Which is more different from the S&P 500, BAI or GUNR?

BAI has 51% of its weight in S&P 500 names and GUNR has 27%, so GUNR differs more from the index.

Which is cheaper, BAI or GUNR?

BAI charges 0.55% a year and GUNR charges 0.46%, so GUNR is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Thematic ETFs

BAI vs GUNR: Holdings Overlap & Returns

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BAI holds 51.3% of its weight in S&P 500 companies and GUNR 27.1%.

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Net assets: $11.9bn on Nov 3, 2026 for iShares A.I. Innovation and Tech Active ETF, and $7.2bn on Jul 31, 2026 for Northern Trust Morningstar Global Upstream Natural Resources ETF.

BAI on its own →GUNR on its own →

At a glance

51.3%

BAI in the S&P 500

27.1%

GUNR in the S&P 500

+5.2%

BAI total return, 1 year

+26.8%

GUNR total return, 1 year

BAI · 1 year to Nov 4, 2026 49% of its weight is outside the S&P 500

51% of BAI's weight is in S&P 500 companies and 49% is outside the index. Holdings as of Nov 3, 2026.

GUNR · 1 year to Nov 4, 2026 73% of its weight is outside the S&P 500

27% of GUNR's weight is in S&P 500 companies and 73% is outside the index. Holdings as of Jul 31, 2026.

Pair scorecard

GUNR costs 0.09 points a year less; their one-year returns differ by 21.6 points.

Points (pts) are percentage points.

BAI vs GUNR: Holdings Overlap & Returns
Measure	BAI	GUNR
Return
Measure	BAI	GUNR
Total return, 1 year	+5.2%	+26.8%
Drawdown
Measure	BAI	GUNR
Below its all-time high	31.3%, high on Jun 22, 2026	7.5%, high on Sep 9, 2026
Against its benchmark
Measure	BAI	GUNR
What it tracks	Artificial intelligence	Natural resources
Its benchmark, total return, 1 year	+32.9%
Against its benchmark, 1 year	behind by 27.7 pts
Cost and size
Measure	BAI	GUNR
Expense ratio	0.55%	0.46%
Net assets, BAI as of Nov 3, 2026 and GUNR as of Jul 31, 2026	$11.9bn	$7.2bn
Holdings
Measure	BAI	GUNR
Holdings in common	not published

Method

Window by window

Window by window: BAI vs GUNR: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	BAI	GUNR	BAI	GUNR
3 months	−15.8%	+1.3%	−6.6 pts vs ARTY	not measured
6 months	−19.2%	−2.5%	−16.0 pts vs ARTY	not measured
1 year	+5.2%	+26.8%	−27.7 pts vs ARTY	not measured
3 years	–	+45.4%	–	not measured
Since launchNot the same days: BAI Oct 2024 · GUNR Sep 2011	+51.4%	+149.3%	−34.2 pts vs ARTY	not measured

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Side by side

BAI iShares A.I. Innovation and Tech Active ETF · Holds 51 stocks in artificial intelligence, 51% of its weight in S&P 500 companies GUNR Northern Trust Morningstar Global Upstream Natural Resources ETF · Holds 135 stocks in natural resources, 27% of its weight in S&P 500 companies

Issuer iShares Northern Trust

Theme Artificial intelligence Natural resources

In the S&P 500 51.3% 27.1%

Active share vs the S&P 500 76.7% 98.3%

In the Nasdaq-100 47.0% 0.4%

Holdings 51 135

Top ten, share of the fund 42.9% 36.6%

Expense ratio 0.55% 0.46%

Fee for the differing part 0.72% 0.47%

Total return, 1 year +5.2% +26.8%

vs its benchmark −27.7 pts vs ARTY not measured

Below its high −31.3% −7.5%

Net assets, BAI as of Nov 3, 2026 and GUNR as of Jul 31, 2026 $11.9bn $7.2bn

As of Nov 4, 2026. Source: ETFIQ.

Client brief:

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About each fund

BAI

By weight, 51% of BAI's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 77%. The top ten holdings are 43% of the fund across 51 positions, as published by its issuer for Nov 3, 2026. Over the year to Nov 4, 2026 the fund returned +5.2% with distributions reinvested against +32.9% for its benchmark, the Morningstar Global Artificial Intelligence Select Index, so a holder was behind by 27.7 pts. It sits 31.3% below its all-time high of Jun 22, 2026.

GUNR

By weight, 27% of GUNR's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 98%. The top ten holdings are 37% of the fund across 135 positions, as filed for Jul 31, 2026. Over the year to Nov 4, 2026 the fund returned +26.8% with distributions reinvested. It sits 7.5% below its all-time high of Sep 9, 2026.

Questions people ask

Which is more different from the S&P 500, BAI or GUNR?: BAI has 51% of its weight in S&P 500 names and GUNR has 27%, so GUNR differs more from the index.
Which is cheaper, BAI or GUNR?: BAI charges 0.55% a year and GUNR charges 0.46%, so GUNR is cheaper. Fees come from each fund's prospectus.

Other comparisons

BAI vs GNR BAI vs GRID BAI vs COPX BAI vs PPA GUNR vs AIQ GUNR vs FTWO GUNR vs NRES GUNR vs ITA

Where to next

All thematic ETFs ranked by the S&P 500 Difference Score →How the scores are computed →BAI on its own →GUNR on its own →BAI dividend history →BAI holdings →GUNR dividend history →Method →Standards and sources →

Sources and dates

BAI filings on SEC EDGAR ↗

BAI prospectus with the expense ratio (SEC) ↗

iShares page for BAI ↗

GUNR filings on SEC EDGAR ↗

GUNR prospectus with the expense ratio (SEC) ↗

Northern Trust website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Every number is an ETFIQ calculation with distributions reinvested.

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ETFIQ, BAI against GUNR, data as of Nov 4, 2026. https://etfiq.com/compare/themes/bai-vs-gunr

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