SMH vs. NLR

Last updated Aug 5, 2026

SMH (VanEck Semiconductor ETF) and NLR (VanEck Uranium and Nuclear ETF) are both exchange-traded funds - SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 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, SMH returned 34.72%/yr vs 11.82%/yr for NLR. Their 0.48 correlation means their historical movements had little consistent relationship. SMH charges 0.35%/yr vs 0.56%/yr for NLR.

Performance

SMH vs. NLR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Semiconductor ETF (SMH) 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, SMH achieves a 59.86% return, which is significantly higher than NLR's -8.31% return. Over the past 10 years, SMH has outperformed NLR with an annualized return of 34.72%, while NLR has yielded a comparatively lower 11.82% annualized return.

SMH

• 1D: 5.55%
• 1M: -2.80%
• 6M: 44.77%
• YTD: 59.86%
• 1Y: 99.01%
• 3Y*: 55.82%
• 5Y*: 34.46%
• 10Y*: 34.72%
• ALL TIME*: 11.32%

NLR

• 1D: 2.11%
• 1M: -0.91%
• 6M: -24.93%
• YTD: -8.31%
• 1Y: 0.27%
• 3Y*: 26.47%
• 5Y*: 19.69%
• 10Y*: 11.82%
• ALL TIME*: 3.63%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
NLR VanEck Uranium and Nuclear ETF	$41.49M	$47.97M	$59.87M
SMH VanEck Semiconductor ETF	$8.39B	$7.14B	$7.06B

SMH vs. NLR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMH VanEck Semiconductor ETF	59.86%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%
NLR VanEck Uranium and Nuclear ETF	-8.31%	56.50%	14.26%	36.67%	2.29%	13.63%	3.49%	0.20%	4.94%	8.25%

Correlation

The correlation between SMH and NLR is 0.59, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.59
Correlation (3Y) Balances recent behavior with more history.	0.49
Correlation (5Y) Shows whether the relationship held over a longer period.	0.50
Correlation (10Y) Provides a long-term view across more market conditions.	0.42
Correlation (All Time) Calculated using the full available price history since Aug 15, 2007	0.48

The correlation between SMH and NLR shifts across timeframes, from 0.42 (10 years) to 0.59 (1 year), reflecting how their relationship changes across market environments.

SMH vs. NLR - Sectors Allocation Comparison

Sectors	SMH	NLR
Technology	100.0%	1.6%
Basic Materials	-	2.3%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	49.8%
Financial Services	-	-
Healthcare	-	-
Industrials	-	12.6%
Real Estate	-	-
Utilities	-	36.0%

Return for Risk

SMH vs. NLR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SMH

SMH Risk / Return Rank: 87
SMH Sharpe Ratio Rank: 92
SMH Sortino Ratio Rank: 81
SMH Omega Ratio Rank: 84
SMH Calmar Ratio Rank: 90
SMH Martin Ratio Rank: 91

NLR

NLR Risk / Return Rank: 11
NLR Sharpe Ratio Rank: 11
NLR Sortino Ratio Rank: 13
NLR Omega Ratio Rank: 12
NLR Calmar Ratio Rank: 10
NLR Martin Ratio Rank: 10

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SMH vs. NLR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor ETF (SMH) 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.

	SMH	NLR	Difference
Sharpe ratio: Return per unit of total volatility	2.57	0.01	+2.56
Sortino ratio: Return per unit of downside risk	2.93	0.32	+2.60
Omega ratio: Gain probability vs. loss probability	1.39	1.04	+0.36
Calmar ratio: Return relative to maximum drawdown	4.04	0.01	+4.04
Martin ratio: Return relative to average drawdown	16.06	0.02	+16.04

SMH vs. NLR - Sharpe Ratio Comparison

The current SMH Sharpe Ratio is 2.57, which is higher than the NLR Sharpe Ratio of 0.01. The chart below compares the historical Sharpe Ratios of SMH 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

SMH vs. NLR - Drawdown Comparison

The maximum SMH drawdown since its inception was -84.96%, which is greater than NLR's maximum drawdown of -65.05%. Use the drawdown chart below to compare losses from any high point for SMH and NLR.

Drawdown Indicators

	SMH	NLR	Difference
Max Drawdown Largest peak-to-trough decline	-84.96%	-65.05%	-19.91%
Max Drawdown (1Y) Largest decline over 1 year	-24.62%	-37.52%	+12.90%
Max Drawdown (3Y) Largest decline over 3 years	-35.74%	-37.52%	+1.78%
Max Drawdown (5Y) Largest decline over 5 years	-45.30%	-37.52%	-7.78%
Max Drawdown (10Y) Largest decline over 10 years	-45.30%	-37.52%	-7.78%
Current Drawdown Current decline from peak	-13.93%	-30.72%	+16.79%
Average Drawdown Average peak-to-trough decline	-40.88%	-35.66%	-5.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.19%	17.64%	-11.45%

Volatility

SMH vs. NLR - Volatility Comparison

VanEck Semiconductor ETF (SMH) has a higher volatility of 15.13% compared to VanEck Uranium and Nuclear ETF (NLR) at 13.82%. This indicates that SMH's price experiences larger fluctuations and is considered to be riskier than NLR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMH	NLR	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.13%	13.82%	+1.31%
Volatility (6M) Calculated over the trailing 6-month period	33.33%	32.16%	+1.17%
Volatility (1Y) Calculated over the trailing 1-year period	38.78%	43.99%	-5.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.59%	30.21%	+6.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.37%	24.64%	+8.73%

SMH vs. NLR - Expense Ratio Comparison

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

Dividends

SMH vs. NLR - Dividend Comparison

SMH's dividend yield for the trailing twelve months is around 0.19%, less than NLR's 2.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NLR VanEck Uranium and Nuclear ETF	2.78%	2.55%	0.76%	4.54%	2.02%	1.99%	2.23%	2.21%	3.91%	4.86%	3.62%	3.30%
SMH VanEck Semiconductor ETF	0.19%	0.31%	0.44%	0.60%	1.18%	0.51%	0.69%	1.50%	1.88%	1.43%	0.80%	2.14%

Frequently Asked Questions

Can I hold both SMH and NLR in my portfolio?

SMH and NLR have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMH or NLR?

SMH has higher volatility (15.13%) compared to NLR (13.82%). In terms of maximum drawdown, SMH dropped -84.96% vs NLR's -65.05%.

Which ETF is better, SMH or NLR?

On 10-year performance, SMH leads with 34.72% vs 11.82% for NLR. On fees, SMH is cheaper at 0.35% per year. On volatility, NLR has been the lower-risk option at 13.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMH or NLR?

Over the 10-year period, SMH has performed better with a 34.72% return vs 11.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMH or NLR?

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

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

NLR has the higher dividend yield at 2.78%, compared with 0.19% for SMH.

What is the main difference between SMH and NLR?

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

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (2.57 vs 0.01), 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.