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NLR vs. EUO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

NLR vs. EUO

Last updated Jun 7, 2026

NLR (VanEck Uranium and Nuclear ETF) and EUO (ProShares UltraShort Euro) are both exchange-traded funds - NLR is a Alternative Energy Equities fund tracking the MVIS Global Uranium & Nuclear Energy Index, while EUO is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%). Both are passively managed. Over the past 10 years, NLR returned 12.66%/yr vs 2.59%/yr for EUO. At a correlation of -0.30, they often move in opposite directions. NLR charges 0.56%/yr vs 0.99%/yr for EUO.

Performance

NLR vs. EUO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Uranium and Nuclear ETF (NLR) and ProShares UltraShort Euro (EUO). 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 -1.68% return, which is significantly lower than EUO's 6.00% return. Over the past 10 years, NLR has outperformed EUO with an annualized return of 12.66%, while EUO has yielded a comparatively lower 2.59% annualized return.

NLR

1D
-7.19%
1M
-13.32%
YTD
-1.68%
6M
-7.41%
1Y
25.58%
3Y*
31.57%
5Y*
20.09%
10Y*
12.66%

EUO

1D
1.59%
1M
4.89%
YTD
6.00%
6M
4.49%
1Y
2.63%
3Y*
-0.21%
5Y*
5.83%
10Y*
2.59%
*Multi-year figures are annualized to reflect compound growth (CAGR)

NLR vs. EUO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
NLR
VanEck Uranium and Nuclear ETF		-1.68%56.50%14.26%36.67%2.29%13.63%3.49%0.20%4.94%8.25%
EUO
ProShares UltraShort Euro		6.00%-18.87%19.79%-1.02%13.88%14.83%-15.97%10.51%14.39%-21.71%

Correlation

The correlation between NLR and EUO is -0.21, 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

-0.21

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

-0.19

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

-0.28

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

-0.21

Correlation (All Time)
Calculated using the full available price history since Nov 26, 2008

-0.30

The correlation between NLR and EUO shifts across timeframes, from -0.30 (all time) to -0.19 (3 years), 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

ProShares UltraShort Euro

Often compared with NLR:
NLR vs. URANLR vs. NUKZNLR vs. URNMNLR vs. OKLONLR vs. GRIDNLR vs. URANNLR vs. SMH
Often compared with EUO:
EUO vs. BTALEUO vs. ULEEUO vs. YCLEUO vs. VOOEUO vs. QQQEUO vs. MCHIEUO vs. BITO

Return for Risk

NLR vs. EUO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
NLR
NLR Risk / Return Rank: 2222
Overall Rank
NLR Sharpe Ratio Rank: 2020
Sharpe Ratio Rank
NLR Sortino Ratio Rank: 2222
Sortino Ratio Rank
NLR Omega Ratio Rank: 2121
Omega Ratio Rank
NLR Calmar Ratio Rank: 2424
Calmar Ratio Rank
NLR Martin Ratio Rank: 2020
Martin Ratio Rank
EUO
EUO Risk / Return Rank: 1313
Overall Rank
EUO Sharpe Ratio Rank: 1313
Sharpe Ratio Rank
EUO Sortino Ratio Rank: 1212
Sortino Ratio Rank
EUO Omega Ratio Rank: 1212
Omega Ratio Rank
EUO Calmar Ratio Rank: 1414
Calmar Ratio Rank
EUO Martin Ratio Rank: 1414
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. EUO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Uranium and Nuclear ETF (NLR) and ProShares UltraShort Euro (EUO). 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.

NLREUODifference
Sharpe ratioReturn per unit of total volatility
0.66
0.27

+0.39

Sortino ratioReturn per unit of downside risk
1.17
0.46

+0.71

Omega ratioGain probability vs. loss probability

1.14

1.06

+0.08

Calmar ratioReturn relative to maximum drawdown

1.10

0.42

+0.68

Martin ratioReturn relative to average drawdown

2.21

0.91

+1.30

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. EUO - Sharpe Ratio Comparison

The current NLR Sharpe Ratio is 0.66, which is higher than the EUO Sharpe Ratio of 0.27. The chart below compares the historical Sharpe Ratios of NLR and EUO, 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

NLREUODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.66

0.27

+0.39

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.69

0.38

+0.31

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.53

0.17

+0.35

Sharpe Ratio (All Time)

Calculated using the full available price history

0.16

0.06

+0.10

Drawdowns

NLR vs. EUO - Drawdown Comparison

The maximum NLR drawdown since its inception was -65.05%, which is greater than EUO's maximum drawdown of -38.58%. Use the drawdown chart below to compare losses from any high point for NLR and EUO.

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Drawdown Indicators

NLREUODifference

Max Drawdown

Largest peak-to-trough decline

-65.05%

-38.58%

-26.47%

Max Drawdown (1Y)

Largest decline over 1 year

-25.80%

-8.05%

-17.75%

Max Drawdown (3Y)

Largest decline over 3 years

-30.48%

-24.46%

-6.02%

Max Drawdown (5Y)

Largest decline over 5 years

-30.48%

-25.28%

-5.20%

Max Drawdown (10Y)

Largest decline over 10 years

-34.35%

-29.61%

-4.74%

Current Drawdown

Current decline from peak

-25.71%

-17.30%

-8.41%

Average Drawdown

Average peak-to-trough decline

-35.71%

-18.50%

-17.21%

Ulcer Index

Depth and duration of drawdowns from previous peaks

12.78%

3.71%

+9.07%

Volatility

NLR vs. EUO - Volatility Comparison

VanEck Uranium and Nuclear ETF (NLR) has a higher volatility of 13.51% compared to ProShares UltraShort Euro (EUO) at 2.73%. This indicates that NLR's price experiences larger fluctuations and is considered to be riskier than EUO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

NLREUODifference

Volatility (1M)

Calculated over the trailing 1-month period

13.51%

2.73%

+10.78%

Volatility (6M)

Calculated over the trailing 6-month period

33.53%

8.81%

+24.72%

Volatility (1Y)

Calculated over the trailing 1-year period

42.92%

12.68%

+30.24%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

29.41%

15.56%

+13.85%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.13%

14.88%

+9.25%

NLR vs. EUO - Expense Ratio Comparison

NLR has a 0.56% expense ratio, which is lower than EUO's 0.99% expense ratio.

Dividends

NLR vs. EUO - Dividend Comparison

NLR's dividend yield for the trailing twelve months is around 2.59%, while EUO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
EUO
ProShares UltraShort Euro		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		2.59%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 EUO have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

NLR has higher volatility (13.51%) compared to EUO (2.73%). In terms of maximum drawdown, NLR dropped -65.05% vs EUO's -38.58%.

On 10-year performance, NLR leads with 12.66% vs 2.59% for EUO. On fees, NLR is cheaper at 0.56% per year. On volatility, EUO has been the lower-risk option at 2.73%. 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 12.66% return vs 2.59%. 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 0.99% for EUO.

NLR has the higher dividend yield at 2.59%, compared with 0.00% for EUO.

NLR is categorized as Alternative Energy Equities, while EUO is Leveraged Currency. NLR tracks MVIS Global Uranium & Nuclear Energy Index, while EUO tracks USD/EUR Exchange Rate (-200%). They also come from different issuers: VanEck and ProShares. Their fees differ too: 0.56% for NLR and 0.99% for EUO.

NLR currently has the higher Sharpe Ratio (0.66 vs 0.27), 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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