URAN vs. XME

Last updated Jul 18, 2026

URAN (Themes Uranium & Nuclear ETF) and XME (SPDR S&P Metals & Mining ETF) are both exchange-traded funds - URAN is a Uranium fund tracking the BITA Global Uranium and Nuclear Select Index, while XME is a Materials fund tracking the S&P Metals & Mining Select Industry Index. Both are passively managed. Over the past year, URAN returned -5.53% vs 32.25% for XME. A 0.68 correlation means they provide meaningful diversification when combined. Both charge a 0.35% expense ratio.

Performance

URAN vs. XME - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes Uranium & Nuclear ETF (URAN) and SPDR S&P Metals & Mining ETF (XME). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, URAN achieves a -13.34% return, which is significantly lower than XME's -4.95% return.

URAN

• 1D: -0.47%
• 1M: -11.56%
• 6M: -26.01%
• YTD: -13.34%
• 1Y: -5.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XME

• 1D: -0.65%
• 1M: -16.87%
• 6M: -20.67%
• YTD: -4.95%
• 1Y: 32.25%
• 3Y*: 23.93%
• 5Y*: 20.33%
• 10Y*: 15.17%

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

URAN vs. XME - Yearly Performance Comparison

	2026 (YTD)	2025	2024
URAN Themes Uranium & Nuclear ETF	-13.34%	49.05%	3.89%
XME SPDR S&P Metals & Mining ETF	-4.95%	83.47%	-6.39%

Correlation

The correlation between URAN and XME is 0.75, 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	0.75
Correlation (All Time) Calculated using the full available price history since Sep 24, 2024	0.68

The correlation between URAN and XME has been stable across timeframes, ranging from 0.68 to 0.75 - a consistent structural relationship.

Return for Risk

URAN vs. XME — Risk / Return Rank

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

URAN

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

XME

XME Risk / Return Rank: 29
XME Sharpe Ratio Rank: 30
XME Sortino Ratio Rank: 30
XME Omega Ratio Rank: 29
XME Calmar Ratio Rank: 30
XME Martin Ratio Rank: 28

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.

URAN vs. XME - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Uranium & Nuclear ETF (URAN) and SPDR S&P Metals & Mining ETF (XME). 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.

	URAN	XME	Difference
Sharpe ratio: Return per unit of total volatility	-0.14	0.89	-1.03
Sortino ratio: Return per unit of downside risk	0.08	1.36	-1.28
Omega ratio: Gain probability vs. loss probability	1.01	1.17	-0.16
Calmar ratio: Return relative to maximum drawdown	-0.16	1.25	-1.41
Martin ratio: Return relative to average drawdown	-0.34	2.99	-3.33

URAN vs. XME - Sharpe Ratio Comparison

The current URAN Sharpe Ratio is -0.14, which is lower than the XME Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of URAN and XME, 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

URAN vs. XME - Drawdown Comparison

The maximum URAN drawdown since its inception was -34.22%, smaller than the maximum XME drawdown of -85.89%. Use the drawdown chart below to compare losses from any high point for URAN and XME.

Drawdown Indicators

	URAN	XME	Difference
Max Drawdown Largest peak-to-trough decline	-34.22%	-85.89%	+51.67%
Max Drawdown (1Y) Largest decline over 1 year	-34.22%	-25.91%	-8.31%
Max Drawdown (3Y) Largest decline over 3 years	—	-30.47%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-37.27%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-61.69%	—
Current Drawdown Current decline from peak	-34.22%	-25.91%	-8.31%
Average Drawdown Average peak-to-trough decline	-11.93%	-43.97%	+32.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.16%	10.81%	+5.35%

Volatility

URAN vs. XME - Volatility Comparison

The current volatility for Themes Uranium & Nuclear ETF (URAN) is 7.78%, while SPDR S&P Metals & Mining ETF (XME) has a volatility of 8.26%. This indicates that URAN experiences smaller price fluctuations and is considered to be less risky than XME based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	URAN	XME	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.78%	8.26%	-0.48%
Volatility (6M) Calculated over the trailing 6-month period	29.76%	28.02%	+1.74%
Volatility (1Y) Calculated over the trailing 1-year period	39.80%	36.44%	+3.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.05%	32.72%	+6.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.05%	32.87%	+6.18%

URAN vs. XME - Expense Ratio Comparison

Both URAN and XME have an expense ratio of 0.35%.

Dividends

URAN vs. XME - Dividend Comparison

URAN's dividend yield for the trailing twelve months is around 2.96%, more than XME's 0.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
URAN Themes Uranium & Nuclear ETF	2.96%	2.56%	0.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XME SPDR S&P Metals & Mining ETF	0.38%	0.38%	0.65%	1.00%	1.64%	0.70%	0.99%	2.43%	2.23%	1.15%	1.02%	2.61%

Frequently Asked Questions

Can I hold both URAN and XME in my portfolio?

URAN and XME have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, URAN or XME?

XME has higher volatility (8.26%) compared to URAN (7.78%). In terms of maximum drawdown, URAN dropped -34.22% vs XME's -85.89%.

Which ETF is better, URAN or XME?

On 1-year performance, XME leads with 32.25% vs -5.53% for URAN. Both ETFs have the same 0.35% expense ratio. On volatility, URAN has been the lower-risk option at 7.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, URAN or XME?

Over the 1-year period, XME has performed better with a 32.25% return vs -5.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, URAN or XME?

URAN and XME have the same expense ratio: 0.35% per year.

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

URAN has the higher dividend yield at 2.96%, compared with 0.38% for XME.

What is the main difference between URAN and XME?

URAN is categorized as Uranium, while XME is Materials. URAN tracks BITA Global Uranium and Nuclear Select Index, while XME tracks S&P Metals & Mining Select Industry Index. They also come from different issuers: Themes and State Street.

Which has better risk-adjusted returns?

XME currently has the higher Sharpe Ratio (0.89 vs -0.14), 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.