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GUNR vs IGE

Northern Trust Morningstar Global Upstream Natural Resources ETF

GUNRBNYSE Arca

iShares North American Natural Resources ETF

IGEACboe

Overlap

20.4%by weight

Expense ratio

IGE −0.09pt a year

GUNR0.46%IGE0.37%

Avg volume · 30D

GUNR 3.4×the volume

GUNR492KIGE144K

10Y return · a year

Same figure. Both funds show the same value, so neither comes out ahead.

GUNR+10.3%IGE+10.3%

GUNR vs IGE Performance

Nov 2, 2021 – Nov 2, 2026

+63.4%GUNR+129.8%IGE

Nov 2, 2021 to Nov 2, 2026. GUNR +63.4%. IGE +129.8%. Use the arrow keys to read each point.0%25%100%Nov 2021May 2024Nov 2026
Expense ratio
GUNR 0.46%
IGE 0.37%, better
Fund size
GUNR $7.01B
IGE $839M
1Y total return
GUNR +25.2%
IGE +39.1%, better
Yield (12M)
GUNR 2.32%, better
IGE 1.85%
Holdings
GUNR 160
IGE 153
Avg volume (30D)
GUNR 492K sh, better
IGE 144K sh
NAV per share
GUNR $53.58
IGE $66.58
52W range

ETF.net Grade

GUNR: Cost 50, Risk 59, Mission 77, Tradability 74, Holdings 77, Durability 85. IGE: Cost 91, Risk 65, Mission not scored, Tradability 85, Holdings 37, Durability 79.
Pillar letters and Scores for GUNR, IGE, with each pillar’s weight
PillarGUNRIGE
Cost30% weightC50A91Higher
Mission25% weightA77Not scored
Risk15% weightB59B65Higher
Tradability15% weightA74A85Higher
Holdings10% weightA77HigherD37
Durability5% weightA85HigherA79

Rank among Natural Resources funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. GUNR 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 GUNR 5th of 14 funds in the Natural Resources Category.

  1. Rank 1AIGEiShares North American Natural Resources ETFScore 76
  2. Rank 2AGNRState Street SPDR S&P Global Natural Resources ETFScore 75
  3. Rank 5BCCNRALPS Funds CoreCommodity Natural Resources ETFScore 62
  4. Rank 5BGUNRNorthern Trust Morningstar Global Upstream Natural Resources ETFScore 62
  5. Rank 7BTURFT. Rowe Price Natural Resources ETFScore 59

Our read on each fund

ETF.net Research

GUNRBNorthern Trust Morningstar Global Upstream Natural Resources ETF

IGEAiShares North American Natural Resources ETF

In short

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.

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

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

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

Why people hold it

  • 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.comflexshares.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.govflexshares.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
  • 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

  • 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.comsec.gov
  • New nameplate, same fund: FlexShares rebranded it as a Northern Trust ETF in 2026. Ticker and Morningstar index are unchanged.flexshares.com
  • 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 GUNR profile⁠

Full IGE profile⁠

GUNR vs IGE Holdings

How GUNR and IGE differ

Overlap by weight

20.4%

Shared holdings make up 41.4% of IGE and 20.4% of GUNR.

Level by level

  • Holdings18 in both20.4%
  • Countryby domicile54.7%
  • Sector9 Sectors58.2%
  • Asset classEquity100%

Sector

Sector weights in GUNR and IGE, widest gap first
SectorMore in GUNRMore in IGE
EnergyIGE +38.5 points
MaterialsGUNR +23.5 points
Consumer StaplesGUNR +11.5 points
UtilitiesGUNR +5.5 points
Consumer DiscretionaryIGE +3.0 points
Real EstateGUNR +1.0 points
FinancialsGUNR +0.3 points
Health CareIGE +0.2 points
IndustrialsSame weight

