HAP vs NANR: Grades, Fees and Holdings Compared

VanEck Natural Resources ETF

HAPANYSE Arca

State Street SPDR S&P North American Natural Resources ETF

NANRANYSE Arca

Overlap

33.2%by weight

Expense ratio

NANR −0.06pt a year

HAP0.41%NANR0.35%

Avg volume · 30D

NANR 1.02×the volume

HAP27.9KNANR28.5K

10Y return · a year

NANR +1.1pt

HAP+11.9%NANR+13.0%

HAP vs NANR Performance

Oct 29, 2021 – Oct 30, 2026

+78.0%HAP+123.4%NANR

Expense ratio: HAP 0.41%; NANR 0.35%, better
Fund size: HAP $326M; NANR $840M
1Y total return: HAP +32.5%; NANR +40.2%, better
Yield (12M): HAP 1.84%, better; NANR 1.63%
Holdings: HAP 130; NANR 204
Avg volume (30D): HAP 27.9K sh; NANR 28.5K sh, better
NAV per share: HAP $74.17; NANR $87.29
52W range

ETF.net Grade

Pillar letters and Scores for HAP, NANR, with each pillar’s weight
Pillar	HAP	NANR
Cost30% weight	B68	A99Higher
Mission25% weight	Not scored	A72
Risk15% weight	A74Higher	C54
Tradability15% weight	B64	B65Higher
Holdings10% weight	A73Higher	C53
Durability5% weight	B60	A81Higher

Rank among Natural Resources funds

How we build Categories ›

Same Category. HAP 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 ›

NANR ranks 2nd 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

NANRAState Street SPDR S&P 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.

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

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.

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

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.

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

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.

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 HAP profile⁠

Full NANR profile⁠

HAP vs NANR Holdings

How HAP and NANR differ

Overlap by weight

33.2%

Shared holdings make up 59.7% of NANR and 33.5% of HAP.

Level by level

Holdings36 in both33.2%
Countryby domicile66.1%
Sector10 Sectors72.7%
Asset classEquity100%

Sector

Sector weights in HAP and NANR, widest gap first
Sector	More in HAPMore in NANR	HAP	NANR
Energy	NANR +17.7 points	31.3%	49.0%
Industrials	HAP +11.3 points	11.6%	0.3%
Utilities	HAP +9.1 points	9.1%	0.0%
Consumer Discretionary	NANR +6.0 points	0.3%	6.3%
Health Care	HAP +3.7 points	3.7%	0.0%
Financials	NANR +2.9 points	0.0%	2.9%
Consumer Staples	HAP +2.0 points	6.2%	4.2%
Technology	HAP +0.8 points	0.8%	0.0%
Real Estate	NANR +0.7 points	0.5%	1.2%
Materials	HAP +0.4 points	36.5%	36.1%

Country, concentration and asset class

Country by domicile

Country weights in HAP and NANR, widest gap first
Country	More in HAPMore in NANR	HAP	NANR
United States	NANR +21.0 points	50.4%	71.4%
Canada	NANR +11.5 points	14.2%	25.7%
United Kingdom	HAP +5.4 points	6.7%	1.3%
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 (16)	HAP +10.0 points	11.5%	1.5%

