GNR vs GUNR: Holdings Overlap
GNRState Street® SPDR® S&P® Global Natural Resources ETF
State Street (SPDR) · 94 holdings · $4.8B · as of 2026-08-06
GUNRFlexShares Morningstar Global Upstream Natural Resources Index Fund
FlexShares · 148 holdings · $7.2B · as of 2026-04-30
Holdings snapshots are 98 days apart (GNR: 2026-08-06, 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 GNR and GUNR?
State Street® SPDR® S&P® Global Natural Resources ETF (GNR, by State Street (SPDR)) holds 94 positions; FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR, by FlexShares) holds 148. They have 49 holdings in common, and by portfolio weight the two funds are 55.5% identical. In practical terms the pair is moderately overlapping; they share a meaningful core, but each fund adds distinct exposure.
- Overlap by Weight
- 55.5%Sum of the smaller weight of each shared holding
- Shared Holdings
- 49GNR holds 94 · GUNR holds 148
- Weight in Shared Holdings
- GNR 68%·GUNR 64%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 GNR
45 of 94 positions (31.3% of the fund) are not held by GUNR. Showing the top 30 by weight.
Sector Breakdown
| Sector | GNR | GUNR |
|---|---|---|
| Materials | 57.3% | 43.0% |
| Energy | 32.0% | 32.2% |
| Consumer Staples | 3.6% | 8.4% |
| Utilities | 0.0% | 4.2% |
| Real Estate | 1.0% | 0.9% |
| Other Sectors | 0.0% | 0.6% |
| Unclassified | 5.5% | 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 (6% of GNR, 11% of GUNR).
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| GNR | +9.0% | +20.6% | +37.3% | +13.2% | +11.1% | +10.4% | 2.46% |
| 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 GNR vs GUNR →
Shared Holdings(49)
The top 10 shared positions account for 52% of the overlap, led by NTR, BHP and SHEL.
 NTRNutrien Ltd. | 4.70% | 4.83% | 4.70% |
|---|---|---|---|
 BHPBHP Group Ltd. | 5.32% | 4.16% | 4.16% |
 SHELShell PLC | 4.37% | 3.89% | 3.89% |
 TTETotalEnergies SE EUR2.5 | 3.01% | 2.87% | 2.87% |
 CTVACorteva Inc COM | 2.73% | 5.00% | 2.73% |
 CVXChevron Corp. COM | 2.56% | 3.78% | 2.56% |
 NEMNewmont Corporation COM | 2.77% | 2.05% | 2.05% |
 AEMAgnico Eagle Mines Ltd. | 2.03% | 1.99% | 1.99% |
 ADMArcher-Daniels-Midland Co. COM | 1.97% | 3.25% | 1.97% |
 BP-BP plc | 1.89% | 1.81% | 1.81% |
 GLENGlencore PLC | 1.74% | 1.48% | 1.48% |
 CNQCanadian Natural Resources Ltd. | 1.63% | 1.46% | 1.46% |
 FCXFreeport-McMoRan Inc. CL B | 2.36% | 1.42% | 1.42% |
 ABXBarrick Mining Corp. | 1.67% | 1.37% | 1.37% |
 YARYara International ASA | 1.39% | 1.27% | 1.27% |
 SUSuncor Energy, Inc. | 1.27% | 1.28% | 1.27% |
 WPMWheaton Precious Metals Corp. | 1.37% | 1.19% | 1.19% |
 AALAnglo American PLC | 1.52% | 1.17% | 1.17% |
 COPConocoPhillips COM | 1.03% | 1.61% | 1.03% |
 CFCF Industries Holdings, Inc. COM | 0.96% | 1.65% | 0.96% |
 UPMUPM-Kymmene Oyj | 2.75% | 0.88% | 0.88% |
 FNVFranco-Nevada Corp. | 1.08% | 0.85% | 0.85% |
 ENIEni SpA | 0.97% | 0.84% | 0.84% |
 BGBunge Global SA COM SHS | 0.78% | 1.65% | 0.78% |
 KKinross Gold Corp. | 0.74% | 0.78% | 0.74% |
Frequently Asked Questions
How much do GNR and GUNR overlap?
GNR and GUNR overlap by 55.5% of portfolio weight. They share 49 holdings (GNR holds 94 positions and GUNR holds 148), based on each fund's latest SEC-reported holdings.
Is it redundant to own both GNR and GUNR?
The two portfolios are 55.5% identical by weight. Owning both is defensible: they share a meaningful core, but each fund adds exposure the other lacks.
What are the biggest shared holdings of GNR and GUNR?
The largest positions held by both funds are NTR, BHP, SHEL, TTE and CTVA. Together the top 10 shared positions account for 52% of the total overlap.
What does GNR own that GUNR doesn't?
45 positions (31.3% of GNR) are unique to GNR, led by XOM, RIGD and F34. In the other direction, 99 positions (36.0% of GUNR) are unique to GUNR.