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

GUNR has 27% of its weight in S&P 500 names and XME has 22%, so XME differs more from the index.

Which is cheaper, GUNR or XME?

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

Data as of Nov 4, 2026.

Thematic ETFs

GUNR vs XME: Holdings Overlap & Returns

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GUNR holds 27.1% of its weight in S&P 500 companies and XME 21.8%.

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Net assets: $7.2bn on Jul 31, 2026 for Northern Trust Morningstar Global Upstream Natural Resources ETF, and $3.6bn on Nov 3, 2026 for State Street SPDR S&P Metals & Mining ETF.

GUNR on its own →XME on its own →

At a glance

27.1%

GUNR in the S&P 500

21.8%

XME in the S&P 500

+26.8%

GUNR total return, 1 year

+6.7%

XME 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.

XME · 1 year to Nov 4, 2026 78% of its weight is outside the S&P 500

22% of XME's weight is in S&P 500 companies and 78% is outside the index. Holdings as of Nov 3, 2026.

Pair scorecard

XME costs 0.11 points a year less; their one-year returns differ by 20.1 points.

Points (pts) are percentage points.

GUNR vs XME: Holdings Overlap & Returns
Measure	GUNR	XME
Return
Measure	GUNR	XME
Total return, 1 year	+26.8%	+6.7%
Drawdown
Measure	GUNR	XME
Below its all-time high	7.5%, high on Sep 9, 2026	27.8%, high on Jun 2, 2026
Against its benchmark
Measure	GUNR	XME
What it tracks	Natural resources	Miners and metals
Against the S&P 500, 1 year		behind by 8.1 pts
Its benchmark, total return, 1 year		+14.8%
Against its benchmark, 1 year		behind by 8.1 pts
Cost and size
Measure	GUNR	XME
Expense ratio	0.46%	0.35%
Net assets, GUNR as of Jul 31, 2026 and XME as of Nov 3, 2026	$7.2bn	$3.6bn
Holdings
Measure	GUNR	XME
Holdings in common	not published

Method

Window by window

Window by window: GUNR vs XME: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	GUNR	XME	GUNR	XME
3 months	+1.3%	−14.4%	not measured	−14.3 pts vs IVV
6 months	−2.5%	−22.7%	not measured	−27.7 pts vs IVV
1 year	+26.8%	+6.7%	not measured	−8.1 pts vs IVV
3 years	+45.4%	+89.9%	not measured	+6.5 pts vs IVV
Since launchNot the same days: GUNR Sep 2011 · XME Jun 2006	+149.3%	+174.0%	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 XME State Street SPDR S&P Metals & Mining ETF · Holds 38 stocks in miners and metals, 22% of its weight in S&P 500 companies

Issuer Northern Trust State Street

Theme Natural resources Miners and metals

In the S&P 500 27.1% 21.8%

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

In the Nasdaq-100 0.4% 0.0%

Holdings 135 38

Top ten, share of the fund 36.6% 55.0%

Expense ratio 0.46% 0.35%

Fee for the differing part 0.47% 0.35%

Total return, 1 year +26.8% +6.7%

vs its benchmark not measured −8.1 pts vs IVV

Below its high −7.5% −27.8%

Net assets, GUNR as of Jul 31, 2026 and XME as of Nov 3, 2026 $7.2bn $3.6bn

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.

XME

By weight, 22% of XME'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 55% of the fund across 38 positions, as published by its issuer for Nov 3, 2026. Over the year to Nov 4, 2026 the fund returned +6.7% with distributions reinvested against +14.8% for its benchmark, the S&P 500 Index, so a holder was behind by 8.1 pts. It sits 27.8% below its all-time high of Jun 2, 2026.

Questions people ask

Which is more different from the S&P 500, GUNR or XME?: GUNR has 27% of its weight in S&P 500 names and XME has 22%, so XME differs more from the index.
Which is cheaper, GUNR or XME?: GUNR charges 0.46% a year and XME charges 0.35%, so XME is cheaper. Fees come from each fund's prospectus.

Other comparisons

GUNR vs XBI GUNR vs IFRA GUNR vs KWEB GUNR vs FDN XME vs GNR XME vs BOTZ XME vs NLR XME vs SILJ

Where to next

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

Sources and dates

GUNR filings on SEC EDGAR ↗

GUNR prospectus with the expense ratio (SEC) ↗

Northern Trust website ↗

XME filings on SEC EDGAR ↗

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

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