ESG vs. NRSH

Last updated Aug 2, 2026

ESG (FlexShares STOXX US ESG Select Index Fund) and NRSH (Aztlan North America Nearshoring Stock Selection ETF) are both Large Cap Blend Equities funds - ESG tracks the STOXX USA ESG Select KPIs Index while NRSH tracks the Aztlan North America Nearshoring Price Return Index - Benchmark Price Return. Both are passively managed. Over the past year, ESG returned 22.28% vs 47.62% for NRSH. Their 0.67 correlation means they have sometimes moved together and sometimes differently. ESG charges 0.32%/yr vs 0.75%/yr for NRSH.

Performance

ESG vs. NRSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares STOXX US ESG Select Index Fund (ESG) 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, ESG achieves a 11.91% return, which is significantly lower than NRSH's 33.68% return.

ESG

• 1D: 0.20%
• 1M: 0.58%
• 6M: 9.98%
• YTD: 11.91%
• 1Y: 22.28%
• 3Y*: 17.88%
• 5Y*: 11.70%
• 10Y*: 14.84%
• ALL TIME*: 14.86%

NRSH

• 1D: -0.16%
• 1M: -4.91%
• 6M: 23.70%
• YTD: 33.68%
• 1Y: 47.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.76%

*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)
ESG FlexShares STOXX US ESG Select Index Fund	$141.70K	$104.98K	$155.55K
NRSH Aztlan North America Nearshoring Stock Selection ETF	$195.73K	$103.64K	$72.69K

ESG vs. NRSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ESG FlexShares STOXX US ESG Select Index Fund	11.91%	16.04%	20.22%	4.57%
NRSH Aztlan North America Nearshoring Stock Selection ETF	33.68%	12.95%	-6.17%	9.15%

Correlation

The correlation between ESG and NRSH is 0.72, 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.	0.72
Correlation (All Time) Calculated using the full available price history since Nov 30, 2023	0.67

The correlation between ESG and NRSH has been stable across timeframes, ranging from 0.67 to 0.72 - a consistent structural relationship.

ESG vs. NRSH - Sectors Allocation Comparison

Sectors	ESG	NRSH
Technology	33.3%	56.1%
Financial Services	18.3%	-
Healthcare	13.7%	-
Consumer Defensive	9.3%	-
Consumer Cyclical	8.2%	-
Industrials	4.6%	41.1%
Energy	3.6%	2.5%
Basic Materials	3.1%	-
Real Estate	2.9%	2.8%
Communication Services	0.8%	-
Utilities	0.7%	-

Return for Risk

ESG vs. NRSH — Risk / Return Rank

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

ESG

ESG Risk / Return Rank: 74
ESG Sharpe Ratio Rank: 76
ESG Sortino Ratio Rank: 75
ESG Omega Ratio Rank: 74
ESG Calmar Ratio Rank: 68
ESG Martin Ratio Rank: 77

NRSH

NRSH Risk / Return Rank: 77
NRSH Sharpe Ratio Rank: 75
NRSH Sortino Ratio Rank: 71
NRSH Omega Ratio Rank: 67
NRSH Calmar Ratio Rank: 86
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.

ESG vs. NRSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares STOXX US ESG Select Index Fund (ESG) 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.

	ESG	NRSH	Difference
Sharpe ratio: Return per unit of total volatility	1.74	1.71	+0.02
Sortino ratio: Return per unit of downside risk	2.42	2.32	+0.10
Omega ratio: Gain probability vs. loss probability	1.31	1.28	+0.02
Calmar ratio: Return relative to maximum drawdown	2.36	3.40	-1.03
Martin ratio: Return relative to average drawdown	9.79	11.69	-1.90

ESG vs. NRSH - Sharpe Ratio Comparison

The current ESG Sharpe Ratio is 1.74, which is comparable to the NRSH Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of ESG 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

ESG vs. NRSH - Drawdown Comparison

The maximum ESG drawdown since its inception was -32.53%, which is greater than NRSH's maximum drawdown of -24.01%. Use the drawdown chart below to compare losses from any high point for ESG and NRSH.

Drawdown Indicators

	ESG	NRSH	Difference
Max Drawdown Largest peak-to-trough decline	-32.53%	-24.01%	-8.52%
Max Drawdown (1Y) Largest decline over 1 year	-8.68%	-13.84%	+5.16%
Max Drawdown (3Y) Largest decline over 3 years	-18.32%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.04%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-32.53%	—	—
Current Drawdown Current decline from peak	-0.71%	-10.20%	+9.49%
Average Drawdown Average peak-to-trough decline	-5.01%	-5.58%	+0.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	4.01%	-1.92%

Volatility

ESG vs. NRSH - Volatility Comparison

The current volatility for FlexShares STOXX US ESG Select Index Fund (ESG) is 3.30%, while Aztlan North America Nearshoring Stock Selection ETF (NRSH) has a volatility of 9.12%. This indicates that ESG 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

	ESG	NRSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.30%	9.12%	-5.82%
Volatility (6M) Calculated over the trailing 6-month period	9.35%	23.16%	-13.81%
Volatility (1Y) Calculated over the trailing 1-year period	11.82%	27.47%	-15.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.79%	22.50%	-5.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.33%	22.50%	-4.17%

ESG vs. NRSH - Expense Ratio Comparison

ESG has a 0.32% expense ratio, which is lower than NRSH's 0.75% expense ratio.

Dividends

ESG vs. NRSH - Dividend Comparison

ESG's dividend yield for the trailing twelve months is around 0.87%, more than NRSH's 0.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
ESG FlexShares STOXX US ESG Select Index Fund	0.87%	0.96%	1.18%	1.10%	1.38%	1.03%	1.33%	1.51%	1.72%	1.52%	0.92%
NRSH Aztlan North America Nearshoring Stock Selection ETF	0.31%	0.42%	0.90%	0.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ESG and NRSH in my portfolio?

ESG and NRSH have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ESG or NRSH?

NRSH has higher volatility (9.12%) compared to ESG (3.30%). In terms of maximum drawdown, ESG dropped -32.53% vs NRSH's -24.01%.

Which ETF is better, ESG or NRSH?

On 1-year performance, NRSH leads with 47.62% vs 22.28% for ESG. On fees, ESG is cheaper at 0.32% per year. On volatility, ESG has been the lower-risk option at 3.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ESG or NRSH?

Over the 1-year period, NRSH has performed better with a 47.62% return vs 22.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ESG or NRSH?

ESG is cheaper with a 0.32% expense ratio, compared with 0.75% for NRSH.

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

ESG has the higher dividend yield at 0.87%, compared with 0.31% for NRSH.

What is the main difference between ESG and NRSH?

ESG tracks STOXX USA ESG Select KPIs Index, while NRSH tracks Aztlan North America Nearshoring Price Return Index - Benchmark Price Return. They also come from different issuers: Northern Trust and Aztlan. Their fees differ too: 0.32% for ESG and 0.75% for NRSH.

Which has better risk-adjusted returns?

ESG currently has the higher Sharpe Ratio (1.74 vs 1.71), 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.