GNR vs TURF: Grades, Fees and Holdings Compared

State Street SPDR S&P Global Natural Resources ETF

GNRANYSE Arca

T. Rowe Price Natural Resources ETF

TURFBNasdaq

Overlap

32.2%by weight

Expense ratio

GNR −0.04pt a year

GNR0.40%TURF0.44%

Avg volume · 30D

GNR 4.6×the volume

GNR341KTURF74.3K

GNR vs TURF Performance

Oct 31, 2025 – Nov 2, 2026

+30.6%GNR+23.5%TURF

Expense ratio: GNR 0.40%, better; TURF 0.44%
Fund size: GNR $5.39B; TURF $340M
1Y total return: GNR +30.6%, better; TURF +23.5%
Yield (12M): GNR 2.44%; TURF No data
Holdings: GNR 110; TURF 96
Avg volume (30D): GNR 341K sh, better; TURF 74.3K sh
NAV per share: GNR $75.69; TURF $33.75
52W range

ETF.net Grade

Pillar letters and Scores for GNR, TURF, with each pillar’s weight
Pillar	GNR	TURF
Cost30% weight	A80Higher	B61
Mission25% weight	A76	Not scored
Risk15% weight	B55Higher	C43
Tradability15% weight	A81Higher	B68
Holdings10% weight	A77Higher	A76
Durability5% weight	A89Higher	C49

Rank among Natural Resources funds

How we build Categories ›

Same Category. GNR and TURF 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 TURF 7th 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 5BGUNRNorthern Trust Morningstar Global Upstream Natural Resources ETFScore 62
Rank 7BTURFT. Rowe Price Natural Resources ETFScore 59
Rank 8CNRESXtrackers RREEF Global Natural Resources ETFScore 43

Our read on each fund

ETF.net Research

GNRAState Street SPDR S&P Global Natural Resources ETF

TURFBT. Rowe Price 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.

TURF An active bet on the companies that dig, drill and develop. TURF keeps at least 80% of net assets in upstream natural-resource names, holds roughly 80 of them, and charges less than the typical global thematic fund.

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.

TURF The fund seeks long-term capital appreciation. It normally invests at least 80% of net assets in upstream natural-resource companies engaged in exploration, extraction, or development.

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.

TURF Active management at 0.44%, below the 0.56% median expense ratio for its global thematic peer group.
The mandate is specific: at least 80% of net assets in upstream companies doing exploration, extraction or development, not the refiners and shippers further down the chain.
Concentrated by design at roughly 80 holdings, with managers free to mix growth and value picks rather than mirror a commodity index.
Rates as one of the stronger implementations in its global thematic cohort, helped by tight, orderly trading.

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.

TURF Launched in 2025, so the record is short and the risk read on it is still thin.
Upstream resource stocks track commodity cycles closely, so the ride can be far bumpier than a broad equity fund.
Income is not the point: capital appreciation is the stated goal, distributions are annual, and part of a payout can be return of capital.

Full GNR profile⁠

Full TURF profile⁠

GNR vs TURF Holdings

How GNR and TURF differ

Overlap by weight

32.2%

Shared holdings make up 45.1% of TURF and 36.6% of GNR.

Level by level

Holdings25 in both32.2%
Countryby domicile80.6%
Sector11 Sectors87.1%
Asset classEquity100%

Sector

Sector weights in GNR and TURF, widest gap first
Sector	More in GNRMore in TURF	GNR	TURF
Consumer Staples	TURF +9.9 points	4.6%	14.5%
Consumer Discretionary	GNR +6.7 points	7.5%	0.8%
Energy	GNR +2.9 points	37.6%	34.7%
Materials	TURF +2.8 points	47.0%	49.8%
Financials	GNR +2.4 points	2.4%	0.0%
Real Estate	GNR +0.9 points	0.9%	0.0%
Utilities	TURF +0.1 points	0.0%	0.1%
Industrials	TURF +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 TURF, widest gap first
Country	More in GNRMore in TURF	GNR	TURF
Canada	TURF +11.4 points	18.9%	30.3%
United Kingdom	GNR +3.5 points	11.9%	8.4%
China	TURF +3.1 points	0.7%	3.8%
Norway	TURF +2.5 points	2.4%	4.9%
Finland	GNR +2.1 points	4.3%	2.2%
Japan	GNR +1.9 points	1.9%	0.0%
France	GNR +1.7 points	3.7%	2.0%
Sweden	GNR +1.6 points	1.6%	0.0%
Other countries (14)	GNR +6.3 points	54.7%	48.4%

Outside the US: GNR 91% developed, 9% emerging. TURF 88% developed, 12% emerging.

