UMAY vs. NLR

Last updated Aug 2, 2026

UMAY (Innovator U.S. Equity Ultra Buffer ETF - May) and NLR (VanEck Uranium and Nuclear ETF) are both exchange-traded funds - UMAY is a Defined Outcome fund tracking the S&P 500, while NLR is a Uranium fund tracking the MVIS Global Uranium & Nuclear Energy Index. Both are passively managed. Over the past 5 years, UMAY returned 6.20%/yr vs 18.29%/yr for NLR. Their 0.53 correlation means they have sometimes moved together and sometimes differently. UMAY charges 0.79%/yr vs 0.56%/yr for NLR.

Performance

UMAY vs. NLR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Ultra Buffer ETF - May (UMAY) 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, UMAY achieves a 3.95% return, which is significantly higher than NLR's -13.99% return.

UMAY

• 1D: -0.13%
• 1M: 0.04%
• 6M: 3.48%
• YTD: 3.95%
• 1Y: 8.29%
• 3Y*: 10.41%
• 5Y*: 6.20%
• 10Y*: —
• ALL TIME*: 6.54%

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
UMAY Innovator U.S. Equity Ultra Buffer ETF - May	$337.57K	$655.32K	$2.00M

UMAY vs. NLR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
UMAY Innovator U.S. Equity Ultra Buffer ETF - May	3.95%	8.79%	14.32%	12.53%	-9.21%	5.25%	6.84%
NLR VanEck Uranium and Nuclear ETF	-13.99%	56.50%	14.26%	36.67%	2.29%	13.63%	18.03%

Correlation

The correlation between UMAY and NLR is 0.47, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.47
Correlation (3Y) Balances recent behavior with more history.	0.45
Correlation (5Y) Shows whether the relationship held over a longer period.	0.52
Correlation (All Time) Calculated using the full available price history since May 1, 2020	0.53

The correlation between UMAY and NLR has been stable across timeframes, ranging from 0.45 to 0.53 - a consistent structural relationship.

UMAY vs. NLR - Sectors Allocation Comparison

Sectors	UMAY	NLR
Technology	39.1%	1.6%
Financial Services	10.9%	-
Communication Services	10.7%	-
Consumer Cyclical	9.9%	-
Healthcare	8.3%	-
Industrials	7.8%	12.6%
Consumer Defensive	4.5%	-
Energy	3.1%	49.8%
Utilities	2.1%	36.0%
Real Estate	1.8%	-
Basic Materials	1.7%	2.3%

Return for Risk

UMAY vs. NLR — Risk / Return Rank

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

UMAY

UMAY Risk / Return Rank: 89
UMAY Sharpe Ratio Rank: 83
UMAY Sortino Ratio Rank: 85
UMAY Omega Ratio Rank: 89
UMAY Calmar Ratio Rank: 93
UMAY Martin Ratio Rank: 95

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.

UMAY vs. NLR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF - May (UMAY) 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.

	UMAY	NLR	Difference
Sharpe ratio: Return per unit of total volatility	1.94	-0.10	+2.04
Sortino ratio: Return per unit of downside risk	2.84	0.16	+2.68
Omega ratio: Gain probability vs. loss probability	1.41	1.02	+0.39
Calmar ratio: Return relative to maximum drawdown	4.68	-0.12	+4.80
Martin ratio: Return relative to average drawdown	20.42	-0.26	+20.68

UMAY vs. NLR - Sharpe Ratio Comparison

The current UMAY Sharpe Ratio is 1.94, which is higher than the NLR Sharpe Ratio of -0.10. The chart below compares the historical Sharpe Ratios of UMAY 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

UMAY vs. NLR - Drawdown Comparison

The maximum UMAY drawdown since its inception was -12.12%, smaller than the maximum NLR drawdown of -65.05%. Use the drawdown chart below to compare losses from any high point for UMAY and NLR.

Drawdown Indicators

	UMAY	NLR	Difference
Max Drawdown Largest peak-to-trough decline	-12.12%	-65.05%	+52.93%
Max Drawdown (1Y) Largest decline over 1 year	-1.69%	-37.52%	+35.83%
Max Drawdown (3Y) Largest decline over 3 years	-10.49%	-37.52%	+27.03%
Max Drawdown (5Y) Largest decline over 5 years	-12.12%	-37.52%	+25.40%
Max Drawdown (10Y) Largest decline over 10 years	—	-37.52%	—
Current Drawdown Current decline from peak	-0.48%	-35.01%	+34.53%
Average Drawdown Average peak-to-trough decline	-2.10%	-35.67%	+33.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.39%	17.42%	-17.03%

Volatility

UMAY vs. NLR - Volatility Comparison

The current volatility for Innovator U.S. Equity Ultra Buffer ETF - May (UMAY) is 1.63%, while VanEck Uranium and Nuclear ETF (NLR) has a volatility of 12.90%. This indicates that UMAY 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

	UMAY	NLR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.63%	12.90%	-11.27%
Volatility (6M) Calculated over the trailing 6-month period	3.40%	32.42%	-29.02%
Volatility (1Y) Calculated over the trailing 1-year period	4.08%	43.80%	-39.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.52%	30.13%	-21.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.90%	24.58%	-16.68%

UMAY vs. NLR - Expense Ratio Comparison

UMAY has a 0.79% expense ratio, which is higher than NLR's 0.56% expense ratio.

Dividends

UMAY vs. NLR - Dividend Comparison

UMAY 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%
UMAY Innovator U.S. Equity Ultra Buffer ETF - May	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 UMAY and NLR in my portfolio?

UMAY and NLR have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UMAY or NLR?

NLR has higher volatility (12.90%) compared to UMAY (1.63%). In terms of maximum drawdown, UMAY dropped -12.12% vs NLR's -65.05%.

Which ETF is better, UMAY or NLR?

On 5-year performance, NLR leads with 18.29% vs 6.20% for UMAY. On fees, NLR is cheaper at 0.56% per year. On volatility, UMAY has been the lower-risk option at 1.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UMAY or NLR?

Over the 5-year period, NLR has performed better with a 18.29% return vs 6.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UMAY or NLR?

NLR is cheaper with a 0.56% expense ratio, compared with 0.79% for UMAY.

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

NLR has the higher dividend yield at 2.96%, compared with 0.00% for UMAY.

What is the main difference between UMAY and NLR?

UMAY is categorized as Defined Outcome, while NLR is Uranium. UMAY tracks S&P 500, while NLR tracks MVIS Global Uranium & Nuclear Energy Index. They also come from different issuers: Innovator and VanEck. Their fees differ too: 0.79% for UMAY and 0.56% for NLR.

Which has better risk-adjusted returns?

UMAY currently has the higher Sharpe Ratio (1.94 vs -0.10), 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.