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

GUNR has 27% of its weight in S&P 500 names and HAP has 39%, so GUNR differs more from the index.

Which is cheaper, GUNR or HAP?

GUNR charges 0.46% a year and HAP charges 0.41%, so HAP is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Thematic ETFs

GUNR vs HAP: Holdings Overlap & Returns

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HAP holds 39.0% of its weight in S&P 500 companies and GUNR 27.1%.

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Net assets: $7.2bn on Jul 31, 2026 for Northern Trust Morningstar Global Upstream Natural Resources ETF, and $321m on Nov 3, 2026 for VanEck Natural Resources ETF.

GUNR on its own →HAP on its own →

At a glance

27.1%

GUNR in the S&P 500

39.0%

HAP in the S&P 500

+26.8%

GUNR total return, 1 year

+34.3%

HAP total return, 1 year

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.

HAP · 1 year to Nov 4, 2026 61% of its weight is outside the S&P 500

39% of HAP's weight is in S&P 500 companies and 61% is outside the index. Holdings as of Nov 2, 2026.

Pair scorecard

HAP costs 0.05 points a year less; their one-year returns differ by 7.5 points.

Points (pts) are percentage points.

GUNR vs HAP: Holdings Overlap & Returns
Measure	GUNR	HAP
Return
Measure	GUNR	HAP
Total return, 1 year	+26.8%	+34.3%
Drawdown
Measure	GUNR	HAP
Below its all-time high	7.5%, high on Sep 9, 2026	5.9%, high on Sep 9, 2026
Against its benchmark
Measure	GUNR	HAP
What it tracks	Natural resources	Natural resources
Its benchmark, total return, 1 year		+15.0%
Against its benchmark, 1 year		ahead by 19.3 pts
Cost and size
Measure	GUNR	HAP
Expense ratio	0.46%	0.41%
Net assets, GUNR as of Jul 31, 2026 and HAP as of Nov 3, 2026	$7.2bn	$321m
Holdings
Measure	GUNR	HAP
Holdings in common	not published

Method

Window by window

Window by window: GUNR vs HAP: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	GUNR	HAP	GUNR	HAP
3 months	+1.3%	+2.5%	not measured	+3.8 pts vs ACWI
6 months	−2.5%	+0.3%	not measured	−2.3 pts vs ACWI
1 year	+26.8%	+34.3%	not measured	+19.3 pts vs ACWI
3 years	+45.4%	+65.2%	not measured	−12.4 pts vs ACWI
Since launchNot the same days: GUNR Sep 2011 · HAP Sep 2008	+149.3%	+196.0%	not measured	not measured

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Side by side

GUNR Northern Trust Morningstar Global Upstream Natural Resources ETF · Holds 135 stocks in natural resources, 27% of its weight in S&P 500 companies HAP VanEck Natural Resources ETF · Holds 140 stocks in natural resources, 39% of its weight in S&P 500 companies

Issuer Northern Trust VanEck

Theme Natural resources Natural resources

In the S&P 500 27.1% 39.0%

Active share vs the S&P 500 98.3% 96.0%

In the Nasdaq-100 0.4% 0.7%

Holdings 135 140

Top ten, share of the fund 36.6% 38.4%

Expense ratio 0.46% 0.41%

Fee for the differing part 0.47% 0.43%

Total return, 1 year +26.8% +34.3%

vs its benchmark not measured +19.3 pts vs ACWI

Below its high −7.5% −5.9%

Net assets, GUNR as of Jul 31, 2026 and HAP as of Nov 3, 2026 $7.2bn $321m

As of Nov 4, 2026. Source: ETFIQ.

Client brief:

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About each fund

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.

HAP

By weight, 39% of HAP's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 96%. The top ten holdings are 38% of the fund across 140 positions, as published by its issuer for Nov 3, 2026. Over the year to Nov 4, 2026 the fund returned +34.3% with distributions reinvested against +15.0% for its benchmark, the MSCI ACWI Index, so a holder was ahead by 19.3 pts. It sits 5.9% below its all-time high of Sep 9, 2026.

Questions people ask

Which is more different from the S&P 500, GUNR or HAP?: GUNR has 27% of its weight in S&P 500 names and HAP has 39%, so GUNR differs more from the index.
Which is cheaper, GUNR or HAP?: GUNR charges 0.46% a year and HAP charges 0.41%, so HAP is cheaper. Fees come from each fund's prospectus.

Other comparisons

GUNR vs CCNR GUNR vs CSNR GUNR vs IGE GUNR vs MGNR HAP vs MGNR HAP vs NANR HAP vs IGE HAP vs CCNR

Where to next

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

Sources and dates

GUNR filings on SEC EDGAR ↗

GUNR prospectus with the expense ratio (SEC) ↗

Northern Trust website ↗

HAP filings on SEC EDGAR ↗

HAP prospectus with the expense ratio (SEC) ↗

VanEck 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, GUNR against HAP, data as of Nov 4, 2026. https://etfiq.com/compare/themes/gunr-vs-hap

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