PWER vs. URAN

Last updated Jun 24, 2026

PWER (Macquarie Energy Transition ETF) and URAN (Themes Uranium & Nuclear ETF) are both exchange-traded funds - PWER is a Alternative Energy Equities fund actively managed by Macquarie, while URAN is a Uranium fund tracking the BITA Global Uranium and Nuclear Select Index. PWER is actively managed, while URAN is passively managed. Over the past year, PWER returned 49.01% vs 11.93% for URAN. A 0.58 correlation means they provide meaningful diversification when combined. PWER charges 0.80%/yr vs 0.35%/yr for URAN.

Performance

PWER vs. URAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Macquarie Energy Transition ETF (PWER) 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, PWER achieves a 19.28% return, which is significantly higher than URAN's -3.44% return.

PWER

• 1D: -3.13%
• 1M: -4.18%
• YTD: 19.28%
• 6M: 18.48%
• 1Y: 49.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

URAN

• 1D: -1.32%
• 1M: -5.33%
• YTD: -3.44%
• 6M: -5.94%
• 1Y: 11.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PWER vs. URAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PWER Macquarie Energy Transition ETF	19.28%	35.28%	-5.88%
URAN Themes Uranium & Nuclear ETF	-3.44%	49.05%	3.89%

Correlation

The correlation between PWER and URAN is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.56
Correlation (All Time) Calculated using the full available price history since Sep 24, 2024	0.58

The correlation between PWER and URAN has been stable across timeframes, ranging from 0.56 to 0.58 - a consistent structural relationship.

Return for Risk

PWER vs. URAN — Risk / Return Rank

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

PWER

PWER Risk / Return Rank: 79
PWER Sharpe Ratio Rank: 79
PWER Sortino Ratio Rank: 69
PWER Omega Ratio Rank: 72
PWER Calmar Ratio Rank: 89
PWER Martin Ratio Rank: 88

URAN

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

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.

PWER vs. URAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Macquarie Energy Transition ETF (PWER) 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.

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.

	PWER	URAN	Difference
Sharpe ratio: Return per unit of total volatility	2.31	0.30	+2.01
Sortino ratio: Return per unit of downside risk	2.90	0.70	+2.20
Omega ratio: Gain probability vs. loss probability	1.39	1.08	+0.31
Calmar ratio: Return relative to maximum drawdown	4.88	0.39	+4.49
Martin ratio: Return relative to average drawdown	17.97	0.85	+17.12

PWER vs. URAN - Sharpe Ratio Comparison

The current PWER Sharpe Ratio is 2.31, which is higher than the URAN Sharpe Ratio of 0.30. The chart below compares the historical Sharpe Ratios of PWER 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.

Drawdowns

PWER vs. URAN - Drawdown Comparison

The maximum PWER drawdown since its inception was -29.68%, smaller than the maximum URAN drawdown of -31.96%. Use the drawdown chart below to compare losses from any high point for PWER and URAN.

Drawdown Indicators

	PWER	URAN	Difference
Max Drawdown Largest peak-to-trough decline	-29.68%	-31.96%	+2.28%
Max Drawdown (1Y) Largest decline over 1 year	-10.10%	-31.02%	+20.92%
Current Drawdown Current decline from peak	-10.10%	-26.70%	+16.60%
Average Drawdown Average peak-to-trough decline	-6.23%	-11.20%	+4.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.74%	14.06%	-11.32%

Volatility

PWER vs. URAN - Volatility Comparison

The current volatility for Macquarie Energy Transition ETF (PWER) is 9.67%, while Themes Uranium & Nuclear ETF (URAN) has a volatility of 13.40%. This indicates that PWER experiences smaller price fluctuations and is considered to be less risky than URAN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PWER	URAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.67%	13.40%	-3.73%
Volatility (6M) Calculated over the trailing 6-month period	17.39%	30.44%	-13.05%
Volatility (1Y) Calculated over the trailing 1-year period	21.34%	39.64%	-18.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.71%	39.40%	-15.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.71%	39.40%	-15.69%

PWER vs. URAN - Expense Ratio Comparison

PWER has a 0.80% expense ratio, which is higher than URAN's 0.35% expense ratio.

Dividends

PWER vs. URAN - Dividend Comparison

PWER's dividend yield for the trailing twelve months is around 1.30%, less than URAN's 2.65% yield.

Position	TTM	2025	2024	2023
PWER Macquarie Energy Transition ETF	1.30%	1.37%	1.05%	0.06%
URAN Themes Uranium & Nuclear ETF	2.65%	2.56%	0.21%	0.00%

Frequently Asked Questions

Can I hold both PWER and URAN in my portfolio?

PWER and URAN have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PWER or URAN?

URAN has higher volatility (13.40%) compared to PWER (9.67%). In terms of maximum drawdown, PWER dropped -29.68% vs URAN's -31.96%.

Which ETF is better, PWER or URAN?

On 1-year performance, PWER leads with 49.01% vs 11.93% for URAN. On fees, URAN is cheaper at 0.35% per year. On volatility, PWER has been the lower-risk option at 9.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PWER or URAN?

Over the 1-year period, PWER has performed better with a 49.01% return vs 11.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PWER or URAN?

URAN is cheaper with a 0.35% expense ratio, compared with 0.80% for PWER.

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

URAN has the higher dividend yield at 2.65%, compared with 1.30% for PWER.

What is the main difference between PWER and URAN?

PWER is categorized as Alternative Energy Equities, while URAN is Uranium. They also come from different issuers: Macquarie and Themes. Their fees differ too: 0.80% for PWER and 0.35% for URAN.

Which has better risk-adjusted returns?

PWER currently has the higher Sharpe Ratio (2.31 vs 0.30), 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.