FM.TO vs. NLR

Last updated Jun 13, 2026

FM.TO (First Quantum Minerals Ltd.) is a stock, while NLR (VanEck Uranium and Nuclear ETF) is Alternative Energy Equities fund tracking the MVIS Global Uranium & Nuclear Energy Index. Over the past 10 years, FM.TO returned 18.37%/yr vs 13.78%/yr for NLR. At a 0.33 correlation, their price movements are largely independent.

Performance

FM.TO vs. NLR - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in First Quantum Minerals Ltd. (FM.TO) and VanEck Uranium and Nuclear ETF (NLR). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, FM.TO achieves a 17.91% return, which is significantly higher than NLR's 0.28% return. Over the past 10 years, FM.TO has outperformed NLR with an annualized return of 18.37%, while NLR has yielded a comparatively lower 13.78% annualized return.

FM.TO

• 1D: 2.77%
• 1M: 16.58%
• YTD: 17.91%
• 6M: 30.46%
• 1Y: 107.01%
• 3Y*: 12.63%
• 5Y*: 8.57%
• 10Y*: 18.37%

NLR

• 1D: 1.13%
• 1M: -8.70%
• YTD: 0.28%
• 6M: -2.22%
• 1Y: 21.51%
• 3Y*: 31.87%
• 5Y*: 23.32%
• 10Y*: 13.78%

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

FM.TO vs. NLR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FM.TO First Quantum Minerals Ltd.	17.91%	98.60%	70.78%	-61.41%	-5.96%	32.52%	73.68%	19.40%	-37.27%	32.00%
NLR VanEck Uranium and Nuclear ETF	0.28%	49.35%	23.94%	33.42%	8.77%	13.57%	1.03%	-3.93%	13.76%	0.92%

Correlation

The correlation between FM.TO and NLR is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.27
Correlation (All Time) Calculated using the full available price history since Aug 15, 2007	0.33

The correlation between FM.TO and NLR shifts across timeframes, from 0.27 (10 years) to 0.47 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FM.TO vs. NLR — Risk / Return Rank

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

FM.TO

FM.TO Risk / Return Rank: 88
FM.TO Sharpe Ratio Rank: 92
FM.TO Sortino Ratio Rank: 86
FM.TO Omega Ratio Rank: 86
FM.TO Calmar Ratio Rank: 87
FM.TO Martin Ratio Rank: 89

NLR

NLR Risk / Return Rank: 18
NLR Sharpe Ratio Rank: 17
NLR Sortino Ratio Rank: 19
NLR Omega Ratio Rank: 18
NLR Calmar Ratio Rank: 18
NLR Martin Ratio Rank: 17

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.

FM.TO vs. NLR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Quantum Minerals Ltd. (FM.TO) and VanEck Uranium and Nuclear ETF (NLR). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FM.TO	NLR	Difference
Sharpe ratio: Return per unit of total volatility	2.25	0.50	+1.75
Sortino ratio: Return per unit of downside risk	2.61	0.98	+1.63
Omega ratio: Gain probability vs. loss probability	1.34	1.11	+0.23
Calmar ratio: Return relative to maximum drawdown	3.55	0.78	+2.77
Martin ratio: Return relative to average drawdown	10.27	1.64	+8.63

FM.TO vs. NLR - Sharpe Ratio Comparison

The current FM.TO Sharpe Ratio is 2.25, which is higher than the NLR Sharpe Ratio of 0.50. The chart below compares the historical Sharpe Ratios of FM.TO and NLR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FM.TO vs. NLR - Drawdown Comparison

The maximum FM.TO drawdown since its inception was -90.98%, which is greater than NLR's maximum drawdown of -58.49%. Use the drawdown chart below to compare losses from any high point for FM.TO and NLR.

Drawdown Indicators

	FM.TO	NLR	Difference
Max Drawdown Largest peak-to-trough decline	-90.98%	-58.49%	-32.49%
Max Drawdown (1Y) Largest decline over 1 year	-30.35%	-27.87%	-2.48%
Max Drawdown (3Y) Largest decline over 3 years	-75.27%	-31.23%	-44.04%
Max Drawdown (5Y) Largest decline over 5 years	-78.27%	-31.23%	-47.04%
Max Drawdown (10Y) Largest decline over 10 years	-78.27%	-31.23%	-47.04%
Current Drawdown Current decline from peak	-5.94%	-23.68%	+17.74%
Average Drawdown Average peak-to-trough decline	-38.62%	-23.24%	-15.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.46%	13.18%	-2.72%

Volatility

FM.TO vs. NLR - Volatility Comparison

First Quantum Minerals Ltd. (FM.TO) has a higher volatility of 21.17% compared to VanEck Uranium and Nuclear ETF (NLR) at 13.89%. This indicates that FM.TO's price experiences larger fluctuations and is considered to be riskier than NLR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FM.TO	NLR	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.17%	13.89%	+7.28%
Volatility (6M) Calculated over the trailing 6-month period	40.43%	33.92%	+6.51%
Volatility (1Y) Calculated over the trailing 1-year period	47.81%	42.93%	+4.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.78%	30.21%	+27.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.30%	25.02%	+35.28%

Dividends

FM.TO vs. NLR - Dividend Comparison

FM.TO has not paid dividends to shareholders, while NLR's dividend yield for the trailing twelve months is around 2.60%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FM.TO First Quantum Minerals Ltd.	0.00%	0.00%	0.00%	1.94%	0.58%	0.03%	0.04%	0.08%	0.09%	0.06%	0.11%	1.58%
NLR VanEck Uranium and Nuclear ETF	2.60%	2.55%	0.76%	4.54%	2.02%	1.99%	2.23%	2.21%	3.91%	4.86%	3.62%	3.30%

Frequently Asked Questions

Can I hold both FM.TO and NLR in my portfolio?

FM.TO and NLR have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.