GUSA vs. NRSH

Last updated Jun 5, 2026

GUSA (Goldman Sachs MarketBeta U.S. 1000 Equity ETF) and NRSH (Aztlan North America Nearshoring Stock Selection ETF) are both Large Cap Blend Equities funds - GUSA tracks the Solactive GBS United States 1000 Index - Benchmark TR Gross while NRSH tracks the Aztlan North America Nearshoring Price Return Index - Benchmark Price Return. Both are passively managed. Over the past year, GUSA returned 28.15% vs 58.28% for NRSH. A 0.67 correlation means they provide meaningful diversification when combined. GUSA charges 0.11%/yr vs 0.75%/yr for NRSH.

Performance

GUSA vs. NRSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs MarketBeta U.S. 1000 Equity ETF (GUSA) 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, GUSA achieves a 11.29% return, which is significantly lower than NRSH's 46.91% return.

GUSA

• 1D: 0.40%
• 1M: 4.73%
• YTD: 11.29%
• 6M: 11.21%
• 1Y: 28.15%
• 3Y*: 22.50%
• 5Y*: —
• 10Y*: —

NRSH

• 1D: -0.68%
• 1M: 8.69%
• YTD: 46.91%
• 6M: 44.09%
• 1Y: 58.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GUSA vs. NRSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GUSA Goldman Sachs MarketBeta U.S. 1000 Equity ETF	11.29%	17.51%	24.46%	4.91%
NRSH Aztlan North America Nearshoring Stock Selection ETF	46.91%	12.95%	-6.17%	8.65%

Correlation

The correlation between GUSA and NRSH is 0.76, 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	0.76
Correlation (All Time) Calculated using the full available price history since Dec 1, 2023	0.67

The correlation between GUSA and NRSH has been stable across timeframes, ranging from 0.67 to 0.76 - a consistent structural relationship.

GUSA vs. NRSH - Sectors Allocation Comparison

Sectors	GUSA	NRSH
Technology	34.0%	35.5%
Financial Services	11.6%	-
Communication Services	11.1%	-
Consumer Cyclical	10.3%	-
Industrials	9.4%	58.7%
Healthcare	8.8%	-
Consumer Defensive	4.7%	-
Energy	3.6%	2.5%
Utilities	2.3%	-
Real Estate	2.2%	5.8%
Basic Materials	2.0%	-

Return for Risk

GUSA vs. NRSH — Risk / Return Rank

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

GUSA

GUSA Risk / Return Rank: 71
GUSA Sharpe Ratio Rank: 72
GUSA Sortino Ratio Rank: 71
GUSA Omega Ratio Rank: 71
GUSA Calmar Ratio Rank: 64
GUSA Martin Ratio Rank: 76

NRSH

NRSH Risk / Return Rank: 77
NRSH Sharpe Ratio Rank: 75
NRSH Sortino Ratio Rank: 68
NRSH Omega Ratio Rank: 66
NRSH Calmar Ratio Rank: 89
NRSH Martin Ratio Rank: 84

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.

GUSA vs. NRSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs MarketBeta U.S. 1000 Equity ETF (GUSA) 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.

	GUSA	NRSH	Difference
Sharpe ratio: Return per unit of total volatility	2.32	2.40	-0.08
Sortino ratio: Return per unit of downside risk	3.17	3.08	+0.09
Omega ratio: Gain probability vs. loss probability	1.42	1.39	+0.02
Calmar ratio: Return relative to maximum drawdown	3.14	5.35	-2.22
Martin ratio: Return relative to average drawdown	14.45	16.71	-2.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GUSA vs. NRSH - Sharpe Ratio Comparison

The current GUSA Sharpe Ratio is 2.32, which is comparable to the NRSH Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of GUSA 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

	GUSA	NRSH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.32	2.40	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.89	1.09	-0.20

Drawdowns

GUSA vs. NRSH - Drawdown Comparison

The maximum GUSA drawdown since its inception was -19.61%, smaller than the maximum NRSH drawdown of -24.01%. Use the drawdown chart below to compare losses from any high point for GUSA and NRSH.

Drawdown Indicators

	GUSA	NRSH	Difference
Max Drawdown Largest peak-to-trough decline	-19.61%	-24.01%	+4.40%
Max Drawdown (1Y) Largest decline over 1 year	-9.01%	-10.94%	+1.93%
Max Drawdown (3Y) Largest decline over 3 years	-19.61%	—	—
Current Drawdown Current decline from peak	-0.22%	-0.68%	+0.46%
Average Drawdown Average peak-to-trough decline	-4.38%	-5.61%	+1.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	3.50%	-1.55%

Volatility

GUSA vs. NRSH - Volatility Comparison

The current volatility for Goldman Sachs MarketBeta U.S. 1000 Equity ETF (GUSA) is 3.03%, while Aztlan North America Nearshoring Stock Selection ETF (NRSH) has a volatility of 8.57%. This indicates that GUSA 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

	GUSA	NRSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.03%	8.57%	-5.54%
Volatility (6M) Calculated over the trailing 6-month period	9.29%	20.30%	-11.01%
Volatility (1Y) Calculated over the trailing 1-year period	12.20%	24.44%	-12.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.26%	21.53%	-4.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.26%	21.53%	-4.27%

GUSA vs. NRSH - Expense Ratio Comparison

GUSA has a 0.11% expense ratio, which is lower than NRSH's 0.75% expense ratio.

Dividends

GUSA vs. NRSH - Dividend Comparison

GUSA's dividend yield for the trailing twelve months is around 0.96%, more than NRSH's 0.28% yield.

Position	TTM	2025	2024	2023	2022
GUSA Goldman Sachs MarketBeta U.S. 1000 Equity ETF	0.96%	0.99%	1.16%	1.36%	1.00%
NRSH Aztlan North America Nearshoring Stock Selection ETF	0.28%	0.42%	0.90%	0.17%	0.00%

Frequently Asked Questions

Can I hold both GUSA and NRSH in my portfolio?

GUSA and NRSH have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GUSA or NRSH?

NRSH has higher volatility (8.57%) compared to GUSA (3.03%). In terms of maximum drawdown, GUSA dropped -19.61% vs NRSH's -24.01%.

Which ETF is better, GUSA or NRSH?

On 1-year performance, NRSH leads with 58.28% vs 28.15% for GUSA. On fees, GUSA is cheaper at 0.11% per year. On volatility, GUSA has been the lower-risk option at 3.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GUSA or NRSH?

Over the 1-year period, NRSH has performed better with a 58.28% return vs 28.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GUSA or NRSH?

GUSA is cheaper with a 0.11% expense ratio, compared with 0.75% for NRSH.

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

GUSA has the higher dividend yield at 0.96%, compared with 0.28% for NRSH.

What is the main difference between GUSA and NRSH?

GUSA tracks Solactive GBS United States 1000 Index - Benchmark TR Gross, while NRSH tracks Aztlan North America Nearshoring Price Return Index - Benchmark Price Return. They also come from different issuers: Goldman Sachs and Aztlan. Their fees differ too: 0.11% for GUSA and 0.75% for NRSH.

Which has better risk-adjusted returns?

NRSH currently has the higher Sharpe Ratio (2.40 vs 2.32), 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.