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

GUNR has 27% of its weight in S&P 500 names and MGNR has 21%, so MGNR differs more from the index.

Which is cheaper, GUNR or MGNR?

GUNR charges 0.46% a year and MGNR charges 0.75%, so GUNR is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Thematic ETFs

GUNR vs MGNR: Holdings Overlap & Returns

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GUNR holds 27.1% of its weight in S&P 500 companies and MGNR 21.3%.

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Net assets on Jul 31, 2026: $7.2bn for Northern Trust Morningstar Global Upstream Natural Resources ETF and $842m for American Beacon GLG Natural Resources ETF.

GUNR on its own →MGNR on its own →

At a glance

27.1%

GUNR in the S&P 500

21.3%

MGNR in the S&P 500

+26.8%

GUNR total return, 1 year

+21.7%

MGNR 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.

MGNR · 1 year to Nov 4, 2026 79% of its weight is outside the S&P 500

21% of MGNR's weight is in S&P 500 companies and 79% is outside the index. Holdings as of Jul 31, 2026.

Pair scorecard

GUNR costs 0.29 points a year less; their one-year returns differ by 5.1 points; GUNR is 8.6 times larger.

Points (pts) are percentage points.

GUNR vs MGNR: Holdings Overlap & Returns
Measure	GUNR	MGNR
Return
Measure	GUNR	MGNR
Total return, 1 year	+26.8%	+21.7%
Drawdown
Measure	GUNR	MGNR
Below its all-time high	7.5%, high on Sep 9, 2026	16.0%, high on Jun 2, 2026
Against its benchmark
Measure	GUNR	MGNR
What it tracks	Natural resources	Natural resources
Its benchmark, total return, 1 year		+32.9%
Against its benchmark, 1 year		behind by 11.2 pts
Cost and size
Measure	GUNR	MGNR
Expense ratio	0.46%	0.75%
Net assets, as of Jul 31, 2026	$7.2bn	$842m
Holdings
Measure	GUNR	MGNR
Holdings in common	not published

Method

Window by window

Window by window: GUNR vs MGNR: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	GUNR	MGNR	GUNR	MGNR
3 months	+1.3%	−6.7%	not measured	−8.1 pts vs GNR
6 months	−2.5%	−12.8%	not measured	−13.2 pts vs GNR
1 year	+26.8%	+21.7%	not measured	−11.2 pts vs GNR
3 years	+45.4%	–	not measured	–
Since launchNot the same days: GUNR Sep 2011 · MGNR Feb 2024	+149.3%	+98.8%	not measured	+45.6 pts vs GNR

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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 MGNR American Beacon GLG Natural Resources ETF · Holds 40 stocks in natural resources, 21% of its weight in S&P 500 companies

Issuer Northern Trust American Beacon

Theme Natural resources Natural resources

In the S&P 500 27.1% 21.3%

Active share vs the S&P 500 98.3% 99.6%

In the Nasdaq-100 0.4% 2.3%

Holdings 135 40

Top ten, share of the fund 36.6% 41.3%

Expense ratio 0.46% 0.75%

Fee for the differing part 0.47% 0.75%

Total return, 1 year +26.8% +21.7%

vs its benchmark not measured −11.2 pts vs GNR

Below its high −7.5% −16.0%

Net assets, as of Jul 31, 2026 $7.2bn $842m

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.

MGNR

By weight, 21% of MGNR's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 100%. The top ten holdings are 41% of the fund across 40 positions, as filed for Jul 31, 2026. Over the year to Nov 4, 2026 the fund returned +21.7% with distributions reinvested against +32.9% for its benchmark, the S&P Global Natural Resources Index, so a holder was behind by 11.2 pts. It sits 16.0% below its all-time high of Jun 2, 2026.

Questions people ask

Which is more different from the S&P 500, GUNR or MGNR?: GUNR has 27% of its weight in S&P 500 names and MGNR has 21%, so MGNR differs more from the index.
Which is cheaper, GUNR or MGNR?: GUNR charges 0.46% a year and MGNR charges 0.75%, so GUNR is cheaper. Fees come from each fund's prospectus.

Other comparisons

GUNR vs IGE GUNR vs NANR GUNR vs CCNR GUNR vs TURF MGNR vs CCNR MGNR vs CSNR MGNR vs NANR MGNR vs TURF

Where to next

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

Sources and dates

GUNR filings on SEC EDGAR ↗

GUNR prospectus with the expense ratio (SEC) ↗

Northern Trust website ↗

MGNR filings on SEC EDGAR ↗

MGNR prospectus with the expense ratio (SEC) ↗

American Beacon 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 MGNR, data as of Nov 4, 2026. https://etfiq.com/compare/themes/gunr-vs-mgnr

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