APUE vs. NRSH

Last updated Aug 4, 2026

APUE (ActivePassive U.S. Equity ETF) and NRSH (Aztlan North America Nearshoring Stock Selection ETF) are both Large Cap Blend Equities funds. APUE is actively managed, while NRSH is passively managed. Over the past year, APUE returned 24.75% vs 50.05% for NRSH. Their 0.68 correlation means they have sometimes moved together and sometimes differently. APUE charges 0.33%/yr vs 0.75%/yr for NRSH.

Performance

APUE vs. NRSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ActivePassive U.S. Equity ETF (APUE) and Aztlan North America Nearshoring Stock Selection ETF (NRSH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APUE achieves a 12.36% return, which is significantly lower than NRSH's 35.88% return.

APUE

• 1D: 1.52%
• 1M: 1.56%
• 6M: 9.75%
• YTD: 12.36%
• 1Y: 24.75%
• 3Y*: 20.55%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 22.29%

NRSH

• 1D: 1.65%
• 1M: -3.34%
• 6M: 23.82%
• YTD: 35.88%
• 1Y: 50.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 18.42%

*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)
APUE ActivePassive U.S. Equity ETF	$3.21M	$10.30M	$6.29M
NRSH Aztlan North America Nearshoring Stock Selection ETF	$198.65K	$150.08K	$89.39K

APUE vs. NRSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
APUE ActivePassive U.S. Equity ETF	12.36%	17.49%	23.89%	5.60%
NRSH Aztlan North America Nearshoring Stock Selection ETF	35.88%	12.95%	-6.17%	9.15%

Correlation

The correlation between APUE and NRSH is 0.76, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.76
Correlation (All Time) Calculated using the full available price history since Nov 30, 2023	0.68

The correlation between APUE and NRSH has been stable across timeframes, ranging from 0.68 to 0.76 - a consistent structural relationship.

APUE vs. NRSH - Sectors Allocation Comparison

Sectors	APUE	NRSH
Technology	37.0%	56.1%
Financial Services	12.0%	-
Industrials	10.2%	41.1%
Consumer Cyclical	9.8%	-
Communication Services	9.2%	-
Healthcare	9.1%	-
Consumer Defensive	4.6%	-
Energy	2.9%	2.5%
Basic Materials	2.0%	-
Utilities	1.7%	-
Real Estate	1.5%	2.8%

Return for Risk

APUE vs. NRSH — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

APUE

APUE Risk / Return Rank: 78
APUE Sharpe Ratio Rank: 78
APUE Sortino Ratio Rank: 77
APUE Omega Ratio Rank: 77
APUE Calmar Ratio Rank: 74
APUE Martin Ratio Rank: 83

NRSH

NRSH Risk / Return Rank: 77
NRSH Sharpe Ratio Rank: 76
NRSH Sortino Ratio Rank: 71
NRSH Omega Ratio Rank: 67
NRSH Calmar Ratio Rank: 87
NRSH Martin Ratio Rank: 84

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

APUE vs. NRSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ActivePassive U.S. Equity ETF (APUE) and Aztlan North America Nearshoring Stock Selection ETF (NRSH). 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.

	APUE	NRSH	Difference
Sharpe ratio: Return per unit of total volatility	1.93	1.83	+0.09
Sortino ratio: Return per unit of downside risk	2.67	2.44	+0.23
Omega ratio: Gain probability vs. loss probability	1.35	1.30	+0.05
Calmar ratio: Return relative to maximum drawdown	2.77	3.63	-0.87
Martin ratio: Return relative to average drawdown	12.28	12.40	-0.11

APUE vs. NRSH - Sharpe Ratio Comparison

The current APUE Sharpe Ratio is 1.93, which is comparable to the NRSH Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of APUE and NRSH, 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

APUE vs. NRSH - Drawdown Comparison

The maximum APUE drawdown since its inception was -18.83%, smaller than the maximum NRSH drawdown of -24.01%. Use the drawdown chart below to compare losses from any high point for APUE and NRSH.

Drawdown Indicators

	APUE	NRSH	Difference
Max Drawdown Largest peak-to-trough decline	-18.83%	-24.01%	+5.18%
Max Drawdown (1Y) Largest decline over 1 year	-8.98%	-13.84%	+4.86%
Max Drawdown (3Y) Largest decline over 3 years	-18.83%	—	—
Current Drawdown Current decline from peak	0.00%	-8.72%	+8.72%
Average Drawdown Average peak-to-trough decline	-2.03%	-5.58%	+3.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.02%	4.05%	-2.03%

Volatility

APUE vs. NRSH - Volatility Comparison

The current volatility for ActivePassive U.S. Equity ETF (APUE) is 3.61%, while Aztlan North America Nearshoring Stock Selection ETF (NRSH) has a volatility of 8.71%. This indicates that APUE experiences smaller price fluctuations and is considered to be less risky than NRSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APUE	NRSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.61%	8.71%	-5.10%
Volatility (6M) Calculated over the trailing 6-month period	10.10%	23.07%	-12.97%
Volatility (1Y) Calculated over the trailing 1-year period	12.93%	27.49%	-14.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.64%	22.50%	-7.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.64%	22.50%	-7.86%

APUE vs. NRSH - Expense Ratio Comparison

APUE has a 0.33% expense ratio, which is lower than NRSH's 0.75% expense ratio.

Dividends

APUE vs. NRSH - Dividend Comparison

APUE's dividend yield for the trailing twelve months is around 0.74%, more than NRSH's 0.31% yield.

Position	TTM	2025	2024	2023
APUE ActivePassive U.S. Equity ETF	0.74%	0.83%	0.79%	0.41%
NRSH Aztlan North America Nearshoring Stock Selection ETF	0.31%	0.42%	0.90%	0.17%

Frequently Asked Questions

Can I hold both APUE and NRSH in my portfolio?

APUE and NRSH have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APUE or NRSH?

NRSH has higher volatility (8.71%) compared to APUE (3.61%). In terms of maximum drawdown, APUE dropped -18.83% vs NRSH's -24.01%.

Which ETF is better, APUE or NRSH?

On 1-year performance, NRSH leads with 50.05% vs 24.75% for APUE. On fees, APUE is cheaper at 0.33% per year. On volatility, APUE has been the lower-risk option at 3.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APUE or NRSH?

Over the 1-year period, NRSH has performed better with a 50.05% return vs 24.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APUE or NRSH?

APUE is cheaper with a 0.33% expense ratio, compared with 0.75% for NRSH.

Which ETF pays a higher dividend yield, APUE or NRSH?

APUE has the higher dividend yield at 0.74%, compared with 0.31% for NRSH.

What is the main difference between APUE and NRSH?

They also come from different issuers: ActivePassive and Aztlan. Their fees differ too: 0.33% for APUE and 0.75% for NRSH.

Which has better risk-adjusted returns?

APUE currently has the higher Sharpe Ratio (1.93 vs 1.83), 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.