DMAY vs. NRSH

Last updated Jun 3, 2026

DMAY (FT Cboe Vest U.S. Equity Deep Buffer ETF - May) and NRSH (Aztlan North America Nearshoring Stock Selection ETF) are both Large Cap Blend Equities funds - DMAY tracks the Cboe S&P 500 30% (-5% to -35%) Buffer Protect May Series Index while NRSH tracks the Aztlan North America Nearshoring Price Return Index - Benchmark Price Return. Both are passively managed. Over the past year, DMAY returned 12.97% vs 59.65% for NRSH. A 0.59 correlation means they provide meaningful diversification when combined. DMAY charges 0.85%/yr vs 0.75%/yr for NRSH.

Performance

DMAY vs. NRSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Deep Buffer ETF - May (DMAY) 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, DMAY achieves a 4.73% return, which is significantly lower than NRSH's 47.18% return.

DMAY

• 1D: 0.08%
• 1M: 1.59%
• YTD: 4.73%
• 6M: 5.76%
• 1Y: 12.97%
• 3Y*: 12.07%
• 5Y*: 7.26%
• 10Y*: —

NRSH

• 1D: 2.36%
• 1M: 12.97%
• YTD: 47.18%
• 6M: 45.33%
• 1Y: 59.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

DMAY vs. NRSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DMAY FT Cboe Vest U.S. Equity Deep Buffer ETF - May	4.73%	11.05%	12.82%	2.20%
NRSH Aztlan North America Nearshoring Stock Selection ETF	47.18%	12.95%	-6.17%	8.65%

Correlation

The correlation between DMAY and NRSH is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (All Time) Calculated using the full available price history since Dec 1, 2023	0.59

The correlation between DMAY and NRSH has been stable across timeframes, ranging from 0.59 to 0.68 - a consistent structural relationship.

DMAY vs. NRSH - Sectors Allocation Comparison

Sectors	DMAY	NRSH
Technology	36.2%	35.5%
Financial Services	11.9%	-
Communication Services	10.9%	-
Consumer Cyclical	10.1%	-
Healthcare	8.4%	-
Industrials	8.1%	58.7%
Consumer Defensive	4.9%	-
Energy	3.5%	2.5%
Utilities	2.3%	-
Real Estate	1.9%	5.8%
Basic Materials	1.8%	-

Return for Risk

DMAY vs. NRSH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DMAY

DMAY Risk / Return Rank: 87
DMAY Sharpe Ratio Rank: 84
DMAY Sortino Ratio Rank: 90
DMAY Omega Ratio Rank: 92
DMAY Calmar Ratio Rank: 78
DMAY Martin Ratio Rank: 93

NRSH

NRSH Risk / Return Rank: 75
NRSH Sharpe Ratio Rank: 74
NRSH Sortino Ratio Rank: 67
NRSH Omega Ratio Rank: 66
NRSH Calmar Ratio Rank: 89
NRSH Martin Ratio Rank: 82

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DMAY vs. NRSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Deep Buffer ETF - May (DMAY) 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.

	DMAY	NRSH	Difference
Sharpe ratio Return per unit of total volatility	2.79	2.45	+0.33
Sortino ratio Return per unit of downside risk	4.20	3.14	+1.06
Omega ratio Gain probability vs. loss probability	1.63	1.40	+0.23
Calmar ratio Return relative to maximum drawdown	4.06	5.37	-1.32
Martin ratio Return relative to average drawdown	24.92	16.80	+8.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DMAY vs. NRSH - Sharpe Ratio Comparison

The current DMAY Sharpe Ratio is 2.79, which is comparable to the NRSH Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of DMAY 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.

Sharpe Ratios by Period

	DMAY	NRSH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.79	2.45	+0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.88	1.10	-0.22

Drawdowns

DMAY vs. NRSH - Drawdown Comparison

The maximum DMAY drawdown since its inception was -13.90%, smaller than the maximum NRSH drawdown of -24.01%. Use the drawdown chart below to compare losses from any high point for DMAY and NRSH.

Drawdown Indicators

	DMAY	NRSH	Difference
Max Drawdown Largest peak-to-trough decline	-13.90%	-24.01%	+10.11%
Max Drawdown (1Y) Largest decline over 1 year	-3.36%	-10.94%	+7.58%
Max Drawdown (3Y) Largest decline over 3 years	-12.38%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-13.90%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.24%	-5.63%	+3.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.55%	3.50%	-2.95%

Volatility

DMAY vs. NRSH - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Deep Buffer ETF - May (DMAY) is 0.76%, while Aztlan North America Nearshoring Stock Selection ETF (NRSH) has a volatility of 9.26%. This indicates that DMAY 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

	DMAY	NRSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.76%	9.26%	-8.50%
Volatility (6M) Calculated over the trailing 6-month period	3.73%	20.31%	-16.58%
Volatility (1Y) Calculated over the trailing 1-year period	4.71%	24.45%	-19.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.02%	21.56%	-12.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.43%	21.56%	-13.13%

DMAY vs. NRSH - Expense Ratio Comparison

DMAY has a 0.85% expense ratio, which is higher than NRSH's 0.75% expense ratio.

Dividends

DMAY vs. NRSH - Dividend Comparison

DMAY has not paid dividends to shareholders, while NRSH's dividend yield for the trailing twelve months is around 0.28%.

Position	TTM	2025	2024	2023
DMAY FT Cboe Vest U.S. Equity Deep Buffer ETF - May	0.00%	0.00%	0.00%	0.00%
NRSH Aztlan North America Nearshoring Stock Selection ETF	0.28%	0.42%	0.90%	0.17%

Frequently Asked Questions

Can I hold both DMAY and NRSH in my portfolio?

DMAY and NRSH have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DMAY or NRSH?

NRSH has higher volatility (9.26%) compared to DMAY (0.76%). In terms of maximum drawdown, DMAY dropped -13.90% vs NRSH's -24.01%.

Which ETF is better, DMAY or NRSH?

On 1-year performance, NRSH leads with 59.65% vs 12.97% for DMAY. On fees, NRSH is cheaper at 0.75% per year. On volatility, DMAY has been the lower-risk option at 0.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DMAY or NRSH?

Over the 1-year period, NRSH has performed better with a 59.65% return vs 12.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DMAY or NRSH?

NRSH is cheaper with a 0.75% expense ratio, compared with 0.85% for DMAY.

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

NRSH has the higher dividend yield at 0.28%, compared with 0.00% for DMAY.

What is the main difference between DMAY and NRSH?

DMAY tracks Cboe S&P 500 30% (-5% to -35%) Buffer Protect May Series Index, while NRSH tracks Aztlan North America Nearshoring Price Return Index - Benchmark Price Return. They also come from different issuers: First Trust and Aztlan. Their fees differ too: 0.85% for DMAY and 0.75% for NRSH.

Which has better risk-adjusted returns?

DMAY currently has the higher Sharpe Ratio (2.79 vs 2.45), 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.