Fraser Timber Co Ltd	GNR +0.57 points	0.81%	0.24%
Devon Energy CorpDVN	NANR +0.56 points	0.41%	0.97%
Baker Hughes CoBKR	NANR +0.56 points	0.38%	0.94%
Archer Daniels Midland CoADM	NANR +0.55 points	1.70%	2.25%
Nucor CorpNUE	NANR +0.50 points	1.44%	1.94%
Barrick Mining Corp	NANR +0.47 points	1.50%	1.97%
Occidental Petroleum CorpOXY	NANR +0.48 points	0.32%	0.80%
Diamondback Energy IncFANG	NANR +0.45 points	0.28%	0.73%
Wheaton Precious Metals Corp	NANR +0.44 points	1.29%	1.73%
Franco Nevada Corp	NANR +0.37 points	1.02%	1.39%
Eqt CorpEQT	NANR +0.35 points	0.24%	0.59%
Packaging Corp of AmericaPKG	NANR +0.33 points	1.05%	1.38%
Smurfit Westrock PLCSW	NANR +0.32 points	1.04%	1.36%
Bunge Global SABG	NANR +0.33 points	0.60%	0.93%
Amcor PLCAMCR	NANR +0.32 points	1.01%	1.33%
Halliburton CoHAL	NANR +0.31 points	0.21%	0.52%
Anglogold Ashanti PLCAU	NANR +0.30 points	0.83%	1.13%
Teck Resources Ltd Cls BTECK.B	NANR +0.30 points	0.66%	0.95%
International Paper CoIP	NANR +0.29 points	0.88%	1.17%
Steel Dynamics IncSTLD	NANR +0.27 points	0.79%	1.06%
Cf Industries Holdings IncCF	NANR +0.25 points	0.84%	1.09%
Weyerhaeuser CoWY	NANR +0.21 points	0.66%	0.87%
Kinross Gold Corp	NANR +0.20 points	0.59%	0.79%
Avery Dennison CorpAVY	NANR +0.19 points	0.65%	0.84%
Reliance IncRS	NANR +0.19 points	0.51%	0.70%
Canadian Natural Resources	GNR +0.15 points	2.12%	1.97%
First Quantum Minerals Ltd	NANR +0.14 points	0.38%	0.52%
Darling Ingredients IncDAR	NANR +0.12 points	0.41%	0.53%
Suncor Energy Inc	GNR +0.12 points	1.70%	1.58%
Corteva IncCTVA	NANR +0.11 points	0.36%	0.47%
Ingredion IncINGR	NANR +0.09 points	0.28%	0.37%
Mosaic Co/TheMOS	NANR +0.08 points	0.27%	0.35%
Rayonier IncRYN	NANR +0.07 points	0.25%	0.32%
Sonoco Products CoSON	NANR +0.07 points	0.23%	0.30%
Cenovus Energy Inc	GNR +0.07 points	0.80%	0.73%
Scotts Miracle Gro CoSMG	NANR +0.04 points	0.13%	0.17%
Cameco Corp	GNR +0.04 points	0.67%	0.63%
Graphic Packaging Holding CoGPK	NANR +0.04 points	0.12%	0.16%
Imperial Oil Ltd	GNR +0.02 points	0.36%	0.34%
Fmc CorpFMC	NANR +0.01 points	0.03%	0.04%

All 95 GNR holdings⁠All 202 NANR 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 NANR Cost

Overpaying GNR vs NANR

$964

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

GNR 0.40%
$8,090
NANR 0.35%
$7,126

Amount$10,000

Years30 years

Cost over time

GNR 0.40%
NANR 0.35%
Overpaying

Year by year

Year	GNR	NANR	Overpaying
10	$723	$634	$89
20	$2,793	$2,454	$339
30	$8,090	$7,126	$964

Expense ratio

0.40%GNR
0.35%NANR, cheaper

NANR0.35%GNR0.40%

0.35%0.79%

Middle half of Natural Resources funds
Median 0.46%

NANR cheapest of 14 funds

GNR 4th cheapest of 14 funds

GNR vs NANR Dividends

Last 12 months to Oct 30, 2026

Yield (12M): GNR 2.42%, better; NANR 1.63%
Payout (12M): GNR $1.82; NANR $1.41
Last payment: GNR $0.86; NANR $0.71
Ex-dividend: GNR Jun 1, 2026; NANR Jun 1, 2026
Paid on: GNR Jun 3, 2026; NANR Jun 3, 2026
Frequency: GNR Twice a year; NANR Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

GNRTwice a year · 19 paymentsAll GNR payments⁠

NANRTwice a year · 19 paymentsAll NANR payments⁠

GNR vs NANR Risk

Fall from peak · 5 years

GNR
NANR

Risk facts

VolatilityStd dev, 3 years: GNR 15.9%, betterNANR 19.1%
Return per unit of riskSharpe ratio, 3 years: GNR 0.75NANR 0.95, better
Worst fallMax drawdown, 5 years: GNR −25.7%, betterNANR −26.4%
Market sensitivityBeta, 5 years: GNR 0.48NANR 0.49; Market = 1

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