EWZ vs GUNR: Holdings Overlap
iShares · 47 holdings · $9.2B · 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 (EWZ: 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 EWZ and GUNR?
iShares MSCI Brazil ETF (EWZ, by iShares) holds 47 positions; FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR, by FlexShares) holds 148. They have 5 holdings in common, and by portfolio weight the two funds are 3.5% identical. In practical terms the pair is essentially distinct, holding almost none of the same securities.
- Overlap by Weight
- 3.5%Sum of the smaller weight of each shared holding
- Shared Holdings
- 5EWZ holds 47 · GUNR holds 148
- Weight in Shared Holdings
- EWZ 24%·GUNR 3%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 EWZ
42 of 47 positions (75.4% of the fund) are not held by GUNR. Showing the top 30 by weight.
Sector Breakdown
| Sector | EWZ | GUNR |
|---|---|---|
| Materials | 11.5% | 43.0% |
| Energy | 14.0% | 32.2% |
| Financials | 32.2% | 0.0% |
| Consumer Staples | 3.2% | 8.4% |
| Utilities | 8.1% | 4.2% |
| Other Sectors | 6.1% | 1.5% |
| Unclassified | 23.9% | 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 (24% of EWZ, 11% of GUNR).
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| EWZ | +2.0% | +12.3% | +31.6% | +9.6% | +6.8% | +5.7% | 4.14% |
| 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 EWZ vs GUNR →
Shared Holdings(5)
The top 5 shared positions account for 100% of the overlap, led by VALE3, SBSP3 and PETR4.
 VALE3Vale SA | 11.50% | 1.25% | 1.25% |
|---|---|---|---|
 SBSP3Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 2.87% | 1.01% | 1.01% |
 PETR4Petroleo Brasileiro SA - Petrobras (Preference) | 7.28% | 0.66% | 0.66% |
 SUZB3Suzano SA | 1.25% | 0.33% | 0.33% |
 KLBN11Klabin SA | 0.62% | 0.19% | 0.19% |
Frequently Asked Questions
How much do EWZ and GUNR overlap?
EWZ and GUNR overlap by 3.5% of portfolio weight. They share 5 holdings (EWZ holds 47 positions and GUNR holds 148), based on each fund's latest SEC-reported holdings.
Is it redundant to own both EWZ and GUNR?
The two portfolios are 3.5% identical by weight. Owning both is genuine diversification: the funds hold almost none of the same securities.
What are the biggest shared holdings of EWZ and GUNR?
The largest positions held by both funds are VALE3, SBSP3, PETR4, SUZB3 and KLBN11. Together the top 5 shared positions account for 100% of the total overlap.
What does EWZ own that GUNR doesn't?
42 positions (75.4% of EWZ) are unique to EWZ, led by NU, ITUB4 and PETR3. In the other direction, 143 positions (96.3% of GUNR) are unique to GUNR.