GLDM vs. NLR

Last updated Jun 12, 2026

GLDM (SPDR Gold MiniShares Trust) and NLR (VanEck Uranium and Nuclear ETF) are both exchange-traded funds - GLDM is a Gold fund tracking the LBMA Gold Price PM, while NLR is a Alternative Energy Equities fund tracking the MVIS Global Uranium & Nuclear Energy Index. Both are passively managed. Over the past 5 years, GLDM returned 17.39%/yr vs 19.58%/yr for NLR. At a 0.25 correlation, their price movements are largely independent. GLDM charges 0.10%/yr vs 0.56%/yr for NLR.

Performance

GLDM vs. NLR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Gold MiniShares Trust (GLDM) and VanEck Uranium and Nuclear ETF (NLR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with GLDM having a -2.51% return and NLR slightly lower at -2.62%.

GLDM

• 1D: 3.05%
• 1M: -10.81%
• YTD: -2.51%
• 6M: -1.65%
• 1Y: 25.59%
• 3Y*: 28.90%
• 5Y*: 17.39%
• 10Y*: —

NLR

• 1D: 4.69%
• 1M: -13.55%
• YTD: -2.62%
• 6M: -10.27%
• 1Y: 17.88%
• 3Y*: 29.43%
• 5Y*: 19.58%
• 10Y*: 12.59%

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

GLDM vs. NLR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
GLDM SPDR Gold MiniShares Trust	-2.51%	64.20%	27.08%	13.04%	-0.47%	-4.01%	25.10%	18.10%	1.75%
NLR VanEck Uranium and Nuclear ETF	-2.62%	56.50%	14.26%	36.67%	2.29%	13.63%	3.49%	0.20%	1.83%

Correlation

The correlation between GLDM and NLR is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (All Time) Calculated using the full available price history since Jun 26, 2018	0.25

The correlation between GLDM and NLR shifts across timeframes, from 0.25 (all time) to 0.37 (1 year), reflecting how their relationship changes across market environments.

GLDM vs. NLR - Sectors Allocation Comparison

Sectors	GLDM	NLR
Basic Materials	100.0%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	46.0%
Financial Services	-	-
Healthcare	-	-
Industrials	-	15.1%
Real Estate	-	-
Technology	-	1.5%
Utilities	-	37.4%

Return for Risk

GLDM vs. NLR — Risk / Return Rank

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

GLDM

GLDM Risk / Return Rank: 30
GLDM Sharpe Ratio Rank: 31
GLDM Sortino Ratio Rank: 29
GLDM Omega Ratio Rank: 35
GLDM Calmar Ratio Rank: 27
GLDM Martin Ratio Rank: 28

NLR

NLR Risk / Return Rank: 18
NLR Sharpe Ratio Rank: 18
NLR Sortino Ratio Rank: 20
NLR Omega Ratio Rank: 19
NLR Calmar Ratio Rank: 19
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.

GLDM vs. NLR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Gold MiniShares Trust (GLDM) 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.

	GLDM	NLR	Difference
Sharpe ratio: Return per unit of total volatility	0.95	0.42	+0.53
Sortino ratio: Return per unit of downside risk	1.32	0.87	+0.44
Omega ratio: Gain probability vs. loss probability	1.20	1.10	+0.09
Calmar ratio: Return relative to maximum drawdown	1.06	0.60	+0.45
Martin ratio: Return relative to average drawdown	3.08	1.36	+1.72

GLDM vs. NLR - Sharpe Ratio Comparison

The current GLDM Sharpe Ratio is 0.95, which is higher than the NLR Sharpe Ratio of 0.42. The chart below compares the historical Sharpe Ratios of GLDM 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

GLDM vs. NLR - Drawdown Comparison

The maximum GLDM drawdown since its inception was -24.35%, smaller than the maximum NLR drawdown of -65.05%. Use the drawdown chart below to compare losses from any high point for GLDM and NLR.

Drawdown Indicators

	GLDM	NLR	Difference
Max Drawdown Largest peak-to-trough decline	-24.35%	-65.05%	+40.70%
Max Drawdown (1Y) Largest decline over 1 year	-24.35%	-29.72%	+5.37%
Max Drawdown (3Y) Largest decline over 3 years	-24.35%	-30.48%	+6.13%
Max Drawdown (5Y) Largest decline over 5 years	-24.35%	-30.48%	+6.13%
Max Drawdown (10Y) Largest decline over 10 years	—	-34.35%	—
Current Drawdown Current decline from peak	-22.05%	-26.42%	+4.37%
Average Drawdown Average peak-to-trough decline	-6.26%	-35.70%	+29.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.33%	13.23%	-4.90%

Volatility

GLDM vs. NLR - Volatility Comparison

The current volatility for SPDR Gold MiniShares Trust (GLDM) is 7.71%, while VanEck Uranium and Nuclear ETF (NLR) has a volatility of 13.79%. This indicates that GLDM experiences smaller price fluctuations and is considered to be less risky than NLR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLDM	NLR	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.71%	13.79%	-6.08%
Volatility (6M) Calculated over the trailing 6-month period	23.93%	33.75%	-9.82%
Volatility (1Y) Calculated over the trailing 1-year period	27.15%	43.23%	-16.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.13%	29.57%	-11.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.98%	24.22%	-7.24%

GLDM vs. NLR - Expense Ratio Comparison

GLDM has a 0.10% expense ratio, which is lower than NLR's 0.56% expense ratio.

Dividends

GLDM vs. NLR - Dividend Comparison

GLDM has not paid dividends to shareholders, while NLR's dividend yield for the trailing twelve months is around 2.62%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GLDM SPDR Gold MiniShares Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NLR VanEck Uranium and Nuclear ETF	2.62%	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 GLDM and NLR in my portfolio?

GLDM and NLR have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GLDM or NLR?

NLR has higher volatility (13.79%) compared to GLDM (7.71%). In terms of maximum drawdown, GLDM dropped -24.35% vs NLR's -65.05%.

Which ETF is better, GLDM or NLR?

On 5-year performance, NLR leads with 19.58% vs 17.39% for GLDM. On fees, GLDM is cheaper at 0.10% per year. On volatility, GLDM has been the lower-risk option at 7.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLDM or NLR?

Over the 5-year period, NLR has performed better with a 19.58% return vs 17.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLDM or NLR?

GLDM is cheaper with a 0.10% expense ratio, compared with 0.56% for NLR.

Which ETF pays a higher dividend yield, GLDM or NLR?

NLR has the higher dividend yield at 2.62%, compared with 0.00% for GLDM.

What is the main difference between GLDM and NLR?

GLDM is categorized as Gold, while NLR is Alternative Energy Equities. GLDM tracks LBMA Gold Price PM, while NLR tracks MVIS Global Uranium & Nuclear Energy Index. They also come from different issuers: State Street and VanEck. Their fees differ too: 0.10% for GLDM and 0.56% for NLR.

Which has better risk-adjusted returns?

GLDM currently has the higher Sharpe Ratio (0.95 vs 0.42), 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.