SMOG vs. NLR

Last updated Jun 24, 2026

SMOG (VanEck Low Carbon Energy ETF) and NLR (VanEck Uranium and Nuclear ETF) are both exchange-traded funds - SMOG is a Alternative Energy Equities fund tracking the MVIS Global Low Carbon Energy Index, while NLR is a Uranium fund tracking the MVIS Global Uranium & Nuclear Energy Index. Both are passively managed. Over the past 10 years, SMOG returned 12.89%/yr vs 12.97%/yr for NLR. A 0.56 correlation means they provide meaningful diversification when combined. SMOG charges 0.61%/yr vs 0.56%/yr for NLR.

Performance

SMOG vs. NLR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Low Carbon Energy ETF (SMOG) 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, SMOG achieves a 10.83% return, which is significantly higher than NLR's -1.45% return. Both investments have delivered pretty close results over the past 10 years, with SMOG having a 12.89% annualized return and NLR not far ahead at 12.97%.

SMOG

• 1D: -3.46%
• 1M: -5.46%
• YTD: 10.83%
• 6M: 10.00%
• 1Y: 33.70%
• 3Y*: 8.57%
• 5Y*: -0.48%
• 10Y*: 12.89%

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)

SMOG vs. NLR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMOG VanEck Low Carbon Energy ETF	10.83%	33.36%	-9.33%	1.42%	-29.92%	-2.75%	118.38%	38.86%	-10.18%	22.69%
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 SMOG and NLR is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (10Y) Calculated over the trailing 10-year period	0.47
Correlation (All Time) Calculated using the full available price history since Aug 15, 2007	0.56

The correlation between SMOG and NLR shifts across timeframes, from 0.47 (10 years) to 0.59 (1 year), reflecting how their relationship changes across market environments.

SMOG vs. NLR - Sectors Allocation Comparison

Sectors	SMOG	NLR
Utilities	34.4%	38.1%
Industrials	30.1%	15.1%
Consumer Cyclical	20.6%	-
Technology	7.4%	1.6%
Energy	5.6%	45.3%
Basic Materials	1.3%	-
Financial Services	0.6%	-
Communication Services	-	-
Consumer Defensive	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

SMOG vs. NLR — Risk / Return Rank

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

SMOG

SMOG Risk / Return Rank: 52
SMOG Sharpe Ratio Rank: 47
SMOG Sortino Ratio Rank: 43
SMOG Omega Ratio Rank: 44
SMOG Calmar Ratio Rank: 65
SMOG Martin Ratio Rank: 58

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.

SMOG vs. NLR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Low Carbon Energy ETF (SMOG) 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.

	SMOG	NLR	Difference
Sharpe ratio: Return per unit of total volatility	1.56	0.38	+1.19
Sortino ratio: Return per unit of downside risk	2.09	0.82	+1.27
Omega ratio: Gain probability vs. loss probability	1.27	1.09	+0.18
Calmar ratio: Return relative to maximum drawdown	2.99	0.54	+2.45
Martin ratio: Return relative to average drawdown	9.70	1.16	+8.54

SMOG vs. NLR - Sharpe Ratio Comparison

The current SMOG Sharpe Ratio is 1.56, which is higher than the NLR Sharpe Ratio of 0.38. The chart below compares the historical Sharpe Ratios of SMOG 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

SMOG vs. NLR - Drawdown Comparison

The maximum SMOG drawdown since its inception was -84.39%, which is greater than NLR's maximum drawdown of -65.05%. Use the drawdown chart below to compare losses from any high point for SMOG and NLR.

Drawdown Indicators

	SMOG	NLR	Difference
Max Drawdown Largest peak-to-trough decline	-84.39%	-65.05%	-19.34%
Max Drawdown (1Y) Largest decline over 1 year	-11.32%	-29.72%	+18.40%
Max Drawdown (3Y) Largest decline over 3 years	-28.72%	-30.48%	+1.76%
Max Drawdown (5Y) Largest decline over 5 years	-47.86%	-30.48%	-17.38%
Max Drawdown (10Y) Largest decline over 10 years	-51.10%	-34.35%	-16.75%
Current Drawdown Current decline from peak	-19.91%	-25.53%	+5.62%
Average Drawdown Average peak-to-trough decline	-52.37%	-35.68%	-16.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.48%	13.83%	-10.35%

Volatility

SMOG vs. NLR - Volatility Comparison

The current volatility for VanEck Low Carbon Energy ETF (SMOG) is 9.15%, while VanEck Uranium and Nuclear ETF (NLR) has a volatility of 13.59%. This indicates that SMOG 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

	SMOG	NLR	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.15%	13.59%	-4.44%
Volatility (6M) Calculated over the trailing 6-month period	17.34%	32.95%	-15.61%
Volatility (1Y) Calculated over the trailing 1-year period	21.70%	42.81%	-21.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.36%	29.63%	-4.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.74%	24.26%	+1.48%

SMOG vs. NLR - Expense Ratio Comparison

SMOG has a 0.61% expense ratio, which is higher than NLR's 0.56% expense ratio.

Dividends

SMOG vs. NLR - Dividend Comparison

SMOG's dividend yield for the trailing twelve months is around 1.42%, 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%
SMOG VanEck Low Carbon Energy ETF	1.42%	1.57%	1.64%	1.58%	1.32%	0.44%	0.06%	0.00%	0.62%	1.25%	2.12%	0.56%

Frequently Asked Questions

Can I hold both SMOG and NLR in my portfolio?

SMOG 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, SMOG or NLR?

NLR has higher volatility (13.59%) compared to SMOG (9.15%). In terms of maximum drawdown, SMOG dropped -84.39% vs NLR's -65.05%.

Which ETF is better, SMOG or NLR?

On 10-year performance, NLR leads with 12.97% vs 12.89% for SMOG. On fees, NLR is cheaper at 0.56% per year. On volatility, SMOG has been the lower-risk option at 9.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMOG or NLR?

Over the 10-year period, NLR has performed better with a 12.97% return vs 12.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMOG or NLR?

NLR is cheaper with a 0.56% expense ratio, compared with 0.61% for SMOG.

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

NLR has the higher dividend yield at 2.59%, compared with 1.42% for SMOG.

What is the main difference between SMOG and NLR?

SMOG is categorized as Alternative Energy Equities, while NLR is Uranium. SMOG tracks MVIS Global Low Carbon Energy Index, while NLR tracks MVIS Global Uranium & Nuclear Energy Index. Their fees differ too: 0.61% for SMOG and 0.56% for NLR.

Which has better risk-adjusted returns?

SMOG currently has the higher Sharpe Ratio (1.56 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.