NLR vs. SMHX

Last updated Aug 4, 2026

NLR (VanEck Uranium and Nuclear ETF) and SMHX (VanEck Fabless Semiconductor ETF) are both exchange-traded funds - NLR is a Uranium fund tracking the MVIS Global Uranium & Nuclear Energy Index, while SMHX is a Semiconductors fund tracking the MarketVector™ US Listed Fabless Semiconductor Index. Both are passively managed. Over the past year, NLR returned 2.02% vs 65.92% for SMHX. Their 0.56 correlation means they have sometimes moved together and sometimes differently. NLR charges 0.56%/yr vs 0.35%/yr for SMHX.

Performance

NLR vs. SMHX - Performance Comparison

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

Returns By Period

In the year-to-date period, NLR achieves a -10.20% return, which is significantly lower than SMHX's 45.86% return.

NLR

• 1D: 4.40%
• 1M: -2.96%
• 6M: -22.93%
• YTD: -10.20%
• 1Y: 2.02%
• 3Y*: 25.60%
• 5Y*: 19.34%
• 10Y*: 11.59%
• ALL TIME*: 3.52%

SMHX

• 1D: 1.15%
• 1M: -5.42%
• 6M: 41.22%
• YTD: 45.86%
• 1Y: 65.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 50.14%

*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	$43.04M	$48.04M	$60.39M
SMHX VanEck Fabless Semiconductor ETF	$4.62M	$5.78M	$8.43M

NLR vs. SMHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NLR VanEck Uranium and Nuclear ETF	-10.20%	56.50%	6.04%
SMHX VanEck Fabless Semiconductor ETF	45.86%	30.00%	15.56%

Correlation

The correlation between NLR and SMHX is 0.60, 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.	0.60
Correlation (All Time) Calculated using the full available price history since Aug 28, 2024	0.56

The correlation between NLR and SMHX has been stable across timeframes, ranging from 0.56 to 0.60 - a consistent structural relationship.

NLR vs. SMHX - Sectors Allocation Comparison

Sectors	NLR	SMHX
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. SMHX — Risk / Return Rank

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

NLR

NLR Risk / Return Rank: 13
NLR Sharpe Ratio Rank: 12
NLR Sortino Ratio Rank: 15
NLR Omega Ratio Rank: 14
NLR Calmar Ratio Rank: 12
NLR Martin Ratio Rank: 12

SMHX

SMHX Risk / Return Rank: 68
SMHX Sharpe Ratio Rank: 72
SMHX Sortino Ratio Rank: 63
SMHX Omega Ratio Rank: 63
SMHX Calmar Ratio Rank: 74
SMHX Martin Ratio Rank: 66

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. SMHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Uranium and Nuclear ETF (NLR) and VanEck Fabless Semiconductor ETF (SMHX). 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	SMHX	Difference
Sharpe ratio: Return per unit of total volatility	0.05	1.68	-1.63
Sortino ratio: Return per unit of downside risk	0.38	2.15	-1.77
Omega ratio: Gain probability vs. loss probability	1.04	1.28	-0.23
Calmar ratio: Return relative to maximum drawdown	0.05	2.66	-2.60
Martin ratio: Return relative to average drawdown	0.12	8.20	-8.08

NLR vs. SMHX - Sharpe Ratio Comparison

The current NLR Sharpe Ratio is 0.05, which is lower than the SMHX Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of NLR and SMHX, 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. SMHX - Drawdown Comparison

The maximum NLR drawdown since its inception was -65.05%, which is greater than SMHX's maximum drawdown of -38.53%. Use the drawdown chart below to compare losses from any high point for NLR and SMHX.

Drawdown Indicators

	NLR	SMHX	Difference
Max Drawdown Largest peak-to-trough decline	-65.05%	-38.53%	-26.52%
Max Drawdown (1Y) Largest decline over 1 year	-37.52%	-24.93%	-12.59%
Max Drawdown (3Y) Largest decline over 3 years	-37.52%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-37.52%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-37.52%	—	—
Current Drawdown Current decline from peak	-32.15%	-18.26%	-13.89%
Average Drawdown Average peak-to-trough decline	-35.66%	-7.75%	-27.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.54%	8.07%	+9.47%

Volatility

NLR vs. SMHX - Volatility Comparison

VanEck Uranium and Nuclear ETF (NLR) and VanEck Fabless Semiconductor ETF (SMHX) have volatilities of 13.72% and 14.16%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NLR	SMHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.72%	14.16%	-0.44%
Volatility (6M) Calculated over the trailing 6-month period	32.17%	33.27%	-1.10%
Volatility (1Y) Calculated over the trailing 1-year period	44.03%	39.62%	+4.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.20%	41.96%	-11.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.63%	41.96%	-17.33%

NLR vs. SMHX - Expense Ratio Comparison

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

Dividends

NLR vs. SMHX - Dividend Comparison

NLR's dividend yield for the trailing twelve months is around 2.84%, more than SMHX's 0.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NLR VanEck Uranium and Nuclear ETF	2.84%	2.55%	0.76%	4.54%	2.02%	1.99%	2.23%	2.21%	3.91%	4.86%	3.62%	3.30%
SMHX VanEck Fabless Semiconductor ETF	0.02%	0.02%	0.04%	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 SMHX in my portfolio?

NLR and SMHX have a correlation of 0.60, 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 SMHX?

SMHX has higher volatility (14.16%) compared to NLR (13.72%). In terms of maximum drawdown, NLR dropped -65.05% vs SMHX's -38.53%.

Which ETF is better, NLR or SMHX?

On 1-year performance, SMHX leads with 65.92% vs 2.02% for NLR. On fees, SMHX is cheaper at 0.35% per year. On volatility, NLR has been the lower-risk option at 13.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NLR or SMHX?

Over the 1-year period, SMHX has performed better with a 65.92% return vs 2.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NLR or SMHX?

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

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

NLR has the higher dividend yield at 2.84%, compared with 0.02% for SMHX.

What is the main difference between NLR and SMHX?

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

Which has better risk-adjusted returns?

SMHX currently has the higher Sharpe Ratio (1.68 vs 0.05), 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.