While GNR’s year-to-date return is modest, the strategy of marrying natural resources stocks and gold in a portfolio to ward off inflation has merit. While a standalone gold allocation historically exhibits a higher Sharpe ratio, the higher inflation beta from including natural resources may prove valuable against a backdrop of elevated inflation.” The SPDR S&P Global Natural Resources ETF (GNR) is among the natural resources ETFs that could make for a viable paring with GLD or GLDM. Plus, a strategy such as GNR has compelling history on its side.