FNDE vs GUNR: Holdings Overlap
FNDESchwab Fundamental Emerging Markets Equity ETF
Schwab · 370 holdings · $9.9B · 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 (FNDE: 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 FNDE and GUNR?
Schwab Fundamental Emerging Markets Equity ETF (FNDE, by Schwab) holds 370 positions; FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR, by FlexShares) holds 148. They have 21 holdings in common, and by portfolio weight the two funds are 5.5% identical. In practical terms the pair is lightly overlapping, with most of each portfolio distinct.
- Overlap by Weight
- 5.5%Sum of the smaller weight of each shared holding
- Shared Holdings
- 21FNDE holds 370 · GUNR holds 148
- Weight in Shared Holdings
- FNDE 11%·GUNR 8%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 FNDE
349 of 370 positions (88.6% of the fund) are not held by GUNR. Showing the top 30 by weight.
Sector Breakdown
| Sector | FNDE | GUNR |
|---|---|---|
| Materials | 6.7% | 43.0% |
| Energy | 10.8% | 32.2% |
| Information Technology | 20.6% | 0.0% |
| Financials | 18.1% | 0.0% |
| Consumer Staples | 1.9% | 8.4% |
| Other Sectors | 14.4% | 5.6% |
| Unclassified | 27.1% | 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 (27% of FNDE, 11% of GUNR).
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| FNDE | +5.7% | +16.1% | +27.2% | +20.3% | +10.8% | +10.0% | 3.57% |
| 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 FNDE vs GUNR →
Shared Holdings(21)
The top 10 shared positions account for 91% of the overlap, led by VALE3, GMEXICOB and PETR4.
 VALE3Vale SA | 3.03% | 1.25% | 1.25% |
|---|---|---|---|
 GMEXICOBGrupo Mexico SAB de CV, Series B | 0.66% | 0.76% | 0.66% |
 PETR4Petroleo Brasileiro SA - Petrobras (Preference) | 2.48% | 0.66% | 0.66% |
 ARAMCSARSaudi Arabian Oil Co. | 0.74% | 0.62% | 0.62% |
 PC6PetroChina Co. Ltd., Class H | 1.25% | 0.46% | 0.46% |
 VALValterra Platinum Ltd. | 0.57% | 0.34% | 0.34% |
 HNDLHindalco Industries Ltd. | 0.41% | 0.30% | 0.30% |
 GFIGold Fields Ltd. | 0.25% | 0.82% | 0.25% |
 CHUChina Petroleum & Chemical Corp., Class H | 0.95% | 0.24% | 0.24% |
 SUZB3Suzano SA | 0.16% | 0.33% | 0.16% |
 SBSP3Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 0.14% | 1.01% | 0.14% |
| Charoen Pokphand Foods PCL | 0.10% | 0.29% | 0.10% |
 MAADESARSaudi Arabian Mining Co. | 0.10% | 0.43% | 0.10% |
 601899Zijin Mining Group Co. Ltd., Class A | 0.09% | 0.16% | 0.09% |
 KLBN11Klabin SA | 0.09% | 0.19% | 0.09% |
| Tatneft PJSC | 0.00% | 0.00% | 0.00% |
| Novatek PJSC | 0.00% | 0.00% | 0.00% |
| Gazprom PJSC | 0.00% | 0.00% | 0.00% |
| LUKOIL PJSC | 0.00% | 0.00% | 0.00% |
| Rosneft Oil Co. PJSC | 0.00% | 0.00% | 0.00% |
| GMK Norilskiy Nickel PAO | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
How much do FNDE and GUNR overlap?
FNDE and GUNR overlap by 5.5% of portfolio weight. They share 21 holdings (FNDE holds 370 positions and GUNR holds 148), based on each fund's latest SEC-reported holdings.
Is it redundant to own both FNDE and GUNR?
The two portfolios are 5.5% identical by weight. Owning both is not redundant. Most of each portfolio is distinct, so the funds can serve different roles.
What are the biggest shared holdings of FNDE and GUNR?
The largest positions held by both funds are VALE3, GMEXICOB, PETR4, ARAMCSAR and PC6. Together the top 10 shared positions account for 91% of the total overlap.
What does FNDE own that GUNR doesn't?
349 positions (88.6% of FNDE) are unique to FNDE, led by TSMWF, HNHAF and 9988. In the other direction, 127 positions (91.9% of GUNR) are unique to GUNR.