Concentration

Weight in the 10 largest Holdings

GNR36.5%
TURF37.4%

Securities held

GNR98
TURF89

Asset class

GNR: Equity
TURF: Equity

Holdings

Only in GNR73
In both25
Only in TURF64

Only in GNR

73 securities, 63.1% of GNR by weight

Shell PLC5.58%
Exxonmobil Holdings Corp5.27%
Upm Kymmene Oyj2.86%
Newmont Corp2.74%
Bp PLC2.42%
Archer Daniels Midland Co1.70%
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%
Sig Group AG1.28%
Eni Spa1.11%
Packaging Corp of America1.05%
Smurfit Westrock PLC1.04%
Amcor PLC1.01%
Oji Holdings Corp0.97%
Mondi PLC0.96%
Rio Tinto Ltd0.90%
International Paper Co0.88%
Marathon Petroleum Corp0.87%
Anglogold Ashanti PLC0.83%
Woodside Energy Group Ltd0.81%
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%
Weyerhaeuser Co0.66%
Teck Resources Ltd Cls B0.66%
Avery Dennison Corp0.65%
Arcelormittal0.60%
Eog Resources Inc0.60%
Northern Star Resources Ltd0.58%
Slb Ltd0.56%
Nutrien Ltd0.54%
Reliance Inc0.51%
Nippon Steel Corp0.51%
Zijin Mining Group Co Ltd H0.49%
Inpex Corp0.44%
Devon Energy Corp0.41%
Darling Ingredients Inc0.41%
Fortescue Ltd0.39%

Only in TURF

64 securities, 57.5% of TURF by weight

Exxonmobil Holdings Corp Common Stock5.80%
Shell PLC Common Stock EUR.075.13%
Archer Daniels Midland Co Common Stock3.26%
Yuan Renminbi Offshore3.15%
Tyson Foods Inc Class A Common Stock USD.12.28%
Mowi Asa Common Stock NOK7.52.01%
Glencore PLC Common Stock USD.011.89%
Muyuan Foods Group Co Ltd A Common Stock CNY1.01.86%
Salmar Asa Common Stock NOK.251.50%
Upm Kymmene Oyj Common Stock1.44%
Rio Tinto PLC Common Stock GBP.11.33%
Ovintiv Inc Common Stock1.32%
United Plantations Bhd Common Stock1.22%
Petrobras Petroleo Bras Pr Preference1.15%
Zijin Mining Group Co Ltd A Common Stock CNY.11.14%
Headwater Exploration Inc Common Stock0.91%
Tourmaline Oil Corp Common Stock0.86%
Anglo American PLC Common Stock0.81%
Skeena Resources Ltd Common Stock0.80%
Range Resources Corp Common Stock USD.010.80%
Kelt Exploration Ltd Common Stock0.76%
Santos Ltd Common Stock0.76%
Ufp Industries Inc Common Stock0.74%
Artemis Gold Inc Common Stock0.73%
Yara International Asa Common Stock NOK1.70.72%
Stora Enso Oyj R Shs Common Stock EUR1.70.71%
G Mining Venture Corp Common Stock0.70%
Baytex Energy Corp Common Stock0.69%
Equinor Asa Common Stock NOK2.50.65%
Muyuan Foods Group Co Ltd H Common Stock CNY1.00.64%
Tamarack Valley Energy Ltd Common Stock0.59%
Permian Resources Corp Class A Common Stock USD.00010.59%
Uranium Energy Corp Common Stock USD.0010.58%
Knife River Corp Common Stock0.57%
Sabic Agri Nutrients Co Common Stock SAR10.00.56%
Emerald Resources Nl Common Stock0.56%
K’s AG Reg Common Stock0.56%
Vulcan Materials Co Common Stock USD1.00.53%
Ngex Minerals Ltd Common Stock0.47%
Antofagasta PLC Common Stock0.46%
Anglogold Ashanti PLC Common Stock0.41%
Bp PLC Common Stock USD.250.41%
Interfor Corp Common Stock0.41%
Almonty Industries Inc Common Stock0.40%
Capricorn Metals Ltd Common Stock0.39%
Prairiesky Royalty Ltd Common Stock0.37%
Or Royalties Inc Common Stock0.37%
Eaglerock Land Llc Class A Common Stock0.31%
Klabin SA Unit Unit0.31%
Mp Materials Corp Common Stock USD.00010.30%

Weight gaps

All 25 Holdings in both funds, largest gap first.

