NLR vs. SMR

Last updated Aug 2, 2026

NLR (VanEck Uranium and Nuclear ETF) is Uranium fund tracking the MVIS Global Uranium & Nuclear Energy Index, while SMR (NuScale Power Corporation) is a stock. Over the past 5 years, NLR returned 18.29%/yr vs -3.46%/yr for SMR. Their 0.51 correlation means they have sometimes moved together and sometimes differently.

Performance

NLR vs. SMR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Uranium and Nuclear ETF (NLR) and NuScale Power Corporation (SMR). 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 higher than SMR's -40.58% 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%

SMR

• 1D: -2.09%
• 1M: -13.73%
• 6M: -51.83%
• YTD: -40.58%
• 1Y: -81.05%
• 3Y*: 3.93%
• 5Y*: -3.46%
• 10Y*: —
• ALL TIME*: -3.00%

*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
SMR NuScale Power Corporation	$284.93M	$251.84M	$349.52M

NLR vs. SMR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
NLR VanEck Uranium and Nuclear ETF	-13.99%	56.50%	14.26%	36.67%	2.29%	13.63%	3.68%
SMR NuScale Power Corporation	-40.58%	-20.97%	444.98%	-67.93%	2.29%	-0.89%	1.20%

Correlation

The correlation between NLR and SMR is 0.77, 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.	0.77
Correlation (3Y) Balances recent behavior with more history.	0.61
Correlation (5Y) Shows whether the relationship held over a longer period.	0.53
Correlation (All Time) Calculated using the full available price history since Dec 9, 2020	0.51

Over the past year, NLR and SMR have become more correlated (0.77) than their long-term average of 0.51, meaning their price movements have been converging.

Return for Risk

NLR vs. SMR — 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

SMR

SMR Risk / Return Rank: 7
SMR Sharpe Ratio Rank: 9
SMR Sortino Ratio Rank: 4
SMR Omega Ratio Rank: 7
SMR Calmar Ratio Rank: 3
SMR Martin Ratio Rank: 12

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. SMR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Uranium and Nuclear ETF (NLR) and NuScale Power Corporation (SMR). 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	SMR	Difference
Sharpe ratio: Return per unit of total volatility	-0.10	-0.82	+0.72
Sortino ratio: Return per unit of downside risk	0.16	-1.79	+1.95
Omega ratio: Gain probability vs. loss probability	1.02	0.82	+0.20
Calmar ratio: Return relative to maximum drawdown	-0.12	-0.97	+0.85
Martin ratio: Return relative to average drawdown	-0.26	-1.30	+1.04

NLR vs. SMR - Sharpe Ratio Comparison

The current NLR Sharpe Ratio is -0.10, which is higher than the SMR Sharpe Ratio of -0.82. The chart below compares the historical Sharpe Ratios of NLR and SMR, 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. SMR - Drawdown Comparison

The maximum NLR drawdown since its inception was -65.05%, smaller than the maximum SMR drawdown of -87.47%. Use the drawdown chart below to compare losses from any high point for NLR and SMR.

Drawdown Indicators

	NLR	SMR	Difference
Max Drawdown Largest peak-to-trough decline	-65.05%	-87.47%	+22.42%
Max Drawdown (1Y) Largest decline over 1 year	-37.52%	-85.79%	+48.27%
Max Drawdown (3Y) Largest decline over 3 years	-37.52%	-85.79%	+48.27%
Max Drawdown (5Y) Largest decline over 5 years	-37.52%	-87.47%	+49.95%
Max Drawdown (10Y) Largest decline over 10 years	-37.52%	—	—
Current Drawdown Current decline from peak	-35.01%	-84.24%	+49.23%
Average Drawdown Average peak-to-trough decline	-35.67%	-36.19%	+0.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.42%	64.46%	-47.04%

Volatility

NLR vs. SMR - Volatility Comparison

The current volatility for VanEck Uranium and Nuclear ETF (NLR) is 12.90%, while NuScale Power Corporation (SMR) has a volatility of 26.32%. This indicates that NLR experiences smaller price fluctuations and is considered to be less risky than SMR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NLR	SMR	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.90%	26.32%	-13.42%
Volatility (6M) Calculated over the trailing 6-month period	32.42%	68.24%	-35.82%
Volatility (1Y) Calculated over the trailing 1-year period	43.80%	101.34%	-57.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.13%	94.68%	-64.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.58%	89.34%	-64.76%

Dividends

NLR vs. SMR - Dividend Comparison

NLR's dividend yield for the trailing twelve months is around 2.96%, while SMR 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	2.96%	2.55%	0.76%	4.54%	2.02%	1.99%	2.23%	2.21%	3.91%	4.86%	3.62%	3.30%
SMR NuScale Power Corporation	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 SMR in my portfolio?

NLR and SMR have a correlation of 0.77, 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 SMR?

SMR has higher volatility (26.32%) compared to NLR (12.90%). In terms of maximum drawdown, NLR dropped -65.05% vs SMR's -87.47%.

Which has better risk-adjusted returns?

NLR currently has the higher Sharpe Ratio (-0.10 vs -0.82), 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.