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

Concentration

Weight in the 10 largest Holdings

HAP37.9%
NANR41.2%

Securities held

HAP124
NANR202

Asset class

HAP: Equity
NANR: Equity

Holdings

Only in HAP88
In both36
Only in NANR166

Only in HAP

88 securities, 66.4% of HAP by weight

Deere & Co5.15%
Iberdrola Sa4.31%
Bayer Ag3.57%
Nextera Energy Inc3.50%
Bhp Group Ltd2.80%
Shell Plc2.53%
Nutrien Ltd2.13%
Totalenergies Se1.95%
Agnico Eagle Mines Ltd1.63%
Rio Tinto Plc1.49%
Bloom Energy Corp1.47%
Kubota Corp1.25%
Barrick Mining Corp1.18%
Bp Plc1.13%
Enbridge Inc0.99%
Anglo American Plc0.97%
Tyson Foods Inc0.96%
Suncor Energy Inc0.86%
Mowi Asa0.85%
Canadian Natural Resources Ltd0.84%
Wheaton Precious Metals Corp0.81%
Vestas Wind Systems A/S0.79%
Grupo Mexico Sab De Cv0.74%
Toro Co/The0.73%
Reliance Industries Ltd0.71%
Franco-Nevada Corp0.71%
Cameco Corp0.70%
Williams Cos Inc/The0.69%
Vale Sa0.68%
Eni Spa0.64%
Cnh Industrial Nv0.64%
Wilmar International Ltd0.61%
Yara International Asa0.60%
Teck Resources Ltd0.60%
Cheniere Energy Inc0.56%
Tc Energy Corp0.54%
Arcelormittal Sa0.53%
Rio Tinto Ltd0.52%
Kinder Morgan Inc0.51%
Edp Sa0.50%
Axia Energia Sa0.49%
Upm-Kymmene Oyj0.47%
Gold Fields Ltd0.46%
Oneok Inc0.46%
First Solar Inc0.46%
Targa Resources Corp0.45%
Kinross Gold Corp0.43%
Nippon Steel Corp0.41%
Northern Star Resources Ltd0.40%
Equinor Asa0.40%

Only in NANR

166 securities, 40.2% of NANR by weight

Agnico Eagle Mines Ltd2.76%
Nutrien Ltd2.00%
Barrick Mining Corp1.97%
Canadian Natural Resources1.97%
Wheaton Precious Metals Corp1.73%
Suncor Energy Inc1.58%
Franco Nevada Corp1.39%
Packaging Corp of America1.38%
Smurfit Westrock PLC1.36%
Amcor PLC1.33%
International Paper Co1.17%
Teck Resources Ltd Cls B0.95%
Avery Dennison Corp0.84%
Kinross Gold Corp0.79%
Cenovus Energy Inc0.73%
Cameco Corp0.63%
Pan American Silver Corp0.53%
Halliburton Co0.52%
Technipfmc PLC0.45%
Alamos Gold Inc Class A0.37%
Permian Resources Corp Class A0.37%
Equinox Gold Corp0.37%
Expand Energy Corp0.36%
Ovintiv Inc0.34%
Imperial Oil Ltd0.34%
Texas Pacific Land Corp0.33%
Alcoa Corp0.33%
Hudbay Minerals Inc0.32%
Apa Corp0.31%
Tourmaline Oil Corp0.31%
Sonoco Products 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%
West Fraser Timber Co Ltd0.24%
First Majestic Silver Corp0.23%
Commercial Metals Co0.22%
Antero Resources Corp0.22%
Range Resources Corp0.22%
Mp Materials Corp0.19%
Or Royalties Inc0.19%
B2GOLD Corp0.19%
Capstone Copper Corp0.18%
Ssr Mining Inc0.18%
Oceanagold Corp0.17%
Scotts Miracle Gro Co0.17%
Ivanhoe Mines Ltd Class A0.16%

Weight gaps

All 36 Holdings in both funds, largest gap first.

