XLE vs. NLR

Last updated Jul 26, 2026

XLE (State Street Energy Select Sector SPDR ETF) and NLR (VanEck Uranium and Nuclear ETF) are both exchange-traded funds - XLE is a Energy Equities fund tracking the Energy Select Sector Index, while NLR is a Uranium fund tracking the MVIS Global Uranium & Nuclear Energy Index. Both are passively managed. Over the past 10 years, XLE returned 10.27%/yr vs 10.96%/yr for NLR. Their 0.47 correlation means their historical movements had little consistent relationship. XLE charges 0.08%/yr vs 0.56%/yr for NLR.

Performance

XLE vs. NLR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Energy Select Sector SPDR ETF (XLE) 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, XLE achieves a 35.19% return, which is significantly higher than NLR's -12.96% return. Over the past 10 years, XLE has underperformed NLR with an annualized return of 10.27%, while NLR has yielded a comparatively higher 10.96% annualized return.

XLE

• 1D: 0.40%
• 1M: 10.22%
• 6M: 22.88%
• YTD: 35.19%
• 1Y: 41.17%
• 3Y*: 15.09%
• 5Y*: 24.14%
• 10Y*: 10.27%
• ALL TIME*: 8.88%

NLR

• 1D: -2.97%
• 1M: -7.91%
• 6M: -29.25%
• YTD: -12.96%
• 1Y: -8.40%
• 3Y*: 23.96%
• 5Y*: 18.37%
• 10Y*: 10.96%
• ALL TIME*: 3.36%

*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)
NLR VanEck Uranium and Nuclear ETF	$52.35M	$49.22M	$61.68M
XLE State Street Energy Select Sector SPDR ETF	$1.81B	$1.67B	$2.01B

XLE vs. NLR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XLE State Street Energy Select Sector SPDR ETF	35.19%	7.88%	5.56%	-0.63%	64.32%	53.28%	-32.67%	11.74%	-18.22%	-0.89%
NLR VanEck Uranium and Nuclear ETF	-12.96%	56.50%	14.26%	36.67%	2.29%	13.63%	3.49%	0.20%	4.94%	8.25%

Correlation

The correlation between XLE and NLR is -0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.07
Correlation (3Y) Balances recent behavior with more history.	0.15
Correlation (5Y) Shows whether the relationship held over a longer period.	0.27
Correlation (10Y) Provides a long-term view across more market conditions.	0.30
Correlation (All Time) Calculated using the full available price history since Aug 15, 2007	0.47

The correlation between XLE and NLR shifts across timeframes, from -0.07 (1 year) to 0.47 (all time), reflecting how their relationship changes across market environments.

XLE vs. NLR - Sectors Allocation Comparison

Sectors	XLE	NLR
Energy	100.0%	50.0%
Basic Materials	-	2.3%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	17.1%
Real Estate	-	-
Technology	-	1.6%
Utilities	-	31.5%

Return for Risk

XLE vs. NLR — Risk / Return Rank

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

XLE

XLE Risk / Return Rank: 75
XLE Sharpe Ratio Rank: 84
XLE Sortino Ratio Rank: 79
XLE Omega Ratio Rank: 75
XLE Calmar Ratio Rank: 75
XLE Martin Ratio Rank: 61

NLR

NLR Risk / Return Rank: 10
NLR Sharpe Ratio Rank: 10
NLR Sortino Ratio Rank: 11
NLR Omega Ratio Rank: 11
NLR Calmar Ratio Rank: 9
NLR Martin Ratio Rank: 10

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.

XLE vs. NLR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Energy Select Sector SPDR ETF (XLE) 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.

