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NLR vs URNM

VanEck Uranium and Nuclear ETF

NLRANYSE Arca

Sprott Uranium Miners ETF

URNMCNYSE Arca

Overlap

40.7%by weight

Expense ratio

NLR −0.23pt a year

NLR0.52%URNM0.75%

Avg volume · 30D

URNM 1.5×the volume

NLR408KURNM615K

5Y return · a year

NLR +10.8pt

NLR+12.6%URNM+1.8%

NLR vs URNM Performance

Nov 2, 2021 – Nov 2, 2026

+81.0%NLR+9.1%URNM

Nov 2, 2021 to Nov 2, 2026. NLR +81.0%. URNM +9.1%. Use the arrow keys to read each point.50%150%200%Nov 2021May 2024Nov 2026
Expense ratio
NLR 0.52%, better
URNM 0.75%
Fund size
NLR $3.1B
URNM $1.72B
1Y total return
NLR −40.8%
URNM −33.3%, better
Yield (12M)
NLR 3.53%
URNM 4.20%, better
Holdings
NLR 28
URNM 26
Avg volume (30D)
NLR 408K sh
URNM 615K sh, better
NAV per share
NLR $92.14
URNM $41.85
52W range

ETF.net Grade

NLR: Cost 90, Risk 41, Mission not scored, Tradability 82, Holdings 54, Durability 85. URNM: Cost 42, Risk 30, Mission not scored, Tradability 51, Holdings 29, Durability 72.
Pillar letters and Scores for NLR, URNM, with each pillar’s weight
PillarNLRURNM
Cost30% weightA90HigherC42
Mission25% weightNot scoredNot scored
Risk15% weightC41HigherD30
Tradability15% weightA82HigherC51
Holdings10% weightC54HigherD29
Durability5% weightA85HigherA72

Rank among Uranium & Nuclear funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. NLR and URNM are both graded against the same 9 Uranium & Nuclear funds, so their Grades compare head to head.

Uranium & Nuclear⁠

Category · 9 funds
See all 9 ›

NLR ranks 1st and URNM 6th of 9 funds in the Uranium & Nuclear Category.

  1. Rank 1ANLRVanEck Uranium and Nuclear ETFScore 73
  2. Rank 2BSMRFALPS Nautilus SMR, Nuclear & Technology ETFScore 66
  3. Rank 5CNUKZRange Nuclear Renaissance Index ETFScore 45
  4. Rank 6CURNMSprott Uranium Miners ETFScore 41
  5. Rank 7CTNUKTortoise Nuclear Renaissance ETFScore 40

Our read on each fund

ETF.net Research

NLRAVanEck Uranium and Nuclear ETF

URNMCSprott Uranium Miners ETF

In short

NLR The original nuclear ETF, listed since 2007. NLR owns the whole chain (uranium miners, reactor builders, nuclear utilities, and the equipment firms serving them) at a lower fee than most of its rivals.

URNM The uranium purist. Its index only admits companies with at least half their assets tied to uranium: miners, explorers, royalty owners, and trusts that simply sit on physical pounds. Sprott, a firm built around the metal, has run it since 2019.

Stated mandate

NLR The fund seeks to track the MVIS Global Uranium & Nuclear Energy Index before fees and expenses. The index covers companies involved in uranium mining, nuclear-facility and reactor construction, engineering and maintenance, nuclear electricity generation, and nuclear-industry equipment, technology, or services.

URNM The fund seeks to provide investment results that generally correspond, before fees and expenses, to the total return of the North Shore Global Uranium Mining Index.

Why people hold it

  • NLR At 0.52% a year it undercuts the typical uranium and nuclear fund, and both URA (0.69%) and URNM (0.75%).
  • Not just diggers: the index spans uranium mining, reactor construction and engineering, nuclear electricity generation, and the equipment and services suppliers behind them.vaneck.com
  • A purity screen keeps it honest: index members must draw at least half their revenue from uranium and nuclear energy, so no loosely related mega-cap filler.marketvector.com
  • Trading since August 2007, well before URA (2010) and the newer nuclear funds. It has lived through the theme's full boom-to-bust-to-revival cycle.stockanalysis.com
  • URNM Strict pure-play rule: the index only admits companies with at least half their assets in the uranium business, so reactor builders and diversified utilities stay out.sprott.com
  • The index counts holders of physical uranium and uranium royalties, not just diggers, so the basket leans on the metal itself alongside the equities.sprottetfs.comsprott.com
  • Live since 2019, it is a multi-billion-dollar fund that trades actively, which tends to keep bid-ask spreads manageable in a niche corner of the market.

Worth knowing

  • NLR Around 29 holdings in a single theme. Concentration cuts both ways, and one company's news can swing the fund.
  • Utilities and industrials in the mix soften the direct link to uranium prices that a miners-only fund like URNM gives you.
  • Global by design, so foreign listings, currency moves, and overseas policy decisions all feed into returns.vaneck.com
  • URNM 0.75% a year sits at the uranium cohort's median, but above NLR (0.52%) and URA (0.69%), which cast wider nets across nuclear.
  • Around 25 holdings and non-diversified by prospectus: one miner's bad news can swing the fund more than it would a broad portfolio.sprottetfs.com
  • Concentrated in the uranium industry by design, a small cyclical corner of energy, so the ride can be bumpy in both directions.sprottetfs.com

Full NLR profile⁠

Full URNM profile⁠

NLR vs URNM Holdings

How NLR and URNM differ

Overlap by weight

40.7%

Shared holdings make up 71.1% of URNM and 40.7% of NLR.

