HAP vs TURF: Grades, Fees and Holdings Compared

VanEck Natural Resources ETF

HAPBNYSE Arca

T. Rowe Price Natural Resources ETF

TURFBNasdaq

Overlap

18.3%by weight

Expense ratio

HAP −0.03pt a year

HAP0.41%TURF0.44%

Avg volume · 30D

TURF 2.7×the volume

HAP27.9KTURF74.3K

HAP vs TURF Performance

Oct 31, 2025 – Nov 2, 2026

+31.6%HAP+23.5%TURF

Expense ratio: HAP 0.41%, better; TURF 0.44%
Fund size: HAP $326M; TURF $340M
1Y total return: HAP +31.6%, better; TURF +23.5%
Yield (12M): HAP 1.85%; TURF No data
Holdings: HAP 130; TURF 96
Avg volume (30D): HAP 27.9K sh; TURF 74.3K sh, better
NAV per share: HAP $74.17; TURF $33.75
52W range

ETF.net Grade

Pillar letters and Scores for HAP, TURF, with each pillar’s weight
Pillar	HAP	TURF
Cost30% weight	B68Higher	B61
Mission25% weight	Not scored	Not scored
Risk15% weight	A75Higher	C43
Tradability15% weight	B64	B68Higher
Holdings10% weight	A73	A76Higher
Durability5% weight	B58Higher	C49

Rank among Natural Resources funds

How we build Categories ›

Same Category. HAP 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 ›

HAP ranks 4th 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 4BHAPVanEck Natural Resources ETFScore 68
Rank 5BCCNRALPS Funds CoreCommodity Natural Resources ETFScore 62
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

HAPBVanEck Natural Resources ETF

TURFBT. Rowe Price 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.

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

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.

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

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.

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

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.

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 HAP profile⁠

Full TURF profile⁠

HAP vs TURF Holdings

How HAP and TURF differ

Overlap by weight

18.3%

Shared holdings make up 29.3% of TURF and 21.7% of HAP.

Level by level

Holdings22 in both18.3%
Countryby domicile69.4%
Sector9 Sectors74.4%
Asset classEquity100%

Sector

Sector weights in HAP and TURF, widest gap first
Sector	More in HAPMore in TURF	HAP	TURF
Materials	TURF +13.3 points	36.5%	49.8%
Industrials	HAP +11.5 points	11.6%	0.1%
Utilities	HAP +9.0 points	9.1%	0.1%
Consumer Staples	TURF +8.3 points	6.2%	14.5%
Health Care	HAP +3.7 points	3.7%	0.0%
Energy	TURF +3.4 points	31.3%	34.7%
Technology	HAP +0.8 points	0.8%	0.0%
Consumer Discretionary	TURF +0.5 points	0.3%	0.8%
Real Estate	HAP +0.5 points	0.5%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in HAP and TURF, widest gap first
Country	More in HAPMore in TURF	HAP	TURF
Canada	TURF +16.1 points	14.2%	30.3%
United States	HAP +13.7 points	50.4%	36.7%
Spain	HAP +4.9 points	4.9%	0.0%
Germany	HAP +3.6 points	3.6%	0.0%
China	TURF +3.5 points	0.3%	3.8%
Norway	TURF +3.0 points	1.9%	4.9%
Japan	HAP +2.1 points	2.1%	0.0%
Switzerland	TURF +2.0 points	0.0%	2.0%
Other countries (17)	HAP +0.3 points	22.6%	22.3%

Outside the US: HAP 89% developed, 11% emerging. TURF 88% developed, 12% emerging.

Concentration

Weight in the 10 largest Holdings

HAP38.6%
TURF37.4%

Securities held

HAP124
TURF89

Asset class

HAP: Equity
TURF: Equity

Holdings

Only in HAP102
In both22
Only in TURF67

Only in HAP

102 securities, 77.7% of HAP by weight

Exxon Mobil Corp6.03%
Deere & Co5.28%
Iberdrola Sa4.33%
Bayer Ag3.75%
Nextera Energy Inc3.58%
Bhp Group Ltd2.72%
Shell Plc2.56%
Nutrien Ltd2.16%
Archer-Daniels-Midland Co1.76%
Newmont Corp1.58%
Agnico Eagle Mines Ltd1.53%
Rio Tinto Plc1.47%
Bloom Energy Corp1.35%
Kubota Corp1.23%
Bp Plc1.14%
Barrick Mining Corp1.13%
Enbridge Inc1.00%
Marathon Petroleum Corp0.90%
Suncor Energy Inc0.88%
Canadian Natural Resources Ltd0.86%
Valero Energy Corp0.83%
Phillips 660.83%
Vestas Wind Systems A/S0.78%
Wheaton Precious Metals Corp0.77%
Nucor Corp0.76%
Toro Co/The0.73%
Reliance Industries Ltd0.72%
Grupo Mexico Sab De Cv0.71%
Franco-Nevada Corp0.69%
Williams Cos Inc/The0.68%
Cnh Industrial Nv0.67%
Eni Spa0.65%
Cameco Corp0.64%
Darling Ingredients Inc0.63%
Anglogold Ashanti Plc0.60%
Schlumberger Nv0.59%
Cheniere Energy Inc0.59%
Wilmar International Ltd0.58%
Teck Resources Ltd0.57%
Tc Energy Corp0.54%
Steel Dynamics Inc0.54%
Ingredion Inc0.52%
Arcelormittal Sa0.51%
Rio Tinto Ltd0.51%
Kinder Morgan Inc0.51%
Edp Sa0.50%
Eog Resources Inc0.50%
Axia Energia Sa0.49%
Targa Resources Corp0.46%
Oneok Inc0.46%

