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

GUNR has 27% of its weight in S&P 500 names and NLR has 15%, so NLR differs more from the index.

Which is cheaper, GUNR or NLR?

GUNR charges 0.46% a year and NLR charges 0.52%, so GUNR is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Thematic ETFs

GUNR vs NLR: Holdings Overlap & Returns

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GUNR holds 27.1% of its weight in S&P 500 companies and NLR 15.1%.

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Net assets: $7.2bn on Jul 31, 2026 for Northern Trust Morningstar Global Upstream Natural Resources ETF, and $3.0bn on Nov 2, 2026 for VanEck Uranium and Nuclear ETF.

GUNR on its own →NLR on its own →

At a glance

27.1%

GUNR in the S&P 500

15.1%

NLR in the S&P 500

+26.8%

GUNR total return, 1 year

−36.3%

NLR 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.

NLR · 1 year to Nov 4, 2026 85% of its weight is outside the S&P 500

15% of NLR's weight is in S&P 500 companies and 85% is outside the index. Holdings as of Jun 30, 2026.

Pair scorecard

GUNR costs 0.06 points a year less; their one-year returns differ by 63.1 points.

Points (pts) are percentage points.

GUNR vs NLR: Holdings Overlap & Returns
Measure	GUNR	NLR
Return
Measure	GUNR	NLR
Total return, 1 year	+26.8%	−36.3%
Drawdown
Measure	GUNR	NLR
Below its all-time high	7.5%, high on Sep 9, 2026	46.3%, high on Jan 28, 2026
Against its benchmark
Measure	GUNR	NLR
What it tracks	Natural resources	Nuclear and uranium
Its benchmark, total return, 1 year		+15.0%
Against its benchmark, 1 year		behind by 51.3 pts
Cost and size
Measure	GUNR	NLR
Expense ratio	0.46%	0.52%
Net assets, GUNR as of Jul 31, 2026 and NLR as of Nov 2, 2026	$7.2bn	$3.0bn
Holdings
Measure	GUNR	NLR
Holdings in common	not published

Method

Window by window

Window by window: GUNR vs NLR: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	GUNR	NLR	GUNR	NLR
3 months	+1.3%	−22.5%	not measured	−21.2 pts vs ACWI
6 months	−2.5%	−40.9%	not measured	−43.5 pts vs ACWI
1 year	+26.8%	−36.3%	not measured	−51.3 pts vs ACWI
3 years	+45.4%	+33.5%	not measured	−44.1 pts vs ACWI
Since launchNot the same days: GUNR Sep 2011 · NLR Aug 2007	+149.3%	+52.7%	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 NLR VanEck Uranium and Nuclear ETF · Holds 25 stocks in nuclear and uranium, 15% of its weight in S&P 500 companies

Issuer Northern Trust VanEck

Theme Natural resources Nuclear and uranium

In the S&P 500 27.1% 15.1%

Active share vs the S&P 500 98.3% 99.8%

In the Nasdaq-100 0.4% 8.0%

Holdings 135 25

Top ten, share of the fund 36.6% 61.1%

Expense ratio 0.46% 0.52%

Fee for the differing part 0.47% 0.52%

Total return, 1 year +26.8% −36.3%

vs its benchmark not measured −51.3 pts vs ACWI

Below its high −7.5% −46.3%

Net assets, GUNR as of Jul 31, 2026 and NLR as of Nov 2, 2026 $7.2bn $3.0bn

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.

NLR

By weight, 15% of NLR'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 61% of the fund across 25 positions, as filed for Jun 30, 2026. Over the year to Nov 4, 2026 the fund returned −36.3% with distributions reinvested against +15.0% for its benchmark, the MSCI ACWI Index, so a holder was behind by 51.3 pts. It sits 46.3% below its all-time high of Jan 28, 2026.

Questions people ask

Which is more different from the S&P 500, GUNR or NLR?: GUNR has 27% of its weight in S&P 500 names and NLR has 15%, so NLR differs more from the index.
Which is cheaper, GUNR or NLR?: GUNR charges 0.46% a year and NLR charges 0.52%, so GUNR is cheaper. Fees come from each fund's prospectus.

Other comparisons

GUNR vs URA GUNR vs KWEB GUNR vs AIRR GUNR vs AIQ NLR vs GNR NLR vs SMRF NLR vs UX NLR vs TNUK

Where to next

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

Sources and dates

GUNR filings on SEC EDGAR ↗

GUNR prospectus with the expense ratio (SEC) ↗

Northern Trust website ↗

NLR filings on SEC EDGAR ↗

NLR 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 NLR, data as of Nov 4, 2026. https://etfiq.com/compare/themes/gunr-vs-nlr

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