At a glance
GNR charges 0.4% a year, below the 0.41% average of the 4 funds most like it (the 2nd cheapest of 5). It has $4.48B in assets, the 2nd largest of that group; it paid 2.4% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +31.7% with distributions reinvested (S&P 500: +11.5%), 4th of those 5 funds; over three years it returned +16.3% a year. At its worst it fell 41.5% in the 2020 crash (S&P 500: 33.7%) and 25.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 20 months after the lows. Its ten largest positions make up 34.9% of the fund, out of 93 in all.
The short version
SPDR S&P Global Natural Resources ETF (GNR) is a State Street index fund. It tracks the S&P Global Natural Resources Index, which holds 90 large miners, energy producers and agriculture companies from the US and abroad. What sets it apart is its built-in balance: agriculture, energy, and metals and mining each get one-third of the index, and US stocks are capped. At 0.40% a year, it costs about the same as similar funds.
Price history
The interactive chart needs JavaScript.
GNR +31.7% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| GNR official prospectus, to Dec 31, 2025 | — | +28.77% | — | +10.71% | +10.44% | — |
| GNR price data to Oct 27, 2026 | +23.5% | +31.7% | +16.3% | +11.0% | +10.5% | +5.7% |
- Over the year to Oct 27, 2026, GNR returned +31.7%, 4th of 5 among similar funds.
- Its 5-year annualized return was +11.0% and its 10-year +10.5%.
- In the 2020 COVID crash it fell 41.5% and regained its old high 8.2 months after the low.
- Its worst full calendar year was 2015 (-24.1%); its best was 2016 (+30.8%).
- The deepest fall in its price history was 51.4% (Apr 5, 2011 to Jan 20, 2016), recovered by Jan 7, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +23.5% | — |
| 2025 | +28.7% | +28.77% |
| 2024 | -8.2% | -8.36% |
| 2023 | +2.9% | +3.42% |
| 2022 | +10.2% | +9.70% |
| 2021 | +24.7% | +24.25% |
| 2020 | -0.1% | +0.15% |
| 2019 | +16.4% | +16.37% |
| 2018 | -13.2% | -13.16% |
| 2017 | +22.6% | +22.08% |
| 2016 | +30.8% | +31.34% |
| 2015 | -24.1% | — |
| 2014 | -10.4% | — |
| 2013 | +0.1% | — |
| 2012 | +7.3% | — |
| 2011 | -15.7% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 41% over that stretch · deepest drop along the way 41.5%, back to its old high 8.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 3.8% over that stretch · deepest drop along the way 25.7%, back to its old high 19.8 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.8600 | |
| 2025 | $1.7200 | -27.1% |
| 2024 | $2.3600 | +23.6% |
| 2023 | $1.9100 | -23.6% |
| 2022 | $2.5000 | +35.1% |
| 2021 | $1.8500 | +49.2% |
| 2020 | $1.2400 | -29.9% |
| 2019 | $1.7700 | +22.1% |
| 2018 | $1.4500 | +22.9% |
| 2017 | $1.1800 | +40.5% |
| 2016 | $0.8400 | -43.2% |
| 2015 | $1.4800 | +29.8% |
| 2014 | $1.1400 | -8.1% |
| 2013 | $1.2400 | +27.8% |
| 2012 | $0.9700 | +4.3% |
| 2011 | $0.9300 |
What's inside
As of Jun 30, 2026, the fund held 93 securities; the ten largest made up 34.94% of assets. It also reported 3.98% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| BHP Group Ltd | 5.39% | |
| Exxon Mobil Corp | 4.48% | |
| Nutrien Ltd | 4.26% | |
| Shell PLC | 4.15% | |
| Corteva Inc | 3.27% | |
| TotalEnergies SE | 2.97% | |
| UPM-Kymmene Oyj | 2.94% | |
| Newmont Corp | 2.67% | |
| Chevron Corp | 2.44% | |
| Freeport-McMoRan Inc | 2.37% | |
| Archer-Daniels-Midland Co | 2.11% | |
| Agnico Eagle Mines Ltd | 2.04% | |
| BP PLC | 1.83% | |
| Reliance Industries Ltd | 1.76% | |
| Glencore PLC | 1.70% |
By country
United States 32.51%Canada 18.28%United Kingdom 9.69%Australia 8.32%Finland 4.31%By asset type
Stocks 99.12%Other 0.19%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $9.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.14%, -0.95%, -7.72%.
How it works
GNR tracks the S&P Global Natural Resources Index, run by S&P Dow Jones Indices. The index picks 90 of the largest publicly traded natural resources companies. It sorts them using GICS, a standard system for classifying companies by industry. Eligible industries include oil and gas, coal, fertilizers, timber REITs, paper and packaging, steel, copper and gold. Each company needs a developed-market listing, at least $1 billion in float-adjusted market value and at least $5 million in average daily trading.
The index combines three sub-indexes: agriculture, energy, and metals and mining. Each one makes up one-third of the total. Inside each sub-index, stocks are weighted by float-adjusted market value, meaning the value of shares readily available to trade. No single stock can exceed 5%, US stocks are capped at 40% and emerging-market stocks at 15%. The index is rebuilt each August and rebalanced in February, May and November.
