SMOG vs. URAN

Last updated Jun 23, 2026

SMOG (VanEck Low Carbon Energy ETF) and URAN (Themes Uranium & Nuclear ETF) are both exchange-traded funds - SMOG is a Alternative Energy Equities fund tracking the MVIS Global Low Carbon Energy Index, while URAN is a Uranium fund tracking the BITA Global Uranium and Nuclear Select Index. Both are passively managed. Over the past year, SMOG returned 40.43% vs 14.67% for URAN. A 0.50 correlation means they provide meaningful diversification when combined. SMOG charges 0.61%/yr vs 0.35%/yr for URAN.

Performance

SMOG vs. URAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Low Carbon Energy ETF (SMOG) 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, SMOG achieves a 14.80% return, which is significantly higher than URAN's -2.15% return.

SMOG

• 1D: 0.68%
• 1M: -2.07%
• YTD: 14.80%
• 6M: 12.75%
• 1Y: 40.43%
• 3Y*: 9.86%
• 5Y*: 0.37%
• 10Y*: 13.28%

URAN

• 1D: -2.23%
• 1M: -4.07%
• YTD: -2.15%
• 6M: -4.70%
• 1Y: 14.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMOG vs. URAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMOG VanEck Low Carbon Energy ETF	14.80%	33.36%	-7.49%
URAN Themes Uranium & Nuclear ETF	-2.15%	49.05%	3.89%

Correlation

The correlation between SMOG and URAN is 0.57, 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	0.57
Correlation (All Time) Calculated using the full available price history since Sep 24, 2024	0.50

The correlation between SMOG and URAN has been stable across timeframes, ranging from 0.50 to 0.57 - a consistent structural relationship.

Return for Risk

SMOG vs. URAN — Risk / Return Rank

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

SMOG

SMOG Risk / Return Rank: 61
SMOG Sharpe Ratio Rank: 58
SMOG Sortino Ratio Rank: 53
SMOG Omega Ratio Rank: 53
SMOG Calmar Ratio Rank: 73
SMOG Martin Ratio Rank: 66

URAN

URAN Risk / Return Rank: 14
URAN Sharpe Ratio Rank: 14
URAN Sortino Ratio Rank: 15
URAN Omega Ratio Rank: 14
URAN Calmar Ratio Rank: 14
URAN Martin Ratio Rank: 13

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. URAN - Risk-Adjusted Trends Comparison

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

	SMOG	URAN	Difference
Sharpe ratio: Return per unit of total volatility	1.90	0.37	+1.53
Sortino ratio: Return per unit of downside risk	2.48	0.79	+1.69
Omega ratio: Gain probability vs. loss probability	1.32	1.09	+0.23
Calmar ratio: Return relative to maximum drawdown	3.59	0.47	+3.11
Martin ratio: Return relative to average drawdown	11.76	1.05	+10.71

SMOG vs. URAN - Sharpe Ratio Comparison

The current SMOG Sharpe Ratio is 1.90, which is higher than the URAN Sharpe Ratio of 0.37. The chart below compares the historical Sharpe Ratios of SMOG 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

SMOG vs. URAN - Drawdown Comparison

The maximum SMOG drawdown since its inception was -84.39%, which is greater than URAN's maximum drawdown of -31.96%. Use the drawdown chart below to compare losses from any high point for SMOG and URAN.

Drawdown Indicators

	SMOG	URAN	Difference
Max Drawdown Largest peak-to-trough decline	-84.39%	-31.96%	-52.43%
Max Drawdown (1Y) Largest decline over 1 year	-11.32%	-31.02%	+19.70%
Max Drawdown (3Y) Largest decline over 3 years	-28.72%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-47.86%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-51.10%	—	—
Current Drawdown Current decline from peak	-17.04%	-25.72%	+8.68%
Average Drawdown Average peak-to-trough decline	-52.38%	-11.16%	-41.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.45%	13.96%	-10.51%

Volatility

SMOG vs. URAN - Volatility Comparison

The current volatility for VanEck Low Carbon Energy ETF (SMOG) is 8.79%, while Themes Uranium & Nuclear ETF (URAN) has a volatility of 13.39%. This indicates that SMOG 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

	SMOG	URAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.79%	13.39%	-4.60%
Volatility (6M) Calculated over the trailing 6-month period	17.00%	30.45%	-13.45%
Volatility (1Y) Calculated over the trailing 1-year period	21.45%	39.70%	-18.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.32%	39.43%	-14.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.78%	39.43%	-13.65%

SMOG vs. URAN - Expense Ratio Comparison

SMOG has a 0.61% expense ratio, which is higher than URAN's 0.35% expense ratio.

Dividends

SMOG vs. URAN - Dividend Comparison

SMOG's dividend yield for the trailing twelve months is around 1.37%, less than URAN's 2.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMOG VanEck Low Carbon Energy ETF	1.37%	1.57%	1.64%	1.58%	1.32%	0.44%	0.06%	0.00%	0.62%	1.25%	2.12%	0.56%
URAN Themes Uranium & Nuclear ETF	2.62%	2.56%	0.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMOG and URAN in my portfolio?

SMOG and URAN have a correlation of 0.57, 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 URAN?

URAN has higher volatility (13.39%) compared to SMOG (8.79%). In terms of maximum drawdown, SMOG dropped -84.39% vs URAN's -31.96%.

Which ETF is better, SMOG or URAN?

On 1-year performance, SMOG leads with 40.43% vs 14.67% for URAN. On fees, URAN is cheaper at 0.35% per year. On volatility, SMOG has been the lower-risk option at 8.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMOG or URAN?

Over the 1-year period, SMOG has performed better with a 40.43% return vs 14.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMOG or URAN?

URAN is cheaper with a 0.35% expense ratio, compared with 0.61% for SMOG.

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

URAN has the higher dividend yield at 2.62%, compared with 1.37% for SMOG.

What is the main difference between SMOG and URAN?

SMOG is categorized as Alternative Energy Equities, while URAN is Uranium. SMOG tracks MVIS Global Low Carbon Energy Index, while URAN tracks BITA Global Uranium and Nuclear Select Index. They also come from different issuers: VanEck and Themes. Their fees differ too: 0.61% for SMOG and 0.35% for URAN.

Which has better risk-adjusted returns?

SMOG currently has the higher Sharpe Ratio (1.90 vs 0.37), 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.