HCMT vs. NRSH

Last updated Jun 4, 2026

HCMT (Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF) and NRSH (Aztlan North America Nearshoring Stock Selection ETF) are both Large Cap Blend Equities funds. HCMT is actively managed, while NRSH is passively managed. Over the past year, HCMT returned 43.14% vs 58.80% for NRSH. A 0.56 correlation means they provide meaningful diversification when combined. HCMT charges 1.17%/yr vs 0.75%/yr for NRSH.

Performance

HCMT vs. NRSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF (HCMT) 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, HCMT achieves a 11.17% return, which is significantly lower than NRSH's 47.92% return.

HCMT

• 1D: -0.89%
• 1M: 14.82%
• YTD: 11.17%
• 6M: 9.27%
• 1Y: 43.14%
• 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)

HCMT vs. NRSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HCMT Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF	11.17%	7.39%	39.14%	8.60%
NRSH Aztlan North America Nearshoring Stock Selection ETF	47.92%	12.95%	-6.17%	8.65%

Correlation

The correlation between HCMT 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	0.56

The correlation between HCMT and NRSH shifts across timeframes, from 0.56 (all time) to 0.68 (1 year), reflecting how their relationship changes across market environments.

HCMT vs. NRSH - Sectors Allocation Comparison

Sectors	HCMT	NRSH
Technology	12.9%	35.5%
Financial Services	3.8%	-
Communication Services	3.6%	-
Consumer Cyclical	3.3%	-
Healthcare	2.8%	-
Industrials	2.6%	58.7%
Consumer Defensive	1.6%	-
Energy	1.1%	2.5%
Utilities	0.9%	-
Real Estate	0.6%	5.8%
Basic Materials	0.6%	-

Return for Risk

HCMT vs. NRSH — Risk / Return Rank

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

HCMT

HCMT Risk / Return Rank: 49
HCMT Sharpe Ratio Rank: 52
HCMT Sortino Ratio Rank: 46
HCMT Omega Ratio Rank: 48
HCMT Calmar Ratio Rank: 57
HCMT Martin Ratio Rank: 44

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.

HCMT vs. NRSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF (HCMT) 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.

	HCMT	NRSH	Difference
Sharpe ratio: Return per unit of total volatility	1.79	2.42	-0.63
Sortino ratio: Return per unit of downside risk	2.30	3.11	-0.80
Omega ratio: Gain probability vs. loss probability	1.31	1.40	-0.09
Calmar ratio: Return relative to maximum drawdown	2.84	5.40	-2.56
Martin ratio: Return relative to average drawdown	7.19	16.86	-9.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HCMT vs. NRSH - Sharpe Ratio Comparison

The current HCMT Sharpe Ratio is 1.79, which is comparable to the NRSH Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of HCMT 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

	HCMT	NRSH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.79	2.42	-0.63
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	1.11	-0.37

Drawdowns

HCMT vs. NRSH - Drawdown Comparison

The maximum HCMT drawdown since its inception was -36.26%, which is greater than NRSH's maximum drawdown of -24.01%. Use the drawdown chart below to compare losses from any high point for HCMT and NRSH.

Drawdown Indicators

	HCMT	NRSH	Difference
Max Drawdown Largest peak-to-trough decline	-36.26%	-24.01%	-12.25%
Max Drawdown (1Y) Largest decline over 1 year	-15.27%	-10.94%	-4.33%
Current Drawdown Current decline from peak	-0.89%	0.00%	-0.89%
Average Drawdown Average peak-to-trough decline	-8.24%	-5.62%	-2.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.01%	3.50%	+2.51%

Volatility

HCMT vs. NRSH - Volatility Comparison

The current volatility for Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF (HCMT) is 5.80%, while Aztlan North America Nearshoring Stock Selection ETF (NRSH) has a volatility of 9.21%. This indicates that HCMT 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

	HCMT	NRSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.80%	9.21%	-3.41%
Volatility (6M) Calculated over the trailing 6-month period	16.58%	20.27%	-3.69%
Volatility (1Y) Calculated over the trailing 1-year period	24.21%	24.44%	-0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.48%	21.54%	+6.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.48%	21.54%	+6.94%

HCMT vs. NRSH - Expense Ratio Comparison

HCMT has a 1.17% expense ratio, which is higher than NRSH's 0.75% expense ratio.

Dividends

HCMT vs. NRSH - Dividend Comparison

HCMT's dividend yield for the trailing twelve months is around 0.38%, more than NRSH's 0.28% yield.

Position	TTM	2025	2024	2023
HCMT Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF	0.38%	0.43%	2.75%	0.63%
NRSH Aztlan North America Nearshoring Stock Selection ETF	0.28%	0.42%	0.90%	0.17%

Frequently Asked Questions

Can I hold both HCMT and NRSH in my portfolio?

HCMT 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, HCMT or NRSH?

NRSH has higher volatility (9.21%) compared to HCMT (5.80%). In terms of maximum drawdown, HCMT dropped -36.26% vs NRSH's -24.01%.

Which ETF is better, HCMT or NRSH?

On 1-year performance, NRSH leads with 58.80% vs 43.14% for HCMT. On fees, NRSH is cheaper at 0.75% per year. On volatility, HCMT has been the lower-risk option at 5.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HCMT or NRSH?

Over the 1-year period, NRSH has performed better with a 58.80% return vs 43.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HCMT or NRSH?

NRSH is cheaper with a 0.75% expense ratio, compared with 1.17% for HCMT.

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

HCMT has the higher dividend yield at 0.38%, compared with 0.28% for NRSH.

What is the main difference between HCMT and NRSH?

They also come from different issuers: Direxion and Aztlan. Their fees differ too: 1.17% for HCMT and 0.75% for NRSH.

Which has better risk-adjusted returns?

NRSH currently has the higher Sharpe Ratio (2.42 vs 1.79), 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.