Level by level

  • Holdings12 in both40.7%
  • Sector6 Sectors46.6%
  • Countryby domicile51.1%
  • Asset classEquity100%

Sector

Sector weights in NLR and URNM, widest gap first
SectorMore in NLRMore in URNM
EnergyURNM +35.6 points
UtilitiesNLR +33.5 points
IndustrialsNLR +18.6 points
FinancialsURNM +16.6 points
TechnologyNLR +1.3 points
MaterialsURNM +1.2 points

Country, concentration and asset class

Country by domicile

Country weights in NLR and URNM, widest gap first
CountryMore in NLRMore in URNM
United StatesNLR +36.7 points
CanadaURNM +35.8 points
AustraliaURNM +10.8 points
FinlandNLR +7.8 points
South KoreaNLR +2.5 points
United KingdomURNM +2.4 points
ChinaNLR +2.0 points

Outside the US: NLR 78% developed, 22% emerging. URNM 92% developed, 8% emerging.

Concentration

Weight in the 10 largest Holdings

  • NLR66.5%
  • URNM81.1%

Securities held

  • NLR25
  • URNM25

Asset class

NLR
Equity
URNM
Equity

Holdings

  • Only in NLR13
  • In both12
  • Only in URNM13

Only in NLR

13 securities, 59.3% of NLR by weight

  • Public Service Enterprise Group Inc9.49%
  • Constellation Energy Corp9.47%
  • Fortum Oyj7.67%

Only in URNM

13 securities, 28.8% of URNM by weight

  • Sprott Physical Uranium Trust17.31%
  • Bannerman Energy Ltd.3.00%
  • IsoEnergy Ltd.2.48%

Weight gaps

All 12 Holdings in both funds, largest gap first.

Holding weights in NLR and URNM, widest gap first
HoldingMore in NLRMore in URNM
Cameco CorpCCJURNM +12.17 points
Nexgen Energy LtdNXEURNM +7.43 points
Cgn Mining Co LtdURNM +3.36 points
Deep Yellow LtdURNM +1.89 points
Boss Energy LtdURNM +1.82 points
Ur-Energy IncURGURNM +1.50 points
Yellow Cake PlcYCA.LURNM +1.35 points
Paladin Energy LtdURNM +0.23 points

All 29 NLR holdings⁠All 25 URNM holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

NLR vs URNM Cost

Overpaying URNM vs NLR

$4,131

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • NLR 0.52%

    $10,351

  • URNM 0.75%

    $14,482

$10,000
30 years

Cost over time

  • NLR 0.52%
  • URNM 0.75%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530URNM $14,482NLR $10,351

Year by year

YearNLRURNMOverpaying
10$935$1,336$401
20$3,593$5,078$1,485
30$10,351$14,482$4,131

Expense ratio

  • 0.52%NLR, cheaper
  • 0.75%URNM
  • Middle half of Uranium & Nuclear funds
  • Median 0.75%

NLR cheapest of 9 funds

URNM 5th cheapest of 9 funds

NLR vs URNM Dividends

Last 12 months to Nov 2, 2026
Yield (12M)
NLR 3.53%
URNM 4.20%, better
Payout (12M)
NLR $3.17
URNM $1.74
Last payment
NLR $3.17
URNM $1.74
Ex-dividend
NLR Dec 22, 2025
URNM Dec 18, 2025
Paid on
NLR Dec 26, 2025
URNM Dec 22, 2025
Frequency
NLR Annual
URNM Annual

Distribution history

Per share, 2017 to 2026, same scale for both

NLRAnnual · 9 paymentsAll NLR payments⁠
One bar per payment. 9 payments from 2017 to 2026 YTD. Dec 18, 2017 $2.38; Dec 20, 2018 $1.94; Dec 23, 2019 $1.18; Dec 21, 2020 $1.10; Dec 20, 2021 $1.09; Dec 19, 2022 $1.11; Dec 18, 2023 $3.26; Dec 23, 2024 $0.61; Dec 22, 2025 $3.17. Use the arrow keys to read each point.$0$2.502017202020232026YTD
URNMAnnual · 5 paymentsAll URNM payments⁠
One bar per payment. 5 payments from 2017 to 2026 YTD. Dec 28, 2020 $0.55; Dec 28, 2021 $2.41; Dec 14, 2023 $1.75; Dec 12, 2024 $1.28; Dec 18, 2025 $1.74. Use the arrow keys to read each point.$0$2.502017202020232026YTD

NLR vs URNM Risk

Fall from peak · 5 years

  • NLR
  • URNM
Nov 2, 2021 to Nov 2, 2026. Worst fall: URNM −50.7% · Apr 2025. Use the arrow keys to read each point.−50%−40%−30%−20%−10%0%Nov 2021May 2024Nov 2026

Risk facts

VolatilityStd dev, 3 years
NLR 35.9%, betterURNM 42.7%
Return per unit of riskSharpe ratio, 3 years
NLR 0.37, betterURNM 0.10
Worst fallMax drawdown, 5 years
NLR −45.5%, betterURNM −50.7%
Market sensitivityBeta, 5 years
NLR 1.07URNM 0.93

NLR and URNM in the news

All news⁠

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