The adviser, SSGA Funds Management, uses sampling. That means the fund may hold a subset of index stocks that behaves like the whole index instead of owning every one. At least 80% of assets go into index stocks or depositary receipts, which are certificates representing shares of foreign companies. The fund may use futures to manage cash flows. As of June 30, 2026, it held 93 stocks, and its 10 largest made up about 35% of assets.
What it really costs
- GNR charges 0.4% a year, versus an average of 0.41% for the similar funds below (2nd of 5, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $41 in the first year and $505 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| GNR | $41 | $128 | $224 | $505 |
In a retirement portfolio
GNR is concentrated in commodity-driven industries and has had deep, long drops, so it fits better as a small add-on than as a foundation.
GNR adds exposure to commodity producers, which have sometimes moved differently from broad stocks. In the 2022 bear market the fund gained 9.7% for the calendar year, but it still fell 25.7% from April to September 2022 and took about 20 months to recover. In the 2020 COVID crash it lost 41.5% in less than a month and recovered in about eight months. Its deepest drop was 51.4%, from April 2011 to January 2016, and it didn't recover until January 2021. Its worst calendar year was 2015, at -24.1%. The fund launched in 2010, so it has no 2008 record. Anyone who has to sell shares during a slump like these could lock in large losses.
The trailing yield was 2.4% as of October 27, 2026, paid twice a year. In the SEC's standard example, costs on $10,000 come to $41 in year one and $505 over 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want one fund split by design into equal thirds: agriculture, energy, and metals and mining.
- Those who want global resource exposure: as of June 30, 2026, about two-thirds of assets were outside the US, mainly in Canada, the UK and Australia.
- Cost-conscious investors: at 0.40% a year, it ranked second-cheapest of five similar funds, behind NANR at 0.35%.
Look elsewhere if
- Anyone uneasy with long slumps: it fell 51.4% between April 2011 and January 2016 and didn't recover until January 2021.
- Investors focused on North American resource stocks: NANR and IGE returned about 41% over the year to October 27, 2026, versus GNR's 31.7%.
- Those who need steady, frequent income: the yield was 2.4% as of October 27, 2026, and the fund pays only twice a year.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| GNR this fund | — | 0.4% | $4.48B | +31.7% | +16.3% |
| GUNR FlexShares Morningstar Global Upstream Natu… | 52% | 0.46% | $7.24B | +26.3% | +14.9% |
| NANR SPDR S&P North American Natural Resources E… | 50% | 0.35% | $735.5M | +40.6% | +22.6% |
| HAP VanEck Natural Resources ETF | 47% | 0.43% | $298.8M | +32.0% | +19.7% |
| IGE iShares North American Natural Resources ETF | 33% | 0.41% | $707.9M | +40.9% | +21.2% |
Questions investors ask
What does GNR invest in?
GNR owns stocks of large natural resources companies around the world, spread across agriculture, energy, and metals and mining. As of June 30, 2026, its largest holdings were BHP Group (5.4%), Exxon Mobil (4.5%), Nutrien (4.3%), Shell (4.2%) and Corteva (3.3%). The top 10 made up about 35% of assets. US companies were 32.5% of the fund, followed by Canada at 18.3%, the UK at 9.7% and Australia at 8.3%.
What's the difference between GNR and GUNR?
Both own global natural resources stocks, and about 52% of their holdings overlap. GNR tracks an S&P index split into equal thirds by sector. GUNR, from FlexShares, tracks a Morningstar index of upstream natural resources companies. GNR is cheaper, at 0.40% a year versus 0.46%. As of October 27, 2026, GNR returned 31.7% over one year and 16.3% a year over three years, compared with 26.3% and 14.9% for GUNR. GUNR is larger, with about $7.2 billion in net assets as of July 31, 2026.
Does GNR pay dividends?
Yes, twice a year. Over the 12 months to October 27, 2026, GNR paid $1.82 per share, a trailing yield of 2.4%. The payout comes from dividends on the miners, oil companies and agriculture companies it holds, so it can rise or fall with their profits and with commodity prices. Because many holdings are outside the US, currency moves can also change the payout in dollar terms.
How has GNR performed over the last 10 years?
According to the prospectus, GNR returned an average of 10.44% a year over the 10 years ended December 31, 2025. Over five years it averaged 10.71%, and in 2025 it returned 28.77%. The results swung widely from year to year. Its strongest calendar year in that span was 2016, at 31.34%. It lost 13.16% in 2018 and 8.36% in 2024.
How risky is GNR?
GNR's price swings are close to those of a stock fund, and it has had sharp drops. Its three-year volatility was 17.4% as of October 27, 2026. Its worst quarter was the first quarter of 2020, when it lost 32.73%. Its deepest decline was 51.4%, from 2011 to 2016, and recovery took until 2021. Commodity prices, currency moves and foreign markets all add risk. Its one-year beta of 0.54 shows it doesn't always move in step with the broad market.