HAP vs IGE: Grades, Fees and Holdings Compared

VanEck Natural Resources ETF

HAPANYSE Arca

iShares North American Natural Resources ETF

IGEACboe

Overlap

35.7%by weight

Expense ratio

IGE −0.04pt a year

HAP0.41%IGE0.37%

Avg volume · 30D

IGE 5.2×the volume

HAP27.9KIGE144K

10Y return · a year

HAP +1.5pt

HAP+11.9%IGE+10.4%

HAP vs IGE Performance

Oct 29, 2021 – Oct 30, 2026

+78.0%HAP+137.4%IGE

Expense ratio: HAP 0.41%; IGE 0.37%, better
Fund size: HAP $326M; IGE $839M
1Y total return: HAP +32.5%; IGE +42.6%, better
Yield (12M): HAP 1.84%, better; IGE 1.81%
Holdings: HAP 130; IGE 153
Avg volume (30D): HAP 27.9K sh; IGE 144K sh, better
NAV per share: HAP $74.17; IGE $66.58
52W range

ETF.net Grade

Pillar letters and Scores for HAP, IGE, with each pillar’s weight
Pillar	HAP	IGE
Cost30% weight	B68	A91Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	A74Higher	B64
Tradability15% weight	B64	A85Higher
Holdings10% weight	A73Higher	D37
Durability5% weight	B60	A79Higher

Rank among Natural Resources funds

How we build Categories ›

Same Category. HAP 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 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

HAPAVanEck Natural Resources ETF

IGEAiShares North American Natural Resources ETF

In short

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.

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

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.

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

Why people hold it

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.

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

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.

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 HAP profile⁠

Full IGE profile⁠

HAP vs IGE Holdings

How HAP and IGE differ

Overlap by weight

35.7%

Shared holdings make up 78.7% of IGE and 35.8% of HAP.

Level by level

Holdings41 in both35.7%
Sector9 Sectors53.9%
Countryby domicile64.6%
Asset classEquity100%

Sector

Sector weights in HAP and IGE, widest gap first
Sector	More in HAPMore in IGE	HAP	IGE
Energy	IGE +43.4 points	31.3%	74.7%
Materials	HAP +14.5 points	36.5%	22.0%
Industrials	HAP +11.5 points	11.6%	0.1%
Utilities	HAP +9.1 points	9.1%	0.0%
Consumer Staples	HAP +6.2 points	6.2%	0.0%
Health Care	HAP +3.5 points	3.7%	0.2%
Consumer Discretionary	IGE +2.7 points	0.3%	3.0%
Technology	HAP +0.8 points	0.8%	0.0%
Real Estate	HAP +0.5 points	0.5%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in HAP and IGE, widest gap first
Country	More in HAPMore in IGE	HAP	IGE
United States	IGE +26.3 points	50.4%	76.7%
Canada	IGE +9.1 points	14.2%	23.3%
United Kingdom	HAP +6.7 points	6.7%	0.0%
Spain	HAP +4.9 points	4.9%	0.0%
Australia	HAP +4.6 points	4.6%	0.0%
Germany	HAP +3.6 points	3.6%	0.0%
Japan	HAP +2.1 points	2.1%	0.0%
France	HAP +2.0 points	2.0%	0.0%
Other countries (15)	HAP +11.5 points	11.5%	0.0%

