SMR vs. NLR

Last updated Aug 1, 2026

SMR (NuScale Power Corporation) is a stock, while NLR (VanEck Uranium and Nuclear ETF) is Uranium fund tracking the MVIS Global Uranium & Nuclear Energy Index. Over the past 5 years, SMR returned -3.46%/yr vs 18.29%/yr for NLR. Their 0.51 correlation means they have sometimes moved together and sometimes differently.

Performance

SMR vs. NLR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NuScale Power Corporation (SMR) 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, SMR achieves a -40.58% return, which is significantly lower than NLR's -13.99% return.

SMR

• 1D: -2.09%
• 1M: -13.73%
• 6M: -51.83%
• YTD: -40.58%
• 1Y: -81.05%
• 3Y*: 3.93%
• 5Y*: -3.46%
• 10Y*: —
• ALL TIME*: -3.00%

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%

*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	$43.05M	$48.38M	$60.74M
SMR NuScale Power Corporation	$284.93M	$251.84M	$349.52M

SMR vs. NLR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SMR NuScale Power Corporation	-40.58%	-20.97%	444.98%	-67.93%	2.29%	-0.89%	1.20%
NLR VanEck Uranium and Nuclear ETF	-13.99%	56.50%	14.26%	36.67%	2.29%	13.63%	3.68%

Correlation

The correlation between SMR and NLR is 0.77, 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.	0.77
Correlation (3Y) Balances recent behavior with more history.	0.61
Correlation (5Y) Shows whether the relationship held over a longer period.	0.53
Correlation (All Time) Calculated using the full available price history since Dec 9, 2020	0.51

Over the past year, SMR and NLR have become more correlated (0.77) than their long-term average of 0.51, meaning their price movements have been converging.

Return for Risk

SMR vs. NLR — Risk / Return Rank

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

SMR

SMR Risk / Return Rank: 7
SMR Sharpe Ratio Rank: 9
SMR Sortino Ratio Rank: 4
SMR Omega Ratio Rank: 7
SMR Calmar Ratio Rank: 3
SMR Martin Ratio Rank: 12

NLR

NLR Risk / Return Rank: 10
NLR Sharpe Ratio Rank: 9
NLR Sortino Ratio Rank: 11
NLR Omega Ratio Rank: 11
NLR Calmar Ratio Rank: 9
NLR Martin Ratio Rank: 9

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.

SMR vs. NLR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NuScale Power Corporation (SMR) 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.

	SMR	NLR	Difference
Sharpe ratio: Return per unit of total volatility	-0.82	-0.10	-0.72
Sortino ratio: Return per unit of downside risk	-1.79	0.16	-1.95
Omega ratio: Gain probability vs. loss probability	0.82	1.02	-0.20
Calmar ratio: Return relative to maximum drawdown	-0.97	-0.12	-0.85
Martin ratio: Return relative to average drawdown	-1.30	-0.26	-1.04

SMR vs. NLR - Sharpe Ratio Comparison

The current SMR Sharpe Ratio is -0.82, which is lower than the NLR Sharpe Ratio of -0.10. The chart below compares the historical Sharpe Ratios of SMR 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

SMR vs. NLR - Drawdown Comparison

The maximum SMR drawdown since its inception was -87.47%, which is greater than NLR's maximum drawdown of -65.05%. Use the drawdown chart below to compare losses from any high point for SMR and NLR.

Drawdown Indicators

	SMR	NLR	Difference
Max Drawdown Largest peak-to-trough decline	-87.47%	-65.05%	-22.42%
Max Drawdown (1Y) Largest decline over 1 year	-85.79%	-37.52%	-48.27%
Max Drawdown (3Y) Largest decline over 3 years	-85.79%	-37.52%	-48.27%
Max Drawdown (5Y) Largest decline over 5 years	-87.47%	-37.52%	-49.95%
Max Drawdown (10Y) Largest decline over 10 years	—	-37.52%	—
Current Drawdown Current decline from peak	-84.24%	-35.01%	-49.23%
Average Drawdown Average peak-to-trough decline	-36.19%	-35.67%	-0.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	64.46%	17.42%	+47.04%

Volatility

SMR vs. NLR - Volatility Comparison

NuScale Power Corporation (SMR) has a higher volatility of 26.32% compared to VanEck Uranium and Nuclear ETF (NLR) at 12.90%. This indicates that SMR'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

	SMR	NLR	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.32%	12.90%	+13.42%
Volatility (6M) Calculated over the trailing 6-month period	68.24%	32.42%	+35.82%
Volatility (1Y) Calculated over the trailing 1-year period	101.34%	43.80%	+57.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	94.68%	30.13%	+64.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	89.34%	24.58%	+64.76%

Dividends

SMR vs. NLR - Dividend Comparison

SMR has not paid dividends to shareholders, while NLR's dividend yield for the trailing twelve months is around 2.96%.

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%
SMR NuScale Power Corporation	0.00%	0.00%	0.00%	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 SMR and NLR in my portfolio?

SMR and NLR have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMR or NLR?

SMR has higher volatility (26.32%) compared to NLR (12.90%). In terms of maximum drawdown, SMR dropped -87.47% vs NLR's -65.05%.

Which has better risk-adjusted returns?

NLR currently has the higher Sharpe Ratio (-0.10 vs -0.82), 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.