NLR vs. GDX
NLR (VanEck Uranium and Nuclear ETF) and GDX (VanEck Gold Miners ETF) are both exchange-traded funds - NLR is a Uranium fund tracking the MVIS Global Uranium & Nuclear Energy Index, while GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past 10 years, NLR returned 12.70%/yr vs 11.91%/yr for GDX. At a 0.36 correlation, their price movements are largely independent. NLR charges 0.56%/yr vs 0.51%/yr for GDX.
Performance
NLR vs. GDX - Performance Comparison
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Returns By Period
In the year-to-date period, NLR achieves a -3.82% return, which is significantly higher than GDX's -13.03% return. Over the past 10 years, NLR has outperformed GDX with an annualized return of 12.70%, while GDX has yielded a comparatively lower 11.91% annualized return.
NLR
- 1D
- -2.41%
- 1M
- -8.71%
- YTD
- -3.82%
- 6M
- -7.14%
- 1Y
- 10.28%
- 3Y*
- 30.47%
- 5Y*
- 20.31%
- 10Y*
- 12.70%
GDX
- 1D
- -3.95%
- 1M
- -12.27%
- YTD
- -13.03%
- 6M
- -16.85%
- 1Y
- 44.87%
- 3Y*
- 37.39%
- 5Y*
- 18.40%
- 10Y*
- 11.91%
NLR vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NLR VanEck Uranium and Nuclear ETF | -3.82% | 56.50% | 14.26% | 36.67% | 2.29% | 13.63% | 3.49% | 0.20% | 4.94% | 8.25% |
GDX VanEck Gold Miners ETF | -13.03% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 11.99% |
Correlation
The correlation between NLR and GDX is 0.52, 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 | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.45 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Aug 15, 2007 | 0.36 |
The correlation between NLR and GDX shifts across timeframes, from 0.33 (10 years) to 0.52 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
NLR vs. GDX — Risk / Return Rank
NLR
GDX
NLR vs. GDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Uranium and Nuclear ETF (NLR) and VanEck Gold Miners ETF (GDX). 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.
| NLR | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.70 | ||
| Sortino ratioReturn per unit of downside risk | -0.74 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.19 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.35 | 1.24 | -0.90 |
| Martin ratioReturn relative to average drawdown | 0.74 | 3.22 | -2.49 |
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Drawdowns
NLR vs. GDX - Drawdown Comparison
The maximum NLR drawdown since its inception was -65.05%, smaller than the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for NLR and GDX.
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Drawdown Indicators
| NLR | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -65.05% | -80.34% | +15.29% |
Max Drawdown (1Y)Largest decline over 1 year | -29.72% | -36.28% | +6.56% |
Max Drawdown (3Y)Largest decline over 3 years | -30.48% | -36.28% | +5.80% |
Max Drawdown (5Y)Largest decline over 5 years | -30.48% | -46.51% | +16.03% |
Max Drawdown (10Y)Largest decline over 10 years | -34.35% | -49.79% | +15.44% |
Current DrawdownCurrent decline from peak | -27.33% | -35.61% | +8.28% |
Average DrawdownAverage peak-to-trough decline | -35.68% | -40.40% | +4.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.94% | 13.95% | -0.01% |
Volatility
NLR vs. GDX - Volatility Comparison
The current volatility for VanEck Uranium and Nuclear ETF (NLR) is 13.71%, while VanEck Gold Miners ETF (GDX) has a volatility of 17.96%. This indicates that NLR experiences smaller price fluctuations and is considered to be less risky than GDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NLR | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.71% | 17.96% | -4.25% |
Volatility (6M)Calculated over the trailing 6-month period | 32.79% | 40.17% | -7.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.87% | 47.80% | -4.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.65% | 36.93% | -7.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.27% | 37.39% | -13.12% |
NLR vs. GDX - Expense Ratio Comparison
NLR has a 0.56% expense ratio, which is higher than GDX's 0.51% expense ratio.
Dividends
NLR vs. GDX - Dividend Comparison
NLR's dividend yield for the trailing twelve months is around 2.65%, more than GDX's 0.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | 0.85% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
NLR VanEck Uranium and Nuclear ETF | 2.65% | 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 GDX have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDX has higher volatility (17.96%) compared to NLR (13.71%). In terms of maximum drawdown, NLR dropped -65.05% vs GDX's -80.34%.
On 10-year performance, NLR leads with 12.70% vs 11.91% for GDX. On fees, GDX is cheaper at 0.51% per year. On volatility, NLR has been the lower-risk option at 13.71%. 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 12.70% return vs 11.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDX is cheaper with a 0.51% expense ratio, compared with 0.56% for NLR.
NLR has the higher dividend yield at 2.65%, compared with 0.85% for GDX.
NLR is categorized as Uranium, while GDX is Gold. NLR tracks MVIS Global Uranium & Nuclear Energy Index, while GDX tracks NYSE MarketVector Global Gold Miners Index. Their fees differ too: 0.56% for NLR and 0.51% for GDX.
GDX currently has the higher Sharpe Ratio (0.94 vs 0.24), 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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