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

Concentration

Weight in the 10 largest Holdings

HAP37.9%
IGE45.3%

Securities held

HAP124
IGE149

Asset class

HAP: Equity
IGE: Equity

Holdings

Only in HAP83
In both41
Only in IGE108

Only in HAP

83 securities, 64.1% of HAP by weight

Deere & Co5.15%
Iberdrola Sa4.31%
Bayer Ag3.57%
Nextera Energy Inc3.50%
Bhp Group Ltd2.80%
Shell Plc2.53%
Vylor Inc2.33%
Nutrien Ltd2.13%
Totalenergies Se1.95%
Archer-Daniels-Midland Co1.74%
Rio Tinto Plc1.49%
Bloom Energy Corp1.47%
Kubota Corp1.25%
Bp Plc1.13%
Cf Industries Holdings Inc1.09%
Anglo American Plc0.97%
Tyson Foods Inc0.96%
Mowi Asa0.85%
Vestas Wind Systems A/S0.79%
Nucor Corp0.76%
Grupo Mexico Sab De Cv0.74%
Toro Co/The0.73%
Reliance Industries Ltd0.71%
Bunge Global Sa0.70%
Vale Sa0.68%
Eni Spa0.64%
Cnh Industrial Nv0.64%
Anglogold Ashanti Plc0.64%
Darling Ingredients Inc0.63%
Wilmar International Ltd0.61%
Yara International Asa0.60%
Steel Dynamics Inc0.54%
Arcelormittal Sa0.53%
Rio Tinto Ltd0.52%
Ingredion Inc0.52%
Edp Sa0.50%
Axia Energia Sa0.49%
Upm-Kymmene Oyj0.47%
Gold Fields Ltd0.46%
First Solar Inc0.46%
Mosaic Co/The0.43%
Nippon Steel Corp0.41%
Northern Star Resources Ltd0.40%
Equinor Asa0.40%
Petroleo Brasileiro Sa0.40%
Southern Copper Corp0.38%
Corteva Inc0.37%
Repsol Sa0.36%
Reliance Steel & Aluminum Co0.36%
Orsted As0.35%

Only in IGE

108 securities, 21.1% of IGE by weight

Crh Public Limited PLC1.44%
Vulcan Materials0.87%
Martin Marietta Materials0.77%
Halliburton0.72%
Technipfmc PLC0.64%
Packaging Corp of America0.54%
Smurfit Westrock PLC0.54%
Amcor PLC0.52%
Permian Resources Class A0.52%
Amrize AG0.50%
Expand Energy0.50%
Imperial Oil Ltd0.49%
Ovintiv0.48%
Texas Pacific Land0.46%
International Paper0.46%
Apa0.44%
Hf Sinclair0.42%
Ball Corp0.42%
Avery Dennison Corp0.33%
Antero Resources0.31%
Crown Holdings Inc0.30%
Range Resources0.30%
Dt Midstream0.30%
Equinox Gold0.27%
Alcoa Corp0.25%
Hudbay Minerals0.23%
Sm Energy0.23%
Viper Energy Inc Class A0.22%
Aptargroup0.21%
Chord Energy0.20%
Eldorado Gold0.19%
Venture Global Class A0.19%
Pbf Energy Class A0.18%
South Bow0.18%
Matador Resources0.17%
Antero Midstream0.17%
Transocean0.17%
Valaris Ltd0.17%
Nov0.16%
Weatherford International PLC0.16%
Magnolia Oil Gas Corp Class A0.15%
Noble Corporation PLC0.15%
Murphy Oil0.14%
Or Royalties Inc0.14%
Mp Materials Class A0.14%
B2GOLD0.14%
Eagle Materials Inc0.13%
Archrock0.13%
Cnx Resources0.13%
Nexgen Energy0.13%

Weight gaps

All 41 Holdings in both funds, largest gap first.

Holding weights in HAP and IGE, widest gap first
Holding	More in HAPMore in IGE	HAP	IGE
Exxon Mobil CorpXOM	IGE +5.46 points	5.89%	11.35%
Chevron CorpCVX	IGE +5.24 points	5.72%	10.96%
ConocophillipsCOP	IGE +3.04 points	1.36%	4.40%
Marathon Petroleum CorpMPC	IGE +2.09 points	0.88%	2.97%
Valero Energy CorpVLO	IGE +1.94 points	0.80%	2.74%
Canadian Natural Resources LtdCNQ	IGE +1.91 points	0.84%	2.75%
Phillips 66PSX	IGE +1.88 points	0.80%	2.68%
Enbridge IncENB	IGE +1.62 points	0.99%	2.61%
Eog Resources IncEOG	IGE +1.58 points	0.49%	2.07%
Williams Cos Inc/TheWMB	IGE +1.47 points	0.69%	2.16%
Suncor Energy IncSU	IGE +1.35 points	0.86%	2.21%
Schlumberger NvSLB	IGE +1.31 points	0.59%	1.90%
Targa Resources CorpTRGP	IGE +1.16 points	0.45%	1.61%
Kinder Morgan IncKMI	IGE +1.07 points	0.51%	1.58%
Cheniere Energy IncLNG	IGE +1.06 points	0.56%	1.62%
Tc Energy CorpTRP	IGE +1.06 points	0.54%	1.60%
Newmont CorpNEM	IGE +1.02 points	1.65%	2.67%
Oneok IncOKE	IGE +1.00 points	0.46%	1.46%
Baker Hughes CoBKR	IGE +0.96 points	0.34%	1.30%
Devon Energy CorpDVN	IGE +0.92 points	0.44%	1.36%
Occidental Petroleum CorpOXY	IGE +0.76 points	0.35%	1.11%
Freeport-Mcmoran IncFCX	IGE +0.70 points	1.43%	2.13%
Diamondback Energy IncFANG	IGE +0.67 points	0.36%	1.03%
Cenovus Energy IncCVE	IGE +0.65 points	0.37%	1.02%
Eqt CorpEQT	IGE +0.54 points	0.28%	0.82%
Wheaton Precious Metals CorpWPM	IGE +0.45 points	0.81%	1.26%
Pembina Pipeline CorpPBA	IGE +0.40 points	0.31%	0.71%
Agnico Eagle Mines LtdAEM	IGE +0.36 points	1.63%	1.99%
Franco-Nevada CorpFNV	IGE +0.32 points	0.71%	1.03%
Barrick Mining CorpB	IGE +0.27 points	1.18%	1.45%
Royal Gold IncRGLD	IGE +0.18 points	0.28%	0.46%
Kinross Gold CorpKGC	IGE +0.14 points	0.43%	0.57%
Cameco CorpCCJ	IGE +0.10 points	0.70%	0.80%
Teck Resources LtdTECK	IGE +0.10 points	0.60%	0.70%
West Fraser Timber Co LtdWFG	HAP +0.10 points	0.19%	0.09%
Coeur Mining IncCDE	IGE +0.09 points	0.23%	0.32%
Pan American Silver CorpPAAS	IGE +0.06 points	0.32%	0.38%
Hecla Mining CoHL	IGE +0.05 points	0.17%	0.22%
Alamos Gold IncAGI	IGE +0.03 points	0.24%	0.27%
Iamgold CorpIAG	IGE +0.03 points	0.18%	0.21%
First Majestic Silver CorpAG	Same weight	0.17%	0.17%

