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

GUNR has 27% of its weight in S&P 500 names and XAR has 40%, so GUNR differs more from the index.

Which is cheaper, GUNR or XAR?

GUNR charges 0.46% a year and XAR charges 0.35%, so XAR is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Thematic ETFs

GUNR vs XAR: Holdings Overlap & Returns

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XAR holds 40.1% 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 $5.3bn on Nov 3, 2026 for State Street SPDR S&P Aerospace & Defense ETF.

GUNR on its own →XAR on its own →

At a glance

27.1%

GUNR in the S&P 500

40.1%

XAR in the S&P 500

+26.8%

GUNR total return, 1 year

−6.6%

XAR 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.

XAR · 1 year to Nov 4, 2026 60% of its weight is outside the S&P 500

40% of XAR's weight is in S&P 500 companies and 60% is outside the index. Holdings as of Nov 3, 2026.

Pair scorecard

XAR costs 0.11 points a year less; their one-year returns differ by 33.4 points.

Points (pts) are percentage points.

GUNR vs XAR: Holdings Overlap & Returns
Measure	GUNR	XAR
Return
Measure	GUNR	XAR
Total return, 1 year	+26.8%	−6.6%
Drawdown
Measure	GUNR	XAR
Below its all-time high	7.5%, high on Sep 9, 2026	24.0%, high on Aug 14, 2026
Against its benchmark
Measure	GUNR	XAR
What it tracks	Natural resources	Defense
Against the S&P 500, 1 year		behind by 21.4 pts
Its benchmark, total return, 1 year		+14.8%
Against its benchmark, 1 year		behind by 21.4 pts
Cost and size
Measure	GUNR	XAR
Expense ratio	0.46%	0.35%
Net assets, GUNR as of Jul 31, 2026 and XAR as of Nov 3, 2026	$7.2bn	$5.3bn
Holdings
Measure	GUNR	XAR
Holdings in common	not published

Method

Window by window

Window by window: GUNR vs XAR: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	GUNR	XAR	GUNR	XAR
3 months	+1.3%	−20.0%	not measured	−19.9 pts vs VOO
6 months	−2.5%	−15.6%	not measured	−20.6 pts vs VOO
1 year	+26.8%	−6.6%	not measured	−21.4 pts vs VOO
3 years	+45.4%	+89.1%	not measured	+5.8 pts vs VOO
Since launchNot the same days: GUNR Sep 2011 · XAR Sep 2011	+149.3%	+948.0%	not measured	+180.8 pts vs VOO

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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 XAR State Street SPDR S&P Aerospace & Defense ETF · Holds 50 stocks in defense, 40% of its weight in S&P 500 companies

Issuer Northern Trust State Street

Theme Natural resources Defense

In the S&P 500 27.1% 40.1%

Active share vs the S&P 500 98.3% 97.7%

In the Nasdaq-100 0.4% 8.2%

Holdings 135 50

Top ten, share of the fund 36.6% 32.6%

Expense ratio 0.46% 0.35%

Fee for the differing part 0.47% 0.36%

Total return, 1 year +26.8% −6.6%

vs its benchmark not measured −21.4 pts vs VOO

Below its high −7.5% −24.0%

Net assets, GUNR as of Jul 31, 2026 and XAR as of Nov 3, 2026 $7.2bn $5.3bn

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.

XAR

By weight, 40% of XAR'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 33% of the fund across 50 positions, as published by its issuer for Nov 3, 2026. Over the year to Nov 4, 2026 the fund returned −6.6% with distributions reinvested against +14.8% for its benchmark, the S&P 500 Index, so a holder was behind by 21.4 pts. It sits 24.0% below its all-time high of Aug 14, 2026.

Questions people ask

Which is more different from the S&P 500, GUNR or XAR?: GUNR has 27% of its weight in S&P 500 names and XAR has 40%, so GUNR differs more from the index.
Which is cheaper, GUNR or XAR?: GUNR charges 0.46% a year and XAR charges 0.35%, so XAR is cheaper. Fees come from each fund's prospectus.

Other comparisons

GUNR vs SHLD GUNR vs PPA GUNR vs ITA GUNR vs XME XAR vs GNR XAR vs SIL XAR vs IFRA XAR 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 →XAR on its own →GUNR dividend history →XAR dividend history →XAR holdings →Method →Standards and sources →

Sources and dates

GUNR filings on SEC EDGAR ↗

GUNR prospectus with the expense ratio (SEC) ↗

Northern Trust website ↗

XAR filings on SEC EDGAR ↗

XAR prospectus with the expense ratio (SEC) ↗

State Street 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 XAR, data as of Nov 4, 2026. https://etfiq.com/compare/themes/gunr-vs-xar

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