EMXC vs GUNR: Holdings Overlap
EMXCiShares MSCI Emerging Markets ex China ETF
iShares · 663 holdings · $23.8B · as of 2026-05-31
GUNRFlexShares Morningstar Global Upstream Natural Resources Index Fund
FlexShares · 148 holdings · $7.2B · as of 2026-04-30
Holdings snapshots are 31 days apart (EMXC: 2026-05-31, GUNR: 2026-04-30). Weights and index membership change between snapshots, so the true current overlap is typically higher than shown. For funds tracking the same index, the gap can be 5–15 points.
How similar are EMXC and GUNR?
iShares MSCI Emerging Markets ex China ETF (EMXC, by iShares) holds 663 positions; FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR, by FlexShares) holds 148. They have 20 holdings in common, and by portfolio weight the two funds are 3.4% identical. In practical terms the pair is essentially distinct, holding almost none of the same securities.
- Overlap by Weight
- 3.4%Sum of the smaller weight of each shared holding
- Shared Holdings
- 20EMXC holds 663 · GUNR holds 148
- Weight in Shared Holdings
- EMXC 3%·GUNR 12%Share of each fund's weight in stocks both funds own
Based on each fund's latest official holdings. How is this calculated?
What makes each fund different
Only in EMXC
643 of 663 positions (96.5% of the fund) are not held by GUNR. Showing the top 30 by weight.
Sector Breakdown
| Sector | EMXC | GUNR |
|---|---|---|
| Information Technology | 49.6% | 0.0% |
| Materials | 3.6% | 43.0% |
| Energy | 2.6% | 32.2% |
| Financials | 12.0% | 0.0% |
| Consumer Staples | 1.6% | 8.4% |
| Other Sectors | 10.7% | 5.6% |
| Unclassified | 19.8% | 10.6% |
Share of each fund's portfolio weight by GICS-style sector, compiled from issuer fund data and our own classification of the holdings, not the issuers' published sector charts. “Unclassified” is weight we could not classify (20% of EMXC, 11% of GUNR).
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| EMXC | -2.1% | +31.1% | +51.2% | +24.8% | +11.5% | — | 2.03% |
| GUNR | +6.1% | +16.9% | +32.8% | +11.8% | +10.9% | +10.3% | 2.30% |
Total returns including dividends, from adjusted daily closes as of 2026-08-07. 3Y/5Y/10Y are annualized. Yield is trailing-12-month distributions over the last close. Past performance does not predict future results.
Project the growth of $10,000 in EMXC vs GUNR →
Shared Holdings(20)
The top 10 shared positions account for 91% of the overlap, led by VALE3, ARAMCSAR and GMEXICOB.
 VALE3Vale SA | 0.58% | 1.25% | 0.58% |
|---|---|---|---|
 ARAMCSARSaudi Arabian Oil Co. | 0.44% | 0.62% | 0.44% |
 GMEXICOBGrupo Mexico SAB de CV, Series B | 0.38% | 0.76% | 0.38% |
 PETR4Petroleo Brasileiro SA - Petrobras (Preference) | 0.38% | 0.66% | 0.38% |
 GFIGold Fields Ltd. | 0.35% | 0.82% | 0.35% |
 PKNOrlen SA PLN1.25 | 0.22% | 0.33% | 0.22% |
 VALValterra Platinum Ltd. | 0.22% | 0.34% | 0.22% |
 MAADESARSaudi Arabian Mining Co. | 0.20% | 0.43% | 0.20% |
 HNDLHindalco Industries Ltd. | 0.16% | 0.30% | 0.16% |
 SBSP3Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 0.13% | 1.01% | 0.13% |
 SAFCOSARSABIC Agri-Nutrients Co. | 0.09% | 1.14% | 0.09% |
 SUZB3Suzano SA | 0.06% | 0.33% | 0.06% |
 IQCDQARIndustries Qatar QSC | 0.05% | 1.45% | 0.05% |
 UPLLUPL Ltd. | 0.03% | 0.58% | 0.03% |
 KLBN11Klabin SA | 0.03% | 0.19% | 0.03% |
 PIPI Industries Ltd. | 0.02% | 0.46% | 0.02% |
| Charoen Pokphand Foods PCL | 0.02% | 0.29% | 0.02% |
 CPINCharoen Pokphand Indonesia Tbk. PT | 0.02% | 0.29% | 0.02% |
 QLGQL Resources Bhd. | 0.00% | 0.33% | 0.00% |
| Rosneft Oil Co. PJSC | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
How much do EMXC and GUNR overlap?
EMXC and GUNR overlap by 3.4% of portfolio weight. They share 20 holdings (EMXC holds 663 positions and GUNR holds 148), based on each fund's latest SEC-reported holdings.
Is it redundant to own both EMXC and GUNR?
The two portfolios are 3.4% identical by weight. Owning both is genuine diversification: the funds hold almost none of the same securities.
What are the biggest shared holdings of EMXC and GUNR?
The largest positions held by both funds are VALE3, ARAMCSAR, GMEXICOB, PETR4 and GFI. Together the top 10 shared positions account for 91% of the total overlap.
What does EMXC own that GUNR doesn't?
643 positions (96.5% of EMXC) are unique to EMXC, led by TSMWF, 005930 and 000660. In the other direction, 128 positions (88.2% of GUNR) are unique to GUNR.