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NLR vs. FRDM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

NLR vs. FRDM

Last updated Jul 21, 2026
Documentation

NLR (VanEck Uranium and Nuclear ETF) and FRDM (Freedom 100 Emerging Markets ETF) are both exchange-traded funds - NLR is a Uranium fund tracking the MVIS Global Uranium & Nuclear Energy Index, while FRDM is a Emerging Markets Diversified fund tracking the Life + Liberty Freedom 100 Emerging Markets Index. Both are passively managed. Over the past 5 years, NLR returned 17.81%/yr vs 16.96%/yr for FRDM. A 0.53 correlation means they provide meaningful diversification when combined. NLR charges 0.56%/yr vs 0.49%/yr for FRDM.

Performance

NLR vs. FRDM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Uranium and Nuclear ETF (NLR) and Freedom 100 Emerging Markets ETF (FRDM). 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 -15.40% return, which is significantly lower than FRDM's 26.86% return.

NLR

1D
0.83%
1M
-17.23%
6M
-29.26%
YTD
-15.40%
1Y
-8.06%
3Y*
23.46%
5Y*
17.81%
10Y*
10.66%
ALL TIME*
3.20%

FRDM

1D
-0.48%
1M
-14.88%
6M
16.73%
YTD
26.86%
1Y
62.81%
3Y*
29.03%
5Y*
16.96%
10Y*
—
ALL TIME*
16.82%
*Multi-year figures are annualized to reflect compound growth (CAGR)

NLR vs. FRDM - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
NLR
VanEck Uranium and Nuclear ETF		-15.40%56.50%14.26%36.67%2.29%13.63%3.49%-0.31%
FRDM
Freedom 100 Emerging Markets ETF		26.86%61.27%1.70%22.77%-14.45%6.13%16.90%12.23%

Correlation

The correlation between NLR and FRDM 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 (3Y)
Calculated over the trailing 3-year period

0.50

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

0.53

Correlation (All Time)
Calculated using the full available price history since May 23, 2019

0.53

The correlation between NLR and FRDM has been stable across timeframes, ranging from 0.50 to 0.55 - a consistent structural relationship.

NLR vs. FRDM - Sectors Allocation Comparison

Sectors
NLR
FRDM

Energy

48.2%
1.7%

Utilities

26.2%
1.2%

Industrials

21.8%
0.3%

Basic Materials

2.3%
3.4%

Technology

1.6%
8.2%

Communication Services

-

0.6%

Consumer Cyclical

-

3.6%

Consumer Defensive

-

0.9%

Financial Services

-

15.3%

Healthcare

-

0.1%

Real Estate

-

2.3%

Energy

NLR
48.2%
FRDM
1.7%

Utilities

NLR
26.2%
FRDM
1.2%

Industrials

NLR
21.8%
FRDM
0.3%

Basic Materials

NLR
2.3%
FRDM
3.4%

Technology

NLR
1.6%
FRDM
8.2%

Communication Services

NLR

-

FRDM
0.6%

Consumer Cyclical

NLR

-

FRDM
3.6%

Consumer Defensive

NLR

-

FRDM
0.9%

Financial Services

NLR

-

FRDM
15.3%

Healthcare

NLR

-

FRDM
0.1%

Real Estate

NLR

-

FRDM
2.3%

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

Freedom 100 Emerging Markets ETF

Often compared with NLR:
NLR vs. URANLR vs. NUKZNLR vs. URNMNLR vs. OKLONLR vs. GRIDNLR vs. URANNLR vs. SMH
Often compared with FRDM:
FRDM vs. SPYFRDM vs. EMDMFRDM vs. AVSEFRDM vs. EMXC.LFRDM vs. EMEQFRDM vs. DAADXFRDM vs. DFAE

Return for Risk

NLR vs. FRDM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
NLR
NLR Risk / Return Rank: 88
Overall Rank
NLR Sharpe Ratio Rank: 88
Sharpe Ratio Rank
NLR Sortino Ratio Rank: 99
Sortino Ratio Rank
NLR Omega Ratio Rank: 99
Omega Ratio Rank
NLR Calmar Ratio Rank: 88
Calmar Ratio Rank
NLR Martin Ratio Rank: 88
Martin Ratio Rank
FRDM
FRDM Risk / Return Rank: 8484
Overall Rank
FRDM Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
FRDM Sortino Ratio Rank: 7777
Sortino Ratio Rank
FRDM Omega Ratio Rank: 8383
Omega Ratio Rank
FRDM Calmar Ratio Rank: 8888
Calmar Ratio Rank
FRDM Martin Ratio Rank: 8484
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. FRDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Uranium and Nuclear ETF (NLR) and Freedom 100 Emerging Markets ETF (FRDM). 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.