Country, concentration and asset class

Country by domicile

Country weights in GUNR and IGE, widest gap first
CountryMore in GUNRMore in IGE
United StatesIGE +41.4 points
United KingdomGUNR +13.2 points
AustraliaGUNR +7.5 points
NorwayGUNR +4.8 points
CanadaIGE +3.9 points
BrazilGUNR +3.4 points
FranceGUNR +3.2 points
ChinaGUNR +1.9 points
Other countries (17)GUNR +11.4 points

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

Concentration

Weight in the 10 largest Holdings

  • GUNR36.9%
  • IGE45.3%

Securities held

  • GUNR128
  • IGE149

Asset class

GUNR
Equity
IGE
Equity

Holdings

  • Only in GUNR110
  • In both18
  • Only in IGE131

Only in GUNR

110 securities, 77.7% of GUNR by weight

  • Bhp Group Ltd Common Stock Aud 04.72%
  • Nutrien Ltd4.69%
  • Shell PLC4.68%

Only in IGE

131 securities, 58.4% of IGE by weight

  • Marathon Petroleum2.97%
  • Canadian Natural Resources Ltd2.75%
  • Valero Energy Corp2.74%

Weight gaps

All 18 Holdings in both funds, largest gap first.

Holding weights in GUNR and IGE, widest gap first
HoldingMore in GUNRMore in IGE
Chevron Corp Common Stock USD 0.75CVXIGE +6.60 points
Exxonmobil Holdings Corp Common Stock USDXOMIGE +5.03 points
Conocophillips Common Stock USD 0.01COPIGE +2.57 points
Eog Resources Inc Common Stock USD 0.01EOGIGE +1.20 points
Newmont Corp Common Stock USD 1.6NEMIGE +0.84 points
Devon Energy Corp Common Stock USD 0.1DVNIGE +0.78 points
Diamondback Energy Inc Common Stock USD 0.01FANGIGE +0.65 points
Occidental Petroleum Corp Common Stock USD 0.2OXYIGE +0.64 points

All 178 GUNR 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.

GUNR vs IGE Cost

Overpaying GUNR vs IGE

$1,717

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

  • GUNR 0.46%

    $9,230

  • IGE 0.37%

    $7,513

$10,000
30 years

Cost over time

  • GUNR 0.46%
  • IGE 0.37%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K$8K$10K051015202530GUNR $9,230IGE $7,513

Year by year

YearGUNRIGEOverpaying
10$830$670$160
20$3,195$2,590$605
30$9,230$7,513$1,717

Expense ratio

  • 0.46%GUNR
  • 0.37%IGE, cheaper
  • Middle half of Natural Resources funds
  • Median 0.46%

IGE 2nd cheapest of 14 funds

GUNR 8th cheapest of 14 funds

GUNR vs IGE Dividends

Last 12 months to Nov 2, 2026
Yield (12M)
GUNR 2.32%, better
IGE 1.85%
Payout (12M)
GUNR $1.23
IGE $1.20
Last payment
GUNR $0.37
IGE $0.32
Ex-dividend
GUNR Sep 18, 2026
IGE Sep 15, 2026
Paid on
GUNR Sep 24, 2026
IGE Sep 18, 2026
Frequency
GUNR Quarterly
IGE Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

