GNR vs SPY
State Street SPDR S&P Global Natural Resources ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, GNR or SPY?
Each has led over a different period.
SPY has a lower expense ratio. GNR led over 1Y, SPY over 3Y, 5Y and the full window. GNR is less concentrated, with 34.5% of the fund in its ten largest positions against 38.0%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | GNR | SPY |
|---|---|---|
| Expense Ratio | 0.40% | 0.09%Best |
| AUM | $5.2B | $804.7B |
| Dividend Yield | 2.34% | 0.98% |
| Holdings | 112 | 505 |
| YTD Return | +25.73%Best | +12.47% |
| 1Y Return | +37.49%Best | +17.51% |
| 3Y Return (annualized) | +15.78% | +21.18%Best |
| 5Y Return (annualized) | +12.58% | +12.88%Best |
| Volatility (annualized) | 19.6% | 14.1%Best |
| Max Drawdown | -60.6% | -34.1%Best |
| $10,000 over 5 years | $18,084 | $18,327Best |
| Top 10 Weight | 34.5%Best | 38.0% |
| Fund Family | SPDR State Street Global Advisors | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Sep 13, 2010 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Sep 14, 2010 to Sep 11, 2026 (16 years).
GNR vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 16 years both funds cover.
GNR vs SPY Performance
State Street SPDR S&P Global Natural Resources ETF (GNR) is an ETF from SPDR State Street Global Advisors and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year GNR returned +37.49% while SPY returned +17.51%. Year to date, GNR is up 25.73% versus a gain of 12.47% for SPY.
Over three years, GNR compounded at +15.78% per year against +21.18% for SPY; over five years the annualized figures are +12.58% and +12.88% respectively. Across the full 16-year window we track, SPY has the edge at +13.24% annualized vs +4.10%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
GNR has been the more volatile fund, with annualized monthly volatility of 19.6% compared with 14.1% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -60.6% for GNR and -34.1% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.70. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
GNR charges 0.40% per year while SPY charges 0.09%. On a $10,000 position that is $40 vs $9 annually, a gap of $31 per year that compounds over a long holding period. On income, GNR currently yields 2.34% against 0.98% for SPY.
Holdings Overlap
33.7% of GNR's money is in holdings SPY also owns. 3.5% of SPY's money is in holdings GNR also owns.
The two portfolios partly overlap.
29 positions in common, counted across the 92 positions we hold weights for in GNR and 504 in SPY, against full books of 112 and 505.
What only one of them owns
Our book lists 467 positions for SPY that do not appear in our book for GNR (96.2% of the fund), and 16 for GNR that do not appear in SPY (13.5%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in GNR | Weight in SPY | Difference |
|---|---|---|---|
| XOMExxon Mobil Corp. | 4.58% | 0.96% | 3.62% |
| NEMNewmont Corp. | 2.95% | 0.16% | 2.79% |
| CVXChevron Corp. | 2.50% | 0.54% | 1.96% |
| CTVACorteva Inc. | 2.71% | 0.08% | 2.63% |
| FCX:ARFreeport-mcmoran Inc. (class B) | 2.39% | 0.15% | 2.24% |
| ADMArcher-Daniels-Midland Co. | 1.93% | 0.06% | 1.87% |
| NUENucor Corp. | 1.49% | 0.09% | 1.40% |
| SWSmurfit WestRock plc Common Shares | 1.32% | 0.04% | 1.28% |
| COPConocophillips Co | 1.03% | 0.22% | 0.81% |
| PKGPackaging Corp. Of America | 1.20% | 0.03% | 1.17% |
33.7% of GNR is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, GNR or SPY?
GNR has an expense ratio of 0.40% while SPY charges 0.09%. SPY is the cheaper option, by $31 a year on a $10,000 investment.
Which performed better, GNR or SPY?
Over the past year GNR returned +37.49% vs +17.51% for SPY, so GNR leads on 1-year performance. Over the longest common window we track (16 years), GNR annualized +4.10% vs +13.24% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, GNR or SPY?
GNR has been the more volatile fund at 19.6% annualized versus 14.1% for SPY. Worst drawdown: GNR -60.6% vs SPY -34.1%.
Should I hold both GNR and SPY?
GNR and SPY have a monthly-return correlation of 0.70, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between GNR and SPY?
33.7% of GNR's money is in holdings SPY also owns. 3.5% of SPY's is in holdings GNR also owns. They hold 29 positions in common, counted across the 92 positions we hold weights for in GNR and 504 in SPY.
Which pays a higher dividend, GNR or SPY?
GNR yields 2.34% while SPY yields 0.98%, so GNR currently pays the higher dividend yield.
Is SPY better than GNR?
SPY has a lower expense ratio. GNR led over 1Y, SPY over 3Y, 5Y and the full window. GNR is less concentrated, with 34.5% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.