URNM vs. NANR

Last updated Jun 5, 2026

URNM (Sprott Uranium Miners ETF) and NANR (SPDR S&P North American Natural Resources ETF) are both Commodity Producers Equities funds - URNM tracks the VettaFi Global Uranium Miners Index while NANR tracks the S&P BMI North American Natural Resources Index. Both are passively managed. Over the past 5 years, URNM returned 15.43%/yr vs 16.27%/yr for NANR. A 0.52 correlation means they provide meaningful diversification when combined. URNM charges 0.85%/yr vs 0.35%/yr for NANR.

Performance

URNM vs. NANR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Uranium Miners ETF (URNM) and SPDR S&P North American Natural Resources ETF (NANR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, URNM achieves a 11.22% return, which is significantly lower than NANR's 24.36% return.

URNM

• 1D: -0.67%
• 1M: -5.82%
• YTD: 11.22%
• 6M: 4.99%
• 1Y: 49.43%
• 3Y*: 26.12%
• 5Y*: 15.43%
• 10Y*: —

NANR

• 1D: 0.24%
• 1M: 1.75%
• YTD: 24.36%
• 6M: 26.46%
• 1Y: 54.85%
• 3Y*: 21.11%
• 5Y*: 16.27%
• 10Y*: 12.38%

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

URNM vs. NANR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
URNM Sprott Uranium Miners ETF	11.22%	40.78%	-14.13%	57.80%	-11.86%	78.32%	68.36%	3.70%
NANR SPDR S&P North American Natural Resources ETF	24.36%	35.35%	2.31%	-3.23%	26.49%	36.43%	1.03%	8.42%

Correlation

The correlation between URNM and NANR is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (All Time) Calculated using the full available price history since Dec 5, 2019	0.52

The correlation between URNM and NANR has been stable across timeframes, ranging from 0.43 to 0.52 - a consistent structural relationship.

URNM vs. NANR - Sectors Allocation Comparison

Sectors	URNM	NANR
Energy	97.4%	41.1%
Basic Materials	2.6%	47.1%
Communication Services	-	-
Consumer Cyclical	-	5.9%
Consumer Defensive	-	4.4%
Financial Services	-	-
Healthcare	-	-
Industrials	-	0.0%
Real Estate	-	0.4%
Technology	-	0.1%
Utilities	-	0.0%

Return for Risk

URNM vs. NANR — 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: 32
URNM Martin Ratio Rank: 26

NANR

NANR Risk / Return Rank: 88
NANR Sharpe Ratio Rank: 90
NANR Sortino Ratio Rank: 85
NANR Omega Ratio Rank: 84
NANR Calmar Ratio Rank: 92
NANR Martin Ratio Rank: 91

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. NANR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Uranium Miners ETF (URNM) and SPDR S&P North American Natural Resources ETF (NANR). 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	NANR	Difference
Sharpe ratio: Return per unit of total volatility	0.97	3.04	-2.08
Sortino ratio: Return per unit of downside risk	1.60	3.78	-2.18
Omega ratio: Gain probability vs. loss probability	1.19	1.50	-0.32
Calmar ratio: Return relative to maximum drawdown	1.55	6.17	-4.62
Martin ratio: Return relative to average drawdown	3.35	21.74	-18.39
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. NANR - Sharpe Ratio Comparison

The current URNM Sharpe Ratio is 0.97, which is lower than the NANR Sharpe Ratio of 3.04. The chart below compares the historical Sharpe Ratios of URNM and NANR, 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	NANR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.97	3.04	-2.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	0.71	-0.39
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.53	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.63	+0.04

Drawdowns

URNM vs. NANR - Drawdown Comparison

The maximum URNM drawdown since its inception was -50.78%, roughly equal to the maximum NANR drawdown of -49.15%. Use the drawdown chart below to compare losses from any high point for URNM and NANR.

Drawdown Indicators

	URNM	NANR	Difference
Max Drawdown Largest peak-to-trough decline	-50.78%	-49.15%	-1.63%
Max Drawdown (1Y) Largest decline over 1 year	-32.04%	-8.93%	-23.11%
Max Drawdown (3Y) Largest decline over 3 years	-50.78%	-18.42%	-32.36%
Max Drawdown (5Y) Largest decline over 5 years	-50.78%	-26.42%	-24.36%
Max Drawdown (10Y) Largest decline over 10 years	—	-49.15%	—
Current Drawdown Current decline from peak	-27.31%	-2.12%	-25.19%
Average Drawdown Average peak-to-trough decline	-18.03%	-8.40%	-9.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.81%	2.53%	+12.28%

Volatility

URNM vs. NANR - Volatility Comparison

Sprott Uranium Miners ETF (URNM) has a higher volatility of 16.06% compared to SPDR S&P North American Natural Resources ETF (NANR) at 4.86%. This indicates that URNM's price experiences larger fluctuations and is considered to be riskier than NANR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	URNM	NANR	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.06%	4.86%	+11.20%
Volatility (6M) Calculated over the trailing 6-month period	40.27%	14.31%	+25.96%
Volatility (1Y) Calculated over the trailing 1-year period	51.44%	18.13%	+33.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.29%	22.88%	+25.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.89%	23.53%	+23.36%

URNM vs. NANR - Expense Ratio Comparison

URNM has a 0.85% expense ratio, which is higher than NANR's 0.35% expense ratio.

Dividends

URNM vs. NANR - Dividend Comparison

URNM's dividend yield for the trailing twelve months is around 2.86%, more than NANR's 1.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NANR SPDR S&P North American Natural Resources ETF	1.69%	1.77%	2.20%	2.78%	2.70%	2.61%	2.73%	2.02%	1.95%	1.83%	5.01%	0.01%
URNM Sprott Uranium Miners ETF	2.86%	3.18%	3.18%	3.63%	0.00%	6.70%	2.57%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both URNM and NANR in my portfolio?

URNM and NANR have a correlation of 0.45, 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 NANR?

URNM has higher volatility (16.06%) compared to NANR (4.86%). In terms of maximum drawdown, URNM dropped -50.78% vs NANR's -49.15%.

Which ETF is better, URNM or NANR?

On 5-year performance, NANR leads with 16.27% vs 15.43% for URNM. On fees, NANR is cheaper at 0.35% per year. On volatility, NANR has been the lower-risk option at 4.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, URNM or NANR?

Over the 5-year period, NANR has performed better with a 16.27% return vs 15.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, URNM or NANR?

NANR is cheaper with a 0.35% expense ratio, compared with 0.85% for URNM.

Which ETF pays a higher dividend yield, URNM or NANR?

URNM has the higher dividend yield at 2.86%, compared with 1.69% for NANR.

What is the main difference between URNM and NANR?

URNM tracks VettaFi Global Uranium Miners Index, while NANR tracks S&P BMI North American Natural Resources Index. They also come from different issuers: Sprott and State Street. Their fees differ too: 0.85% for URNM and 0.35% for NANR.

Which has better risk-adjusted returns?

NANR currently has the higher Sharpe Ratio (3.04 vs 0.97), 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.