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Data as of Nov 4, 2026.

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Thematic ETFs

GNR vs GUNR: Holdings Overlap & Returns

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GUNR holds 27.1% of its weight in S&P 500 companies and GNR 25.9%.

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Net assets: $5.3bn on Nov 3, 2026 for State Street SPDR S&P Global Natural Resources ETF, and $7.2bn on Jul 31, 2026 for Northern Trust Morningstar Global Upstream Natural Resources ETF.

GNR on its own →GUNR on its own →
At a glance
25.9%
GNR in the S&P 500
27.1%
GUNR in the S&P 500
+32.9%
GNR total return, 1 year
+26.8%
GUNR total return, 1 year
GNR · 1 year to Nov 4, 2026 74% of its weight is outside the S&P 500
74% of its weight is outside the S&P 50026% of GNR's weight is in S&P 500 companies and 74% is outside the index. Holdings as of Nov 3, 2026.26%74%in the S&P 500of its weight outside the S&P 500active share 98% · top ten 37% of the fund · 104 holdings as published by its issuer for Nov 3, 2026 · Nasdaq-100: 1% in74% of its weight is outside the S&P 50026% of GNR's weight is in S&P 500 companies and 74% is outside the index. Holdings as of Nov 3, 2026.26%74%inoutside the S&P 500active share 98% · Nasdaq-100: 1% in

26% of GNR's weight is in S&P 500 companies and 74% 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
73% of its weight is outside the S&P 50027% of GUNR's weight is in S&P 500 companies and 73% is outside the index. Holdings as of Jul 31, 2026.27%73%in the S&P 500of its weight outside the S&P 500active share 98% · top ten 37% of the fund · 135 holdings as filed for Jul 31, 2026 · Nasdaq-100: 0% in73% of its weight is outside the S&P 50027% of GUNR's weight is in S&P 500 companies and 73% is outside the index. Holdings as of Jul 31, 2026.27%73%inoutside the S&P 500active share 98% · Nasdaq-100: 0% in

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

GNR costs 0.06 points a year less; their one-year returns differ by 6.1 points.

GNR vs GUNR: Holdings Overlap & Returns
MeasureGNRGUNR
Return
Total return, 1 year+32.9%+26.8%
Drawdown
Below its all-time high6.8%, high on Sep 9, 20267.5%, high on Sep 9, 2026
Benchmark
What it tracksNatural resourcesNatural resources
Cost and size
Expense ratio0.40%0.46%
Net assets, GNR as of Nov 3, 2026 and GUNR as of Jul 31, 2026$5.3bn$7.2bn
Holdings
Holdings in commonnot published
Top ten holdings, share of the fund36%37%

Method

Window by window

Window by window: GNR vs GUNR: Holdings Overlap & Returns
Total return
WindowGNRGUNR
3 months+1.4%+1.3%
6 months+0.4%−2.5%
1 year+32.9%+26.8%
3 years+50.3%+45.4%
Since launchNot the same days: GNR Sep 2010 · GUNR Sep 2011+138.2%+149.3%

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Side by side

GNR State Street SPDR S&P Global Natural Resources ETF · Holds 104 stocks in natural resources, 26% 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 State Street Northern Trust
Theme Natural resources Natural resources
In the S&P 500 25.9% 27.1%
Active share vs the S&P 500 97.6% 98.3%
In the Nasdaq-100 0.6% 0.4%
Holdings 104 135
Top ten, share of the fund 36.5% 36.6%
Expense ratio 0.40% 0.46%
Fee for the differing part 0.41% 0.47%
Total return, 1 year +32.9% +26.8%
vs its benchmark not measured not measured
Below its high −6.8% −7.5%
Net assets, GNR as of Nov 3, 2026 and GUNR as of Jul 31, 2026 $5.3bn $7.2bn

As of Nov 4, 2026. Source: ETFIQ.

Client brief:

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About each fund
GNR

By weight, 26% of GNR'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 36% of the fund across 104 positions, as published by its issuer for Nov 3, 2026. Over the year to Nov 4, 2026 the fund returned +32.9% with distributions reinvested. It sits 6.8% below its all-time high of Sep 9, 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, GNR or GUNR?
GNR has 26% of its weight in S&P 500 names and GUNR has 27%, so GUNR differs more from the index.
Which is cheaper, GNR or GUNR?
GNR charges 0.40% a year and GUNR charges 0.46%, so GNR is cheaper. Fees come from each fund's prospectus.
Other comparisons
GNR vs MGNRGNR vs IGEGNR vs HAPGNR vs NANRGUNR vs MGNRGUNR vs IGEGUNR vs HAPGUNR vs NANR
Where to next
All thematic ETFs ranked by the S&P 500 Difference Score →How the scores are computed →GNR on its own →GUNR on its own →GNR dividend history →GNR holdings →GUNR dividend history →Method →Standards and sources →
Sources and dates
GNR filings on SEC EDGAR ↗
GNR prospectus with the expense ratio (SEC) ↗
State Street website ↗
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, GNR against GUNR, data as of Nov 4, 2026. https://etfiq.com/compare/themes/gnr-vs-gunr

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