NLRFRDMDifference
Sharpe ratioReturn per unit of total volatility
-0.19
2.13

-2.32

Sortino ratioReturn per unit of downside risk
0.03
2.61

-2.58

Omega ratioGain probability vs. loss probability

1.00

1.38

-0.37

Calmar ratioReturn relative to maximum drawdown

-0.22

3.74

-3.96

Martin ratioReturn relative to average drawdown

-0.50

12.45

-12.95

NLR vs. FRDM - Sharpe Ratio Comparison

The current NLR Sharpe Ratio is -0.19, which is lower than the FRDM Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of NLR and FRDM, 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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Drawdowns

NLR vs. FRDM - Drawdown Comparison

The maximum NLR drawdown since its inception was -65.05%, which is greater than FRDM's maximum drawdown of -40.49%. Use the drawdown chart below to compare losses from any high point for NLR and FRDM.

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Drawdown Indicators

NLRFRDMDifference

Max Drawdown

Largest peak-to-trough decline

-65.05%

-40.49%

-24.56%

Max Drawdown (1Y)

Largest decline over 1 year

-36.61%

-16.87%

-19.74%

Max Drawdown (3Y)

Largest decline over 3 years

-36.61%

-16.87%

-19.74%

Max Drawdown (5Y)

Largest decline over 5 years

-36.61%

-29.25%

-7.36%

Max Drawdown (10Y)

Largest decline over 10 years

-36.61%

—

—

Current Drawdown

Current decline from peak

-36.08%

-14.99%

-21.09%

Average Drawdown

Average peak-to-trough decline

-35.67%

-7.09%

-28.58%

Ulcer Index

Depth and duration of drawdowns from previous peaks

16.20%

5.06%

+11.14%

Volatility

NLR vs. FRDM - Volatility Comparison

The current volatility for VanEck Uranium and Nuclear ETF (NLR) is 9.51%, while Freedom 100 Emerging Markets ETF (FRDM) has a volatility of 12.98%. This indicates that NLR experiences smaller price fluctuations and is considered to be less risky than FRDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

NLRFRDMDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.51%

12.98%

-3.47%

Volatility (6M)

Calculated over the trailing 6-month period

32.62%

27.60%

+5.02%

Volatility (1Y)

Calculated over the trailing 1-year period

43.18%

29.70%

+13.48%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

29.88%

22.10%

+7.78%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.43%

23.48%

+0.95%

NLR vs. FRDM - Expense Ratio Comparison

NLR has a 0.56% expense ratio, which is higher than FRDM's 0.49% expense ratio.

Dividends

NLR vs. FRDM - Dividend Comparison

NLR's dividend yield for the trailing twelve months is around 3.01%, more than FRDM's 1.71% yield.

PositionTTM20252024202320222021202020192018201720162015
FRDM
Freedom 100 Emerging Markets ETF		1.71%2.26%2.53%2.66%2.72%2.17%1.11%1.07%0.00%0.00%0.00%0.00%
NLR
VanEck Uranium and Nuclear ETF		3.01%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 FRDM 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.

FRDM has higher volatility (12.98%) compared to NLR (9.51%). In terms of maximum drawdown, NLR dropped -65.05% vs FRDM's -40.49%.

On 5-year performance, NLR leads with 17.81% vs 16.96% for FRDM. On fees, FRDM is cheaper at 0.49% per year. On volatility, NLR has been the lower-risk option at 9.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, NLR has performed better with a 17.81% return vs 16.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FRDM is cheaper with a 0.49% expense ratio, compared with 0.56% for NLR.

NLR has the higher dividend yield at 3.01%, compared with 1.71% for FRDM.

NLR is categorized as Uranium, while FRDM is Emerging Markets Diversified. NLR tracks MVIS Global Uranium & Nuclear Energy Index, while FRDM tracks Life + Liberty Freedom 100 Emerging Markets Index. They also come from different issuers: VanEck and Freedom Funds. Their fees differ too: 0.56% for NLR and 0.49% for FRDM.

FRDM currently has the higher Sharpe Ratio (2.13 vs -0.19), 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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