MNZL vs. NRSH

Last updated Jun 5, 2026

MNZL (Manzil Russell Halal USA Broad Market ETF) and NRSH (Aztlan North America Nearshoring Stock Selection ETF) are both Large Cap Blend Equities funds - MNZL tracks the Russell IdealRatings Manzil Halal USA Broad Market Index while NRSH tracks the Aztlan North America Nearshoring Price Return Index - Benchmark Price Return. Both are passively managed. Their correlation of 0.84 suggests significant overlap in exposure. MNZL charges 0.40%/yr vs 0.75%/yr for NRSH.

Performance

MNZL vs. NRSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Manzil Russell Halal USA Broad Market ETF (MNZL) 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, MNZL achieves a 18.20% return, which is significantly lower than NRSH's 46.91% return.

MNZL

• 1D: -1.04%
• 1M: 8.16%
• YTD: 18.20%
• 6M: 16.58%
• 1Y: —
• 3Y*: —
• 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)

MNZL vs. NRSH - Yearly Performance Comparison

	2026 (YTD)	2025
MNZL Manzil Russell Halal USA Broad Market ETF	18.20%	2.90%
NRSH Aztlan North America Nearshoring Stock Selection ETF	46.91%	1.75%

Correlation

The correlation between MNZL and NRSH is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 20, 2025	0.84

Return for Risk

MNZL vs. NRSH — Risk / Return Rank

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

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.

MNZL vs. NRSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Manzil Russell Halal USA Broad Market ETF (MNZL) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	MNZL	NRSH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.40	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.84	1.09	+1.75

Drawdowns

MNZL vs. NRSH - Drawdown Comparison

The maximum MNZL drawdown since its inception was -9.66%, smaller than the maximum NRSH drawdown of -24.01%. Use the drawdown chart below to compare losses from any high point for MNZL and NRSH.

Drawdown Indicators

	MNZL	NRSH	Difference
Max Drawdown Largest peak-to-trough decline	-9.66%	-24.01%	+14.35%
Max Drawdown (1Y) Largest decline over 1 year	—	-10.94%	—
Current Drawdown Current decline from peak	-1.04%	-0.68%	-0.36%
Average Drawdown Average peak-to-trough decline	-1.74%	-5.61%	+3.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.50%	—

Volatility

Volatility by Period

	MNZL	NRSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	8.57%	—
Volatility (6M) Calculated over the trailing 6-month period	—	20.30%	—
Volatility (1Y) Calculated over the trailing 1-year period	15.73%	24.44%	-8.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.73%	21.53%	-5.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.73%	21.53%	-5.80%

MNZL vs. NRSH - Expense Ratio Comparison

MNZL has a 0.40% expense ratio, which is lower than NRSH's 0.75% expense ratio.

Dividends

MNZL vs. NRSH - Dividend Comparison

MNZL's dividend yield for the trailing twelve months is around 0.03%, less than NRSH's 0.28% yield.

Position	TTM	2025	2024	2023
MNZL Manzil Russell Halal USA Broad Market ETF	0.03%	0.04%	0.00%	0.00%
NRSH Aztlan North America Nearshoring Stock Selection ETF	0.28%	0.42%	0.90%	0.17%

Frequently Asked Questions

Can I hold both MNZL and NRSH in my portfolio?

MNZL and NRSH have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MNZL or NRSH?

On fees, MNZL is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MNZL or NRSH?

MNZL is cheaper with a 0.40% expense ratio, compared with 0.75% for NRSH.

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

NRSH has the higher dividend yield at 0.28%, compared with 0.03% for MNZL.

What is the main difference between MNZL and NRSH?

MNZL tracks Russell IdealRatings Manzil Halal USA Broad Market Index, while NRSH tracks Aztlan North America Nearshoring Price Return Index - Benchmark Price Return. They also come from different issuers: Manzil and Aztlan. Their fees differ too: 0.40% for MNZL and 0.75% for NRSH.