GUNR vs SPY
FlexShares Morningstar Global Upstream Natural Resources Index Fund vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. GUNR delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | GUNR | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.46% | 0.09% | |
| AUM | $6.9B | $821.1B | |
| Dividend Yield | 2.33% | 1.01% | |
| Holdings | 177 | 505 | |
| YTD Return | +23.49% | +12.68% | |
| 1Y Return | +39.55% | +21.82% | |
| 3Y Return (annualized) | +15.91% | +21.98% | |
| 5Y Return (annualized) | +13.24% | +12.89% | |
| Volatility (annualized) | 18.6% | 15.3% | |
| Max Drawdown | -49.7% | -56.5% | |
| Fund Family | Flexshares Trust | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Sep 16, 2011 | Jan 22, 1993 |
GUNR vs SPY Performance
FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) is a ETF from Flexshares Trust and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year GUNR returned +39.55% while SPY returned +21.82%. Year to date, GUNR is up 23.49% versus a gain of 12.68% for SPY.
Over three years, GUNR compounded at +15.91% per year against +21.98% for SPY; over five years the annualized figures are +13.24% and +12.89% respectively. Across the full 15-year window we track, SPY has the edge at +8.81% annualized vs +5.04%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
GUNR has been the more volatile fund, with annualized monthly volatility of 18.6% compared with 15.3% 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 -49.7% for GUNR and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.66. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
GUNR charges 0.46% per year while SPY charges 0.09%. On a $10,000 position that is $46 vs $9 annually, a gap of $37 per year that compounds over a long holding period. On income, GUNR currently yields 2.33% against 1.01% for SPY.
Holdings Overlap
GUNR and SPY share 19 holdings out of 615 unique holdings combined, representing a 2.6% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, GUNR or SPY?
GUNR has an expense ratio of 0.46% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $37 per year of difference.
Which performed better, GUNR or SPY?
Over the past year GUNR returned +39.55% vs +21.82% for SPY, so GUNR leads on 1-year performance. Over the longest common window we track (15 years), GUNR annualized +5.04% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, GUNR or SPY?
GUNR has been the more volatile fund at 18.6% annualized versus 15.3% for SPY. Worst drawdown: GUNR -49.7% vs SPY -56.5%.
Should I hold both GUNR and SPY?
GUNR and SPY have a monthly-return correlation of 0.66, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between GUNR and SPY?
GUNR and SPY share 19 common holdings with a 2.6% weight overlap. Combined, they hold 615 unique securities.
Which pays a higher dividend, GUNR or SPY?
GUNR yields 2.33% while SPY yields 1.01%, so GUNR currently pays the higher dividend yield.
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