NLR vs. SLV
NLR (VanEck Uranium and Nuclear ETF) and SLV (iShares Silver Trust) are both exchange-traded funds - NLR is a Uranium fund tracking the MVIS Global Uranium & Nuclear Energy Index, while SLV is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past 10 years, NLR returned 10.66%/yr vs 10.57%/yr for SLV. At a 0.32 correlation, their price movements are largely independent. NLR charges 0.56%/yr vs 0.50%/yr for SLV.
Performance
NLR vs. SLV - Performance Comparison
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Returns By Period
In the year-to-date period, NLR achieves a -15.40% return, which is significantly higher than SLV's -20.86% return. Both investments have delivered pretty close results over the past 10 years, with NLR having a 10.66% annualized return and SLV not far behind at 10.57%.
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%
SLV
- 1D
- 0.39%
- 1M
- -14.33%
- 6M
- -37.08%
- YTD
- -20.86%
- 1Y
- 47.30%
- 3Y*
- 31.21%
- 5Y*
- 16.83%
- 10Y*
- 10.57%
- ALL TIME*
- 7.03%
NLR vs. SLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NLR VanEck Uranium and Nuclear ETF | -15.40% | 56.50% | 14.26% | 36.67% | 2.29% | 13.63% | 3.49% | 0.20% | 4.94% | 8.25% |
SLV iShares Silver Trust | -20.86% | 144.66% | 20.89% | -1.09% | 2.37% | -12.45% | 47.30% | 14.88% | -9.19% | 5.82% |
Correlation
The correlation between NLR and SLV is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.37 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since Aug 15, 2007 | 0.32 |
The correlation between NLR and SLV shifts across timeframes, from 0.29 (10 years) to 0.43 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
NLR vs. SLV — Risk / Return Rank
NLR
SLV
NLR vs. SLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Uranium and Nuclear ETF (NLR) and iShares Silver Trust (SLV). 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 | SLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.97 | ||
| Sortino ratioReturn per unit of downside risk | -1.21 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.19 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | -0.22 | 0.91 | -1.13 |
| Martin ratioReturn relative to average drawdown | -0.50 | 1.85 | -2.35 |
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Drawdowns
NLR vs. SLV - Drawdown Comparison
The maximum NLR drawdown since its inception was -65.05%, smaller than the maximum SLV drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for NLR and SLV.
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Drawdown Indicators
| NLR | SLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -65.05% | -76.28% | +11.23% |
Max Drawdown (1Y)Largest decline over 1 year | -36.61% | -52.28% | +15.67% |
Max Drawdown (3Y)Largest decline over 3 years | -36.61% | -52.28% | +15.67% |
Max Drawdown (5Y)Largest decline over 5 years | -36.61% | -52.28% | +15.67% |
Max Drawdown (10Y)Largest decline over 10 years | -36.61% | -52.28% | +15.67% |
Current DrawdownCurrent decline from peak | -36.08% | -51.72% | +15.64% |
Average DrawdownAverage peak-to-trough decline | -35.67% | -44.67% | +9.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.20% | 25.64% | -9.44% |
Volatility
NLR vs. SLV - Volatility Comparison
The current volatility for VanEck Uranium and Nuclear ETF (NLR) is 9.51%, while iShares Silver Trust (SLV) has a volatility of 12.54%. This indicates that NLR experiences smaller price fluctuations and is considered to be less risky than SLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NLR | SLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.51% | 12.54% | -3.03% |
Volatility (6M)Calculated over the trailing 6-month period | 32.62% | 56.50% | -23.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.18% | 61.24% | -18.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.88% | 36.87% | -6.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.43% | 32.18% | -7.75% |
NLR vs. SLV - Expense Ratio Comparison
NLR has a 0.56% expense ratio, which is higher than SLV's 0.50% expense ratio.
Dividends
NLR vs. SLV - Dividend Comparison
NLR's dividend yield for the trailing twelve months is around 3.01%, while SLV 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 | 3.01% | 2.55% | 0.76% | 4.54% | 2.02% | 1.99% | 2.23% | 2.21% | 3.91% | 4.86% | 3.62% | 3.30% |
SLV iShares Silver Trust | 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
NLR and SLV have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SLV has higher volatility (12.54%) compared to NLR (9.51%). In terms of maximum drawdown, NLR dropped -65.05% vs SLV's -76.28%.
On 10-year performance, NLR leads with 10.66% vs 10.57% for SLV. On fees, SLV is cheaper at 0.50% 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 10-year period, NLR has performed better with a 10.66% return vs 10.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SLV is cheaper with a 0.50% expense ratio, compared with 0.56% for NLR.
NLR has the higher dividend yield at 3.01%, compared with 0.00% for SLV.
NLR is categorized as Uranium, while SLV is Silver. NLR tracks MVIS Global Uranium & Nuclear Energy Index, while SLV tracks LBMA Silver Price. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.56% for NLR and 0.50% for SLV.
SLV currently has the higher Sharpe Ratio (0.78 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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