OIH vs. NLR

Last updated Jun 24, 2026

OIH (VanEck Oil Services ETF) and NLR (VanEck Uranium and Nuclear ETF) are both exchange-traded funds - OIH is a Energy Equities fund tracking the MVIS US Listed Oil Services 25 Index, while NLR is a Uranium fund tracking the MVIS Global Uranium & Nuclear Energy Index. Both are passively managed. Over the past 10 years, OIH returned -2.32%/yr vs 12.97%/yr for NLR. At a 0.46 correlation, their price movements are largely independent. OIH charges 0.35%/yr vs 0.56%/yr for NLR.

Performance

OIH vs. NLR - Performance Comparison

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

Returns By Period

In the year-to-date period, OIH achieves a 35.03% return, which is significantly higher than NLR's -1.45% return. Over the past 10 years, OIH has underperformed NLR with an annualized return of -2.32%, while NLR has yielded a comparatively higher 12.97% annualized return.

OIH

• 1D: -1.13%
• 1M: -13.39%
• YTD: 35.03%
• 6M: 35.52%
• 1Y: 68.64%
• 3Y*: 14.83%
• 5Y*: 12.26%
• 10Y*: -2.32%

NLR

• 1D: -1.73%
• 1M: -6.46%
• YTD: -1.45%
• 6M: -4.74%
• 1Y: 15.99%
• 3Y*: 31.54%
• 5Y*: 21.03%
• 10Y*: 12.97%

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

OIH vs. NLR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OIH VanEck Oil Services ETF	35.03%	6.81%	-10.53%	3.20%	66.17%	21.22%	-41.19%	-3.54%	-45.03%	-19.66%
NLR VanEck Uranium and Nuclear ETF	-1.45%	56.50%	14.26%	36.67%	2.29%	13.63%	3.49%	0.20%	4.94%	8.25%

Correlation

The correlation between OIH and NLR is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.32
Correlation (All Time) Calculated using the full available price history since Aug 15, 2007	0.46

Over the past year, the correlation between OIH and NLR has dropped to 0.17 - well below their long-term average of 0.46, suggesting their price drivers have been diverging.

OIH vs. NLR - Sectors Allocation Comparison

Sectors	OIH	NLR
Energy	97.6%	45.3%
Utilities	1.9%	38.1%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	15.1%
Real Estate	-	-
Technology	-	1.6%

Return for Risk

OIH vs. NLR — Risk / Return Rank

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

OIH

OIH Risk / Return Rank: 75
OIH Sharpe Ratio Rank: 75
OIH Sortino Ratio Rank: 69
OIH Omega Ratio Rank: 63
OIH Calmar Ratio Rank: 85
OIH Martin Ratio Rank: 83

NLR

NLR Risk / Return Rank: 15
NLR Sharpe Ratio Rank: 14
NLR Sortino Ratio Rank: 16
NLR Omega Ratio Rank: 15
NLR Calmar Ratio Rank: 15
NLR Martin Ratio Rank: 14

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.

OIH vs. NLR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Oil Services ETF (OIH) and VanEck Uranium and Nuclear ETF (NLR). 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.

	OIH	NLR	Difference
Sharpe ratio: Return per unit of total volatility	2.30	0.38	+1.92
Sortino ratio: Return per unit of downside risk	2.97	0.82	+2.15
Omega ratio: Gain probability vs. loss probability	1.36	1.09	+0.27
Calmar ratio: Return relative to maximum drawdown	4.51	0.54	+3.97
Martin ratio: Return relative to average drawdown	16.04	1.16	+14.89

OIH vs. NLR - Sharpe Ratio Comparison

The current OIH Sharpe Ratio is 2.30, which is higher than the NLR Sharpe Ratio of 0.38. The chart below compares the historical Sharpe Ratios of OIH and NLR, 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

OIH vs. NLR - Drawdown Comparison

The maximum OIH drawdown since its inception was -94.45%, which is greater than NLR's maximum drawdown of -65.05%. Use the drawdown chart below to compare losses from any high point for OIH and NLR.

Drawdown Indicators

	OIH	NLR	Difference
Max Drawdown Largest peak-to-trough decline	-94.45%	-65.05%	-29.40%
Max Drawdown (1Y) Largest decline over 1 year	-15.29%	-29.72%	+14.43%
Max Drawdown (3Y) Largest decline over 3 years	-43.80%	-30.48%	-13.32%
Max Drawdown (5Y) Largest decline over 5 years	-43.80%	-30.48%	-13.32%
Max Drawdown (10Y) Largest decline over 10 years	-89.62%	-34.35%	-55.27%
Current Drawdown Current decline from peak	-65.76%	-25.53%	-40.23%
Average Drawdown Average peak-to-trough decline	-48.87%	-35.68%	-13.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.29%	13.83%	-9.54%

Volatility

OIH vs. NLR - Volatility Comparison

The current volatility for VanEck Oil Services ETF (OIH) is 10.14%, while VanEck Uranium and Nuclear ETF (NLR) has a volatility of 13.59%. This indicates that OIH experiences smaller price fluctuations and is considered to be less risky than NLR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OIH	NLR	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.14%	13.59%	-3.45%
Volatility (6M) Calculated over the trailing 6-month period	21.14%	32.95%	-11.81%
Volatility (1Y) Calculated over the trailing 1-year period	30.39%	42.81%	-12.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.79%	29.63%	+7.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.38%	24.26%	+18.12%

OIH vs. NLR - Expense Ratio Comparison

OIH has a 0.35% expense ratio, which is lower than NLR's 0.56% expense ratio.

Dividends

OIH vs. NLR - Dividend Comparison

OIH's dividend yield for the trailing twelve months is around 1.27%, less than NLR's 2.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NLR VanEck Uranium and Nuclear ETF	2.59%	2.55%	0.76%	4.54%	2.02%	1.99%	2.23%	2.21%	3.91%	4.86%	3.62%	3.30%
OIH VanEck Oil Services ETF	1.27%	1.71%	2.01%	1.36%	0.95%	0.98%	1.23%	2.10%	2.13%	2.60%	1.40%	2.39%

Frequently Asked Questions

Can I hold both OIH and NLR in my portfolio?

OIH and NLR have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OIH or NLR?

NLR has higher volatility (13.59%) compared to OIH (10.14%). In terms of maximum drawdown, OIH dropped -94.45% vs NLR's -65.05%.

Which ETF is better, OIH or NLR?

On 10-year performance, NLR leads with 12.97% vs -2.32% for OIH. On fees, OIH is cheaper at 0.35% per year. On volatility, OIH has been the lower-risk option at 10.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OIH or NLR?

Over the 10-year period, NLR has performed better with a 12.97% return vs -2.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OIH or NLR?

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

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

NLR has the higher dividend yield at 2.59%, compared with 1.27% for OIH.

What is the main difference between OIH and NLR?

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

Which has better risk-adjusted returns?

OIH currently has the higher Sharpe Ratio (2.30 vs 0.38), 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.