GUNRQuarterly · 39 paymentsAll GUNR payments⁠
One bar per payment. 39 payments from 2017 to 2026 YTD. Mar 20, 2017 $0.12; Jun 19, 2017 $0.20; Sep 18, 2017 $0.22; Dec 21, 2017 $0.12; Mar 19, 2018 $0.16; Jun 18, 2018 $0.28; Sep 24, 2018 $0.29; Dec 21, 2018 $0.22; Mar 15, 2019 $0.29; Jun 21, 2019 $0.30; Sep 20, 2019 $0.29; Dec 20, 2019 $0.21; Mar 20, 2020 $0.26; Jun 19, 2020 $0.19; Sep 18, 2020 $0.27; Dec 18, 2020 $0.19; Mar 19, 2021 $0.24; Jun 18, 2021 $0.24; Sep 17, 2021 $0.54; Dec 17, 2021 $0.40; Mar 18, 2022 $0.35; Jun 17, 2022 $0.61; Sep 16, 2022 $0.58; Dec 16, 2022 $0.24; Mar 17, 2023 $0.17; Jun 16, 2023 $0.53; Sep 15, 2023 $0.30; Dec 15, 2023 $0.46; Mar 15, 2024 $0.16; Jun 21, 2024 $0.43; Sep 20, 2024 $0.32; Dec 20, 2024 $0.32; Mar 21, 2025 $0.27; Jun 20, 2025 $0.35; Sep 19, 2025 $0.35; Dec 19, 2025 $0.32; Mar 20, 2026 $0.20; Jun 18, 2026 $0.35; Sep 18, 2026 $0.37. Use the arrow keys to read each point.$0$12017202020232026YTD
IGEQuarterly · 39 paymentsAll IGE payments⁠
One bar per payment. 39 payments from 2017 to 2026 YTD. Mar 24, 2017 $0.13; Jun 27, 2017 $0.15; Sep 26, 2017 $0.30; Dec 19, 2017 $0.17; Mar 22, 2018 $0.15; Jun 26, 2018 $0.17; Sep 26, 2018 $0.18; Dec 17, 2018 $0.24; Mar 20, 2019 $0.16; Jun 17, 2019 $0.22; Sep 24, 2019 $0.21; Dec 16, 2019 $1.08; Mar 25, 2020 $0.20; Jun 15, 2020 $0.17; Sep 23, 2020 $0.21; Dec 14, 2020 $0.20; Mar 25, 2021 $0.24; Jun 10, 2021 $0.17; Sep 24, 2021 $0.27; Dec 13, 2021 $0.24; Mar 24, 2022 $0.22; Jun 9, 2022 $0.23; Sep 26, 2022 $0.42; Dec 13, 2022 $0.33; Mar 23, 2023 $0.29; Jun 7, 2023 $0.23; Sep 26, 2023 $0.32; Dec 20, 2023 $0.32; Mar 21, 2024 $0.22; Jun 11, 2024 $0.27; Sep 25, 2024 $0.32; Dec 17, 2024 $0.27; Mar 18, 2025 $0.24; Jun 16, 2025 $0.27; Sep 16, 2025 $0.30; Dec 16, 2025 $0.36; Mar 17, 2026 $0.24; Jun 15, 2026 $0.29; Sep 15, 2026 $0.32. Use the arrow keys to read each point.$0$12017202020232026YTD

GUNR vs IGE Risk

Fall from peak · 5 years

  • GUNR
  • IGE
Nov 2, 2021 to Nov 2, 2026. Worst fall: GUNR −24.0% · Jul 2022. Use the arrow keys to read each point.−20%−15%−10%−5%0%Nov 2021May 2024Nov 2026

Risk facts

VolatilityStd dev, 3 years
GUNR 15.4%, betterIGE 17.9%
Return per unit of riskSharpe ratio, 3 years
GUNR 0.69IGE 0.93, better
Worst fallMax drawdown, 5 years
GUNR −24.0%, betterIGE −25.7%
Market sensitivityBeta, 5 years
GUNR 0.46IGE 0.30

Popular comparisons

  • GUNRBvsGNRA

    Northern Trust Morningstar Global Upstream Natural Resources ETF · State Street SPDR S&P Global Natural Resources ETF

    Expense ratio
    0.46% · 0.40%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • IGEAvsGNRA

    iShares North American Natural Resources ETF · State Street SPDR S&P Global Natural Resources ETF

    Expense ratio
    0.37% · 0.40%
    Category
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  • GUNRBvsNANRA

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    Expense ratio
    0.46% · 0.35%
    Category
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  • IGEAvsNANRA

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    0.37% · 0.35%
    Category
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  • GUNRBvsHAPB

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  • IGEAvsHAPB

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    Category
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