GUNR vs IEMG: Holdings Overlap
GUNRFlexShares Morningstar Global Upstream Natural Resources Index Fund
FlexShares · 148 holdings · $7.2B · as of 2026-04-30
IEMGiShares Core MSCI Emerging Markets ETF
iShares · 2697 holdings · $156.6B · as of 2026-05-31
Holdings snapshots are 31 days apart (GUNR: 2026-04-30, IEMG: 2026-05-31). 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 IEMG?
FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR, by FlexShares) holds 148 positions; iShares Core MSCI Emerging Markets ETF (IEMG, by iShares) holds 2697. They have 35 holdings in common, and by portfolio weight the two funds are 2.8% identical. In practical terms the pair is essentially distinct, holding almost none of the same securities.
- Overlap by Weight
- 2.8%Sum of the smaller weight of each shared holding
- Shared Holdings
- 35GUNR holds 148 · IEMG holds 2697
- Weight in Shared Holdings
- GUNR 15%·IEMG 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 GUNR
113 of 148 positions (85.2% of the fund) are not held by IEMG. Showing the top 30 by weight.
Only in IEMG
2662 of 2697 positions (96.9% of the fund) are not held by GUNR. Showing the top 30 by weight.
Sector Breakdown
| Sector | GUNR | IEMG |
|---|---|---|
| Materials | 43.0% | 2.9% |
| Information Technology | 0.0% | 36.2% |
| Energy | 32.2% | 2.3% |
| Financials | 0.0% | 11.0% |
| Consumer Staples | 8.4% | 1.4% |
| Other Sectors | 5.6% | 15.3% |
| Unclassified | 10.6% | 30.7% |
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, 31% of IEMG).
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% |
| IEMG | +0.3% | +19.9% | +33.4% | +20.1% | +7.8% | +9.0% | 2.25% |
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 IEMG →
Shared Holdings(35)
The top 10 shared positions account for 80% of the overlap, led by VALE3, ARAMCSAR and GMEXICOB.
 VALE3Vale SA | 1.25% | 0.41% | 0.41% |
|---|---|---|---|
 ARAMCSARSaudi Arabian Oil Co. | 0.62% | 0.30% | 0.30% |
 GMEXICOBGrupo Mexico SAB de CV, Series B | 0.76% | 0.26% | 0.26% |
 PETR4Petroleo Brasileiro SA - Petrobras (Preference) | 0.66% | 0.26% | 0.26% |
 GFIGold Fields Ltd. | 0.82% | 0.24% | 0.24% |
 PC6PetroChina Co. Ltd., Class H | 0.46% | 0.20% | 0.20% |
 PKNOrlen SA PLN1.25 | 0.33% | 0.15% | 0.15% |
 VALValterra Platinum Ltd. | 0.34% | 0.15% | 0.15% |
 MAADESARSaudi Arabian Mining Co. | 0.43% | 0.15% | 0.15% |
 HNDLHindalco Industries Ltd. | 0.30% | 0.11% | 0.11% |
 SBSP3Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 1.01% | 0.09% | 0.09% |
 CHUChina Petroleum & Chemical Corp., Class H | 0.24% | 0.09% | 0.09% |
 SAFCOSARSABIC Agri-Nutrients Co. | 1.14% | 0.06% | 0.06% |
 601899Zijin Mining Group Co. Ltd., Class A | 0.16% | 0.04% | 0.04% |
 SUZB3Suzano SA | 0.33% | 0.04% | 0.04% |
 IQCDQARIndustries Qatar QSC | 1.45% | 0.03% | 0.03% |
 UPLLUPL Ltd. | 0.58% | 0.02% | 0.02% |
 270Guangdong Investment Ltd. | 0.18% | 0.02% | 0.02% |
 KLBN11Klabin SA | 0.19% | 0.02% | 0.02% |
| Cia de Saneamento de Minas Gerais Copasa MG | 0.13% | 0.02% | 0.02% |
 PIPI Industries Ltd. | 0.46% | 0.02% | 0.02% |
| Charoen Pokphand Foods PCL | 0.29% | 0.01% | 0.01% |
 UPLUnited Plantations Bhd. | 0.29% | 0.01% | 0.01% |
 CPINCharoen Pokphand Indonesia Tbk. PT | 0.29% | 0.01% | 0.01% |
 PEPPPB Group Bhd. | 0.29% | 0.01% | 0.01% |
Frequently Asked Questions
How much do GUNR and IEMG overlap?
GUNR and IEMG overlap by 2.8% of portfolio weight. They share 35 holdings (GUNR holds 148 positions and IEMG holds 2697), based on each fund's latest SEC-reported holdings.
Is it redundant to own both GUNR and IEMG?
The two portfolios are 2.8% identical by weight. Owning both is genuine diversification: the funds hold almost none of the same securities.
What are the biggest shared holdings of GUNR and IEMG?
The largest positions held by both funds are VALE3, ARAMCSAR, GMEXICOB, PETR4 and GFI. Together the top 10 shared positions account for 80% of the total overlap.
What does GUNR own that IEMG doesn't?
113 positions (85.2% of GUNR) are unique to GUNR, led by CTVA, XOM and NTR. In the other direction, 2662 positions (96.9% of IEMG) are unique to IEMG.