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Data as of Nov 4, 2026.

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Thematic ETFs

GUNR vs SHLD: Holdings Overlap & Returns

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SHLD holds 52.8% 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 $6.3bn on Oct 12, 2026 for Global X Defense Tech ETF.

GUNR on its own →SHLD on its own →
At a glance
27.1%
GUNR in the S&P 500
52.8%
SHLD in the S&P 500
+26.8%
GUNR total return, 1 year
−8.5%
SHLD 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.

SHLD · 1 year to Nov 4, 2026 47% of its weight is outside the S&P 500
47% of its weight is outside the S&P 50053% of SHLD's weight is in S&P 500 companies and 47% is outside the index. Holdings as of Aug 31, 2026.53%47%of its weight in S&P 500 companiesof its weight outside the S&P 500active share 99% · top ten 65% of the fund · 50 holdings as filed for Aug 31, 2026 · Nasdaq-100: 11% in47% of its weight is outside the S&P 50053% of SHLD's weight is in S&P 500 companies and 47% is outside the index. Holdings as of Aug 31, 2026.53%47%in the S&P 500outsideactive share 99% · Nasdaq-100: 11% in

53% of SHLD's weight is in S&P 500 companies and 47% is outside the index. Holdings as of Aug 31, 2026.

Pair scorecard

GUNR costs 0.04 points a year less; their one-year returns differ by 35.3 points.

GUNR vs SHLD: Holdings Overlap & Returns
MeasureGUNRSHLD
Return
Total return, 1 year+26.8%−8.5%
Drawdown
Below its all-time high7.5%, high on Sep 9, 202621.4%, high on Mar 9, 2026
Benchmark
What it tracksNatural resourcesDefense
Cost and size
Expense ratio0.46%0.50%
Net assets, GUNR as of Jul 31, 2026 and SHLD as of Oct 12, 2026$7.2bn$6.3bn
Holdings
Holdings in commonnot published

Method

Window by window

Window by window: GUNR vs SHLD: Holdings Overlap & Returns
Total return
WindowGUNRSHLD
3 months+1.3%−9.2%
6 months−2.5%−9.7%
1 year+26.8%−8.5%
3 years+45.4%+133.6%
Since launchNot the same days: GUNR Sep 2011 · SHLD Sep 2023+149.3%+151.4%

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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 SHLD Global X Defense Tech ETF · Holds 50 stocks in defense, 53% of its weight in S&P 500 companies
Issuer Northern Trust Global X
Theme Natural resources Defense
In the S&P 500 27.1% 52.8%
Active share vs the S&P 500 98.3% 98.7%
In the Nasdaq-100 0.4% 10.8%
Holdings 135 50
Top ten, share of the fund 36.6% 64.8%
Expense ratio 0.46% 0.50%
Fee for the differing part 0.47% 0.51%
Total return, 1 year +26.8% −8.5%
vs its benchmark not measured not measured
Below its high −7.5% −21.4%
Net assets, GUNR as of Jul 31, 2026 and SHLD as of Oct 12, 2026 $7.2bn $6.3bn

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.

SHLD

By weight, 53% of SHLD's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 99%. The top ten holdings are 65% of the fund across 50 positions, as filed for Aug 31, 2026. Over the year to Nov 4, 2026 the fund returned −8.5% with distributions reinvested. It sits 21.4% below its all-time high of Mar 9, 2026.

Questions people ask

Which is more different from the S&P 500, GUNR or SHLD?
GUNR has 27% of its weight in S&P 500 names and SHLD has 53%, so SHLD differs more from the index.
Which is cheaper, GUNR or SHLD?
GUNR charges 0.46% a year and SHLD charges 0.50%, so GUNR is cheaper. Fees come from each fund's prospectus.
Other comparisons
GUNR vs PPAGUNR vs ITAGUNR vs XARGUNR vs QTUMSHLD vs GNRSHLD vs URASHLD vs SILSHLD vs XT
Where to next
All thematic ETFs ranked by the S&P 500 Difference Score →How the scores are computed →GUNR on its own →SHLD on its own →GUNR dividend history →SHLD dividend history →SHLD holdings →Method →Standards and sources →
Sources and dates
GUNR filings on SEC EDGAR ↗
GUNR prospectus with the expense ratio (SEC) ↗
Northern Trust website ↗
SHLD filings on SEC EDGAR ↗
SHLD prospectus with the expense ratio (SEC) ↗
Global X page for SHLD ↗

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

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