GUNR vs SPY: Holdings Overlap
GUNRFlexShares Morningstar Global Upstream Natural Resources Index Fund
FlexShares · 148 holdings · $7.2B · as of 2026-04-30
SPYState Street® SPDR® S&P 500® ETF Trust
State Street (SPDR) · 504 holdings · $812.0B · as of 2026-08-06
Holdings snapshots are 98 days apart (GUNR: 2026-04-30, SPY: 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 SPY?
FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR, by FlexShares) holds 148 positions; State Street® SPDR® S&P 500® ETF Trust (SPY, by State Street (SPDR)) holds 504. They have 19 holdings in common, and by portfolio weight the two funds are 1.8% identical. In practical terms the pair is essentially distinct, holding almost none of the same securities.
- Overlap by Weight
- 1.8%Sum of the smaller weight of each shared holding
- Shared Holdings
- 19GUNR holds 148 · SPY holds 504
- Weight in Shared Holdings
- GUNR 27%·SPY 2%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
129 of 148 positions (72.3% of the fund) are not held by SPY. Showing the top 30 by weight.
Sector Breakdown
| Sector | GUNR | SPY |
|---|---|---|
| Materials | 43.0% | 1.8% |
| Information Technology | 0.0% | 37.6% |
| Energy | 32.2% | 3.2% |
| Financials | 0.0% | 12.3% |
| Communication Services | 0.0% | 9.7% |
| Other Sectors | 14.0% | 35.3% |
| 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 SPY).
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% |
| SPY | +3.4% | +14.0% | +23.7% | +21.2% | +13.3% | +15.3% | 0.97% |
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 SPY →
Shared Holdings(19)
The top 10 shared positions account for 85% of the overlap, led by CVX, COP and NEM.
 CVXChevron Corp. COM | 3.78% | 0.53% | 0.53% |
|---|---|---|---|
 COPConocoPhillips COM | 1.61% | 0.21% | 0.21% |
 NEMNewmont Corporation COM | 2.05% | 0.17% | 0.17% |
 FCXFreeport-McMoRan Inc. CL B | 1.42% | 0.15% | 0.15% |
 EOGEOG Resources Inc. COM | 0.77% | 0.11% | 0.11% |
 CTVACorteva Inc COM | 5.00% | 0.08% | 0.08% |
 DVNDevon Energy Corporation COM | 0.32% | 0.07% | 0.07% |
 OXYOccidental Petroleum Corp. COM | 0.41% | 0.06% | 0.06% |
 ADMArcher-Daniels-Midland Co. COM | 3.25% | 0.06% | 0.06% |
 FANGDiamondback Energy Inc COM | 0.39% | 0.06% | 0.06% |
 EQTEQT Corporation COM | 0.39% | 0.05% | 0.05% |
 AWKAmerican Water Works Company, Inc. COM | 1.11% | 0.04% | 0.04% |
 EXEExpand Energy Corp. COM | 0.25% | 0.03% | 0.03% |
 TPLTexas Pacific Land Corporation COM | 0.26% | 0.03% | 0.03% |
 WYWeyerhaeuser Company COM NEW | 0.67% | 0.03% | 0.03% |
 CFCF Industries Holdings, Inc. COM | 1.65% | 0.03% | 0.03% |
 TSNTyson Foods, Inc., Class A | 1.75% | 0.02% | 0.02% |
 Q23Bunge Global SA COM SHS | 1.65% | 0.02% | 0.02% |
 MOSThe Mosaic Company COM | 0.70% | 0.01% | 0.01% |
Frequently Asked Questions
How much do GUNR and SPY overlap?
GUNR and SPY overlap by 1.8% of portfolio weight. They share 19 holdings (GUNR holds 148 positions and SPY holds 504), based on each fund's latest SEC-reported holdings.
Is it redundant to own both GUNR and SPY?
The two portfolios are 1.8% 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 SPY?
The largest positions held by both funds are CVX, COP, NEM, FCX and EOG. Together the top 10 shared positions account for 85% of the total overlap.
What does GUNR own that SPY doesn't?
129 positions (72.3% of GUNR) are unique to GUNR, led by XOM, NTR and BHP. In the other direction, 485 positions (98.2% of SPY) are unique to SPY.