DNN vs. URNM

Last updated Jun 3, 2026

DNN (Denison Mines Corp) 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, DNN returned 23.45%/yr vs 17.52%/yr for URNM. Their correlation of 0.82 suggests significant overlap in exposure.

Performance

DNN vs. URNM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Denison Mines Corp (DNN) and NorthShore Global Uranium Mining ETF (URNM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DNN achieves a 37.97% return, which is significantly higher than URNM's 19.04% return.

DNN

• 1D: 7.00%
• 1M: -2.13%
• YTD: 37.97%
• 6M: 41.70%
• 1Y: 141.45%
• 3Y*: 46.38%
• 5Y*: 23.45%
• 10Y*: 21.59%

URNM

• 1D: 6.87%
• 1M: -2.67%
• YTD: 19.04%
• 6M: 20.65%
• 1Y: 71.15%
• 3Y*: 29.62%
• 5Y*: 17.52%
• 10Y*: —

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

DNN vs. URNM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
DNN Denison Mines Corp	37.97%	47.78%	1.69%	53.91%	-16.06%	111.75%	54.05%	0.00%
URNM NorthShore Global Uranium Mining ETF	19.04%	40.78%	-14.13%	57.80%	-11.86%	78.32%	68.36%	3.70%

Correlation

The correlation between DNN and URNM is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Dec 5, 2019	0.82

The correlation between DNN and URNM has been stable across timeframes, ranging from 0.82 to 0.88 - a consistent structural relationship.

Return for Risk

DNN vs. URNM — Risk / Return Rank

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

DNN

DNN Risk / Return Rank: 87
DNN Sharpe Ratio Rank: 90
DNN Sortino Ratio Rank: 86
DNN Omega Ratio Rank: 82
DNN Calmar Ratio Rank: 89
DNN Martin Ratio Rank: 87

URNM

URNM Risk / Return Rank: 38
URNM Sharpe Ratio Rank: 39
URNM Sortino Ratio Rank: 39
URNM Omega Ratio Rank: 36
URNM Calmar Ratio Rank: 43
URNM Martin Ratio Rank: 31

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.

DNN vs. URNM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Denison Mines Corp (DNN) 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.

	DNN	URNM	Difference
Sharpe ratio Return per unit of total volatility	2.33	1.39	+0.94
Sortino ratio Return per unit of downside risk	2.83	2.04	+0.79
Omega ratio Gain probability vs. loss probability	1.33	1.24	+0.09
Calmar ratio Return relative to maximum drawdown	4.43	2.12	+2.31
Martin ratio Return relative to average drawdown	10.28	4.65	+5.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DNN vs. URNM - Sharpe Ratio Comparison

The current DNN Sharpe Ratio is 2.33, which is higher than the URNM Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of DNN 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

	DNN	URNM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.33	1.39	+0.94
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	0.37	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.34	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.07	0.70	-0.77

Drawdowns

DNN vs. URNM - Drawdown Comparison

The maximum DNN drawdown since its inception was -98.96%, which is greater than URNM's maximum drawdown of -50.78%. Use the drawdown chart below to compare losses from any high point for DNN and URNM.

Drawdown Indicators

	DNN	URNM	Difference
Max Drawdown Largest peak-to-trough decline	-98.96%	-50.78%	-48.18%
Max Drawdown (1Y) Largest decline over 1 year	-29.50%	-32.04%	+2.54%
Max Drawdown (3Y) Largest decline over 3 years	-52.48%	-50.78%	-1.70%
Max Drawdown (5Y) Largest decline over 5 years	-55.66%	-50.78%	-4.88%
Max Drawdown (10Y) Largest decline over 10 years	-75.90%	—	—
Current Drawdown Current decline from peak	-80.97%	-22.21%	-58.76%
Average Drawdown Average peak-to-trough decline	-85.07%	-18.02%	-67.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.73%	14.61%	-1.88%

Volatility

DNN vs. URNM - Volatility Comparison

Denison Mines Corp (DNN) and NorthShore Global Uranium Mining ETF (URNM) have volatilities of 15.70% and 15.06%, 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

	DNN	URNM	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.70%	15.06%	+0.64%
Volatility (6M) Calculated over the trailing 6-month period	44.52%	39.86%	+4.66%
Volatility (1Y) Calculated over the trailing 1-year period	61.20%	51.36%	+9.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	63.37%	48.23%	+15.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	64.17%	46.85%	+17.32%

Dividends

DNN vs. URNM - Dividend Comparison

DNN has not paid dividends to shareholders, while URNM's dividend yield for the trailing twelve months is around 2.67%.

Position	TTM	2025	2024	2023	2022	2021	2020
DNN Denison Mines Corp	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
URNM NorthShore Global Uranium Mining ETF	2.67%	3.18%	3.18%	3.63%	0.00%	6.70%	2.57%

Frequently Asked Questions

Can I hold both DNN and URNM in my portfolio?

DNN and URNM have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DNN or URNM?

DNN has higher volatility (15.70%) compared to URNM (15.06%). In terms of maximum drawdown, DNN dropped -98.96% vs URNM's -50.78%.

Which has better risk-adjusted returns?

DNN currently has the higher Sharpe Ratio (2.33 vs 1.39), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.