URNM vs. DNN

Last updated Jun 4, 2026

URNM (NorthShore Global Uranium Mining ETF) is Commodity Producers Equities fund tracking the North Shore Global Uranium Mining Index, while DNN (Denison Mines Corp) is a stock. Over the past 5 years, URNM returned 15.58%/yr vs 20.08%/yr for DNN. Their correlation of 0.82 suggests significant overlap in exposure.

Performance

URNM vs. DNN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NorthShore Global Uranium Mining ETF (URNM) and Denison Mines Corp (DNN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, URNM achieves a 11.97% return, which is significantly lower than DNN's 28.57% return.

URNM

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

DNN

• 1D: -6.81%
• 1M: -9.04%
• YTD: 28.57%
• 6M: 26.67%
• 1Y: 102.37%
• 3Y*: 42.98%
• 5Y*: 20.08%
• 10Y*: 20.73%

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

URNM vs. DNN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
URNM NorthShore Global Uranium Mining ETF	11.97%	40.78%	-14.13%	57.80%	-11.86%	78.32%	68.36%	3.70%
DNN Denison Mines Corp	28.57%	47.78%	1.69%	53.91%	-16.06%	111.75%	54.05%	0.00%

Correlation

The correlation between URNM and DNN is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Dec 5, 2019	0.82

The correlation between URNM and DNN has been stable across timeframes, ranging from 0.82 to 0.88 - a consistent structural relationship.

Return for Risk

URNM vs. DNN — Risk / Return Rank

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

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

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.

URNM vs. DNN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NorthShore Global Uranium Mining ETF (URNM) 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.

	URNM	DNN	Difference
Sharpe ratio: Return per unit of total volatility	1.03	1.70	-0.67
Sortino ratio: Return per unit of downside risk	1.66	2.31	-0.65
Omega ratio: Gain probability vs. loss probability	1.19	1.27	-0.08
Calmar ratio: Return relative to maximum drawdown	1.65	3.49	-1.84
Martin ratio: Return relative to average drawdown	3.59	8.03	-4.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

URNM vs. DNN - Sharpe Ratio Comparison

The current URNM Sharpe Ratio is 1.03, which is lower than the DNN Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of URNM 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

	URNM	DNN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.03	1.70	-0.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	0.32	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.32	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	-0.07	+0.74

Drawdowns

URNM vs. DNN - Drawdown Comparison

The maximum URNM drawdown since its inception was -50.78%, smaller than the maximum DNN drawdown of -98.96%. Use the drawdown chart below to compare losses from any high point for URNM and DNN.

Drawdown Indicators

	URNM	DNN	Difference
Max Drawdown Largest peak-to-trough decline	-50.78%	-98.96%	+48.18%
Max Drawdown (1Y) Largest decline over 1 year	-32.04%	-29.50%	-2.54%
Max Drawdown (3Y) Largest decline over 3 years	-50.78%	-52.48%	+1.70%
Max Drawdown (5Y) Largest decline over 5 years	-50.78%	-55.66%	+4.88%
Max Drawdown (10Y) Largest decline over 10 years	—	-75.90%	—
Current Drawdown Current decline from peak	-26.82%	-82.26%	+55.44%
Average Drawdown Average peak-to-trough decline	-18.03%	-85.07%	+67.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.71%	12.80%	+1.91%

Volatility

URNM vs. DNN - Volatility Comparison

The current volatility for NorthShore Global Uranium Mining ETF (URNM) is 16.19%, while Denison Mines Corp (DNN) has a volatility of 17.16%. This indicates that URNM experiences smaller price fluctuations and is considered to be less risky than DNN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	URNM	DNN	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.19%	17.16%	-0.97%
Volatility (6M) Calculated over the trailing 6-month period	40.32%	45.08%	-4.76%
Volatility (1Y) Calculated over the trailing 1-year period	51.69%	61.44%	-9.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.30%	63.44%	-15.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.90%	64.19%	-17.29%

Dividends

URNM vs. DNN - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020
DNN Denison Mines Corp	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 URNM and DNN in my portfolio?

URNM and DNN have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, URNM or DNN?

DNN has higher volatility (17.16%) compared to URNM (16.19%). In terms of maximum drawdown, URNM dropped -50.78% vs DNN's -98.96%.

Which has better risk-adjusted returns?

DNN currently has the higher Sharpe Ratio (1.70 vs 1.03), 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.