NXE vs. DML.TO

Last updated Jun 3, 2026

NXE (NexGen Energy Ltd.) and DML.TO (Denison Mines Corp.) are both stocks. Both operate in the Uranium industry within the Energy sector. Over the past 10 years, NXE returned 20.55%/yr vs 21.57%/yr for DML.TO. A 0.63 correlation means they provide meaningful diversification when combined.

Performance

NXE vs. DML.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NexGen Energy Ltd. (NXE) and Denison Mines Corp. (DML.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

NXE is traded in USD, while DML.TO is traded in CAD. To make them comparable, the DML.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, NXE achieves a 35.22% return, which is significantly lower than DML.TO's 37.68% return. Both investments have delivered pretty close results over the past 10 years, with NXE having a 20.55% annualized return and DML.TO not far ahead at 21.57%.

NXE

• 1D: 9.12%
• 1M: 0.48%
• YTD: 35.22%
• 6M: 37.46%
• 1Y: 106.64%
• 3Y*: 40.98%
• 5Y*: 22.01%
• 10Y*: 20.55%

DML.TO

• 1D: 6.80%
• 1M: -2.71%
• YTD: 37.68%
• 6M: 40.89%
• 1Y: 140.83%
• 3Y*: 46.17%
• 5Y*: 23.32%
• 10Y*: 21.57%

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

NXE vs. DML.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NXE NexGen Energy Ltd.	35.22%	39.39%	-5.71%	58.01%	1.37%	58.33%	115.62%	-28.09%	-30.47%	48.75%
DML.TO Denison Mines Corp.	37.68%	46.15%	3.61%	53.09%	-16.88%	108.67%	58.67%	-10.00%	-15.79%	5.38%

Correlation

The correlation between NXE and DML.TO is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.63

Over the past year, NXE and DML.TO have become more correlated (0.85) than their long-term average of 0.63, meaning their price movements have been converging.

Fundamentals

Market Cap NXE : $8.22B DML.TO : CA$4.56B
EPS NXE : -$0.69 DML.TO : -CA$0.32
PB Ratio NXE : 4.83 DML.TO : 17.53
Total Revenue (TTM) NXE : $0.00 DML.TO : CA$4.65M
Gross Profit (TTM) NXE : -$992.64K DML.TO : -CA$43.31M
EBITDA (TTM) NXE : -$247.46M DML.TO : -CA$141.96M

Return for Risk

NXE vs. DML.TO — Risk / Return Rank

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

NXE

NXE Risk / Return Rank: 85
NXE Sharpe Ratio Rank: 87
NXE Sortino Ratio Rank: 84
NXE Omega Ratio Rank: 79
NXE Calmar Ratio Rank: 88
NXE Martin Ratio Rank: 86

DML.TO

DML.TO Risk / Return Rank: 88
DML.TO Sharpe Ratio Rank: 91
DML.TO Sortino Ratio Rank: 86
DML.TO Omega Ratio Rank: 83
DML.TO Calmar Ratio Rank: 90
DML.TO Martin Ratio Rank: 88

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.

NXE vs. DML.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NexGen Energy Ltd. (NXE) and Denison Mines Corp. (DML.TO). 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.

	NXE	DML.TO	Difference
Sharpe ratio Return per unit of total volatility	2.01	2.31	-0.30
Sortino ratio Return per unit of downside risk	2.64	2.85	-0.21
Omega ratio Gain probability vs. loss probability	1.30	1.33	-0.03
Calmar ratio Return relative to maximum drawdown	4.16	4.48	-0.32
Martin ratio Return relative to average drawdown	9.67	10.50	-0.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NXE vs. DML.TO - Sharpe Ratio Comparison

The current NXE Sharpe Ratio is 2.01, which is comparable to the DML.TO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of NXE and DML.TO, 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

	NXE	DML.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.01	2.31	-0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.38	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.34	0.34	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.05	+0.51

Drawdowns

NXE vs. DML.TO - Drawdown Comparison

The maximum NXE drawdown since its inception was -82.98%, smaller than the maximum DML.TO drawdown of -94.44%. Use the drawdown chart below to compare losses from any high point for NXE and DML.TO.

Drawdown Indicators

	NXE	DML.TO	Difference
Max Drawdown Largest peak-to-trough decline	-82.98%	-94.44%	+11.46%
Max Drawdown (1Y) Largest decline over 1 year	-24.35%	-29.79%	+5.44%
Max Drawdown (3Y) Largest decline over 3 years	-54.28%	-52.66%	-1.62%
Max Drawdown (5Y) Largest decline over 5 years	-54.28%	-55.21%	+0.93%
Max Drawdown (10Y) Largest decline over 10 years	-82.98%	-75.20%	-7.78%
Current Drawdown Current decline from peak	-10.63%	-16.33%	+5.70%
Average Drawdown Average peak-to-trough decline	-28.65%	-65.24%	+36.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.48%	12.70%	-2.22%

Volatility

NXE vs. DML.TO - Volatility Comparison

NexGen Energy Ltd. (NXE) and Denison Mines Corp. (DML.TO) have volatilities of 16.35% and 15.81%, 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

	NXE	DML.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.35%	15.81%	+0.54%
Volatility (6M) Calculated over the trailing 6-month period	38.06%	44.45%	-6.39%
Volatility (1Y) Calculated over the trailing 1-year period	53.52%	61.40%	-7.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.77%	62.30%	-4.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.45%	64.23%	-2.78%

Dividends

NXE vs. DML.TO - Dividend Comparison

Neither NXE nor DML.TO has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

Frequently Asked Questions

Can I hold both NXE and DML.TO in my portfolio?

NXE and DML.TO have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.