MLN vs. NLR
MLN (VanEck Long Muni ETF) and NLR (VanEck Uranium and Nuclear ETF) are both exchange-traded funds - MLN is a Municipal Bonds fund tracking the Bloomberg AMT-Free Long Continuous, while NLR is a Uranium fund tracking the MVIS Global Uranium & Nuclear Energy Index. Both are passively managed. Over the past 10 years, MLN returned 1.23%/yr vs 11.00%/yr for NLR. Their 0.00 correlation means their historical movements had little consistent relationship. MLN charges 0.24%/yr vs 0.56%/yr for NLR.
Performance
MLN vs. NLR - Performance Comparison
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Returns By Period
In the year-to-date period, MLN achieves a 1.01% return, which is significantly higher than NLR's -13.99% return. Over the past 10 years, MLN has underperformed NLR with an annualized return of 1.23%, while NLR has yielded a comparatively higher 11.00% annualized return.
MLN
- 1D
- -0.26%
- 1M
- -2.20%
- 6M
- 0.87%
- YTD
- 1.01%
- 1Y
- 7.33%
- 3Y*
- 2.80%
- 5Y*
- -1.42%
- 10Y*
- 1.23%
- ALL TIME*
- 2.84%
NLR
- 1D
- -1.41%
- 1M
- -7.05%
- 6M
- -28.16%
- YTD
- -13.99%
- 1Y
- -2.28%
- 3Y*
- 23.67%
- 5Y*
- 18.29%
- 10Y*
- 11.00%
- ALL TIME*
- 3.29%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.96M | $2.78M | $3.87M | |
| $43.05M | $48.38M | $60.74M |
MLN vs. NLR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MLN VanEck Long Muni ETF | 1.01% | 1.82% | 1.54% | 8.05% | -17.20% | 2.20% | 6.22% | 10.72% | -0.77% | 8.19% |
NLR VanEck Uranium and Nuclear ETF | -13.99% | 56.50% | 14.26% | 36.67% | 2.29% | 13.63% | 3.49% | 0.20% | 4.94% | 8.25% |
Correlation
The correlation between MLN and NLR is 0.23, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.23 |
Correlation (3Y) Balances recent behavior with more history. | 0.10 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.11 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.09 |
Correlation (All Time) Calculated using the full available price history since Jan 10, 2008 | 0.00 |
Over the past year, MLN and NLR have become more correlated (0.23) than their long-term average of 0.00, meaning their price movements have been converging.
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Return for Risk
MLN vs. NLR — Risk / Return Rank
MLN
NLR
MLN vs. NLR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Long Muni ETF (MLN) 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.
| MLN | NLR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.04 | ||
| Sortino ratioReturn per unit of downside risk | +2.69 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.02 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 3.35 | -0.12 | +3.47 |
| Martin ratioReturn relative to average drawdown | 10.75 | -0.26 | +11.00 |
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Drawdowns
MLN vs. NLR - Drawdown Comparison
The maximum MLN drawdown since its inception was -28.36%, smaller than the maximum NLR drawdown of -65.05%. Use the drawdown chart below to compare losses from any high point for MLN and NLR.
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Drawdown Indicators
| MLN | NLR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.36% | -65.05% | +36.69% |
Max Drawdown (1Y)Largest decline over 1 year | -2.56% | -37.52% | +34.96% |
Max Drawdown (3Y)Largest decline over 3 years | -8.73% | -37.52% | +28.79% |
Max Drawdown (5Y)Largest decline over 5 years | -24.12% | -37.52% | +13.40% |
Max Drawdown (10Y)Largest decline over 10 years | -24.46% | -37.52% | +13.06% |
Current DrawdownCurrent decline from peak | -7.42% | -35.01% | +27.59% |
Average DrawdownAverage peak-to-trough decline | -5.73% | -35.67% | +29.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | 17.42% | -16.62% |
Volatility
MLN vs. NLR - Volatility Comparison
The current volatility for VanEck Long Muni ETF (MLN) is 1.28%, while VanEck Uranium and Nuclear ETF (NLR) has a volatility of 12.90%. This indicates that MLN 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.
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Volatility by Period
| MLN | NLR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.28% | 12.90% | -11.62% |
Volatility (6M)Calculated over the trailing 6-month period | 3.28% | 32.42% | -29.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.43% | 43.80% | -39.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.34% | 30.13% | -22.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.88% | 24.58% | -15.70% |
MLN vs. NLR - Expense Ratio Comparison
MLN has a 0.24% expense ratio, which is lower than NLR's 0.56% expense ratio.
Dividends
MLN vs. NLR - Dividend Comparison
MLN's dividend yield for the trailing twelve months is around 3.85%, more than NLR's 2.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MLN VanEck Long Muni ETF | 3.53% | 3.73% | 3.59% | 3.19% | 2.67% | 2.52% | 2.69% | 2.98% | 3.09% | 2.91% | 3.16% | 3.38% |
NLR VanEck Uranium and Nuclear ETF | 2.96% | 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
MLN and NLR have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NLR has higher volatility (12.90%) compared to MLN (1.28%). In terms of maximum drawdown, MLN dropped -28.36% vs NLR's -65.05%.
On 10-year performance, NLR leads with 11.00% vs 1.23% for MLN. On fees, MLN is cheaper at 0.24% per year. On volatility, MLN has been the lower-risk option at 1.28%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, NLR has performed better with a 11.00% return vs 1.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MLN is cheaper with a 0.24% expense ratio, compared with 0.56% for NLR.
MLN has the higher dividend yield at 3.53%, compared with 2.96% for NLR.
MLN is categorized as Municipal Bonds, while NLR is Uranium. MLN tracks Bloomberg AMT-Free Long Continuous, while NLR tracks MVIS Global Uranium & Nuclear Energy Index. Their fees differ too: 0.24% for MLN and 0.56% for NLR.
MLN currently has the higher Sharpe Ratio (1.94 vs -0.10), 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.
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