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Data as of Nov 4, 2026.

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Thematic ETFs

GUNR vs PAVE: Holdings Overlap & Returns

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PAVE holds 62.9% 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 $13.6bn on Oct 12, 2026 for Global X U.S. Infrastructure Development ETF.

GUNR on its own →PAVE on its own →
At a glance
27.1%
GUNR in the S&P 500
62.9%
PAVE in the S&P 500
+26.8%
GUNR total return, 1 year
+14.2%
PAVE total return, 1 year
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.

PAVE · 1 year to Nov 4, 2026 37% of its weight is outside the S&P 500
37% of its weight is outside the S&P 50063% of PAVE's weight is in S&P 500 companies and 37% is outside the index. Holdings as of Aug 31, 2026.63%37%of its weight in S&P 500 companiesof its weight outside the S&P 500active share 97% · top ten 32% of the fund · 100 holdings as filed for Aug 31, 2026 · Nasdaq-100: 6% in37% of its weight is outside the S&P 50063% of PAVE's weight is in S&P 500 companies and 37% is outside the index. Holdings as of Aug 31, 2026.63%37%in the S&P 500outsideactive share 97% · Nasdaq-100: 6% in

63% of PAVE's weight is in S&P 500 companies and 37% is outside the index. Holdings as of Aug 31, 2026.

Pair scorecard

GUNR costs 0.01 points a year less; their one-year returns differ by 12.6 points.

GUNR vs PAVE: Holdings Overlap & Returns
MeasureGUNRPAVE
Return
Total return, 1 year+26.8%+14.2%
Drawdown
Below its all-time high7.5%, high on Sep 9, 202610.0%, high on Jun 25, 2026
Benchmark
What it tracksNatural resourcesInfrastructure
Cost and size
Expense ratio0.46%0.47%
Net assets, GUNR as of Jul 31, 2026 and PAVE as of Oct 12, 2026$7.2bn$13.6bn
Holdings
Holdings in commonnot published

Method

Window by window

Window by window: GUNR vs PAVE: Holdings Overlap & Returns
Total return
WindowGUNRPAVE
3 months+1.3%−8.1%
6 months−2.5%−7.4%
1 year+26.8%+14.2%
3 years+45.4%+82.7%
Since launchNot the same days: GUNR Sep 2011 · PAVE Mar 2017+149.3%+288.3%

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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 PAVE Global X U.S. Infrastructure Development ETF · Holds 100 stocks in infrastructure, 63% of its weight in S&P 500 companies
Issuer Northern Trust Global X
Theme Natural resources Infrastructure
In the S&P 500 27.1% 62.9%
Active share vs the S&P 500 98.3% 97.2%
In the Nasdaq-100 0.4% 6.4%
Holdings 135 100
Top ten, share of the fund 36.6% 31.7%
Expense ratio 0.46% 0.47%
Fee for the differing part 0.47% 0.48%
Total return, 1 year +26.8% +14.2%
vs its benchmark not measured not measured
Below its high −7.5% −10.0%
Net assets, GUNR as of Jul 31, 2026 and PAVE as of Oct 12, 2026 $7.2bn $13.6bn

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.

PAVE

By weight, 63% of PAVE's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 97%. The top ten holdings are 32% of the fund across 100 positions, as filed for Aug 31, 2026. Over the year to Nov 4, 2026 the fund returned +14.2% with distributions reinvested. It sits 10.0% below its all-time high of Jun 25, 2026.

Questions people ask

Which is more different from the S&P 500, GUNR or PAVE?
GUNR has 27% of its weight in S&P 500 names and PAVE has 63%, so GUNR differs more from the index.
Which is cheaper, GUNR or PAVE?
GUNR charges 0.46% a year and PAVE charges 0.47%, so GUNR is cheaper. Fees come from each fund's prospectus.
Other comparisons
GUNR vs IGFGUNR vs IFRAGUNR vs IGVGUNR vs ITAPAVE vs GNRPAVE vs ARKGPAVE vs PPAPAVE vs SHLD
Where to next
All thematic ETFs ranked by the S&P 500 Difference Score →How the scores are computed →GUNR on its own →PAVE on its own →GUNR dividend history →PAVE dividend history →PAVE holdings →Method →Standards and sources →
Sources and dates
GUNR filings on SEC EDGAR ↗
GUNR prospectus with the expense ratio (SEC) ↗
Northern Trust website ↗
PAVE filings on SEC EDGAR ↗
PAVE prospectus with the expense ratio (SEC) ↗
Global X page for PAVE ↗

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

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