NLR vs. URAN

Last updated Jun 3, 2026

NLR (VanEck Vectors Uranium+Nuclear Energy ETF) and URAN (Themes Uranium & Nuclear ETF) are both exchange-traded funds - NLR is a Alternative Energy Equities fund tracking the DAXglobal Nuclear Energy Index, while URAN is a Commodity Producers Equities fund tracking the BITA Global Uranium and Nuclear Select Index. Both are passively managed. Over the past year, NLR returned 46.01% vs 38.53% for URAN. Their correlation of 0.95 suggests significant overlap in exposure. NLR charges 0.60%/yr vs 0.35%/yr for URAN.

Performance

NLR vs. URAN - Performance Comparison

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

Returns By Period

In the year-to-date period, NLR achieves a 11.25% return, which is significantly higher than URAN's 9.51% return.

NLR

• 1D: 4.79%
• 1M: -4.05%
• YTD: 11.25%
• 6M: 8.85%
• 1Y: 46.01%
• 3Y*: 37.25%
• 5Y*: 23.24%
• 10Y*: 14.20%

URAN

• 1D: 4.55%
• 1M: -2.01%
• YTD: 9.51%
• 6M: 8.35%
• 1Y: 38.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NLR vs. URAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NLR VanEck Vectors Uranium+Nuclear Energy ETF	11.25%	56.50%	-2.56%
URAN Themes Uranium & Nuclear ETF	9.51%	49.05%	4.09%

Correlation

The correlation between NLR and URAN is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (All Time) Calculated using the full available price history since Sep 25, 2024	0.95

The correlation between NLR and URAN has been stable across timeframes, ranging from 0.95 to 0.95 - a consistent structural relationship.

Return for Risk

NLR vs. URAN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NLR

NLR Risk / Return Rank: 30
NLR Sharpe Ratio Rank: 30
NLR Sortino Ratio Rank: 31
NLR Omega Ratio Rank: 29
NLR Calmar Ratio Rank: 35
NLR Martin Ratio Rank: 26

URAN

URAN Risk / Return Rank: 27
URAN Sharpe Ratio Rank: 27
URAN Sortino Ratio Rank: 28
URAN Omega Ratio Rank: 27
URAN Calmar Ratio Rank: 30
URAN Martin Ratio Rank: 23

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. URAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors Uranium+Nuclear Energy ETF (NLR) and Themes Uranium & Nuclear ETF (URAN). 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.

	NLR	URAN	Difference
Sharpe ratio Return per unit of total volatility	1.10	0.99	+0.11
Sortino ratio Return per unit of downside risk	1.68	1.54	+0.14
Omega ratio Gain probability vs. loss probability	1.20	1.18	+0.01
Calmar ratio Return relative to maximum drawdown	1.77	1.48	+0.29
Martin ratio Return relative to average drawdown	3.64	2.97	+0.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NLR vs. URAN - Sharpe Ratio Comparison

The current NLR Sharpe Ratio is 1.10, which is comparable to the URAN Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of NLR and URAN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NLR	URAN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.10	0.99	+0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.95	-0.77

Drawdowns

NLR vs. URAN - Drawdown Comparison

The maximum NLR drawdown since its inception was -65.05%, which is greater than URAN's maximum drawdown of -31.96%. Use the drawdown chart below to compare losses from any high point for NLR and URAN.

Drawdown Indicators

	NLR	URAN	Difference
Max Drawdown Largest peak-to-trough decline	-65.05%	-31.96%	-33.09%
Max Drawdown (1Y) Largest decline over 1 year	-25.80%	-25.31%	-0.49%
Max Drawdown (3Y) Largest decline over 3 years	-30.48%	—	—
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	-15.94%	-16.87%	+0.93%
Average Drawdown Average peak-to-trough decline	-35.72%	-10.73%	-24.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.55%	12.65%	-0.10%

Volatility

NLR vs. URAN - Volatility Comparison

VanEck Vectors Uranium+Nuclear Energy ETF (NLR) has a higher volatility of 12.39% compared to Themes Uranium & Nuclear ETF (URAN) at 11.65%. This indicates that NLR's price experiences larger fluctuations and is considered to be riskier than URAN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NLR	URAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.39%	11.65%	+0.74%
Volatility (6M) Calculated over the trailing 6-month period	32.56%	29.14%	+3.42%
Volatility (1Y) Calculated over the trailing 1-year period	42.05%	39.26%	+2.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.17%	39.04%	-9.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.98%	39.04%	-15.06%

NLR vs. URAN - Expense Ratio Comparison

NLR has a 0.60% expense ratio, which is higher than URAN's 0.35% expense ratio.

Dividends

NLR vs. URAN - Dividend Comparison

NLR's dividend yield for the trailing twelve months is around 2.29%, less than URAN's 2.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NLR VanEck Vectors Uranium+Nuclear Energy ETF	2.29%	2.55%	0.76%	4.54%	2.02%	1.99%	2.23%	2.21%	3.91%	4.86%	3.62%	3.30%
URAN Themes Uranium & Nuclear ETF	2.34%	2.56%	0.21%	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 URAN in my portfolio?

With a correlation of 0.95, NLR and URAN move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, NLR or URAN?

NLR has higher volatility (12.39%) compared to URAN (11.65%). In terms of maximum drawdown, NLR dropped -65.05% vs URAN's -31.96%.

Which ETF is better, NLR or URAN?

On 1-year performance, NLR leads with 46.01% vs 38.53% for URAN. On fees, URAN is cheaper at 0.35% per year. On volatility, URAN has been the lower-risk option at 11.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NLR or URAN?

Over the 1-year period, NLR has performed better with a 46.01% return vs 38.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NLR or URAN?

URAN is cheaper with a 0.35% expense ratio, compared with 0.60% for NLR.

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

URAN has the higher dividend yield at 2.34%, compared with 2.29% for NLR.

What is the main difference between NLR and URAN?

NLR is categorized as Alternative Energy Equities, while URAN is Commodity Producers Equities. NLR tracks DAXglobal Nuclear Energy Index, while URAN tracks BITA Global Uranium and Nuclear Select Index. They also come from different issuers: VanEck and Themes. Their fees differ too: 0.60% for NLR and 0.35% for URAN.

Which has better risk-adjusted returns?

NLR currently has the higher Sharpe Ratio (1.10 vs 0.99), 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.