NLR vs. NATO.L

Last updated Jun 13, 2026

NLR (VanEck Uranium and Nuclear ETF) and NATO.L (HANetf Future of Defence UCITS ETF - Accumulating) are both exchange-traded funds - NLR is a Alternative Energy Equities fund tracking the MVIS Global Uranium & Nuclear Energy Index, while NATO.L is a Aerospace & Defense fund tracking the EQM Future of Defence Index. Both are passively managed. Over the past year, NLR returned 18.72% vs 17.19% for NATO.L. At a 0.34 correlation, their price movements are largely independent. NLR charges 0.56%/yr vs 0.49%/yr for NATO.L.

Performance

NLR vs. NATO.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Uranium and Nuclear ETF (NLR) and HANetf Future of Defence UCITS ETF - Accumulating (NATO.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NLR achieves a -1.81% return, which is significantly lower than NATO.L's 10.38% return.

NLR

• 1D: 0.84%
• 1M: -10.59%
• YTD: -1.81%
• 6M: -3.70%
• 1Y: 18.72%
• 3Y*: 29.88%
• 5Y*: 19.78%
• 10Y*: 12.80%

NATO.L

• 1D: 0.00%
• 1M: 5.24%
• YTD: 10.38%
• 6M: 11.03%
• 1Y: 17.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NLR vs. NATO.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NLR VanEck Uranium and Nuclear ETF	-1.81%	56.50%	14.26%	26.29%
NATO.L HANetf Future of Defence UCITS ETF - Accumulating	10.38%	54.83%	31.99%	16.64%

Correlation

The correlation between NLR and NATO.L is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (All Time) Calculated using the full available price history since Jul 3, 2023	0.34

Return for Risk

NLR vs. NATO.L — Risk / Return Rank

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

NLR

NLR Risk / Return Rank: 18
NLR Sharpe Ratio Rank: 17
NLR Sortino Ratio Rank: 19
NLR Omega Ratio Rank: 18
NLR Calmar Ratio Rank: 18
NLR Martin Ratio Rank: 17

NATO.L

NATO.L Risk / Return Rank: 27
NATO.L Sharpe Ratio Rank: 27
NATO.L Sortino Ratio Rank: 27
NATO.L Omega Ratio Rank: 25
NATO.L Calmar Ratio Rank: 31
NATO.L Martin Ratio Rank: 27

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. NATO.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Uranium and Nuclear ETF (NLR) and HANetf Future of Defence UCITS ETF - Accumulating (NATO.L). 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	NATO.L	Difference
Sharpe ratio: Return per unit of total volatility	0.44	0.85	-0.41
Sortino ratio: Return per unit of downside risk	0.90	1.31	-0.41
Omega ratio: Gain probability vs. loss probability	1.10	1.15	-0.05
Calmar ratio: Return relative to maximum drawdown	0.63	1.34	-0.71
Martin ratio: Return relative to average drawdown	1.41	3.23	-1.82

NLR vs. NATO.L - Sharpe Ratio Comparison

The current NLR Sharpe Ratio is 0.44, which is lower than the NATO.L Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of NLR and NATO.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NLR vs. NATO.L - Drawdown Comparison

The maximum NLR drawdown since its inception was -65.05%, which is greater than NATO.L's maximum drawdown of -12.87%. Use the drawdown chart below to compare losses from any high point for NLR and NATO.L.

Drawdown Indicators

	NLR	NATO.L	Difference
Max Drawdown Largest peak-to-trough decline	-65.05%	-12.87%	-52.18%
Max Drawdown (1Y) Largest decline over 1 year	-29.72%	-12.79%	-16.93%
Max Drawdown (3Y) Largest decline over 3 years	-30.48%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-30.48%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-34.35%	—	—
Current Drawdown Current decline from peak	-25.81%	-4.45%	-21.36%
Average Drawdown Average peak-to-trough decline	-35.70%	-2.59%	-33.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.33%	5.31%	+8.02%

Volatility

NLR vs. NATO.L - Volatility Comparison

VanEck Uranium and Nuclear ETF (NLR) has a higher volatility of 13.73% compared to HANetf Future of Defence UCITS ETF - Accumulating (NATO.L) at 7.02%. This indicates that NLR's price experiences larger fluctuations and is considered to be riskier than NATO.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NLR	NATO.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.73%	7.02%	+6.71%
Volatility (6M) Calculated over the trailing 6-month period	33.75%	16.02%	+17.73%
Volatility (1Y) Calculated over the trailing 1-year period	42.85%	20.17%	+22.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.56%	19.14%	+10.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.22%	19.14%	+5.08%

NLR vs. NATO.L - Expense Ratio Comparison

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

Dividends

NLR vs. NATO.L - Dividend Comparison

NLR's dividend yield for the trailing twelve months is around 2.60%, while NATO.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NATO.L HANetf Future of Defence UCITS ETF - Accumulating	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	2.60%	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

Can I hold both NLR and NATO.L in my portfolio?

NLR and NATO.L have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NLR or NATO.L?

On fees, NATO.L is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NLR or NATO.L?

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

What is the main difference between NLR and NATO.L?

NLR is categorized as Alternative Energy Equities, while NATO.L is Aerospace & Defense. NLR tracks MVIS Global Uranium & Nuclear Energy Index, while NATO.L tracks EQM Future of Defence Index. They also come from different issuers: VanEck and HANetf. Their fees differ too: 0.56% for NLR and 0.49% for NATO.L.