GUNR vs GNR: Holdings Overlap
GUNRFlexShares Morningstar Global Upstream Natural Resources Index Fund
FlexShares · 148 holdings · $7.2B · as of 2026-04-30
GNRState Street® SPDR® S&P® Global Natural Resources ETF
State Street (SPDR) · 94 holdings · $4.8B · as of 2026-08-06
Holdings snapshots are 98 days apart (GUNR: 2026-04-30, GNR: 2026-08-06). 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 GUNR and GNR?
FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR, by FlexShares) holds 148 positions; State Street® SPDR® S&P® Global Natural Resources ETF (GNR, by State Street (SPDR)) holds 94. 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
- 49GUNR holds 148 · GNR holds 94
- Weight in Shared Holdings
- GUNR 64%·GNR 68%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 GUNR
99 of 148 positions (36.0% of the fund) are not held by GNR. Showing the top 30 by weight.
Sector Breakdown
| Sector | GUNR | GNR |
|---|---|---|
| Materials | 43.0% | 57.3% |
| Energy | 32.2% | 32.0% |
| Consumer Staples | 8.4% | 3.6% |
| Utilities | 4.2% | 0.0% |
| Real Estate | 0.9% | 1.0% |
| Other Sectors | 0.6% | 0.0% |
| Unclassified | 10.6% | 5.5% |
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 (11% of GUNR, 6% of GNR).
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| GUNR | +6.1% | +16.9% | +32.8% | +11.8% | +10.9% | +10.3% | 2.30% |
| GNR | +9.0% | +20.6% | +37.3% | +13.2% | +11.1% | +10.4% | 2.46% |
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 GUNR vs GNR →
Shared Holdings(49)
The top 10 shared positions account for 52% of the overlap, led by NTR, BHP and SHEL.
 NTRNutrien Ltd. | 4.83% | 4.70% | 4.70% |
|---|---|---|---|
 BHPBHP Group Ltd. | 4.16% | 5.32% | 4.16% |
 SHELShell plc | 3.89% | 4.37% | 3.89% |
 TTETotalEnergies SE EUR2.5 | 2.87% | 3.01% | 2.87% |
 CTVACorteva Inc COM | 5.00% | 2.73% | 2.73% |
 CVXChevron Corp. COM | 3.78% | 2.56% | 2.56% |
 NEMNewmont Corporation COM | 2.05% | 2.77% | 2.05% |
 AEMAgnico Eagle Mines Ltd. | 1.99% | 2.03% | 1.99% |
 ADMArcher-Daniels-Midland Co. COM | 3.25% | 1.97% | 1.97% |
 BP-BP plc | 1.81% | 1.89% | 1.81% |
 GLENPENGlencore plc | 1.48% | 1.74% | 1.48% |
 CNQCanadian Natural Resources Ltd. | 1.46% | 1.63% | 1.46% |
 FCXFreeport-McMoRan Inc. CL B | 1.42% | 2.36% | 1.42% |
 ABXBarrick Mining Corp. | 1.37% | 1.67% | 1.37% |
 YARYara International ASA | 1.27% | 1.39% | 1.27% |
 SUSuncor Energy, Inc. | 1.28% | 1.27% | 1.27% |
 WPMWheaton Precious Metals Corp. | 1.19% | 1.37% | 1.19% |
 AALAnglo American plc | 1.17% | 1.52% | 1.17% |
 COPConocoPhillips COM | 1.61% | 1.03% | 1.03% |
 CFCF Industries Holdings, Inc. COM | 1.65% | 0.96% | 0.96% |
 UPMUPM-Kymmene OYJ | 0.88% | 2.75% | 0.88% |
 FNVFranco-Nevada Corp. | 0.85% | 1.08% | 0.85% |
 ENIEni SpA | 0.84% | 0.97% | 0.84% |
 Q23Bunge Global SA COM SHS | 1.65% | 0.78% | 0.78% |
 KUSDKinross Gold Corp. | 0.78% | 0.74% | 0.74% |
Frequently Asked Questions
How much do GUNR and GNR overlap?
GUNR and GNR overlap by 55.5% of portfolio weight. They share 49 holdings (GUNR holds 148 positions and GNR holds 94), based on each fund's latest SEC-reported holdings.
Is it redundant to own both GUNR and GNR?
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 GUNR and GNR?
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 GUNR own that GNR doesn't?
99 positions (36.0% of GUNR) are unique to GUNR, led by XOM, RIO and TSN. In the other direction, 45 positions (31.3% of GNR) are unique to GNR.