NLR vs. SMH

Last updated Aug 2, 2026

NLR (VanEck Uranium and Nuclear ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - NLR is a Uranium fund tracking the MVIS Global Uranium & Nuclear Energy Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, NLR returned 11.00%/yr vs 34.16%/yr for SMH. Their 0.48 correlation means their historical movements had little consistent relationship. NLR charges 0.56%/yr vs 0.35%/yr for SMH.

Performance

NLR vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Uranium and Nuclear ETF (NLR) and VanEck Semiconductor ETF (SMH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NLR achieves a -13.99% return, which is significantly lower than SMH's 50.09% return. Over the past 10 years, NLR has underperformed SMH with an annualized return of 11.00%, while SMH has yielded a comparatively higher 34.16% annualized return.

NLR

• 1D: -1.41%
• 1M: -7.05%
• 6M: -28.16%
• YTD: -13.99%
• 1Y: -2.28%
• 3Y*: 23.67%
• 5Y*: 18.29%
• 10Y*: 11.00%
• ALL TIME*: 3.29%

SMH

• 1D: 0.30%
• 1M: -8.74%
• 6M: 33.97%
• YTD: 50.09%
• 1Y: 90.95%
• 3Y*: 50.56%
• 5Y*: 33.46%
• 10Y*: 34.16%
• ALL TIME*: 11.06%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
NLR VanEck Uranium and Nuclear ETF	$43.05M	$48.38M	$60.74M
SMH VanEck Semiconductor ETF	$8.28B	$7.64B	$7.07B

NLR vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NLR VanEck Uranium and Nuclear ETF	-13.99%	56.50%	14.26%	36.67%	2.29%	13.63%	3.49%	0.20%	4.94%	8.25%
SMH VanEck Semiconductor ETF	50.09%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%

Correlation

The correlation between NLR and SMH is 0.59, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.59
Correlation (3Y) Balances recent behavior with more history.	0.49
Correlation (5Y) Shows whether the relationship held over a longer period.	0.50
Correlation (10Y) Provides a long-term view across more market conditions.	0.42
Correlation (All Time) Calculated using the full available price history since Aug 15, 2007	0.48

The correlation between NLR and SMH shifts across timeframes, from 0.42 (10 years) to 0.59 (1 year), reflecting how their relationship changes across market environments.

NLR vs. SMH - Sectors Allocation Comparison

Sectors	NLR	SMH
Energy	49.8%	-
Utilities	36.0%	-
Industrials	12.6%	-
Basic Materials	2.3%	-
Technology	1.6%	100.0%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

NLR vs. SMH — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NLR

NLR Risk / Return Rank: 10
NLR Sharpe Ratio Rank: 9
NLR Sortino Ratio Rank: 11
NLR Omega Ratio Rank: 11
NLR Calmar Ratio Rank: 9
NLR Martin Ratio Rank: 9

SMH

SMH Risk / Return Rank: 87
SMH Sharpe Ratio Rank: 91
SMH Sortino Ratio Rank: 83
SMH Omega Ratio Rank: 84
SMH Calmar Ratio Rank: 88
SMH Martin Ratio Rank: 91

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NLR vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Uranium and Nuclear ETF (NLR) and VanEck Semiconductor ETF (SMH). 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	SMH	Difference
Sharpe ratio: Return per unit of total volatility	-0.10	2.29	-2.40
Sortino ratio: Return per unit of downside risk	0.16	2.70	-2.53
Omega ratio: Gain probability vs. loss probability	1.02	1.36	-0.34
Calmar ratio: Return relative to maximum drawdown	-0.12	3.58	-3.70
Martin ratio: Return relative to average drawdown	-0.26	14.64	-14.90

NLR vs. SMH - Sharpe Ratio Comparison

The current NLR Sharpe Ratio is -0.10, which is lower than the SMH Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of NLR and SMH, 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. SMH - Drawdown Comparison

The maximum NLR drawdown since its inception was -65.05%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for NLR and SMH.

Drawdown Indicators

	NLR	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-65.05%	-84.96%	+19.91%
Max Drawdown (1Y) Largest decline over 1 year	-37.52%	-24.62%	-12.90%
Max Drawdown (3Y) Largest decline over 3 years	-37.52%	-35.74%	-1.78%
Max Drawdown (5Y) Largest decline over 5 years	-37.52%	-45.30%	+7.78%
Max Drawdown (10Y) Largest decline over 10 years	-37.52%	-45.30%	+7.78%
Current Drawdown Current decline from peak	-35.01%	-19.19%	-15.82%
Average Drawdown Average peak-to-trough decline	-35.67%	-40.89%	+5.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.42%	6.01%	+11.41%

Volatility

NLR vs. SMH - Volatility Comparison

The current volatility for VanEck Uranium and Nuclear ETF (NLR) is 12.90%, while VanEck Semiconductor ETF (SMH) has a volatility of 14.70%. This indicates that NLR experiences smaller price fluctuations and is considered to be less risky than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NLR	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.90%	14.70%	-1.80%
Volatility (6M) Calculated over the trailing 6-month period	32.42%	33.13%	-0.71%
Volatility (1Y) Calculated over the trailing 1-year period	43.80%	38.57%	+5.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.13%	36.50%	-6.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.58%	33.32%	-8.74%

NLR vs. SMH - Expense Ratio Comparison

NLR has a 0.56% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

NLR vs. SMH - Dividend Comparison

NLR's dividend yield for the trailing twelve months is around 2.96%, more than SMH's 0.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NLR VanEck Uranium and Nuclear ETF	2.96%	2.55%	0.76%	4.54%	2.02%	1.99%	2.23%	2.21%	3.91%	4.86%	3.62%	3.30%
SMH VanEck Semiconductor ETF	0.20%	0.31%	0.44%	0.60%	1.18%	0.51%	0.69%	1.50%	1.88%	1.43%	0.80%	2.14%

Frequently Asked Questions

Can I hold both NLR and SMH in my portfolio?

NLR and SMH have a correlation of 0.59, 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 SMH?

SMH has higher volatility (14.70%) compared to NLR (12.90%). In terms of maximum drawdown, NLR dropped -65.05% vs SMH's -84.96%.

Which ETF is better, NLR or SMH?

On 10-year performance, SMH leads with 34.16% vs 11.00% for NLR. On fees, SMH is cheaper at 0.35% per year. On volatility, NLR has been the lower-risk option at 12.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NLR or SMH?

Over the 10-year period, SMH has performed better with a 34.16% return vs 11.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NLR or SMH?

SMH is cheaper with a 0.35% expense ratio, compared with 0.56% for NLR.

Which ETF pays a higher dividend yield, NLR or SMH?

NLR has the higher dividend yield at 2.96%, compared with 0.20% for SMH.

What is the main difference between NLR and SMH?

NLR is categorized as Uranium, while SMH is Semiconductors. NLR tracks MVIS Global Uranium & Nuclear Energy Index, while SMH tracks MVIS US Listed Semiconductor 25 Index. Their fees differ too: 0.56% for NLR and 0.35% for SMH.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (2.29 vs -0.10), 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.