Holding weights in HAP and NANR, widest gap first
Holding	More in HAPMore in NANR	HAP	NANR
Exxon Mobil CorpXOM	NANR +5.64 points	5.89%	11.53%
Chevron CorpCVX	NANR +2.19 points	5.72%	7.91%
Newmont CorpNEM	NANR +2.00 points	1.65%	3.65%
ConocophillipsCOP	NANR +1.76 points	1.36%	3.12%
Freeport-Mcmoran IncFCX	NANR +1.51 points	1.43%	2.94%
Marathon Petroleum CorpMPC	NANR +1.22 points	0.88%	2.10%
Nucor CorpNUE	NANR +1.18 points	0.76%	1.94%
Valero Energy CorpVLO	NANR +1.11 points	0.80%	1.91%
Phillips 66PSX	NANR +1.09 points	0.80%	1.89%
Eog Resources IncEOG	NANR +0.98 points	0.49%	1.47%
Schlumberger NvSLB	NANR +0.79 points	0.59%	1.38%
Vylor IncVYLR	NANR +0.64 points	2.33%	2.97%
Baker Hughes CoBKR	NANR +0.60 points	0.34%	0.94%
Devon Energy CorpDVN	NANR +0.53 points	0.44%	0.97%
Weyerhaeuser CoWY	NANR +0.53 points	0.34%	0.87%
Steel Dynamics IncSTLD	NANR +0.52 points	0.54%	1.06%
Archer-Daniels-Midland CoADM	NANR +0.51 points	1.74%	2.25%
Anglogold Ashanti PlcAU	NANR +0.49 points	0.64%	1.13%
Occidental Petroleum CorpOXY	NANR +0.45 points	0.35%	0.80%
Diamondback Energy IncFANG	NANR +0.37 points	0.36%	0.73%
Reliance Steel & Aluminum CoRS	NANR +0.34 points	0.36%	0.70%
Royal Gold IncRGLD	NANR +0.34 points	0.28%	0.62%
Eqt CorpEQT	NANR +0.31 points	0.28%	0.59%
First Quantum Minerals Ltd	NANR +0.29 points	0.23%	0.52%
Bunge Global SaBG	NANR +0.23 points	0.70%	0.93%
Coeur Mining IncCDE	NANR +0.22 points	0.23%	0.45%
Lundin Mining Corp	NANR +0.21 points	0.26%	0.47%
Ingredion IncINGR	HAP +0.15 points	0.52%	0.37%
Rayonier IncRYN	NANR +0.13 points	0.19%	0.32%
Hecla Mining CoHL	NANR +0.13 points	0.17%	0.30%
Corteva IncCTVA	NANR +0.10 points	0.37%	0.47%
Darling Ingredients IncDAR	HAP +0.10 points	0.63%	0.53%
Mosaic Co/TheMOS	HAP +0.08 points	0.43%	0.35%
G Mining Ventures Corp	NANR +0.06 points	0.15%	0.21%
Lundin Gold Inc	NANR +0.02 points	0.17%	0.19%
Cf Industries Holdings IncCF	Same weight	1.09%	1.09%

All 146 HAP 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.

HAP vs NANR Cost

Overpaying HAP vs NANR

$1,155

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

HAP 0.41%
$8,281
NANR 0.35%
$7,126

Amount$10,000

Years30 years

Cost over time

HAP 0.41%
NANR 0.35%
Overpaying

Year by year

Year	HAP	NANR	Overpaying
10	$741	$634	$107
20	$2,860	$2,454	$406
30	$8,281	$7,126	$1,155

Expense ratio

0.41%HAP
0.35%NANR, cheaper

NANR0.35%HAP0.41%

0.35%0.79%

Middle half of Natural Resources funds
Median 0.46%

NANR cheapest of 14 funds

HAP 5th cheapest of 14 funds

HAP vs NANR Dividends

Last 12 months to Oct 30, 2026

Yield (12M): HAP 1.84%, better; NANR 1.63%
Payout (12M): HAP $1.36; NANR $1.41
Last payment: HAP $1.36; NANR $0.71
Ex-dividend: HAP Dec 22, 2025; NANR Jun 1, 2026
Paid on: HAP Dec 26, 2025; NANR Jun 3, 2026
Frequency: HAP Annual; NANR Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

HAPAnnual · 9 paymentsAll HAP payments⁠

NANRTwice a year · 19 paymentsAll NANR payments⁠

HAP vs NANR Risk

Fall from peak · 5 years

HAP
NANR

Risk facts

VolatilityStd dev, 3 years: HAP 15.1%, betterNANR 19.1%
Return per unit of riskSharpe ratio, 3 years: HAP 0.98, betterNANR 0.95
Worst fallMax drawdown, 5 years: HAP −25.7%, betterNANR −26.4%
Market sensitivityBeta, 5 years: HAP 0.59NANR 0.49; Market = 1

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