IWV vs. NRSH

Last updated Jun 23, 2026

IWV (iShares Russell 3000 ETF) and NRSH (Aztlan North America Nearshoring Stock Selection ETF) are both Large Cap Blend Equities funds - IWV tracks the Russell 3000 Index while NRSH tracks the Aztlan North America Nearshoring Price Return Index - Benchmark Price Return. Both are passively managed. Over the past year, IWV returned 26.55% vs 59.62% for NRSH. A 0.69 correlation means they provide meaningful diversification when combined. IWV charges 0.20%/yr vs 0.75%/yr for NRSH.

Performance

IWV vs. NRSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 3000 ETF (IWV) 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, IWV achieves a 10.01% return, which is significantly lower than NRSH's 48.32% return.

IWV

• 1D: -0.27%
• 1M: 0.53%
• YTD: 10.01%
• 6M: 9.26%
• 1Y: 26.55%
• 3Y*: 20.91%
• 5Y*: 12.24%
• 10Y*: 15.13%

NRSH

• 1D: 1.71%
• 1M: 9.60%
• YTD: 48.32%
• 6M: 44.73%
• 1Y: 59.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IWV vs. NRSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IWV iShares Russell 3000 ETF	10.01%	16.96%	23.49%	5.75%
NRSH Aztlan North America Nearshoring Stock Selection ETF	48.32%	12.95%	-6.17%	9.15%

Correlation

The correlation between IWV 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 Nov 30, 2023	0.69

The correlation between IWV and NRSH has been stable across timeframes, ranging from 0.69 to 0.76 - a consistent structural relationship.

IWV vs. NRSH - Sectors Allocation Comparison

Sectors	IWV	NRSH
Technology	36.5%	36.7%
Financial Services	11.5%	-
Communication Services	10.0%	-
Consumer Cyclical	9.9%	-
Industrials	9.1%	57.9%
Healthcare	8.9%	-
Consumer Defensive	4.3%	-
Energy	3.3%	2.5%
Real Estate	2.3%	5.4%
Utilities	2.1%	-
Basic Materials	2.0%	-

Return for Risk

IWV vs. NRSH — Risk / Return Rank

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

IWV

IWV Risk / Return Rank: 67
IWV Sharpe Ratio Rank: 67
IWV Sortino Ratio Rank: 64
IWV Omega Ratio Rank: 66
IWV Calmar Ratio Rank: 62
IWV Martin Ratio Rank: 73

NRSH

NRSH Risk / Return Rank: 76
NRSH Sharpe Ratio Rank: 76
NRSH Sortino Ratio Rank: 67
NRSH Omega Ratio Rank: 65
NRSH Calmar Ratio Rank: 91
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.

IWV vs. NRSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 3000 ETF (IWV) 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.

	IWV	NRSH	Difference
Sharpe ratio: Return per unit of total volatility	2.11	2.32	-0.21
Sortino ratio: Return per unit of downside risk	2.87	2.97	-0.10
Omega ratio: Gain probability vs. loss probability	1.38	1.38	0.00
Calmar ratio: Return relative to maximum drawdown	3.00	5.48	-2.48
Martin ratio: Return relative to average drawdown	13.42	16.66	-3.24

IWV vs. NRSH - Sharpe Ratio Comparison

The current IWV Sharpe Ratio is 2.11, which is comparable to the NRSH Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of IWV 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

IWV vs. NRSH - Drawdown Comparison

The maximum IWV drawdown since its inception was -55.61%, which is greater than NRSH's maximum drawdown of -24.01%. Use the drawdown chart below to compare losses from any high point for IWV and NRSH.

Drawdown Indicators

	IWV	NRSH	Difference
Max Drawdown Largest peak-to-trough decline	-55.61%	-24.01%	-31.60%
Max Drawdown (1Y) Largest decline over 1 year	-8.89%	-10.94%	+2.05%
Max Drawdown (3Y) Largest decline over 3 years	-19.28%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.11%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-35.22%	—	—
Current Drawdown Current decline from peak	-1.46%	0.00%	-1.46%
Average Drawdown Average peak-to-trough decline	-10.57%	-5.56%	-5.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.98%	3.59%	-1.61%

Volatility

IWV vs. NRSH - Volatility Comparison

The current volatility for iShares Russell 3000 ETF (IWV) is 4.65%, while Aztlan North America Nearshoring Stock Selection ETF (NRSH) has a volatility of 9.85%. This indicates that IWV 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

	IWV	NRSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.65%	9.85%	-5.20%
Volatility (6M) Calculated over the trailing 6-month period	9.89%	21.51%	-11.62%
Volatility (1Y) Calculated over the trailing 1-year period	12.67%	25.85%	-13.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.32%	22.00%	-4.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.45%	22.00%	-3.55%

IWV vs. NRSH - Expense Ratio Comparison

IWV has a 0.20% expense ratio, which is lower than NRSH's 0.75% expense ratio.

Dividends

IWV vs. NRSH - Dividend Comparison

IWV's dividend yield for the trailing twelve months is around 0.88%, more than NRSH's 0.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWV iShares Russell 3000 ETF	0.88%	0.96%	1.08%	1.30%	1.56%	1.04%	1.30%	1.69%	1.97%	1.58%	1.79%	1.99%
NRSH Aztlan North America Nearshoring Stock Selection ETF	0.28%	0.42%	0.90%	0.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IWV and NRSH in my portfolio?

IWV 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, IWV or NRSH?

NRSH has higher volatility (9.85%) compared to IWV (4.65%). In terms of maximum drawdown, IWV dropped -55.61% vs NRSH's -24.01%.

Which ETF is better, IWV or NRSH?

On 1-year performance, NRSH leads with 59.62% vs 26.55% for IWV. On fees, IWV is cheaper at 0.20% per year. On volatility, IWV has been the lower-risk option at 4.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWV or NRSH?

Over the 1-year period, NRSH has performed better with a 59.62% return vs 26.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWV or NRSH?

IWV is cheaper with a 0.20% expense ratio, compared with 0.75% for NRSH.

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

IWV has the higher dividend yield at 0.88%, compared with 0.28% for NRSH.

What is the main difference between IWV and NRSH?

IWV tracks Russell 3000 Index, while NRSH tracks Aztlan North America Nearshoring Price Return Index - Benchmark Price Return. They also come from different issuers: iShares and Aztlan. Their fees differ too: 0.20% for IWV and 0.75% for NRSH.

Which has better risk-adjusted returns?

NRSH currently has the higher Sharpe Ratio (2.32 vs 2.11), 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.