Natural Resources ETFs: oil, mining and fertilizer stocks like Nutrien

What are natural resources ETFs?

Natural resources ETFs own companies at the start of the supply chain. These include oil and gas producers, metal and gold miners, and farm businesses such as fertilizer and seed makers. The same names turn up again and again. Nutrien is held by 9 of the 13 funds, Corteva by 8, and BHP, Chevron, Newmont and Freeport-McMoRan by 7 each. Exxon Mobil is the single largest holding in GUNR, NANR, IGE and CSNR.

Most funds track an index. GUNR follows the Morningstar Global Upstream Natural Resources Index and HAP the MarketVector Global Natural Resources Index, while GNR and NANR use S&P indexes. NANR and IGE hold only North American companies. GUNR, GNR, HAP and FTRI invest worldwide. CSNR and NRES are actively managed, and MGNR and CCNR pursue their own goals rather than an index. Breadth varies widely. CCNR has 310 holdings with 10.54% in its top ten, while COAL, which tracks a global coal index, has 29 holdings and 63.03% in its top ten. NDIV, renamed the Amplify Energy & Natural Resources Covered Call ETF, writes covered calls. It collects payments called premiums in exchange for giving up some gains above set prices. None of the funds uses leverage or bets on falling prices.

The expense ratio is the yearly fee, taken as a share of what you invest. The median among these funds is 0.46%. NANR is the cheapest at 0.35%, and COAL is the most expensive at 0.85%, with MGNR at 0.75% and FTRI at 0.70% also near the top.

Money is concentrated in a few funds. As of October 27, 2026, the five largest, GUNR, GNR, MGNR, NANR and IGE, held 92.5% of the group's roughly $15.1 billion. GUNR alone held about $7.2 billion, while NDIV, the smallest, held about $26 million.

Natural resources ETF holdings: the stocks most funds own

The stocks that show up most often among the largest positions of the 13 biggest natural resources ETFs with holdings reports, from their latest N-PORT filings.

Typical weight is the median share of each fund’s assets in the stock, among the funds that hold it in their 25 largest positions.

The largest natural resources ETFs, side by side

Swipe the table to see all 5 funds.

The largest ordinary funds by net assets (leveraged and inverse funds are listed further down). Holdings from each fund’s latest N-PORT report; returns include reinvested distributions, as of Oct 27, 2026.

Head to head

How much do the largest natural resources ETFs overlap?

Owning two funds that hold the same stocks adds little diversification. Overlap here is the share of assets two funds have in common: for each stock both own, the smaller of its two weights, added up.

From each fund’s full holdings in its latest N-PORT report.

How have natural resources ETFs performed?

The five largest ordinary funds: growth from the start of the range, distributions reinvested. The dashed gray line is the S&P 500 (SPY).

Best-performing natural resources ETFs over the past year

Funds with at least $25 million in net assets; leveraged and inverse funds left out. Past returns don’t predict future returns.

How natural resources ETFs did in past market crashes

Total return from the stock market’s peak to its low in each fall, distributions reinvested.

What drives natural resources ETFs?

The companies in these funds produce oil, gas, metals and farm inputs, and their profits rise and fall with commodity prices. The cost of running a mine or oil field changes slowly. So higher prices flow largely to profit, while a slump squeezes profits just as fast. Commodity prices move with global economic growth, how much new supply producers bring on, weather and harvests for farm businesses, and the US dollar, since most commodities are priced in dollars. Mines and wells take years and large sums to build, so supply often lags demand.

That tie to commodities shows in past downturns. In the 2020 COVID crash, the S&P 500 fell 33.7%, but GUNR fell 39.1%, GNR 41.0%, NANR 41.8% and IGE 50.8%. In the 2022 bear market the pattern reversed. The S&P 500 fell 24.5%, while IGE gained 19.9%, NANR 15.6% and GUNR 1.4%, and GNR slipped just 3.8%. In the 2008 financial crisis, IGE, the only one of the four old enough, fell 51.5%, close to the S&P 500's 55.2%. IGE and NANR, with the heaviest oil stakes, swung furthest in both directions.

Natural resources ETFs with the lowest expense ratios

Ordinary funds with at least $10 million in net assets. The median ordinary natural resources ETF charges 0.46% a year; leveraged and inverse funds usually charge more.

Do natural resources ETFs pay dividends?

13 of the 13 ordinary natural resources ETFs with a page here paid distributions over the last 12 months, with a median yield of 2.07%.

Distributions over the last 12 months divided by the price; funds with at least $25 million in net assets. Some of these yields come from selling options, which gives up some of the gains.

How to choose a natural resources ETF

• Fees run from 0.35% to 0.85%. NANR charges 0.35% a year and IGE 0.37%. CCNR, GNR and HAP follow at 0.39% to 0.41%. MGNR, at 0.75%, and COAL, at 0.85%, cost more than twice NANR's fee. The median is 0.46%.
• Worldwide or North America only. NANR and IGE track North American companies, and Exxon Mobil and Chevron are their two largest holdings. GUNR, GNR and HAP invest worldwide, adding names such as BHP, Shell and Iberdrola, which also adds foreign-currency exposure.
• Broad baskets or narrow themes. CCNR spreads money across 310 holdings, with only 10.54% in its top ten. COAL tracks a global coal index with 63.03% in its top ten, and FTWO mixes resources with national-security names such as GE Aerospace.
• Index rules or active managers. Most funds, including GUNR, GNR, NANR, IGE and HAP, follow an index. CSNR and NRES are actively managed. MGNR and CCNR pursue goals such as capital appreciation or real returns (after inflation) rather than tracking an index.
• Fund size and length of record. GUNR and GNR hold far more money than the rest; NDIV holds about $26 million. MGNR, CCNR, CSNR, NRES and COAL launched in 2024 or 2025, so their track records are short. Very small funds are more likely to close.
• Covered-call income changes the trade-off. NDIV tracks a covered-call index. It collects payments, called premiums, in exchange for giving up some gains above set prices. That helps explain its 8.63% yield as of October 27, 2026, but limits its gains in strong rallies.

What are the risks of natural resources ETFs?

• Big bets on Exxon Mobil and Chevron. The North American funds lean hard on two oil giants. Exxon Mobil made up 9.48% of IGE and Chevron 8.81%, while Exxon was 8.87% of NANR. Trouble at the big oil companies would weigh heavily on these funds.
• Sharp falls when commodities slump. These funds rise and fall with oil, metal and crop prices. In the 2020 COVID sell-off, IGE fell 50.8%, NANR 41.8% and GNR 41%, while the S&P 500 dropped 33.7%. Retirees selling for income would lock in losses.
• Narrow funds pack risk into few stocks. Some funds bet on few companies. COAL has 29 holdings, with 63.03% in its top ten. In the year to October 27, 2026, it swung more than any peer and fell as much as 21.7% from a high.
• Owning two funds may mean double exposure. Many funds hold the same companies. Nutrien sits in 9 of the 13 funds and Corteva in 8. NANR and IGE share 121 holdings, a 61.5% overlap, so owning both adds little variety.
• Covered calls cap NDIV's upside. NDIV follows a covered call index. It sells call options, contracts letting buyers purchase its stocks at set prices. The payments it collects help fund its 8.63% yield but limit gains when prices jump. Losses are not capped.

List of all natural resources ETFs, by size

All 13 natural resources ETFs, compared →

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