Only in TURF

67 securities, 73.1% of TURF by weight

Exxonmobil Holdings Corp Common Stock5.80%
Shell PLC Common Stock EUR.075.13%
Bhp Group Ltd Common Stock4.00%
Nutrien Ltd Common Stock3.86%
Archer Daniels Midland Co Common Stock3.26%
Yuan Renminbi Offshore3.15%
Canadian Natural Resources Common Stock3.03%
Suncor Energy Inc Common Stock2.78%
Agnico Eagle Mines Ltd Common Stock2.62%
Cenovus Energy Inc Common Stock1.90%
Glencore PLC Common Stock USD.011.89%
Muyuan Foods Group Co Ltd A Common Stock CNY1.01.86%
Franco Nevada Corp Common Stock1.59%
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%
Cameco Corp Common Stock1.31%
United Plantations Bhd Common Stock1.22%
West Fraser Timber Co Ltd Common Stock1.20%
Petrobras Petroleo Bras Pr Preference1.15%
Zijin Mining Group Co Ltd A Common Stock CNY.11.14%
Wheaton Precious Metals Corp Common Stock1.10%
Headwater Exploration Inc Common Stock0.91%
Tourmaline Oil Corp Common Stock0.86%
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%
Kinross Gold Corp Common Stock0.73%
Artemis Gold Inc Common Stock0.73%
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%
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%

Weight gaps

All 22 Holdings in both funds, largest gap first.

Holding weights in HAP and TURF, widest gap first
Holding	More in HAPMore in TURF	HAP	TURF
Chevron CorpCVX	HAP +2.01 points	5.83%	3.82%
Tyson Foods IncTSN	TURF +1.30 points	0.98%	2.28%
ConocophillipsCOP	TURF +1.22 points	1.40%	2.62%
Vylor IncVYLR	HAP +1.14 points	2.33%	1.19%
Mowi Asa	TURF +1.14 points	0.87%	2.01%
Freeport-Mcmoran IncFCX	TURF +1.03 points	1.35%	2.38%
Cf Industries Holdings IncCF	TURF +0.92 points	1.14%	2.06%
First Quantum Minerals Ltd	TURF +0.76 points	0.22%	0.98%
Bunge Global SaBG	TURF +0.75 points	0.70%	1.45%
Mosaic Co/TheMOS	TURF +0.71 points	0.43%	1.14%
G Mining Ventures Corp	TURF +0.56 points	0.14%	0.70%
Ufp Industries IncUFPI	TURF +0.56 points	0.18%	0.74%
Stora Enso Oyj	TURF +0.48 points	0.23%	0.71%
Southern Copper CorpSCCO	TURF +0.46 points	0.35%	0.81%
Diamondback Energy IncFANG	TURF +0.40 points	0.38%	0.78%
Occidental Petroleum CorpOXY	TURF +0.30 points	0.36%	0.66%
Eqt CorpEQT	TURF +0.25 points	0.28%	0.53%
Vale SaVALE	HAP +0.14 points	0.69%	0.55%
Anglo American PlcAAL.L	HAP +0.12 points	0.93%	0.81%
Antofagasta PlcANTO.L	TURF +0.12 points	0.34%	0.46%
Yara International Asa	TURF +0.11 points	0.61%	0.72%
Totalenergies SeTTE	HAP +0.04 points	1.98%	1.94%

All 146 HAP 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.

HAP vs TURF Cost

Overpaying TURF vs HAP

$571

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

HAP 0.41%
$8,281
TURF 0.44%
$8,852

Amount$10,000

Years30 years

Cost over time

HAP 0.41%
TURF 0.44%
Overpaying

Year by year

Year	HAP	TURF	Overpaying
10	$741	$794	$53
20	$2,860	$3,061	$201
30	$8,281	$8,852	$571

Expense ratio

0.41%HAP, cheaper
0.44%TURF

HAP0.41%TURF0.44%

0.35%0.79%

Middle half of Natural Resources funds
Median 0.46%

HAP 5th cheapest of 14 funds

TURF 6th cheapest of 14 funds

HAP vs TURF Dividends

Last 12 months to Nov 2, 2026

Yield (12M): HAP 1.85%; TURF No data
Payout (12M): HAP $1.36; TURF No data
Last payment: HAP $1.36; TURF $0.43
Ex-dividend: HAP Dec 22, 2025; TURF Dec 23, 2025
Paid on: HAP Dec 26, 2025; TURF Dec 26, 2025
Frequency: HAP Annual; TURF Irregular

Distribution history

Per share, 2017 to 2026, same scale for both

HAPAnnual · 9 paymentsAll HAP payments⁠

TURFIrregular · 1 paymentAll TURF payments⁠

HAP vs TURF Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: HAP 15.1%TURF 19.7%since Jul 2025
Return per unit of riskSharpe ratio, 3 years: HAP 0.98TURF 1.08since Jul 2025
Worst fallMax drawdown, 5 years: HAP −25.7%TURF −13.2%since Jun 2025
Market sensitivityBeta, 5 years: HAP 0.59TURF −0.07; Market = 1

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