VPU vs. NLR

Last updated Jun 14, 2026

VPU (Vanguard Utilities ETF) and NLR (VanEck Uranium and Nuclear ETF) are both exchange-traded funds - VPU is a Utilities Equities fund tracking the MSCI US Investable Market Utilities 25/50 Index, while NLR is a Alternative Energy Equities fund tracking the MVIS Global Uranium & Nuclear Energy Index. Both are passively managed. Over the past 10 years, VPU returned 9.06%/yr vs 12.80%/yr for NLR. A 0.55 correlation means they provide meaningful diversification when combined. VPU charges 0.09%/yr vs 0.56%/yr for NLR.

Performance

VPU vs. NLR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Utilities ETF (VPU) and VanEck Uranium and Nuclear ETF (NLR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VPU achieves a 4.93% return, which is significantly higher than NLR's -1.81% return. Over the past 10 years, VPU has underperformed NLR with an annualized return of 9.06%, while NLR has yielded a comparatively higher 12.80% annualized return.

VPU

• 1D: 1.15%
• 1M: -0.86%
• YTD: 4.93%
• 6M: 5.15%
• 1Y: 12.62%
• 3Y*: 13.65%
• 5Y*: 9.17%
• 10Y*: 9.06%

NLR

• 1D: 0.84%
• 1M: -9.40%
• YTD: -1.81%
• 6M: -3.70%
• 1Y: 19.00%
• 3Y*: 29.88%
• 5Y*: 19.78%
• 10Y*: 12.80%

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

VPU vs. NLR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VPU Vanguard Utilities ETF	4.93%	16.46%	23.04%	-7.45%	1.06%	17.40%	-0.74%	24.89%	4.38%	12.44%
NLR VanEck Uranium and Nuclear ETF	-1.81%	56.50%	14.26%	36.67%	2.29%	13.63%	3.49%	0.20%	4.94%	8.25%

Correlation

The correlation between VPU and NLR is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.51
Correlation (All Time) Calculated using the full available price history since Aug 15, 2007	0.55

Over the past year, the correlation between VPU and NLR has dropped to 0.25 - well below their long-term average of 0.55, suggesting their price drivers have been diverging.

VPU vs. NLR - Sectors Allocation Comparison

Sectors	VPU	NLR
Utilities	99.3%	38.1%
Energy	0.5%	45.3%
Industrials	0.2%	15.1%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	1.6%

Return for Risk

VPU vs. NLR — Risk / Return Rank

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

VPU

VPU Risk / Return Rank: 26
VPU Sharpe Ratio Rank: 26
VPU Sortino Ratio Rank: 24
VPU Omega Ratio Rank: 25
VPU Calmar Ratio Rank: 31
VPU Martin Ratio Rank: 24

NLR

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

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.

VPU vs. NLR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Utilities ETF (VPU) and VanEck Uranium and Nuclear ETF (NLR). 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.

	VPU	NLR	Difference
Sharpe ratio: Return per unit of total volatility	0.83	0.44	+0.39
Sortino ratio: Return per unit of downside risk	1.20	0.90	+0.30
Omega ratio: Gain probability vs. loss probability	1.15	1.10	+0.04
Calmar ratio: Return relative to maximum drawdown	1.34	0.63	+0.71
Martin ratio: Return relative to average drawdown	2.91	1.41	+1.50

VPU vs. NLR - Sharpe Ratio Comparison

The current VPU Sharpe Ratio is 0.83, which is higher than the NLR Sharpe Ratio of 0.44. The chart below compares the historical Sharpe Ratios of VPU and NLR, 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

VPU vs. NLR - Drawdown Comparison

The maximum VPU drawdown since its inception was -46.31%, smaller than the maximum NLR drawdown of -65.05%. Use the drawdown chart below to compare losses from any high point for VPU and NLR.

Drawdown Indicators

	VPU	NLR	Difference
Max Drawdown Largest peak-to-trough decline	-46.31%	-65.05%	+18.74%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-29.72%	+20.82%
Max Drawdown (3Y) Largest decline over 3 years	-17.34%	-30.48%	+13.14%
Max Drawdown (5Y) Largest decline over 5 years	-25.15%	-30.48%	+5.33%
Max Drawdown (10Y) Largest decline over 10 years	-36.42%	-34.35%	-2.07%
Current Drawdown Current decline from peak	-5.69%	-25.81%	+20.12%
Average Drawdown Average peak-to-trough decline	-7.78%	-35.70%	+27.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.10%	13.33%	-9.23%

Volatility

VPU vs. NLR - Volatility Comparison

The current volatility for Vanguard Utilities ETF (VPU) is 5.55%, while VanEck Uranium and Nuclear ETF (NLR) has a volatility of 13.73%. This indicates that VPU experiences smaller price fluctuations and is considered to be less risky than NLR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VPU	NLR	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.55%	13.73%	-8.18%
Volatility (6M) Calculated over the trailing 6-month period	11.52%	33.75%	-22.23%
Volatility (1Y) Calculated over the trailing 1-year period	14.41%	42.85%	-28.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.07%	29.56%	-12.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.13%	24.22%	-5.09%

VPU vs. NLR - Expense Ratio Comparison

VPU has a 0.09% expense ratio, which is lower than NLR's 0.56% expense ratio.

Dividends

VPU vs. NLR - Dividend Comparison

VPU's dividend yield for the trailing twelve months is around 2.64%, more than NLR's 2.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NLR VanEck Uranium and Nuclear ETF	2.60%	2.55%	0.76%	4.54%	2.02%	1.99%	2.23%	2.21%	3.91%	4.86%	3.62%	3.30%
VPU Vanguard Utilities ETF	2.64%	2.73%	3.02%	3.49%	2.98%	2.70%	3.17%	2.83%	3.23%	3.18%	3.19%	3.63%

Frequently Asked Questions

Can I hold both VPU and NLR in my portfolio?

VPU and NLR have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VPU or NLR?

NLR has higher volatility (13.73%) compared to VPU (5.55%). In terms of maximum drawdown, VPU dropped -46.31% vs NLR's -65.05%.

Which ETF is better, VPU or NLR?

On 10-year performance, NLR leads with 12.80% vs 9.06% for VPU. On fees, VPU is cheaper at 0.09% per year. On volatility, VPU has been the lower-risk option at 5.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VPU or NLR?

Over the 10-year period, NLR has performed better with a 12.80% return vs 9.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VPU or NLR?

VPU is cheaper with a 0.09% expense ratio, compared with 0.56% for NLR.

Which ETF pays a higher dividend yield, VPU or NLR?

VPU has the higher dividend yield at 2.64%, compared with 2.60% for NLR.

What is the main difference between VPU and NLR?

VPU is categorized as Utilities Equities, while NLR is Alternative Energy Equities. VPU tracks MSCI US Investable Market Utilities 25/50 Index, while NLR tracks MVIS Global Uranium & Nuclear Energy Index. They also come from different issuers: Vanguard and VanEck. Their fees differ too: 0.09% for VPU and 0.56% for NLR.

Which has better risk-adjusted returns?

VPU currently has the higher Sharpe Ratio (0.83 vs 0.44), 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.