CCO.TO vs. URNM

Last updated Jun 4, 2026

CCO.TO (Cameco Corporation) is a stock, while URNM (NorthShore Global Uranium Mining ETF) is Commodity Producers Equities fund tracking the North Shore Global Uranium Mining Index. Over the past 5 years, CCO.TO returned 44.28%/yr vs 18.88%/yr for URNM. Their correlation of 0.80 suggests significant overlap in exposure.

Performance

CCO.TO vs. URNM - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Cameco Corporation (CCO.TO) and NorthShore Global Uranium Mining ETF (URNM). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

CCO.TO is traded in CAD, while URNM is traded in USD. To make them comparable, the URNM values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, CCO.TO achieves a 26.93% return, which is significantly higher than URNM's 13.39% return.

CCO.TO

• 1D: -4.40%
• 1M: -1.05%
• YTD: 26.93%
• 6M: 27.80%
• 1Y: 95.25%
• 3Y*: 58.39%
• 5Y*: 44.28%
• 10Y*: 27.60%

URNM

• 1D: -5.55%
• 1M: -5.53%
• YTD: 13.39%
• 6M: 9.64%
• 1Y: 54.64%
• 3Y*: 28.48%
• 5Y*: 18.88%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

CCO.TO vs. URNM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
CCO.TO Cameco Corporation	26.93%	70.37%	29.62%	86.52%	11.71%	62.18%	48.65%	-6.26%
URNM NorthShore Global Uranium Mining ETF	13.39%	34.32%	-6.75%	54.33%	-5.58%	76.71%	65.52%	1.93%

Correlation

The correlation between CCO.TO and URNM is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since Dec 5, 2019	0.80

The correlation between CCO.TO and URNM has been stable across timeframes, ranging from 0.80 to 0.85 - a consistent structural relationship.

Return for Risk

CCO.TO vs. URNM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CCO.TO

CCO.TO Risk / Return Rank: 84
CCO.TO Sharpe Ratio Rank: 85
CCO.TO Sortino Ratio Rank: 83
CCO.TO Omega Ratio Rank: 80
CCO.TO Calmar Ratio Rank: 86
CCO.TO Martin Ratio Rank: 85

URNM

URNM Risk / Return Rank: 29
URNM Sharpe Ratio Rank: 28
URNM Sortino Ratio Rank: 30
URNM Omega Ratio Rank: 28
URNM Calmar Ratio Rank: 33
URNM Martin Ratio Rank: 26

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CCO.TO vs. URNM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cameco Corporation (CCO.TO) and NorthShore Global Uranium Mining ETF (URNM). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	CCO.TO	URNM	Difference
Sharpe ratio: Return per unit of total volatility	1.78	1.09	+0.69
Sortino ratio: Return per unit of downside risk	2.57	1.73	+0.84
Omega ratio: Gain probability vs. loss probability	1.31	1.20	+0.11
Calmar ratio: Return relative to maximum drawdown	3.85	1.77	+2.09
Martin ratio: Return relative to average drawdown	8.84	3.82	+5.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CCO.TO vs. URNM - Sharpe Ratio Comparison

The current CCO.TO Sharpe Ratio is 1.78, which is higher than the URNM Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of CCO.TO and URNM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CCO.TO	URNM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.78	1.09	+0.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.93	0.41	+0.52
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.73	-0.36

Drawdowns

CCO.TO vs. URNM - Drawdown Comparison

The maximum CCO.TO drawdown since its inception was -83.63%, which is greater than URNM's maximum drawdown of -48.53%. Use the drawdown chart below to compare losses from any high point for CCO.TO and URNM.

Drawdown Indicators

	CCO.TO	URNM	Difference
Max Drawdown Largest peak-to-trough decline	-83.63%	-48.53%	-35.10%
Max Drawdown (1Y) Largest decline over 1 year	-24.86%	-31.09%	+6.23%
Max Drawdown (3Y) Largest decline over 3 years	-39.52%	-48.53%	+9.01%
Max Drawdown (5Y) Largest decline over 5 years	-39.52%	-48.53%	+9.01%
Max Drawdown (10Y) Largest decline over 10 years	-52.84%	—	—
Current Drawdown Current decline from peak	-12.19%	-24.98%	+12.79%
Average Drawdown Average peak-to-trough decline	-39.05%	-16.32%	-22.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.81%	14.33%	-3.52%

Volatility

CCO.TO vs. URNM - Volatility Comparison

Cameco Corporation (CCO.TO) and NorthShore Global Uranium Mining ETF (URNM) have volatilities of 15.48% and 16.16%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CCO.TO	URNM	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.48%	16.16%	-0.68%
Volatility (6M) Calculated over the trailing 6-month period	36.84%	39.45%	-2.61%
Volatility (1Y) Calculated over the trailing 1-year period	53.75%	50.58%	+3.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.74%	46.01%	+1.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.95%	44.55%	+0.40%

Dividends

CCO.TO vs. URNM - Dividend Comparison

CCO.TO's dividend yield for the trailing twelve months is around 0.15%, less than URNM's 2.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CCO.TO Cameco Corporation	0.15%	0.19%	0.22%	0.21%	0.39%	0.29%	0.47%	0.69%	0.52%	3.45%	2.85%	2.34%
URNM NorthShore Global Uranium Mining ETF	2.84%	3.18%	3.18%	3.63%	0.00%	6.70%	2.57%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CCO.TO and URNM in my portfolio?

CCO.TO and URNM have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.