FLCC vs. NRSH

Last updated Aug 2, 2026

FLCC (Federated Hermes MDT Large Cap Core ETF) and NRSH (Aztlan North America Nearshoring Stock Selection ETF) are both Large Cap Blend Equities funds. FLCC is actively managed, while NRSH is passively managed. Over the past year, FLCC returned 18.21% vs 47.62% for NRSH. Their 0.66 correlation means they have sometimes moved together and sometimes differently. FLCC charges 0.29%/yr vs 0.75%/yr for NRSH.

Performance

FLCC vs. NRSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes MDT Large Cap Core ETF (FLCC) 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, FLCC achieves a 10.61% return, which is significantly lower than NRSH's 33.68% return.

FLCC

• 1D: 0.53%
• 1M: 1.73%
• 6M: 10.65%
• YTD: 10.61%
• 1Y: 18.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 18.95%

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)
FLCC Federated Hermes MDT Large Cap Core ETF	$1.19M	$831.18K	$771.14K
NRSH Aztlan North America Nearshoring Stock Selection ETF	$195.73K	$103.64K	$72.69K

FLCC vs. NRSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FLCC Federated Hermes MDT Large Cap Core ETF	10.61%	16.61%	9.68%
NRSH Aztlan North America Nearshoring Stock Selection ETF	33.68%	12.95%	-6.09%

Correlation

The correlation between FLCC and NRSH is 0.69, 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.	0.69
Correlation (All Time) Calculated using the full available price history since Jul 31, 2024	0.66

The correlation between FLCC and NRSH has been stable across timeframes, ranging from 0.66 to 0.69 - a consistent structural relationship.

FLCC vs. NRSH - Sectors Allocation Comparison

Sectors	FLCC	NRSH
Technology	38.2%	56.1%
Consumer Cyclical	12.0%	-
Financial Services	11.1%	-
Healthcare	10.2%	-
Industrials	10.1%	41.1%
Communication Services	8.6%	-
Consumer Defensive	3.3%	-
Energy	2.2%	2.5%
Basic Materials	1.8%	-
Utilities	1.4%	-
Real Estate	1.2%	2.8%

Return for Risk

FLCC vs. NRSH — Risk / Return Rank

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

FLCC

FLCC Risk / Return Rank: 50
FLCC Sharpe Ratio Rank: 50
FLCC Sortino Ratio Rank: 48
FLCC Omega Ratio Rank: 47
FLCC Calmar Ratio Rank: 48
FLCC Martin Ratio Rank: 56

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.

FLCC vs. NRSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes MDT Large Cap Core ETF (FLCC) 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.

	FLCC	NRSH	Difference
Sharpe ratio: Return per unit of total volatility	1.23	1.71	-0.48
Sortino ratio: Return per unit of downside risk	1.74	2.32	-0.58
Omega ratio: Gain probability vs. loss probability	1.22	1.28	-0.07
Calmar ratio: Return relative to maximum drawdown	1.75	3.40	-1.65
Martin ratio: Return relative to average drawdown	6.77	11.69	-4.93

FLCC vs. NRSH - Sharpe Ratio Comparison

The current FLCC Sharpe Ratio is 1.23, which is comparable to the NRSH Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of FLCC 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

FLCC vs. NRSH - Drawdown Comparison

The maximum FLCC drawdown since its inception was -19.18%, smaller than the maximum NRSH drawdown of -24.01%. Use the drawdown chart below to compare losses from any high point for FLCC and NRSH.

Drawdown Indicators

	FLCC	NRSH	Difference
Max Drawdown Largest peak-to-trough decline	-19.18%	-24.01%	+4.83%
Max Drawdown (1Y) Largest decline over 1 year	-9.31%	-13.84%	+4.53%
Current Drawdown Current decline from peak	0.00%	-10.20%	+10.20%
Average Drawdown Average peak-to-trough decline	-2.28%	-5.58%	+3.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.40%	4.01%	-1.61%

Volatility

FLCC vs. NRSH - Volatility Comparison

The current volatility for Federated Hermes MDT Large Cap Core ETF (FLCC) is 3.12%, while Aztlan North America Nearshoring Stock Selection ETF (NRSH) has a volatility of 9.12%. This indicates that FLCC 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

	FLCC	NRSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.12%	9.12%	-6.00%
Volatility (6M) Calculated over the trailing 6-month period	10.12%	23.16%	-13.04%
Volatility (1Y) Calculated over the trailing 1-year period	13.23%	27.47%	-14.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.07%	22.50%	-5.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.07%	22.50%	-5.43%

FLCC vs. NRSH - Expense Ratio Comparison

FLCC has a 0.29% expense ratio, which is lower than NRSH's 0.75% expense ratio.

Dividends

FLCC vs. NRSH - Dividend Comparison

FLCC's dividend yield for the trailing twelve months is around 0.46%, more than NRSH's 0.31% yield.

Position	TTM	2025	2024	2023
FLCC Federated Hermes MDT Large Cap Core ETF	0.46%	0.50%	0.20%	0.00%
NRSH Aztlan North America Nearshoring Stock Selection ETF	0.31%	0.42%	0.90%	0.17%

Frequently Asked Questions

Can I hold both FLCC and NRSH in my portfolio?

FLCC and NRSH have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLCC or NRSH?

NRSH has higher volatility (9.12%) compared to FLCC (3.12%). In terms of maximum drawdown, FLCC dropped -19.18% vs NRSH's -24.01%.

Which ETF is better, FLCC or NRSH?

On 1-year performance, NRSH leads with 47.62% vs 18.21% for FLCC. On fees, FLCC is cheaper at 0.29% per year. On volatility, FLCC has been the lower-risk option at 3.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLCC or NRSH?

Over the 1-year period, NRSH has performed better with a 47.62% return vs 18.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLCC or NRSH?

FLCC is cheaper with a 0.29% expense ratio, compared with 0.75% for NRSH.

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

FLCC has the higher dividend yield at 0.46%, compared with 0.31% for NRSH.

What is the main difference between FLCC and NRSH?

They also come from different issuers: Federated and Aztlan. Their fees differ too: 0.29% for FLCC and 0.75% for NRSH.

Which has better risk-adjusted returns?

NRSH currently has the higher Sharpe Ratio (1.71 vs 1.23), 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.