URNM vs. URAN

Last updated Aug 1, 2026

URNM (Sprott Uranium Miners ETF) and URAN (Themes Uranium & Nuclear ETF) are both Uranium funds - URNM tracks the VettaFi Global Uranium Miners Index while URAN tracks the BITA Global Uranium and Nuclear Select Index. Both are passively managed. Over the past year, URNM returned 12.09% vs -0.25% for URAN. Their correlation of 0.85 means they have usually moved in the same direction. URNM charges 0.85%/yr vs 0.35%/yr for URAN.

Performance

URNM vs. URAN - Performance Comparison

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

Returns By Period

In the year-to-date period, URNM achieves a -11.51% return, which is significantly higher than URAN's -12.41% return.

URNM

• 1D: -1.78%
• 1M: -8.06%
• 6M: -34.68%
• YTD: -11.51%
• 1Y: 12.09%
• 3Y*: 15.53%
• 5Y*: 13.97%
• 10Y*: —
• ALL TIME*: 25.97%

URAN

• 1D: -0.98%
• 1M: -4.79%
• 6M: -26.75%
• YTD: -12.41%
• 1Y: -0.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.93%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
URAN Themes Uranium & Nuclear ETF	$140.10K	$486.39K	$433.21K
URNM Sprott Uranium Miners ETF	$16.15M	$21.14M	$35.55M

URNM vs. URAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
URNM Sprott Uranium Miners ETF	-11.51%	40.78%	-7.93%
URAN Themes Uranium & Nuclear ETF	-12.41%	49.05%	3.89%

Correlation

The correlation between URNM and URAN is 0.90, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.90
Correlation (All Time) Calculated using the full available price history since Sep 24, 2024	0.85

The correlation between URNM and URAN has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.

Return for Risk

URNM vs. URAN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

URNM

URNM Risk / Return Rank: 17
URNM Sharpe Ratio Rank: 16
URNM Sortino Ratio Rank: 20
URNM Omega Ratio Rank: 19
URNM Calmar Ratio Rank: 15
URNM Martin Ratio Rank: 15

URAN

URAN Risk / Return Rank: 11
URAN Sharpe Ratio Rank: 10
URAN Sortino Ratio Rank: 12
URAN Omega Ratio Rank: 12
URAN Calmar Ratio Rank: 10
URAN Martin Ratio Rank: 10

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

URNM vs. URAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Uranium Miners ETF (URNM) and Themes Uranium & Nuclear ETF (URAN). 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	URAN	Difference
Sharpe ratio: Return per unit of total volatility	0.21	-0.05	+0.26
Sortino ratio: Return per unit of downside risk	0.69	0.22	+0.47
Omega ratio: Gain probability vs. loss probability	1.08	1.02	+0.05
Calmar ratio: Return relative to maximum drawdown	0.26	-0.06	+0.31
Martin ratio: Return relative to average drawdown	0.54	-0.11	+0.65

URNM vs. URAN - Sharpe Ratio Comparison

The current URNM Sharpe Ratio is 0.21, which is higher than the URAN Sharpe Ratio of -0.05. The chart below compares the historical Sharpe Ratios of URNM and URAN, 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. URAN - Drawdown Comparison

The maximum URNM drawdown since its inception was -50.78%, which is greater than URAN's maximum drawdown of -35.21%. Use the drawdown chart below to compare losses from any high point for URNM and URAN.

Drawdown Indicators

	URNM	URAN	Difference
Max Drawdown Largest peak-to-trough decline	-50.78%	-35.21%	-15.57%
Max Drawdown (1Y) Largest decline over 1 year	-43.89%	-35.21%	-8.68%
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	-42.17%	-33.51%	-8.66%
Average Drawdown Average peak-to-trough decline	-18.48%	-12.37%	-6.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.85%	17.37%	+3.48%

Volatility

URNM vs. URAN - Volatility Comparison

Sprott Uranium Miners ETF (URNM) has a higher volatility of 13.67% compared to Themes Uranium & Nuclear ETF (URAN) at 9.49%. This indicates that URNM's price experiences larger fluctuations and is considered to be riskier than URAN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	URNM	URAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.67%	9.49%	+4.18%
Volatility (6M) Calculated over the trailing 6-month period	39.86%	29.24%	+10.62%
Volatility (1Y) Calculated over the trailing 1-year period	53.26%	40.04%	+13.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.65%	38.93%	+9.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.95%	38.93%	+8.02%

URNM vs. URAN - Expense Ratio Comparison

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

Dividends

URNM vs. URAN - Dividend Comparison

URNM's dividend yield for the trailing twelve months is around 3.59%, more than URAN's 2.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
URAN Themes Uranium & Nuclear ETF	2.93%	2.56%	0.21%	0.00%	0.00%	0.00%	0.00%
URNM Sprott Uranium Miners ETF	3.59%	3.18%	3.18%	3.63%	0.00%	6.70%	2.57%

Frequently Asked Questions

Can I hold both URNM and URAN in my portfolio?

URNM and URAN have a correlation of 0.90, 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 URAN?

URNM has higher volatility (13.67%) compared to URAN (9.49%). In terms of maximum drawdown, URNM dropped -50.78% vs URAN's -35.21%.

Which ETF is better, URNM or URAN?

On 1-year performance, URNM leads with 12.09% vs -0.25% for URAN. On fees, URAN is cheaper at 0.35% per year. On volatility, URAN has been the lower-risk option at 9.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, URNM or URAN?

Over the 1-year period, URNM has performed better with a 12.09% return vs -0.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, URNM or URAN?

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

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

URNM has the higher dividend yield at 3.59%, compared with 2.93% for URAN.

What is the main difference between URNM and URAN?

URNM tracks VettaFi Global Uranium Miners Index, while URAN tracks BITA Global Uranium and Nuclear Select Index. They also come from different issuers: Sprott and Themes. Their fees differ too: 0.85% for URNM and 0.35% for URAN.

Which has better risk-adjusted returns?

URNM currently has the higher Sharpe Ratio (0.21 vs -0.05), 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.