AZTD vs. NRSH

Last updated Jul 31, 2026

AZTD (Aztlan Global Stock Selection Dm SMID ETF) and NRSH (Aztlan North America Nearshoring Stock Selection ETF) are both exchange-traded funds - AZTD is a Global Equities fund tracking the Solactive Aztlan Global Developed Markets SMID Cap Index - Benchmark TR Gross, while NRSH is a Large Cap Blend Equities fund tracking the Aztlan North America Nearshoring Price Return Index - Benchmark Price Return. Both are passively managed. Over the past year, AZTD returned 18.26% vs 44.45% for NRSH. Their 0.70 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.75% expense ratio.

Performance

AZTD vs. NRSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Aztlan Global Stock Selection Dm SMID ETF (AZTD) 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, AZTD achieves a 14.50% return, which is significantly lower than NRSH's 33.90% return.

AZTD

• 1D: 1.35%
• 1M: -1.93%
• 6M: 7.77%
• YTD: 14.50%
• 1Y: 18.26%
• 3Y*: 14.83%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.76%

NRSH

• 1D: 4.39%
• 1M: -10.06%
• 6M: 21.03%
• YTD: 33.90%
• 1Y: 44.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.85%

*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)
AZTD Aztlan Global Stock Selection Dm SMID ETF	$206.38K	$100.43K	$37.33K
NRSH Aztlan North America Nearshoring Stock Selection ETF	$195.90K	$107.25K	$73.84K

AZTD vs. NRSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AZTD Aztlan Global Stock Selection Dm SMID ETF	14.50%	25.46%	6.87%	4.98%
NRSH Aztlan North America Nearshoring Stock Selection ETF	33.90%	12.95%	-6.17%	9.15%

Correlation

The correlation between AZTD and NRSH is 0.77, 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.	0.77
Correlation (All Time) Calculated using the full available price history since Nov 30, 2023	0.70

The correlation between AZTD and NRSH has been stable across timeframes, ranging from 0.70 to 0.77 - a consistent structural relationship.

AZTD vs. NRSH - Sectors Allocation Comparison

Sectors	AZTD	NRSH
Industrials	22.7%	41.1%
Financial Services	21.5%	-
Consumer Cyclical	19.8%	-
Technology	14.3%	56.1%
Healthcare	9.7%	-
Communication Services	3.3%	-
Energy	2.5%	2.5%
Basic Materials	2.2%	-
Utilities	1.9%	-
Consumer Defensive	1.6%	-
Real Estate	-	2.8%

Return for Risk

AZTD vs. NRSH — Risk / Return Rank

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

AZTD

AZTD Risk / Return Rank: 44
AZTD Sharpe Ratio Rank: 43
AZTD Sortino Ratio Rank: 44
AZTD Omega Ratio Rank: 40
AZTD Calmar Ratio Rank: 47
AZTD Martin Ratio Rank: 47

NRSH

NRSH Risk / Return Rank: 75
NRSH Sharpe Ratio Rank: 73
NRSH Sortino Ratio Rank: 70
NRSH Omega Ratio Rank: 65
NRSH Calmar Ratio Rank: 85
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.

AZTD vs. NRSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aztlan Global Stock Selection Dm SMID ETF (AZTD) 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.

	AZTD	NRSH	Difference
Sharpe ratio: Return per unit of total volatility	1.05	1.63	-0.58
Sortino ratio: Return per unit of downside risk	1.57	2.22	-0.65
Omega ratio: Gain probability vs. loss probability	1.19	1.27	-0.08
Calmar ratio: Return relative to maximum drawdown	1.64	3.23	-1.59
Martin ratio: Return relative to average drawdown	5.24	11.26	-6.02

AZTD vs. NRSH - Sharpe Ratio Comparison

The current AZTD Sharpe Ratio is 1.05, which is lower than the NRSH Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of AZTD 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

AZTD vs. NRSH - Drawdown Comparison

The maximum AZTD drawdown since its inception was -16.75%, smaller than the maximum NRSH drawdown of -24.01%. Use the drawdown chart below to compare losses from any high point for AZTD and NRSH.

Drawdown Indicators

	AZTD	NRSH	Difference
Max Drawdown Largest peak-to-trough decline	-16.75%	-24.01%	+7.26%
Max Drawdown (1Y) Largest decline over 1 year	-11.19%	-13.84%	+2.65%
Max Drawdown (3Y) Largest decline over 3 years	-16.75%	—	—
Current Drawdown Current decline from peak	-2.73%	-10.06%	+7.33%
Average Drawdown Average peak-to-trough decline	-3.82%	-5.57%	+1.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.50%	3.96%	-0.46%

Volatility

AZTD vs. NRSH - Volatility Comparison

The current volatility for Aztlan Global Stock Selection Dm SMID ETF (AZTD) is 3.92%, while Aztlan North America Nearshoring Stock Selection ETF (NRSH) has a volatility of 9.28%. This indicates that AZTD 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

	AZTD	NRSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.92%	9.28%	-5.36%
Volatility (6M) Calculated over the trailing 6-month period	13.75%	23.21%	-9.46%
Volatility (1Y) Calculated over the trailing 1-year period	17.55%	27.56%	-10.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.44%	22.52%	-4.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.44%	22.52%	-4.08%

AZTD vs. NRSH - Expense Ratio Comparison

Both AZTD and NRSH have an expense ratio of 0.75%.

Dividends

AZTD vs. NRSH - Dividend Comparison

AZTD's dividend yield for the trailing twelve months is around 0.92%, more than NRSH's 0.31% yield.

Position	TTM	2025	2024	2023
AZTD Aztlan Global Stock Selection Dm SMID ETF	0.92%	1.05%	1.87%	0.12%
NRSH Aztlan North America Nearshoring Stock Selection ETF	0.31%	0.42%	0.90%	0.17%

Frequently Asked Questions

Can I hold both AZTD and NRSH in my portfolio?

AZTD and NRSH have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AZTD or NRSH?

NRSH has higher volatility (9.28%) compared to AZTD (3.92%). In terms of maximum drawdown, AZTD dropped -16.75% vs NRSH's -24.01%.

Which ETF is better, AZTD or NRSH?

On 1-year performance, NRSH leads with 44.45% vs 18.26% for AZTD. Both ETFs have the same 0.75% expense ratio. On volatility, AZTD has been the lower-risk option at 3.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AZTD or NRSH?

Over the 1-year period, NRSH has performed better with a 44.45% return vs 18.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AZTD or NRSH?

AZTD and NRSH have the same expense ratio: 0.75% per year.

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

AZTD has the higher dividend yield at 0.92%, compared with 0.31% for NRSH.

What is the main difference between AZTD and NRSH?

AZTD is categorized as Global Equities, while NRSH is Large Cap Blend Equities. AZTD tracks Solactive Aztlan Global Developed Markets SMID Cap Index - Benchmark TR Gross, while NRSH tracks Aztlan North America Nearshoring Price Return Index - Benchmark Price Return.

Which has better risk-adjusted returns?

NRSH currently has the higher Sharpe Ratio (1.63 vs 1.05), 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.