DSPY vs. NRSH

Last updated Jun 4, 2026

DSPY (Tema S&P 500 Historical Weight ETF Strategy) and NRSH (Aztlan North America Nearshoring Stock Selection ETF) are both Large Cap Blend Equities funds. DSPY is actively managed, while NRSH is passively managed. Over the past year, DSPY returned 26.81% vs 58.80% for NRSH. A 0.79 correlation means they provide meaningful diversification when combined. DSPY charges 0.18%/yr vs 0.75%/yr for NRSH.

Performance

DSPY vs. NRSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tema S&P 500 Historical Weight ETF Strategy (DSPY) 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, DSPY achieves a 12.26% return, which is significantly lower than NRSH's 47.92% return.

DSPY

• 1D: -0.36%
• 1M: 5.59%
• YTD: 12.26%
• 6M: 12.63%
• 1Y: 26.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NRSH

• 1D: 0.51%
• 1M: 13.93%
• YTD: 47.92%
• 6M: 46.01%
• 1Y: 58.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DSPY vs. NRSH - Yearly Performance Comparison

	2026 (YTD)	2025
DSPY Tema S&P 500 Historical Weight ETF Strategy	12.26%	18.46%
NRSH Aztlan North America Nearshoring Stock Selection ETF	47.92%	14.89%

Correlation

The correlation between DSPY and NRSH is 0.77, 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	0.77
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025	0.79

The correlation between DSPY and NRSH has been stable across timeframes, ranging from 0.77 to 0.79 - a consistent structural relationship.

DSPY vs. NRSH - Sectors Allocation Comparison

Sectors	DSPY	NRSH
Technology	28.8%	35.5%
Financial Services	14.2%	-
Industrials	10.8%	58.7%
Healthcare	10.6%	-
Consumer Cyclical	9.3%	-
Communication Services	7.7%	-
Consumer Defensive	6.4%	-
Energy	4.4%	2.5%
Utilities	3.0%	-
Real Estate	2.5%	5.8%
Basic Materials	2.3%	-

Return for Risk

DSPY vs. NRSH — Risk / Return Rank

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

DSPY

DSPY Risk / Return Rank: 75
DSPY Sharpe Ratio Rank: 75
DSPY Sortino Ratio Rank: 75
DSPY Omega Ratio Rank: 72
DSPY Calmar Ratio Rank: 72
DSPY Martin Ratio Rank: 82

NRSH

NRSH Risk / Return Rank: 76
NRSH Sharpe Ratio Rank: 74
NRSH Sortino Ratio Rank: 68
NRSH Omega Ratio Rank: 66
NRSH Calmar Ratio Rank: 89
NRSH Martin Ratio Rank: 83

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.

DSPY vs. NRSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tema S&P 500 Historical Weight ETF Strategy (DSPY) 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.

	DSPY	NRSH	Difference
Sharpe ratio: Return per unit of total volatility	2.41	2.42	-0.01
Sortino ratio: Return per unit of downside risk	3.34	3.11	+0.23
Omega ratio: Gain probability vs. loss probability	1.43	1.40	+0.03
Calmar ratio: Return relative to maximum drawdown	3.57	5.40	-1.83
Martin ratio: Return relative to average drawdown	16.34	16.86	-0.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DSPY vs. NRSH - Sharpe Ratio Comparison

The current DSPY Sharpe Ratio is 2.41, which is comparable to the NRSH Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of DSPY 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

	DSPY	NRSH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.41	2.42	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	1.68	1.11	+0.57

Drawdowns

DSPY vs. NRSH - Drawdown Comparison

The maximum DSPY drawdown since its inception was -12.15%, smaller than the maximum NRSH drawdown of -24.01%. Use the drawdown chart below to compare losses from any high point for DSPY and NRSH.

Drawdown Indicators

	DSPY	NRSH	Difference
Max Drawdown Largest peak-to-trough decline	-12.15%	-24.01%	+11.86%
Max Drawdown (1Y) Largest decline over 1 year	-7.55%	-10.94%	+3.39%
Current Drawdown Current decline from peak	-0.36%	0.00%	-0.36%
Average Drawdown Average peak-to-trough decline	-1.25%	-5.62%	+4.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.64%	3.50%	-1.86%

Volatility

DSPY vs. NRSH - Volatility Comparison

The current volatility for Tema S&P 500 Historical Weight ETF Strategy (DSPY) is 2.82%, while Aztlan North America Nearshoring Stock Selection ETF (NRSH) has a volatility of 9.21%. This indicates that DSPY 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

	DSPY	NRSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.82%	9.21%	-6.39%
Volatility (6M) Calculated over the trailing 6-month period	8.52%	20.27%	-11.75%
Volatility (1Y) Calculated over the trailing 1-year period	11.21%	24.44%	-13.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.53%	21.54%	-5.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.53%	21.54%	-5.01%

DSPY vs. NRSH - Expense Ratio Comparison

DSPY has a 0.18% expense ratio, which is lower than NRSH's 0.75% expense ratio.

Dividends

DSPY vs. NRSH - Dividend Comparison

DSPY's dividend yield for the trailing twelve months is around 0.74%, more than NRSH's 0.28% yield.

Position	TTM	2025	2024	2023
DSPY Tema S&P 500 Historical Weight ETF Strategy	0.74%	0.72%	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 DSPY and NRSH in my portfolio?

DSPY 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, DSPY or NRSH?

NRSH has higher volatility (9.21%) compared to DSPY (2.82%). In terms of maximum drawdown, DSPY dropped -12.15% vs NRSH's -24.01%.

Which ETF is better, DSPY or NRSH?

On 1-year performance, NRSH leads with 58.80% vs 26.81% for DSPY. On fees, DSPY is cheaper at 0.18% per year. On volatility, DSPY has been the lower-risk option at 2.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DSPY or NRSH?

Over the 1-year period, NRSH has performed better with a 58.80% return vs 26.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DSPY or NRSH?

DSPY is cheaper with a 0.18% expense ratio, compared with 0.75% for NRSH.

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

DSPY has the higher dividend yield at 0.74%, compared with 0.28% for NRSH.

What is the main difference between DSPY and NRSH?

They also come from different issuers: Tema and Aztlan. Their fees differ too: 0.18% for DSPY and 0.75% for NRSH.

Which has better risk-adjusted returns?

NRSH currently has the higher Sharpe Ratio (2.42 vs 2.41), 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.