SRUUF vs. URNM

Last updated Jun 4, 2026

SRUUF (Sprott Physical Uranium Trust Fund) and URNM (NorthShore Global Uranium Mining ETF) are both funds - SRUUF is a Commodities fund actively managed by Sprott, while URNM is a Commodity Producers Equities fund tracking the North Shore Global Uranium Mining Index. SRUUF is actively managed, while URNM is passively managed. Over the past 3 years, SRUUF returned 14.65%/yr vs 27.00%/yr for URNM. A 0.70 correlation means they provide meaningful diversification when combined. SRUUF charges 0.70%/yr vs 0.85%/yr for URNM.

Performance

SRUUF vs. URNM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Physical Uranium Trust Fund (SRUUF) and NorthShore Global Uranium Mining ETF (URNM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SRUUF achieves a 0.93% return, which is significantly lower than URNM's 11.97% return.

SRUUF

• 1D: -2.82%
• 1M: -3.15%
• YTD: 0.93%
• 6M: 8.74%
• 1Y: 21.00%
• 3Y*: 14.65%
• 5Y*: —
• 10Y*: —

URNM

• 1D: -5.94%
• 1M: -7.38%
• YTD: 11.97%
• 6M: 10.07%
• 1Y: 52.67%
• 3Y*: 27.00%
• 5Y*: 15.58%
• 10Y*: —

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

SRUUF vs. URNM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SRUUF Sprott Physical Uranium Trust Fund	0.93%	12.66%	-18.89%	82.09%	7.65%	17.26%
URNM NorthShore Global Uranium Mining ETF	11.97%	40.78%	-14.13%	57.80%	-11.86%	33.51%

Correlation

The correlation between SRUUF and URNM is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (All Time) Calculated using the full available price history since Jul 23, 2021	0.71

The correlation between SRUUF and URNM has been stable across timeframes, ranging from 0.69 to 0.70 - a consistent structural relationship.

Return for Risk

SRUUF vs. URNM — Risk / Return Rank

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

SRUUF

SRUUF Risk / Return Rank: 8
SRUUF Sharpe Ratio Rank: 7
SRUUF Sortino Ratio Rank: 8
SRUUF Omega Ratio Rank: 8
SRUUF Calmar Ratio Rank: 9
SRUUF Martin Ratio Rank: 7

URNM

URNM Risk / Return Rank: 29
URNM Sharpe Ratio Rank: 28
URNM Sortino Ratio Rank: 30
URNM Omega Ratio Rank: 28
URNM Calmar Ratio Rank: 33
URNM Martin Ratio Rank: 26

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.

SRUUF vs. URNM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Physical Uranium Trust Fund (SRUUF) and NorthShore Global Uranium Mining ETF (URNM). 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.

	SRUUF	URNM	Difference
Sharpe ratio: Return per unit of total volatility	0.61	1.03	-0.42
Sortino ratio: Return per unit of downside risk	1.06	1.66	-0.60
Omega ratio: Gain probability vs. loss probability	1.13	1.19	-0.06
Calmar ratio: Return relative to maximum drawdown	0.92	1.65	-0.73
Martin ratio: Return relative to average drawdown	1.86	3.59	-1.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SRUUF vs. URNM - Sharpe Ratio Comparison

The current SRUUF Sharpe Ratio is 0.61, which is lower than the URNM Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of SRUUF and URNM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SRUUF	URNM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.61	1.03	-0.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.32	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.67	-0.27

Drawdowns

SRUUF vs. URNM - Drawdown Comparison

The maximum SRUUF drawdown since its inception was -48.68%, roughly equal to the maximum URNM drawdown of -50.78%. Use the drawdown chart below to compare losses from any high point for SRUUF and URNM.

Drawdown Indicators

	SRUUF	URNM	Difference
Max Drawdown Largest peak-to-trough decline	-48.68%	-50.78%	+2.10%
Max Drawdown (1Y) Largest decline over 1 year	-22.98%	-32.04%	+9.06%
Max Drawdown (3Y) Largest decline over 3 years	-48.68%	-50.78%	+2.10%
Max Drawdown (5Y) Largest decline over 5 years	—	-50.78%	—
Current Drawdown Current decline from peak	-21.59%	-26.82%	+5.23%
Average Drawdown Average peak-to-trough decline	-21.79%	-18.03%	-3.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.29%	14.71%	-3.42%

Volatility

SRUUF vs. URNM - Volatility Comparison

The current volatility for Sprott Physical Uranium Trust Fund (SRUUF) is 7.75%, while NorthShore Global Uranium Mining ETF (URNM) has a volatility of 16.19%. This indicates that SRUUF experiences smaller price fluctuations and is considered to be less risky than URNM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SRUUF	URNM	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.75%	16.19%	-8.44%
Volatility (6M) Calculated over the trailing 6-month period	24.53%	40.32%	-15.79%
Volatility (1Y) Calculated over the trailing 1-year period	34.51%	51.69%	-17.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.81%	48.30%	-6.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.81%	46.90%	-5.09%

SRUUF vs. URNM - Expense Ratio Comparison

SRUUF has a 0.70% expense ratio, which is lower than URNM's 0.85% expense ratio.

Dividends

SRUUF vs. URNM - Dividend Comparison

SRUUF has not paid dividends to shareholders, while URNM's dividend yield for the trailing twelve months is around 2.84%.

Position	TTM	2025	2024	2023	2022	2021	2020
SRUUF Sprott Physical Uranium Trust Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
URNM NorthShore Global Uranium Mining ETF	2.84%	3.18%	3.18%	3.63%	0.00%	6.70%	2.57%

Frequently Asked Questions

Can I hold both SRUUF and URNM in my portfolio?

SRUUF and URNM have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SRUUF or URNM?

URNM has higher volatility (16.19%) compared to SRUUF (7.75%). In terms of maximum drawdown, SRUUF dropped -48.68% vs URNM's -50.78%.

Which has better risk-adjusted returns?

URNM currently has the higher Sharpe Ratio (1.03 vs 0.61), 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.