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NLR vs. DBE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

NLR vs. DBE

Last updated Jun 4, 2026

NLR (VanEck Uranium and Nuclear ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - NLR is a Alternative Energy Equities fund tracking the MVIS Global Uranium & Nuclear Energy Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, NLR returned 13.66%/yr vs 12.03%/yr for DBE. At a 0.28 correlation, their price movements are largely independent. NLR charges 0.56%/yr vs 0.78%/yr for DBE.

Performance

NLR vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Uranium and Nuclear ETF (NLR) and Invesco DB Energy Fund (DBE). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, NLR achieves a 6.14% return, which is significantly lower than DBE's 83.68% return. Over the past 10 years, NLR has outperformed DBE with an annualized return of 13.66%, while DBE has yielded a comparatively lower 12.03% annualized return.

NLR

1D
-4.59%
1M
-8.11%
YTD
6.14%
6M
1.51%
1Y
36.84%
3Y*
35.11%
5Y*
21.94%
10Y*
13.66%

DBE

1D
2.33%
1M
-5.45%
YTD
83.68%
6M
74.95%
1Y
84.41%
3Y*
23.42%
5Y*
19.66%
10Y*
12.03%
*Multi-year figures are annualized to reflect compound growth (CAGR)

NLR vs. DBE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
NLR
VanEck Uranium and Nuclear ETF		6.14%56.50%14.26%36.67%2.29%13.63%3.49%0.20%4.94%8.25%
DBE
Invesco DB Energy Fund		83.68%-2.17%2.96%-12.14%33.77%57.56%-25.91%19.72%-12.95%5.21%

Correlation

The correlation between NLR and DBE is -0.17, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.17

Correlation (3Y)
Calculated over the trailing 3-year period

0.03

Correlation (5Y)
Calculated over the trailing 5-year period

0.13

Correlation (10Y)
Calculated over the trailing 10-year period

0.16

Correlation (All Time)
Calculated using the full available price history since Aug 16, 2007

0.28

The correlation between NLR and DBE shifts across timeframes, from -0.17 (1 year) to 0.28 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

VanEck Uranium and Nuclear ETF

Invesco DB Energy Fund

Often compared with NLR:
NLR vs. URANLR vs. NUKZNLR vs. URNMNLR vs. OKLONLR vs. GRIDNLR vs. URANNLR vs. SMH
Often compared with DBE:
DBE vs. DBBDBE vs. XLEDBE vs. VDEDBE vs. COMTDBE vs. XLKDBE vs. GLDDBE vs. TIP

Return for Risk

NLR vs. DBE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
NLR
NLR Risk / Return Rank: 2525
Overall Rank
NLR Sharpe Ratio Rank: 2424
Sharpe Ratio Rank
NLR Sortino Ratio Rank: 2626
Sortino Ratio Rank
NLR Omega Ratio Rank: 2424
Omega Ratio Rank
NLR Calmar Ratio Rank: 2929
Calmar Ratio Rank
NLR Martin Ratio Rank: 2222
Martin Ratio Rank
DBE
DBE Risk / Return Rank: 7171
Overall Rank
DBE Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
DBE Sortino Ratio Rank: 6363
Sortino Ratio Rank
DBE Omega Ratio Rank: 6565
Omega Ratio Rank
DBE Calmar Ratio Rank: 9191
Calmar Ratio Rank
DBE Martin Ratio Rank: 6363
Martin Ratio Rank
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.

NLR vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Uranium and Nuclear ETF (NLR) and Invesco DB Energy Fund (DBE). 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.

NLRDBEDifference
Sharpe ratioReturn per unit of total volatility
0.88
2.43

-1.55

Sortino ratioReturn per unit of downside risk
1.43
2.96

-1.53

Omega ratioGain probability vs. loss probability

1.17

1.40

-0.23

Calmar ratioReturn relative to maximum drawdown

1.43

5.89

-4.46

Martin ratioReturn relative to average drawdown

2.93

11.53

-8.60

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NLR vs. DBE - Sharpe Ratio Comparison

The current NLR Sharpe Ratio is 0.88, which is lower than the DBE Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of NLR and DBE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

NLRDBEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.88

2.43

-1.55

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.75

0.67

+0.08

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.57

0.43

+0.14

Sharpe Ratio (All Time)

Calculated using the full available price history

0.18

0.09

+0.08

Drawdowns

NLR vs. DBE - Drawdown Comparison

The maximum NLR drawdown since its inception was -65.05%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for NLR and DBE.

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Drawdown Indicators

NLRDBEDifference

Max Drawdown

Largest peak-to-trough decline

-65.05%

-86.69%

+21.64%

Max Drawdown (1Y)

Largest decline over 1 year

-25.80%

-14.41%

-11.39%

Max Drawdown (3Y)

Largest decline over 3 years

-30.48%

-23.89%

-6.59%

Max Drawdown (5Y)

Largest decline over 5 years

-30.48%

-38.74%

+8.26%

Max Drawdown (10Y)

Largest decline over 10 years

-34.35%

-60.84%

+26.49%

Current Drawdown

Current decline from peak

-19.80%

-30.27%

+10.47%

Average Drawdown

Average peak-to-trough decline

-35.72%

-57.31%

+21.59%

Ulcer Index

Depth and duration of drawdowns from previous peaks

12.61%

7.35%

+5.26%

Volatility

NLR vs. DBE - Volatility Comparison

VanEck Uranium and Nuclear ETF (NLR) and Invesco DB Energy Fund (DBE) have volatilities of 13.18% and 12.95%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

NLRDBEDifference

Volatility (1M)

Calculated over the trailing 1-month period

13.18%

12.95%

+0.23%

Volatility (6M)

Calculated over the trailing 6-month period

32.83%

30.86%

+1.97%

Volatility (1Y)

Calculated over the trailing 1-year period

42.32%

34.97%

+7.35%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

29.24%

29.39%

-0.15%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.02%

28.33%

-4.31%

NLR vs. DBE - Expense Ratio Comparison

NLR has a 0.56% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

NLR vs. DBE - Dividend Comparison

NLR's dividend yield for the trailing twelve months is around 2.40%, more than DBE's 2.10% yield.

PositionTTM20252024202320222021202020192018201720162015
DBE
Invesco DB Energy Fund		2.10%3.86%6.32%3.87%0.75%0.00%0.00%1.79%1.67%0.00%0.00%0.00%
NLR
VanEck Uranium and Nuclear ETF		2.40%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

NLR and DBE have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

NLR has higher volatility (13.18%) compared to DBE (12.95%). In terms of maximum drawdown, NLR dropped -65.05% vs DBE's -86.69%.

On 10-year performance, NLR leads with 13.66% vs 12.03% for DBE. On fees, NLR is cheaper at 0.56% per year. On volatility, DBE has been the lower-risk option at 12.95%. 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 13.66% return vs 12.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

NLR is cheaper with a 0.56% expense ratio, compared with 0.78% for DBE.

NLR has the higher dividend yield at 2.40%, compared with 2.10% for DBE.

NLR is categorized as Alternative Energy Equities, while DBE is Oil & Gas. NLR tracks MVIS Global Uranium & Nuclear Energy Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: VanEck and Invesco. Their fees differ too: 0.56% for NLR and 0.78% for DBE.

DBE currently has the higher Sharpe Ratio (2.43 vs 0.88), 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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