Do NLR and SMH hold the same stocks?

By their latest filings, 0% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.

Which is more different from the S&P 500, NLR or SMH?

NLR has 15% of its weight in S&P 500 names and SMH has 79%, so NLR differs more from the index.

Which is cheaper, NLR or SMH?

NLR charges 0.52% a year and SMH charges 0.35%, so SMH is cheaper. Fees come from each fund's prospectus.

Data as of Oct 28, 2026.

Thematic ETFs

NLR vs SMH: Holdings Overlap & Returns

Share on X Download as PDF

Over the year to Oct 28, 2026, NLR returned −35.8% to SMH's +56.8%; 0% of their weight is in the same names.

askIQ about this page

askIQ about NLR and SMH

Net assets: $3.1bn on Oct 26, 2026 for VanEck Uranium and Nuclear ETF, and $71.1bn on Oct 27, 2026 for VanEck Semiconductor ETF.

NLR on its own →SMH on its own →

At a glance

15.1%

NLR in the S&P 500

79.3%

SMH in the S&P 500

−35.8%

NLR total return, 1 year

+56.8%

SMH total return, 1 year

NLR · 1 year to Oct 28, 2026 85% of its weight is outside the S&P 500

15% of NLR's weight is in S&P 500 companies and 85% is outside the index. Holdings as of Jun 30, 2026.

SMH · 1 year to Oct 28, 2026 21% of its weight is outside the S&P 500

79% of SMH's weight is in S&P 500 companies and 21% is outside the index. Holdings as of Oct 22, 2026.

Pair scorecard

SMH costs 0.17 points a year less; their one-year returns differ by 92.6 points; SMH is far larger, $66.6bn against $3.0bn.

Points (pts) are percentage points.

NLR vs SMH: Holdings Overlap & Returns
Measure	NLR	SMH
Return
Measure	NLR	SMH
Total return, 1 year	−35.8%	+56.8%
Drawdown
Measure	NLR	SMH
Below its all-time high	41.6%, high on Jan 28, 2026	15.1%, high on Jun 22, 2026
Against its benchmark
Measure	NLR	SMH
What it tracks	Nuclear and uranium	Semiconductors
Its benchmark, total return, 1 year	+13.4%	+13.4%
Against its benchmark, 1 year	behind by 49.2 pts	ahead by 43.4 pts
Cost and size
Measure	NLR	SMH
Expense ratio	0.52%	0.35%
Net assets, as of Oct 23, 2026	$3.0bn	$66.6bn
Holdings
Measure	NLR	SMH
Holdings in common	0%

Holdings in common uses holdings dated Jun 30, 2026 and Oct 27, 2026. Method

Risk and return

Dec 30, 2011 to Oct 23, 2026 · 773 weekly returns · each against ACWI

NLR SMH

Return

Total return edge SMH +200.0% +3,977.0%

Annualized edge SMH +7.7% +28.3%

Price return edge SMH +103.0% +3,365.0%

Risk

Volatility edge NLR 21.7% 26.9%

Max drawdown edge NLR (slight) −40.8% −44.2%

Downside capture 90.1% 117.1%

Beta 0.92 1.40

Risk-adjusted

Sharpe edge SMH 0.37 1.00

Sortino edge SMH 0.54 1.53

Treynor 0.088 0.192

Calmar edge SMH 0.19 0.64

Against the benchmark

Alpha −1.4% a year +12.6% a year

Alpha t-stat −0.32 2.95

Information ratio −0.13 0.96

Tracking error 16.6% 17.4%

Reading

SMH returned more: +3,977.0% to +200.0%. NLR swung less: 21.7% to 26.9%. NLR fell slightly less at its worst: −40.8% to −44.2%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: NLR vs SMH: Holdings Overlap & Returns
Measure	NLR	SMH	ACWI	Edge	How it is measured
Return
Total return	+200.0%	+3,977.0%		SMH	Price change plus distributions, reinvested.
Annualized	+7.7%	+28.3%		SMH	Total return as a yearly rate.
Price return	+103.0%	+3,365.0%		SMH	Price change alone, distributions left out.
Risk
Volatility	21.7%	26.9%		NLR	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	14.9%	17.5%		NLR	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−40.8%	−44.2%		NLR (slight)	Deepest fall from a high to the low after it.
Upside capture	75.4%	197.3%	100.0%	SMH	Share of its benchmark's rise caught in the weeks it rose.
Downside capture	90.1%	117.1%	100.0%	NLR	Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	0.92	1.40	1.00	NLR lower	How far it moves for each 1% its benchmark moves.
R squared	0.42	0.63	1.00	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	0.37	1.00		SMH	Return above Treasury bills per unit of volatility.
Sortino	0.54	1.53		SMH	Return above Treasury bills per unit of downside deviation.
Treynor	0.088	0.192	0.102	SMH	Return above Treasury bills per unit of beta.
Calmar	0.19	0.64		SMH	Annualized return divided by the max drawdown.
Against the benchmark
Benchmark	ACWI	ACWI	ACWI		The ETF each fund is measured against.
Alpha	−1.4% a year	+12.6% a year	0.0%	SMH significant	Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	−0.32	2.95		Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	−9.8% to +7.1%	+4.2% to +20.9%		NLR's includes zero	The 95% range for the yearly alpha.
Information ratio	−0.13	0.96		SMH	Return against its benchmark per unit of tracking error.
Tracking error	16.6%	17.4%	0.0%	Not an edge	How far weekly returns stray from the benchmark, annualized.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 773 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

By the books each fund has filed, NLR and SMH hold 0% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Oct 27, 2026.