Holding weights in GNR and TURF, widest gap first
Holding	More in GNRMore in TURF	GNR	TURF
Totalenergies SETTE	GNR +1.71 points	3.65%	1.94%
ConocophillipsCOP	TURF +1.35 points	1.27%	2.62%
Cf Industries Holdings IncCF	TURF +1.22 points	0.84%	2.06%
Cenovus Energy Inc	TURF +1.10 points	0.80%	1.90%
Suncor Energy Inc	TURF +1.08 points	1.70%	2.78%
Vylor IncVYLR	GNR +1.07 points	2.26%	1.19%
Canadian Natural Resources	TURF +0.91 points	2.12%	3.03%
Mosaic Co/TheMOS	TURF +0.87 points	0.27%	1.14%
Bunge Global SABG	TURF +0.85 points	0.60%	1.45%
Chevron CorpCVX	TURF +0.81 points	3.01%	3.82%
Cameco Corp	TURF +0.64 points	0.67%	1.31%
First Quantum Minerals Ltd	TURF +0.60 points	0.38%	0.98%
Agnico Eagle Mines Ltd	TURF +0.56 points	2.06%	2.62%
Franco Nevada Corp	TURF +0.57 points	1.02%	1.59%
Diamondback Energy IncFANG	TURF +0.50 points	0.28%	0.78%
Southern Copper CorpSCCO	TURF +0.44 points	0.37%	0.81%
Bhp Group Ltd	GNR +0.43 points	4.43%	4.00%
Nutrien Ltd	GNR +0.40 points	4.26%	3.86%
West Fraser Timber Co Ltd	TURF +0.39 points	0.81%	1.20%
Vale SA Sp AdrVALE	GNR +0.35 points	0.90%	0.55%
Occidental Petroleum CorpOXY	TURF +0.34 points	0.32%	0.66%
Eqt CorpEQT	TURF +0.29 points	0.24%	0.53%
Freeport Mcmoran IncFCX	TURF +0.20 points	2.18%	2.38%
Wheaton Precious Metals Corp	GNR +0.19 points	1.29%	1.10%
Kinross Gold Corp	TURF +0.14 points	0.59%	0.73%

All 95 GNR holdings⁠All 82 TURF 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 TURF Cost

Overpaying TURF vs GNR

$762

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

GNR 0.40%
$8,090
TURF 0.44%
$8,852

Amount$10,000

Years30 years

Cost over time

GNR 0.40%
TURF 0.44%
Overpaying

Year by year

Year	GNR	TURF	Overpaying
10	$723	$794	$71
20	$2,793	$3,061	$268
30	$8,090	$8,852	$762

Expense ratio

0.40%GNR, cheaper
0.44%TURF

GNR0.40%TURF0.44%

0.35%0.79%

Middle half of Natural Resources funds
Median 0.46%

GNR 4th cheapest of 14 funds

TURF 6th cheapest of 14 funds

GNR vs TURF Dividends

Last 12 months to Nov 2, 2026

Yield (12M): GNR 2.44%; TURF No data
Payout (12M): GNR $1.82; TURF No data
Last payment: GNR $0.86; TURF $0.43
Ex-dividend: GNR Jun 1, 2026; TURF Dec 23, 2025
Paid on: GNR Jun 3, 2026; TURF Dec 26, 2025
Frequency: GNR Twice a year; TURF Irregular

Distribution history

Per share, 2017 to 2026, same scale for both

GNRTwice a year · 19 paymentsAll GNR payments⁠

TURFIrregular · 1 paymentAll TURF payments⁠

GNR vs TURF Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: GNR 15.9%TURF 19.7%since Jul 2025
Return per unit of riskSharpe ratio, 3 years: GNR 0.75TURF 1.08since Jul 2025
Worst fallMax drawdown, 5 years: GNR −25.7%TURF −13.2%since Jun 2025
Market sensitivityBeta, 5 years: GNR 0.48TURF −0.07; 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
TURFBvsIGEA
T. Rowe Price Natural Resources ETF · iShares North American Natural Resources ETF
Expense ratio
0.44% · 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
TURFBvsNANRA
T. Rowe Price Natural Resources ETF · State Street SPDR S&P North American Natural Resources ETF
Expense ratio
0.44% · 0.35%
Category
GNRAvsHAPB
State Street SPDR S&P Global Natural Resources ETF · VanEck Natural Resources ETF
Expense ratio
0.40% · 0.41%
Category
TURFBvsHAPB
T. Rowe Price Natural Resources ETF · VanEck Natural Resources ETF
Expense ratio
0.44% · 0.41%
Category