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NLR vs XBI: which is really different?

NLR and XBI hold 0% of their weight in the same names, and XBI returned +45.0% over the year. VanEck Uranium and Nuclear ETF and State Street(R) SPDR(R) S&P(R) Biotech ETF.

XBI costs 0.17 points a year less; their one-year returns differ by 73.0 points; XBI is 2.3 times larger.

NLRXBI
Expense ratio0.52%0.35%
Net assets, NLR as of Jun 30, 2026 and XBI as of Oct 8, 2026$4.2bn$9.9bn
Total return, 1 year−28.0%+45.0%
What it tracksNuclear and uraniumBiotech
Holdings in common0%
S&P 500, total return, 1 year+17.3%
Against the S&P 500, 1 yearbehind by 45.3 ptsahead by 27.7 pts
Below its all-time high37.1%, high on Jan 28, 202611.1%, high on Feb 8, 2021

Holdings in common uses holdings dated Jun 30, 2026 and Oct 8, 2026.

15.1%
NLR in the S&P 500
12.7%
XBI in the S&P 500
−28.0%
NLR total return, 1 year
+45.0%
XBI total return, 1 year
NLR · 1 year to Oct 9, 202685% of its weight is outside the S&P 500
85% of its weight is outside the S&P 50015% of NLR's weight is in S&P 500 companies and 85% is outside the index. Holdings as of Jun 30, 2026.15%85%in the S&P 500of its weight outside the S&P 500active share 100% · top ten 61% of the fund · 25 holdings as filed for Jun 30, 2026 · Nasdaq-100: 8% in85% of its weight is outside the S&P 50015% of NLR's weight is in S&P 500 companies and 85% is outside the index. Holdings as of Jun 30, 2026.15%85%inof its weight outside the S&P 500active share 100% · Nasdaq-100: 8% in

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

XBI · 1 year to Oct 9, 202687% of its weight is outside the S&P 500
87% of its weight is outside the S&P 50013% of XBI's weight is in S&P 500 companies and 87% is outside the index. Holdings as of Oct 8, 2026.13%87%inof its weight outside the S&P 500active share 98% · top ten 17% of the fund · 165 holdings as published by its issuer for Oct 8, 2026 · Nasdaq-100: 9% in87% of its weight is outside the S&P 50013% of XBI's weight is in S&P 500 companies and 87% is outside the index. Holdings as of Oct 8, 2026.13%87%inof its weight outside the S&P 500active share 98% · Nasdaq-100: 9% in

13% of XBI's weight is in S&P 500 companies and 87% is outside the index. Holdings as of Oct 8, 2026.

ETFIQ Off-Index Score · NLR scores higherHow much of it is not the index it is sold as an alternative to?
0.1, the lowest in this set92.3, the highest

A percentile among the 391 thematic ETFs with a holdings filing. All thematic ETFs ranked by it → How it is computed →

What they hold in common

By the books each fund has filed, NLR and XBI hold 0% of their money in the same securities at the same weight. Above 50%, holding both is close to holding one of them twice. Holdings dated Jun 30, 2026 and Oct 8, 2026.

half

0% in common

Positions both hold, largest shared weight first
Holding NLR XBI
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 XBI
MODERNA INC 2.20%
TWIST BIOSCIENCE CORP 1.84%
NATERA INC 1.79%
ABBVIE INC 1.65%
UNITED THERAPEUTICS CORP 1.59%
AMGEN INC 1.58%
BIOGEN INC 1.57%
HALOZYME THERAPEUTICS INC 1.55%

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

Performance, window by window

Total returnvs the S&P 500vs the Nasdaq-100
WindowNLRXBINLRXBINLRXBI
3 months−9.7%−3.3%−13.1 pts−6.7 pts−13.4 pts−7.0 pts
6 months−24.4%+18.9%−39.6 pts+3.8 pts−47.6 pts−4.3 pts
1 year−28.0%+45.0%−45.3 pts+27.7 pts−51.6 pts+21.4 pts
3 years+60.0%+114.6%−25.8 pts+28.8 pts−47.3 pts+7.3 pts
Since launch
NLR Aug 2007 · XBI Feb 2006
+78.8%+890.7%−606.4 pts+92.2 pts−1,728.8 pts−1,164.7 pts

Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

NLR
VanEck Uranium and Nuclear ETF · Holds 25 stocks in nuclear and uranium, 15% of its weight in S&P 500 companies
XBI
State Street(R) SPDR(R) S&P(R) Biotech ETF · Holds 165 stocks in biotech, 13% of its weight in S&P 500 companies
Issuer VanEck State Street
Theme Nuclear and uranium Biotech
In the S&P 500 15.1% 12.7%
Active share vs the S&P 500 99.8% 98.4%
In the Nasdaq-100 8.0% 8.5%
Holdings 25 165
Top ten, share of the fund 61.1% 16.9%
Expense ratio 0.52% 0.35%
Fee for the differing part 0.52% 0.36%
Total return, 1 year −28.0% +45.0%
vs the S&P 500 −45.3 pts +27.7 pts
vs the Nasdaq-100 −51.6 pts +21.4 pts
Below its high −37.1% −11.1%
Net assets, NLR as of Jun 30, 2026 and XBI as of Oct 8, 2026 $4.2bn $9.9bn

As of Oct 9, 2026. Source: ETFIQ.

NLR in plain words

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 9, 2026 the fund returned −28.0% with distributions reinvested against +17.3% for the S&P 500, so a holder was behind by 45.3 pts. It sits 37.1% below its all-time high of Jan 28, 2026.

XBI in plain words

By weight, 13% of XBI's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 98%. The top ten holdings are 17% of the fund across 165 positions, as published by its issuer for Oct 8, 2026. Over the year to Oct 9, 2026 the fund returned +45.0% with distributions reinvested against +17.3% for the S&P 500, so a holder was ahead by 27.7 pts. It sits 11.1% below its all-time high of Feb 8, 2021.

Questions people ask

Do NLR and XBI hold the same stocks?
By their latest filings, 0% of their books are the same securities at the same weight, which is mostly different names. Overlap is the sum of the smaller weight of every security they share.
Which is more different from the S&P 500, NLR or XBI?
NLR has 15% of its weight in S&P 500 names and XBI has 13%, so NLR differs more from the index.
Which is cheaper, NLR or XBI?
NLR charges 0.52% a year and XBI charges 0.35%, so XBI is cheaper. Fees come from each fund's prospectus.
Other comparisons
NLR vs IBBNLR vs ARKKNLR vs QTUMNLR vs SILXBI vs URAXBI vs XMEXBI vs XTXBI vs QTUM
NLR on its own →XBI on its own →How every figure is computed →Standards and sources →
Where these figures came from
NLR filings on SEC EDGAR ↗NLR prospectus with the expense ratio (SEC) ↗VanEck website ↗XBI filings on SEC EDGAR ↗XBI prospectus with the expense ratio (SEC) ↗State Street website ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

It is a position in a set, not a rating, and neither end of it is a recommendation.

Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed.

Every figure is an ETFIQ calculation with distributions reinvested.

Cite this page

ETFIQ, NLR against XBI, data as of Oct 9, 2026. https://etfiq.com/compare/themes/nlr-vs-xbi

Open data

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