GUNR vs MXI: Holdings Overlap
GUNRFlexShares Morningstar Global Upstream Natural Resources Index Fund
FlexShares · 148 holdings · $7.2B · as of 2026-04-30
MXIiShares Global Materials ETF
iShares · 101 holdings · $349M · as of 2026-03-31
Holdings snapshots are 30 days apart (GUNR: 2026-04-30, MXI: 2026-03-31). 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 MXI?
FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR, by FlexShares) holds 148 positions; iShares Global Materials ETF (MXI, by iShares) holds 101. They have 28 holdings in common, and by portfolio weight the two funds are 28.1% identical. In practical terms the pair is lightly overlapping, with most of each portfolio distinct.
- Overlap by Weight
- 28.1%Sum of the smaller weight of each shared holding
- Shared Holdings
- 28GUNR holds 148 · MXI holds 101
- Weight in Shared Holdings
- GUNR 38%·MXI 42%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
120 of 148 positions (62.0% of the fund) are not held by MXI. Showing the top 30 by weight.
Sector Breakdown
| Sector | GUNR | MXI |
|---|---|---|
| Materials | 43.0% | 99.5% |
| Energy | 32.2% | 0.0% |
| Consumer Staples | 8.4% | 0.0% |
| Utilities | 4.2% | 0.0% |
| Real Estate | 0.9% | 0.1% |
| Other Sectors | 0.6% | 0.0% |
| Unclassified | 10.6% | 0.0% |
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, 0% of MXI).
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% |
| MXI | +6.2% | +18.1% | +32.9% | +13.0% | +7.2% | +10.9% | 1.62% |
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 MXI →
Shared Holdings(28)
The top 10 shared positions account for 68% of the overlap, led by BHP, RIO and NEM.
 BHPBHP Group Ltd. NPV | 4.16% | 6.21% | 4.16% |
|---|---|---|---|
 RIORio Tinto PLC ORD GBP0.10 | 2.24% | 3.34% | 2.24% |
 NEMNewmont Corporation COM | 2.05% | 3.99% | 2.05% |
 AEMAgnico Eagle Mines Ltd. | 1.99% | 3.44% | 1.99% |
 CTVACorteva Inc COM | 5.00% | 1.90% | 1.90% |
 GLENPENGlencore plc | 1.48% | 2.43% | 1.48% |
 FCXFreeport-McMoRan Inc. CL B | 1.42% | 2.85% | 1.42% |
 ABXBarrick Mining Corp. | 1.37% | 2.31% | 1.37% |
 NTRNutrien Ltd. | 4.83% | 1.23% | 1.23% |
 WPMWheaton Precious Metals Corp. | 1.19% | 2.01% | 1.19% |
 AALAnglo American plc | 1.17% | 1.71% | 1.17% |
 FNVFranco-Nevada Corp. | 0.85% | 1.61% | 0.85% |
 KUSDKinross Gold Corp. | 0.78% | 1.24% | 0.78% |
 GMEXICOBGrupo Mexico SAB de CV, Series B | 0.76% | 1.13% | 0.76% |
 CFCF Industries Holdings, Inc. COM | 1.65% | 0.68% | 0.68% |
 TECKTeck Resources Ltd., Class B | 0.58% | 0.78% | 0.58% |
 UPMUPM-Kymmene OYJ | 0.88% | 0.56% | 0.56% |
 NSTNorthern Star Resources Ltd. NPV | 0.49% | 0.70% | 0.49% |
 FMGFortescue Ltd. NPV | 0.48% | 0.80% | 0.48% |
 FMFirst Quantum Minerals Ltd. | 0.39% | 0.55% | 0.39% |
 EVNEvolution Mining Ltd. | 0.39% | 0.62% | 0.39% |
 ANTOAntofagasta PLC ORD GBP0.05 | 0.37% | 0.52% | 0.37% |
 BOLBoliden AB | 0.33% | 0.50% | 0.33% |
 YARYara International ASA | 1.27% | 0.32% | 0.32% |
 MOSThe Mosaic Company COM | 0.70% | 0.27% | 0.27% |
Frequently Asked Questions
How much do GUNR and MXI overlap?
GUNR and MXI overlap by 28.1% of portfolio weight. They share 28 holdings (GUNR holds 148 positions and MXI holds 101), based on each fund's latest SEC-reported holdings.
Is it redundant to own both GUNR and MXI?
The two portfolios are 28.1% 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 GUNR and MXI?
The largest positions held by both funds are BHP, RIO, NEM, AEM and CTVA. Together the top 10 shared positions account for 68% of the total overlap.
What does GUNR own that MXI doesn't?
120 positions (62.0% of GUNR) are unique to GUNR, led by XOM, SHEL and CVX. In the other direction, 73 positions (57.4% of MXI) are unique to MXI.