Guard capacity-does neutering affect?

I have no opinion one way or another since all my dogs have been spayed/neutered and none of them really have been guard dogs aside from their innate barking and occasional growling at strangers, but was asking for the experience of those who have had both sorts of dogs, does neutering affect their capacity as a guard dog?

Dogs whose guard ability is related to dominance and hormones will have a reduction to their guarding ability.

Dogs who guard ability is not related to those things, will continue guarding at same level even if they are neutered.

It really depends on the breeds, and where its drive is coming from.