	XLE	NLR	Difference
Sharpe ratio: Return per unit of total volatility	1.95	-0.19	+2.14
Sortino ratio: Return per unit of downside risk	2.54	0.03	+2.51
Omega ratio: Gain probability vs. loss probability	1.32	1.00	+0.31
Calmar ratio: Return relative to maximum drawdown	2.73	-0.22	+2.95
Martin ratio: Return relative to average drawdown	7.24	-0.48	+7.72

XLE vs. NLR - Sharpe Ratio Comparison

The current XLE Sharpe Ratio is 1.95, which is higher than the NLR Sharpe Ratio of -0.19. The chart below compares the historical Sharpe Ratios of XLE 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

XLE vs. NLR - Drawdown Comparison

The maximum XLE drawdown since its inception was -71.26%, which is greater than NLR's maximum drawdown of -65.05%. Use the drawdown chart below to compare losses from any high point for XLE and NLR.

Drawdown Indicators

	XLE	NLR	Difference
Max Drawdown Largest peak-to-trough decline	-71.26%	-65.05%	-6.21%
Max Drawdown (1Y) Largest decline over 1 year	-14.98%	-36.61%	+21.63%
Max Drawdown (3Y) Largest decline over 3 years	-20.14%	-36.61%	+16.47%
Max Drawdown (5Y) Largest decline over 5 years	-26.04%	-36.61%	+10.57%
Max Drawdown (10Y) Largest decline over 10 years	-66.81%	-36.61%	-30.20%
Current Drawdown Current decline from peak	-4.01%	-34.23%	+30.22%
Average Drawdown Average peak-to-trough decline	-17.94%	-35.67%	+17.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.63%	16.73%	-11.10%

Volatility

XLE vs. NLR - Volatility Comparison

The current volatility for State Street Energy Select Sector SPDR ETF (XLE) is 5.15%, while VanEck Uranium and Nuclear ETF (NLR) has a volatility of 10.60%. This indicates that XLE 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

	XLE	NLR	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.15%	10.60%	-5.45%
Volatility (6M) Calculated over the trailing 6-month period	16.42%	32.75%	-16.33%
Volatility (1Y) Calculated over the trailing 1-year period	20.90%	43.30%	-22.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.77%	29.96%	-4.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.57%	24.47%	+5.10%

XLE vs. NLR - Expense Ratio Comparison

XLE has a 0.08% expense ratio, which is lower than NLR's 0.56% expense ratio.

Dividends

XLE vs. NLR - Dividend Comparison

XLE's dividend yield for the trailing twelve months is around 2.55%, less than NLR's 2.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NLR VanEck Uranium and Nuclear ETF	2.93%	2.55%	0.76%	4.54%	2.02%	1.99%	2.23%	2.21%	3.91%	4.86%	3.62%	3.30%
XLE State Street Energy Select Sector SPDR ETF	2.55%	3.28%	3.36%	3.55%	3.68%	4.21%	5.62%	6.72%	3.54%	3.03%	2.26%	3.39%

Frequently Asked Questions

Can I hold both XLE and NLR in my portfolio?

XLE and NLR have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XLE or NLR?

NLR has higher volatility (10.60%) compared to XLE (5.15%). In terms of maximum drawdown, XLE dropped -71.26% vs NLR's -65.05%.

Which ETF is better, XLE or NLR?

On 10-year performance, NLR leads with 10.96% vs 10.27% for XLE. On fees, XLE is cheaper at 0.08% per year. On volatility, XLE has been the lower-risk option at 5.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XLE or NLR?

Over the 10-year period, NLR has performed better with a 10.96% return vs 10.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XLE or NLR?

XLE is cheaper with a 0.08% expense ratio, compared with 0.56% for NLR.

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

NLR has the higher dividend yield at 2.93%, compared with 2.55% for XLE.

What is the main difference between XLE and NLR?

XLE is categorized as Energy Equities, while NLR is Uranium. XLE tracks Energy Select Sector Index, while NLR tracks MVIS Global Uranium & Nuclear Energy Index. They also come from different issuers: State Street and VanEck. Their fees differ too: 0.08% for XLE and 0.56% for NLR.

Which has better risk-adjusted returns?

XLE currently has the higher Sharpe Ratio (1.95 vs -0.19), 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.