HI there,
There are many at the moment who are calling for a commodity upcycle - this includes uranium which rebounded nicely in 2020. After midling near decades lows, uranium is now trading at around USD$30/lbs. Estimates seem to be all over the map with highs of around $45/lbs and an average of right around the current price of $30/lbs.
Uranium stocks are much like any other commodity stock - they do well in when the price rises and underperform when it drops. Assuming the price stays at current levels, producers should have similar to slightly high comps next year. Of note, the forecast is for price weakness between now and April before season strength kicks in. The two ETFs you and Cameco are likely to trade inline with the price of uranium. One look at Cameco's chart and a look at its financials and you will see a company that is highly volatile. Not much in terms of consistency. The URA ETF is less volatile, but is still at the mercy of the price of uranium.
URNM is a new player, only recently listed in late 2019, so it has had the benefit of listing just before the current uranium bull run.
Overall, I think Uranium is likely to do pretty good over the next year, but I would not expect the type of returns we say in 2020. Both Cameco and URA are trading near 5-year highs, which matches the same pattern for the metal. Given this, it is likely the quick money has been made if the price stays near these levels. If you are more on the bullish side and expect uranium prices to reach the $40 level, then one could expect high upside for these equities. Based on the current forecasts however, I'm neutral.
Mat