50%

0 half 100%

half

0% in common

Positions both hold · largest shared weight first NLR SMH

Only in one fund ↓

Only in NLR

Cameco Corp 8.41%

Constellation Energy Corp 8.04%

Public Service Enterprise Group Inc 7.09%

BWX Technologies Inc 6.78%

Fortum Oyj 5.75%

Oklo Inc 5.22%

Centrus Energy Corp 5.05%

Uranium Energy Corp 4.99%

Only in SMH

Nvidia Corp 20.15%

Taiwan Semiconductor Manufacturing Co L 9.65%

Advanced Micro Devices Inc 5.56%

Broadcom Inc 5.52%

Texas Instruments Inc 5.48%

Analog Devices Inc 4.73%

Micron Technology Inc 4.67%

Marvell Technology Inc 4.49%

Check overlap with more funds →

Window by window

Window by window: NLR vs SMH: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	NLR	SMH	NLR	SMH
3 months	−6.5%	+12.6%	−10.9 pts vs ACWI	+8.2 pts vs ACWI
6 months	−30.2%	+13.6%	−37.6 pts vs ACWI	+6.2 pts vs ACWI
1 year	−35.8%	+56.8%	−49.2 pts vs ACWI	+43.4 pts vs ACWI
3 years	+54.0%	+316.0%	−34.9 pts vs ACWI	+227.1 pts vs ACWI
Since launchNot the same days: NLR Aug 2007 · SMH Dec 2011	+66.1%	+4,348.4%	not measured	+3,938.6 pts vs ACWI

Open this comparison in the app →

Side by side

NLR VanEck Uranium and Nuclear ETF · Holds 25 stocks in nuclear and uranium, 15% of its weight in S&P 500 companies SMH VanEck Semiconductor ETF · Holds 25 stocks in semiconductors, 79% of its weight in S&P 500 companies

Issuer VanEck VanEck

Theme Nuclear and uranium Semiconductors

In the S&P 500 15.1% 79.3%

Active share vs the S&P 500 99.8% 80.7%

In the Nasdaq-100 8.0% 83.1%

Holdings 25 25

Top ten, share of the fund 61.1% 69.0%

Expense ratio 0.52% 0.35%

Fee for the differing part 0.52% 0.43%

Total return, 1 year −35.8% +56.8%

vs its benchmark −49.2 pts vs ACWI +43.4 pts vs ACWI

Below its high −41.6% −15.1%

Net assets, NLR as of Oct 26, 2026 and SMH as of Oct 27, 2026 $3.1bn $71.1bn

As of Oct 28, 2026. Source: ETFIQ.

0% of the two portfolios are the same securities at the same weight.

Alert

About each fund

NLR

By weight, 15% of NLR's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 100%. The top ten holdings are 61% of the fund across 25 positions, as filed for Jun 30, 2026. Over the year to Oct 28, 2026 the fund returned −35.8% with distributions reinvested against +13.4% for its benchmark, the MSCI ACWI Index, so a holder was behind by 49.2 pts. It sits 41.6% below its all-time high of Jan 28, 2026.

SMH

By weight, 79% of SMH's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 81%. The top ten holdings are 69% of the fund across 25 positions, as published by its issuer for Oct 27, 2026. Over the year to Oct 28, 2026 the fund returned +56.8% with distributions reinvested against +13.4% for its benchmark, the MSCI ACWI Index, so a holder was ahead by 43.4 pts. It sits 15.1% below its all-time high of Jun 22, 2026.

Questions people ask

Do NLR and SMH hold the same stocks?: By their latest filings, 0% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.
Which is more different from the S&P 500, NLR or SMH?: NLR has 15% of its weight in S&P 500 names and SMH has 79%, so NLR differs more from the index.
Which is cheaper, NLR or SMH?: NLR charges 0.52% a year and SMH charges 0.35%, so SMH is cheaper. Fees come from each fund's prospectus.

Other comparisons

NLR vs SOXX NLR vs RCTR NLR vs CIBR NLR vs XBI SMH vs URA SMH vs SOXQ SMH vs PSI SMH vs ARKG

Where to next

All thematic ETFs ranked by the S&P 500 Difference Score →How the scores are computed →NLR on its own →SMH on its own →NLR dividend history →NLR holdings →SMH dividend history →SMH holdings →Method →Standards and sources →

Sources and dates

NLR and SMH filings on SEC EDGAR ↗

NLR prospectus with the expense ratio (SEC) ↗

VanEck website ↗

SMH prospectus with the expense ratio (SEC) ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, NLR against SMH, data as of Oct 28, 2026. https://etfiq.com/compare/themes/nlr-vs-smh

Open data →

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.