NLR vs. QBTS

Last updated Jun 13, 2026

NLR (VanEck Uranium and Nuclear ETF) is Alternative Energy Equities fund tracking the MVIS Global Uranium & Nuclear Energy Index, while QBTS (D-Wave Quantum Inc) is a stock. Over the past 3 years, NLR returned 29.88%/yr vs 123.62%/yr for QBTS. At a 0.33 correlation, their price movements are largely independent.

Performance

NLR vs. QBTS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Uranium and Nuclear ETF (NLR) and D-Wave Quantum Inc (QBTS). 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 higher than QBTS's -10.63% 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%

QBTS

• 1D: -1.89%
• 1M: 9.00%
• YTD: -10.63%
• 6M: -10.46%
• 1Y: 47.17%
• 3Y*: 123.62%
• 5Y*: —
• 10Y*: —

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

NLR vs. QBTS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
NLR VanEck Uranium and Nuclear ETF	-1.81%	56.50%	14.26%	36.67%	1.22%
QBTS D-Wave Quantum Inc	-10.63%	211.31%	854.44%	-38.88%	-83.96%

Correlation

The correlation between NLR and QBTS is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (All Time) Calculated using the full available price history since Aug 8, 2022	0.33

Over the past year, NLR and QBTS have become more correlated (0.62) than their long-term average of 0.33, meaning their price movements have been converging.

Return for Risk

NLR vs. QBTS — 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

QBTS

QBTS Risk / Return Rank: 60
QBTS Sharpe Ratio Rank: 58
QBTS Sortino Ratio Rank: 67
QBTS Omega Ratio Rank: 62
QBTS Calmar Ratio Rank: 58
QBTS Martin Ratio Rank: 55

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. QBTS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Uranium and Nuclear ETF (NLR) and D-Wave Quantum Inc (QBTS). 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	QBTS	Difference
Sharpe ratio: Return per unit of total volatility	0.44	0.44	0.00
Sortino ratio: Return per unit of downside risk	0.90	1.48	-0.58
Omega ratio: Gain probability vs. loss probability	1.10	1.16	-0.05
Calmar ratio: Return relative to maximum drawdown	0.63	0.67	-0.03
Martin ratio: Return relative to average drawdown	1.41	1.16	+0.24

NLR vs. QBTS - Sharpe Ratio Comparison

The current NLR Sharpe Ratio is 0.44, which is comparable to the QBTS Sharpe Ratio of 0.44. The chart below compares the historical Sharpe Ratios of NLR and QBTS, 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. QBTS - Drawdown Comparison

The maximum NLR drawdown since its inception was -65.05%, smaller than the maximum QBTS drawdown of -96.67%. Use the drawdown chart below to compare losses from any high point for NLR and QBTS.

Drawdown Indicators

	NLR	QBTS	Difference
Max Drawdown Largest peak-to-trough decline	-65.05%	-96.67%	+31.62%
Max Drawdown (1Y) Largest decline over 1 year	-29.72%	-71.01%	+41.29%
Max Drawdown (3Y) Largest decline over 3 years	-30.48%	-79.17%	+48.69%
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%	-47.81%	+22.00%
Average Drawdown Average peak-to-trough decline	-35.70%	-65.66%	+29.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.33%	40.64%	-27.31%

Volatility

NLR vs. QBTS - Volatility Comparison

The current volatility for VanEck Uranium and Nuclear ETF (NLR) is 13.73%, while D-Wave Quantum Inc (QBTS) has a volatility of 42.66%. This indicates that NLR experiences smaller price fluctuations and is considered to be less risky than QBTS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NLR	QBTS	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.73%	42.66%	-28.93%
Volatility (6M) Calculated over the trailing 6-month period	33.75%	76.89%	-43.14%
Volatility (1Y) Calculated over the trailing 1-year period	42.85%	108.46%	-65.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.56%	150.99%	-121.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.22%	150.99%	-126.77%

Dividends

NLR vs. QBTS - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
QBTS D-Wave Quantum Inc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NLR and QBTS in my portfolio?

NLR and QBTS have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NLR or QBTS?

QBTS has higher volatility (42.66%) compared to NLR (13.73%). In terms of maximum drawdown, NLR dropped -65.05% vs QBTS's -96.67%.

Which has better risk-adjusted returns?

NLR currently has the higher Sharpe Ratio (0.44 vs 0.44), 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.