SMB vs. NLR
SMB (VanEck Short Muni ETF) and NLR (VanEck Uranium and Nuclear ETF) are both exchange-traded funds - SMB is a Municipal Bonds fund tracking the Bloomberg AMT-Free Short Continuous, while NLR is a Uranium fund tracking the MVIS Global Uranium & Nuclear Energy Index. Both are passively managed. Over the past 10 years, SMB returned 1.40%/yr vs 11.00%/yr for NLR. Their 0.02 correlation means their historical movements had little consistent relationship. SMB charges 0.20%/yr vs 0.56%/yr for NLR.
Performance
SMB vs. NLR - Performance Comparison
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Returns By Period
In the year-to-date period, SMB achieves a 0.39% return, which is significantly higher than NLR's -13.99% return. Over the past 10 years, SMB has underperformed NLR with an annualized return of 1.40%, while NLR has yielded a comparatively higher 11.00% annualized return.
SMB
- 1D
- -0.06%
- 1M
- -0.43%
- 6M
- 0.34%
- YTD
- 0.39%
- 1Y
- 1.99%
- 3Y*
- 3.35%
- 5Y*
- 1.08%
- 10Y*
- 1.40%
- ALL TIME*
- 2.01%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $43.05M | $48.38M | $60.74M | |
| $770.61K | $950.10K | $1.02M |
SMB vs. NLR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMB VanEck Short Muni ETF | 0.39% | 4.61% | 2.41% | 3.14% | -4.50% | 0.12% | 3.30% | 4.54% | 1.86% | 1.16% |
NLR VanEck Uranium and Nuclear ETF | -13.99% | 56.50% | 14.26% | 36.67% | 2.29% | 13.63% | 3.49% | 0.20% | 4.94% | 8.25% |
Correlation
The correlation between SMB and NLR is 0.10, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.10 |
Correlation (3Y) Balances recent behavior with more history. | 0.04 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.05 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.05 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2008 | 0.02 |
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Return for Risk
SMB vs. NLR — Risk / Return Rank
SMB
NLR
SMB vs. NLR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Short Muni ETF (SMB) 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.
| SMB | NLR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.61 | ||
| Sortino ratioReturn per unit of downside risk | +2.00 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.02 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 2.11 | -0.12 | +2.23 |
| Martin ratioReturn relative to average drawdown | 5.77 | -0.26 | +6.02 |
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Drawdowns
SMB vs. NLR - Drawdown Comparison
The maximum SMB drawdown since its inception was -12.64%, smaller than the maximum NLR drawdown of -65.05%. Use the drawdown chart below to compare losses from any high point for SMB and NLR.
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Drawdown Indicators
| SMB | NLR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.64% | -65.05% | +52.41% |
Max Drawdown (1Y)Largest decline over 1 year | -1.17% | -37.52% | +36.35% |
Max Drawdown (3Y)Largest decline over 3 years | -1.80% | -37.52% | +35.72% |
Max Drawdown (5Y)Largest decline over 5 years | -7.47% | -37.52% | +30.05% |
Max Drawdown (10Y)Largest decline over 10 years | -12.64% | -37.52% | +24.88% |
Current DrawdownCurrent decline from peak | -0.49% | -35.01% | +34.52% |
Average DrawdownAverage peak-to-trough decline | -1.13% | -35.67% | +34.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.43% | 17.42% | -16.99% |
Volatility
SMB vs. NLR - Volatility Comparison
The current volatility for VanEck Short Muni ETF (SMB) is 0.42%, while VanEck Uranium and Nuclear ETF (NLR) has a volatility of 12.90%. This indicates that SMB 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.
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Volatility by Period
| SMB | NLR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.42% | 12.90% | -12.48% |
Volatility (6M)Calculated over the trailing 6-month period | 1.06% | 32.42% | -31.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.64% | 43.80% | -42.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.48% | 30.13% | -27.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.25% | 24.58% | -20.33% |
SMB vs. NLR - Expense Ratio Comparison
SMB has a 0.20% expense ratio, which is lower than NLR's 0.56% expense ratio.
Dividends
SMB vs. NLR - Dividend Comparison
SMB's dividend yield for the trailing twelve months is around 2.77%, less than NLR's 2.96% yield.
| 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% |
SMB VanEck Short Muni ETF | 2.53% | 2.63% | 2.38% | 1.83% | 1.32% | 1.24% | 1.50% | 1.58% | 1.49% | 1.23% | 1.12% | 1.13% |
Frequently Asked Questions
SMB and NLR have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NLR has higher volatility (12.90%) compared to SMB (0.42%). In terms of maximum drawdown, SMB dropped -12.64% vs NLR's -65.05%.
On 10-year performance, NLR leads with 11.00% vs 1.40% for SMB. On fees, SMB is cheaper at 0.20% per year. On volatility, SMB has been the lower-risk option at 0.42%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, NLR has performed better with a 11.00% return vs 1.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMB is cheaper with a 0.20% expense ratio, compared with 0.56% for NLR.
NLR has the higher dividend yield at 2.96%, compared with 2.53% for SMB.
SMB is categorized as Municipal Bonds, while NLR is Uranium. SMB tracks Bloomberg AMT-Free Short Continuous, while NLR tracks MVIS Global Uranium & Nuclear Energy Index. Their fees differ too: 0.20% for SMB and 0.56% for NLR.
SMB currently has the higher Sharpe Ratio (1.51 vs -0.10), 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.
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