HDRO.L vs. NCLP.L

Last updated Jun 26, 2026

HDRO.L (VanEck Hydrogen Economy UCITS ETF) and NCLP.L (WisdomTree Uranium and Nuclear Energy UCITS ETF USD Accumulating) are both exchange-traded funds - HDRO.L is a Alternative Energy Equities fund tracking the MVIS Global Hydrogen Economy ESG Index, while NCLP.L is a Uranium fund tracking the WisdomTree Uranium and Nuclear Energy UCITS Index. Both are passively managed. Over the past year, HDRO.L returned 79.51% vs 41.69% for NCLP.L. A 0.53 correlation means they provide meaningful diversification when combined. HDRO.L charges 0.55%/yr vs 0.45%/yr for NCLP.L.

Performance

HDRO.L vs. NCLP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Hydrogen Economy UCITS ETF (HDRO.L) and WisdomTree Uranium and Nuclear Energy UCITS ETF USD Accumulating (NCLP.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HDRO.L is traded in USD, while NCLP.L is traded in GBp. To make them comparable, the NCLP.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, HDRO.L achieves a 44.70% return, which is significantly higher than NCLP.L's 8.04% return.

HDRO.L

• 1D: -3.05%
• 1M: -22.67%
• YTD: 44.70%
• 6M: 41.69%
• 1Y: 79.51%
• 3Y*: 0.21%
• 5Y*: -14.00%
• 10Y*: —

NCLP.L

• 1D: 0.00%
• 1M: -9.41%
• YTD: 8.04%
• 6M: 4.49%
• 1Y: 41.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HDRO.L vs. NCLP.L - Yearly Performance Comparison

	2026 (YTD)	2025
HDRO.L VanEck Hydrogen Economy UCITS ETF	44.70%	29.92%
NCLP.L WisdomTree Uranium and Nuclear Energy UCITS ETF USD Accumulating	8.04%	63.91%

Correlation

The correlation between HDRO.L and NCLP.L is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.55
Correlation (All Time) Calculated using the full available price history since Mar 10, 2025	0.53

The correlation between HDRO.L and NCLP.L has been stable across timeframes, ranging from 0.53 to 0.55 - a consistent structural relationship.

Return for Risk

HDRO.L vs. NCLP.L — Risk / Return Rank

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

HDRO.L

HDRO.L Risk / Return Rank: 63
HDRO.L Sharpe Ratio Rank: 72
HDRO.L Sortino Ratio Rank: 68
HDRO.L Omega Ratio Rank: 58
HDRO.L Calmar Ratio Rank: 72
HDRO.L Martin Ratio Rank: 45

NCLP.L

NCLP.L Risk / Return Rank: 26
NCLP.L Sharpe Ratio Rank: 22
NCLP.L Sortino Ratio Rank: 28
NCLP.L Omega Ratio Rank: 33
NCLP.L Calmar Ratio Rank: 26
NCLP.L Martin Ratio Rank: 22

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.

HDRO.L vs. NCLP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Hydrogen Economy UCITS ETF (HDRO.L) and WisdomTree Uranium and Nuclear Energy UCITS ETF USD Accumulating (NCLP.L). 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.

	HDRO.L	NCLP.L	Difference
Sharpe ratio: Return per unit of total volatility	2.02	0.65	+1.37
Sortino ratio: Return per unit of downside risk	2.71	1.33	+1.37
Omega ratio: Gain probability vs. loss probability	1.32	1.19	+0.12
Calmar ratio: Return relative to maximum drawdown	3.20	1.04	+2.16
Martin ratio: Return relative to average drawdown	6.78	2.24	+4.54

HDRO.L vs. NCLP.L - Sharpe Ratio Comparison

The current HDRO.L Sharpe Ratio is 2.02, which is higher than the NCLP.L Sharpe Ratio of 0.65. The chart below compares the historical Sharpe Ratios of HDRO.L and NCLP.L, 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

HDRO.L vs. NCLP.L - Drawdown Comparison

The maximum HDRO.L drawdown since its inception was -81.32%, which is greater than NCLP.L's maximum drawdown of -40.08%. Use the drawdown chart below to compare losses from any high point for HDRO.L and NCLP.L.

Drawdown Indicators

	HDRO.L	NCLP.L	Difference
Max Drawdown Largest peak-to-trough decline	-81.32%	-40.08%	-41.24%
Max Drawdown (1Y) Largest decline over 1 year	-24.74%	-40.08%	+15.34%
Max Drawdown (3Y) Largest decline over 3 years	-63.41%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-81.02%	—	—
Current Drawdown Current decline from peak	-56.70%	-27.03%	-29.67%
Average Drawdown Average peak-to-trough decline	-53.83%	-14.23%	-39.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.69%	18.59%	-6.90%

Volatility

HDRO.L vs. NCLP.L - Volatility Comparison

The current volatility for VanEck Hydrogen Economy UCITS ETF (HDRO.L) is 11.59%, while WisdomTree Uranium and Nuclear Energy UCITS ETF USD Accumulating (NCLP.L) has a volatility of 13.32%. This indicates that HDRO.L experiences smaller price fluctuations and is considered to be less risky than NCLP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HDRO.L	NCLP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.59%	13.32%	-1.73%
Volatility (6M) Calculated over the trailing 6-month period	26.92%	33.63%	-6.71%
Volatility (1Y) Calculated over the trailing 1-year period	39.11%	63.75%	-24.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.63%	62.98%	-24.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.60%	62.98%	-24.38%

HDRO.L vs. NCLP.L - Expense Ratio Comparison

HDRO.L has a 0.55% expense ratio, which is higher than NCLP.L's 0.45% expense ratio.

Dividends

HDRO.L vs. NCLP.L - Dividend Comparison

Neither HDRO.L nor NCLP.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both HDRO.L and NCLP.L in my portfolio?

HDRO.L and NCLP.L have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HDRO.L or NCLP.L?

On fees, NCLP.L is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HDRO.L or NCLP.L?

NCLP.L is cheaper with a 0.45% expense ratio, compared with 0.55% for HDRO.L.

What is the main difference between HDRO.L and NCLP.L?

HDRO.L is categorized as Alternative Energy Equities, while NCLP.L is Uranium. HDRO.L tracks MVIS Global Hydrogen Economy ESG Index, while NCLP.L tracks WisdomTree Uranium and Nuclear Energy UCITS Index. They also come from different issuers: VanEck and WisdomTree. Their fees differ too: 0.55% for HDRO.L and 0.45% for NCLP.L.