NIKL vs. METL

Last updated Jun 4, 2026

NIKL (Sprott Nickel Miners ETF) and METL (Sprott Active Metals & Miners ETF) are both exchange-traded funds - NIKL is a Energy Equities fund tracking the Nasdaq Sprott Nickel Miners Index - Benchmark TR Gross, while METL is a Commodity Producers Equities fund actively managed by Sprott. NIKL is passively managed, while METL is actively managed. A 0.77 correlation means they provide meaningful diversification when combined. NIKL charges 0.75%/yr vs 0.89%/yr for METL.

Performance

NIKL vs. METL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Nickel Miners ETF (NIKL) and Sprott Active Metals & Miners ETF (METL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NIKL achieves a -8.20% return, which is significantly lower than METL's 18.34% return.

NIKL

• 1D: -8.49%
• 1M: -14.45%
• YTD: -8.20%
• 6M: 5.56%
• 1Y: 32.72%
• 3Y*: -3.41%
• 5Y*: —
• 10Y*: —

METL

• 1D: -3.81%
• 1M: 5.71%
• YTD: 18.34%
• 6M: 25.03%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NIKL vs. METL - Yearly Performance Comparison

	2026 (YTD)	2025
NIKL Sprott Nickel Miners ETF	-8.20%	25.43%
METL Sprott Active Metals & Miners ETF	18.34%	27.04%

Correlation

The correlation between NIKL and METL is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 11, 2025	0.77

Return for Risk

NIKL vs. METL — Risk / Return Rank

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

NIKL

NIKL Risk / Return Rank: 23
NIKL Sharpe Ratio Rank: 23
NIKL Sortino Ratio Rank: 24
NIKL Omega Ratio Rank: 23
NIKL Calmar Ratio Rank: 24
NIKL 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.

NIKL vs. METL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Nickel Miners ETF (NIKL) and Sprott Active Metals & Miners ETF (METL). 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.

	NIKL	METL	Difference
Sharpe ratio: Return per unit of total volatility	0.78	—	—
Sortino ratio: Return per unit of downside risk	1.31	—	—
Omega ratio: Gain probability vs. loss probability	1.16	—	—
Calmar ratio: Return relative to maximum drawdown	1.10	—	—
Martin ratio: Return relative to average drawdown	2.67	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	NIKL	METL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.78	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.11	1.72	-1.83

Drawdowns

NIKL vs. METL - Drawdown Comparison

The maximum NIKL drawdown since its inception was -60.23%, which is greater than METL's maximum drawdown of -27.39%. Use the drawdown chart below to compare losses from any high point for NIKL and METL.

Drawdown Indicators

	NIKL	METL	Difference
Max Drawdown Largest peak-to-trough decline	-60.23%	-27.39%	-32.84%
Max Drawdown (1Y) Largest decline over 1 year	-29.87%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-60.23%	—	—
Current Drawdown Current decline from peak	-29.87%	-10.27%	-19.60%
Average Drawdown Average peak-to-trough decline	-26.58%	-8.11%	-18.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.29%	—	—

Volatility

Volatility by Period

	NIKL	METL	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.28%	—	—
Volatility (6M) Calculated over the trailing 6-month period	35.54%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	42.12%	43.94%	-1.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.62%	43.94%	-11.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.62%	43.94%	-11.32%

NIKL vs. METL - Expense Ratio Comparison

NIKL has a 0.75% expense ratio, which is lower than METL's 0.89% expense ratio.

Dividends

NIKL vs. METL - Dividend Comparison

NIKL's dividend yield for the trailing twelve months is around 2.75%, more than METL's 0.84% yield.

Position	TTM	2025	2024	2023
METL Sprott Active Metals & Miners ETF	0.84%	0.99%	0.00%	0.00%
NIKL Sprott Nickel Miners ETF	2.75%	2.53%	3.49%	19.52%

Frequently Asked Questions

Can I hold both NIKL and METL in my portfolio?

NIKL and METL have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NIKL or METL?

On fees, NIKL is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NIKL or METL?

NIKL is cheaper with a 0.75% expense ratio, compared with 0.89% for METL.

Which ETF pays a higher dividend yield, NIKL or METL?

NIKL has the higher dividend yield at 2.75%, compared with 0.84% for METL.

What is the main difference between NIKL and METL?

NIKL is categorized as Energy Equities, while METL is Commodity Producers Equities. Their fees differ too: 0.75% for NIKL and 0.89% for METL.