All 146 HAP 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.

HAP vs IGE Cost

Overpaying HAP vs IGE

$768

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

HAP 0.41%
$8,281
IGE 0.37%
$7,513

Amount$10,000

Years30 years

Cost over time

HAP 0.41%
IGE 0.37%
Overpaying

Year by year

Year	HAP	IGE	Overpaying
10	$741	$670	$71
20	$2,860	$2,590	$270
30	$8,281	$7,513	$768

Expense ratio

0.41%HAP
0.37%IGE, cheaper

IGE0.37%HAP0.41%

0.35%0.79%

Middle half of Natural Resources funds
Median 0.46%

IGE 2nd cheapest of 14 funds

HAP 5th cheapest of 14 funds

HAP vs IGE Dividends

Last 12 months to Oct 30, 2026

Yield (12M): HAP 1.84%, better; IGE 1.81%
Payout (12M): HAP $1.36; IGE $1.20
Last payment: HAP $1.36; IGE $0.32
Ex-dividend: HAP Dec 22, 2025; IGE Sep 15, 2026
Paid on: HAP Dec 26, 2025; IGE Sep 18, 2026
Frequency: HAP Annual; IGE Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

HAPAnnual · 9 paymentsAll HAP payments⁠

IGEQuarterly · 39 paymentsAll IGE payments⁠

HAP vs IGE Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: HAP 15.1%, betterIGE 17.9%
Return per unit of riskSharpe ratio, 3 years: HAP 0.98, betterIGE 0.93
Worst fallMax drawdown, 5 years: HAP −25.7%IGE −25.7%
Market sensitivityBeta, 5 years: HAP 0.59IGE 0.30; Market = 1

Popular comparisons

HAPAvsGNRA
VanEck Natural Resources ETF · State Street SPDR S&P Global Natural Resources ETF
Expense ratio
0.41% · 0.40%
Category
IGEAvsGNRA
iShares North American Natural Resources ETF · State Street SPDR S&P Global Natural Resources ETF
Expense ratio
0.37% · 0.40%
Category
HAPAvsNANRA
VanEck Natural Resources ETF · State Street SPDR S&P North American Natural Resources ETF
Expense ratio
0.41% · 0.35%
Category
IGEAvsNANRA
iShares North American Natural Resources ETF · State Street SPDR S&P North American Natural Resources ETF
Expense ratio
0.37% · 0.35%
Category
HAPAvsCCNRB
VanEck Natural Resources ETF · ALPS Funds CoreCommodity Natural Resources ETF
Expense ratio
0.41% · 0.39%
Category
IGEAvsCCNRB
iShares North American Natural Resources ETF · ALPS Funds CoreCommodity Natural Resources ETF
Expense ratio
0.37% · 0.39%
Category