URNM vs. SLVR

Last updated Jun 24, 2026

URNM (Sprott Uranium Miners ETF) and SLVR (Sprott Silver Miners & Physical Silver ETF) are both exchange-traded funds - URNM is a Uranium fund tracking the VettaFi Global Uranium Miners Index, while SLVR is a Silver fund tracking the Nasdaq Sprott Silver Miners™ Index. Both are passively managed. Over the past year, URNM returned 24.41% vs 74.96% for SLVR. A 0.51 correlation means they provide meaningful diversification when combined. URNM charges 0.85%/yr vs 0.65%/yr for SLVR.

Performance

URNM vs. SLVR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Uranium Miners ETF (URNM) and Sprott Silver Miners & Physical Silver ETF (SLVR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, URNM achieves a 1.46% return, which is significantly higher than SLVR's -10.65% return.

URNM

• 1D: -0.87%
• 1M: -4.35%
• YTD: 1.46%
• 6M: -1.45%
• 1Y: 24.41%
• 3Y*: 23.19%
• 5Y*: 15.05%
• 10Y*: —

SLVR

• 1D: -6.24%
• 1M: -15.79%
• YTD: -10.65%
• 6M: -13.23%
• 1Y: 74.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

URNM vs. SLVR - Yearly Performance Comparison

	2026 (YTD)	2025
URNM Sprott Uranium Miners ETF	1.46%	38.55%
SLVR Sprott Silver Miners & Physical Silver ETF	-10.65%	171.53%

Correlation

The correlation between URNM and SLVR is 0.54, 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	0.54
Correlation (All Time) Calculated using the full available price history since Jan 15, 2025	0.51

The correlation between URNM and SLVR has been stable across timeframes, ranging from 0.51 to 0.54 - a consistent structural relationship.

Return for Risk

URNM vs. SLVR — Risk / Return Rank

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

URNM

URNM Risk / Return Rank: 17
URNM Sharpe Ratio Rank: 16
URNM Sortino Ratio Rank: 19
URNM Omega Ratio Rank: 18
URNM Calmar Ratio Rank: 16
URNM Martin Ratio Rank: 16

SLVR

SLVR Risk / Return Rank: 34
SLVR Sharpe Ratio Rank: 35
SLVR Sortino Ratio Rank: 33
SLVR Omega Ratio Rank: 35
SLVR Calmar Ratio Rank: 38
SLVR Martin Ratio Rank: 31

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. SLVR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Uranium Miners ETF (URNM) and Sprott Silver Miners & Physical Silver ETF (SLVR). 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.

	URNM	SLVR	Difference
Sharpe ratio: Return per unit of total volatility	0.47	1.17	-0.71
Sortino ratio: Return per unit of downside risk	1.02	1.68	-0.66
Omega ratio: Gain probability vs. loss probability	1.12	1.22	-0.10
Calmar ratio: Return relative to maximum drawdown	0.63	1.81	-1.18
Martin ratio: Return relative to average drawdown	1.48	4.32	-2.84

URNM vs. SLVR - Sharpe Ratio Comparison

The current URNM Sharpe Ratio is 0.47, which is lower than the SLVR Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of URNM and SLVR, 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

URNM vs. SLVR - Drawdown Comparison

The maximum URNM drawdown since its inception was -50.78%, which is greater than SLVR's maximum drawdown of -41.59%. Use the drawdown chart below to compare losses from any high point for URNM and SLVR.

Drawdown Indicators

	URNM	SLVR	Difference
Max Drawdown Largest peak-to-trough decline	-50.78%	-41.59%	-9.19%
Max Drawdown (1Y) Largest decline over 1 year	-38.72%	-41.59%	+2.87%
Max Drawdown (3Y) Largest decline over 3 years	-50.78%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-50.78%	—	—
Current Drawdown Current decline from peak	-33.69%	-40.19%	+6.50%
Average Drawdown Average peak-to-trough decline	-18.14%	-10.16%	-7.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.54%	17.43%	-0.89%

Volatility

URNM vs. SLVR - Volatility Comparison

The current volatility for Sprott Uranium Miners ETF (URNM) is 17.96%, while Sprott Silver Miners & Physical Silver ETF (SLVR) has a volatility of 21.36%. This indicates that URNM experiences smaller price fluctuations and is considered to be less risky than SLVR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	URNM	SLVR	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.96%	21.36%	-3.40%
Volatility (6M) Calculated over the trailing 6-month period	41.68%	53.78%	-12.10%
Volatility (1Y) Calculated over the trailing 1-year period	52.32%	64.17%	-11.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.56%	58.98%	-10.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.03%	58.98%	-11.95%

URNM vs. SLVR - Expense Ratio Comparison

URNM has a 0.85% expense ratio, which is higher than SLVR's 0.65% expense ratio.

Dividends

URNM vs. SLVR - Dividend Comparison

URNM's dividend yield for the trailing twelve months is around 3.13%, less than SLVR's 4.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
SLVR Sprott Silver Miners & Physical Silver ETF	4.12%	3.68%	0.00%	0.00%	0.00%	0.00%	0.00%
URNM Sprott Uranium Miners ETF	3.13%	3.18%	3.18%	3.63%	0.00%	6.70%	2.57%

Frequently Asked Questions

Can I hold both URNM and SLVR in my portfolio?

URNM and SLVR have a correlation of 0.54, 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 SLVR?

SLVR has higher volatility (21.36%) compared to URNM (17.96%). In terms of maximum drawdown, URNM dropped -50.78% vs SLVR's -41.59%.

Which ETF is better, URNM or SLVR?

On 1-year performance, SLVR leads with 74.96% vs 24.41% for URNM. On fees, SLVR is cheaper at 0.65% per year. On volatility, URNM has been the lower-risk option at 17.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, URNM or SLVR?

Over the 1-year period, SLVR has performed better with a 74.96% return vs 24.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, URNM or SLVR?

SLVR is cheaper with a 0.65% expense ratio, compared with 0.85% for URNM.

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

SLVR has the higher dividend yield at 4.12%, compared with 3.13% for URNM.

What is the main difference between URNM and SLVR?

URNM is categorized as Uranium, while SLVR is Silver. URNM tracks VettaFi Global Uranium Miners Index, while SLVR tracks Nasdaq Sprott Silver Miners™ Index. Their fees differ too: 0.85% for URNM and 0.65% for SLVR.

Which has better risk-adjusted returns?

SLVR currently has the higher Sharpe Ratio (1.17 vs 0.47), 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.