URE.TO vs. DNN

Last updated Jun 4, 2026

URE.TO (Ur-Energy Inc.) and DNN (Denison Mines Corp) are both stocks. Both operate in the Uranium industry within the Energy sector. Over the past 10 years, URE.TO returned 12.39%/yr vs 21.60%/yr for DNN. At a 0.49 correlation, their price movements are largely independent.

Performance

URE.TO vs. DNN - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Ur-Energy Inc. (URE.TO) and Denison Mines Corp (DNN). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

URE.TO is traded in CAD, while DNN is traded in USD. To make them comparable, the DNN values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, URE.TO achieves a 43.62% return, which is significantly higher than DNN's 30.21% return. Over the past 10 years, URE.TO has underperformed DNN with an annualized return of 12.39%, while DNN has yielded a comparatively higher 21.60% annualized return.

URE.TO

• 1D: -6.90%
• 1M: 12.97%
• YTD: 43.62%
• 6M: 39.90%
• 1Y: 141.07%
• 3Y*: 26.62%
• 5Y*: 7.74%
• 10Y*: 12.39%

DNN

• 1D: -6.43%
• 1M: -7.23%
• YTD: 30.21%
• 6M: 26.18%
• 1Y: 104.98%
• 3Y*: 44.64%
• 5Y*: 23.51%
• 10Y*: 21.60%

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

URE.TO vs. DNN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
URE.TO Ur-Energy Inc.	43.62%	14.63%	-18.81%	28.66%	1.95%	48.08%	36.84%	-14.61%	3.49%	21.13%
DNN Denison Mines Corp	30.21%	41.00%	10.43%	50.52%	-10.08%	109.83%	51.44%	-13.93%	-8.48%	0.05%

Correlation

The correlation between URE.TO and DNN is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.57
Correlation (All Time) Calculated using the full available price history since Jun 23, 2009	0.49

The correlation between URE.TO and DNN shifts across timeframes, from 0.49 (all time) to 0.70 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap URE.TO : CA$1.05B DNN : $3.09B
EPS URE.TO : -CA$0.25 DNN : -$0.28
PS Ratio URE.TO : 32.50 DNN : 710.40
PB Ratio URE.TO : 12.70 DNN : 11.84
Total Revenue (TTM) URE.TO : CA$31.13M DNN : $4.34M
Gross Profit (TTM) URE.TO : -CA$31.50M DNN : -$12.87M
EBITDA (TTM) URE.TO : -CA$78.62M DNN : -$155.36M

Return for Risk

URE.TO vs. DNN — Risk / Return Rank

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

URE.TO

URE.TO Risk / Return Rank: 83
URE.TO Sharpe Ratio Rank: 87
URE.TO Sortino Ratio Rank: 83
URE.TO Omega Ratio Rank: 81
URE.TO Calmar Ratio Rank: 83
URE.TO Martin Ratio Rank: 79

DNN

DNN Risk / Return Rank: 81
DNN Sharpe Ratio Rank: 84
DNN Sortino Ratio Rank: 80
DNN Omega Ratio Rank: 75
DNN Calmar Ratio Rank: 85
DNN Martin Ratio Rank: 83

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.

URE.TO vs. DNN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ur-Energy Inc. (URE.TO) and Denison Mines Corp (DNN). 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.

	URE.TO	DNN	Difference
Sharpe ratio: Return per unit of total volatility	1.98	1.77	+0.20
Sortino ratio: Return per unit of downside risk	2.58	2.37	+0.21
Omega ratio: Gain probability vs. loss probability	1.31	1.28	+0.04
Calmar ratio: Return relative to maximum drawdown	3.14	3.65	-0.51
Martin ratio: Return relative to average drawdown	6.25	8.33	-2.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

URE.TO vs. DNN - Sharpe Ratio Comparison

The current URE.TO Sharpe Ratio is 1.98, which is comparable to the DNN Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of URE.TO and DNN, 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

	URE.TO	DNN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.98	1.77	+0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.12	0.39	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.19	0.35	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	0.13	-0.05

Drawdowns

URE.TO vs. DNN - Drawdown Comparison

The maximum URE.TO drawdown since its inception was -93.11%, roughly equal to the maximum DNN drawdown of -90.75%. Use the drawdown chart below to compare losses from any high point for URE.TO and DNN.

Drawdown Indicators

	URE.TO	DNN	Difference
Max Drawdown Largest peak-to-trough decline	-93.11%	-90.75%	-2.36%
Max Drawdown (1Y) Largest decline over 1 year	-45.24%	-28.94%	-16.30%
Max Drawdown (3Y) Largest decline over 3 years	-70.26%	-50.87%	-19.39%
Max Drawdown (5Y) Largest decline over 5 years	-70.26%	-53.51%	-16.75%
Max Drawdown (10Y) Largest decline over 10 years	-70.26%	-73.22%	+2.96%
Current Drawdown Current decline from peak	-49.06%	-20.46%	-28.60%
Average Drawdown Average peak-to-trough decline	-70.45%	-54.30%	-16.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.64%	12.66%	+9.98%

Volatility

URE.TO vs. DNN - Volatility Comparison

Ur-Energy Inc. (URE.TO) has a higher volatility of 30.44% compared to Denison Mines Corp (DNN) at 17.03%. This indicates that URE.TO's price experiences larger fluctuations and is considered to be riskier than DNN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	URE.TO	DNN	Difference
Volatility (1M) Calculated over the trailing 1-month period	30.44%	17.03%	+13.41%
Volatility (6M) Calculated over the trailing 6-month period	50.96%	44.38%	+6.58%
Volatility (1Y) Calculated over the trailing 1-year period	72.20%	60.50%	+11.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	64.37%	61.43%	+2.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	65.41%	62.49%	+2.92%

Dividends

URE.TO vs. DNN - Dividend Comparison

Neither URE.TO nor DNN has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

Frequently Asked Questions

Can I hold both URE.TO and DNN in my portfolio?

URE.TO and DNN have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.