NRSH vs. AFOS

Last updated Jul 15, 2026

NRSH (Aztlan North America Nearshoring Stock Selection ETF) and AFOS (ARS Focused Opportunities Strategy ETF) are both Large Cap Blend Equities funds. Over the past year, NRSH returned 49.98% vs 71.54% for AFOS. Their correlation of 0.81 suggests significant overlap in exposure. NRSH charges 0.75%/yr vs 0.45%/yr for AFOS.

Performance

NRSH vs. AFOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Aztlan North America Nearshoring Stock Selection ETF (NRSH) and ARS Focused Opportunities Strategy ETF (AFOS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NRSH achieves a 43.49% return, which is significantly higher than AFOS's 30.98% return.

NRSH

• 1D: 2.35%
• 1M: -1.17%
• 6M: 33.64%
• YTD: 43.49%
• 1Y: 49.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AFOS

• 1D: 1.51%
• 1M: 1.47%
• 6M: 22.53%
• YTD: 30.98%
• 1Y: 71.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NRSH vs. AFOS - Yearly Performance Comparison

	2026 (YTD)	2025
NRSH Aztlan North America Nearshoring Stock Selection ETF	43.49%	8.07%
AFOS ARS Focused Opportunities Strategy ETF	30.98%	37.10%

Correlation

The correlation between NRSH and AFOS is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.81

The correlation between NRSH and AFOS has been stable across timeframes, ranging from 0.81 to 0.83 - a consistent structural relationship.

Return for Risk

NRSH vs. AFOS — Risk / Return Rank

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

NRSH

NRSH Risk / Return Rank: 76
NRSH Sharpe Ratio Rank: 74
NRSH Sortino Ratio Rank: 68
NRSH Omega Ratio Rank: 64
NRSH Calmar Ratio Rank: 91
NRSH Martin Ratio Rank: 85

AFOS

AFOS Risk / Return Rank: 95
AFOS Sharpe Ratio Rank: 96
AFOS Sortino Ratio Rank: 94
AFOS Omega Ratio Rank: 93
AFOS Calmar Ratio Rank: 95
AFOS Martin Ratio Rank: 96

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.

NRSH vs. AFOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aztlan North America Nearshoring Stock Selection ETF (NRSH) and ARS Focused Opportunities Strategy ETF (AFOS). 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.

	NRSH	AFOS	Difference
Sharpe ratio: Return per unit of total volatility	1.87	3.25	-1.38
Sortino ratio: Return per unit of downside risk	2.48	3.94	-1.46
Omega ratio: Gain probability vs. loss probability	1.31	1.52	-0.21
Calmar ratio: Return relative to maximum drawdown	4.59	6.24	-1.65
Martin ratio: Return relative to average drawdown	13.73	27.13	-13.40

NRSH vs. AFOS - Sharpe Ratio Comparison

The current NRSH Sharpe Ratio is 1.87, which is lower than the AFOS Sharpe Ratio of 3.25. The chart below compares the historical Sharpe Ratios of NRSH and AFOS, 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

NRSH vs. AFOS - Drawdown Comparison

The maximum NRSH drawdown since its inception was -24.01%, which is greater than AFOS's maximum drawdown of -11.52%. Use the drawdown chart below to compare losses from any high point for NRSH and AFOS.

Drawdown Indicators

	NRSH	AFOS	Difference
Max Drawdown Largest peak-to-trough decline	-24.01%	-11.52%	-12.49%
Max Drawdown (1Y) Largest decline over 1 year	-10.94%	-11.52%	+0.58%
Current Drawdown Current decline from peak	-3.61%	-4.24%	+0.63%
Average Drawdown Average peak-to-trough decline	-5.52%	-1.54%	-3.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.66%	2.65%	+1.01%

Volatility

NRSH vs. AFOS - Volatility Comparison

Aztlan North America Nearshoring Stock Selection ETF (NRSH) has a higher volatility of 8.86% compared to ARS Focused Opportunities Strategy ETF (AFOS) at 8.31%. This indicates that NRSH's price experiences larger fluctuations and is considered to be riskier than AFOS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NRSH	AFOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.86%	8.31%	+0.55%
Volatility (6M) Calculated over the trailing 6-month period	22.50%	18.40%	+4.10%
Volatility (1Y) Calculated over the trailing 1-year period	26.80%	22.12%	+4.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.31%	21.75%	+0.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.31%	21.75%	+0.56%

NRSH vs. AFOS - Expense Ratio Comparison

NRSH has a 0.75% expense ratio, which is higher than AFOS's 0.45% expense ratio.

Dividends

NRSH vs. AFOS - Dividend Comparison

NRSH's dividend yield for the trailing twelve months is around 0.29%, more than AFOS's 0.23% yield.

Position	TTM	2025	2024	2023
AFOS ARS Focused Opportunities Strategy ETF	0.23%	0.30%	0.00%	0.00%
NRSH Aztlan North America Nearshoring Stock Selection ETF	0.29%	0.42%	0.90%	0.17%

Frequently Asked Questions

Can I hold both NRSH and AFOS in my portfolio?

NRSH and AFOS have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NRSH or AFOS?

NRSH has higher volatility (8.86%) compared to AFOS (8.31%). In terms of maximum drawdown, NRSH dropped -24.01% vs AFOS's -11.52%.

Which ETF is better, NRSH or AFOS?

On 1-year performance, AFOS leads with 71.54% vs 49.98% for NRSH. On fees, AFOS is cheaper at 0.45% per year. On volatility, AFOS has been the lower-risk option at 8.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NRSH or AFOS?

Over the 1-year period, AFOS has performed better with a 71.54% return vs 49.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NRSH or AFOS?

AFOS is cheaper with a 0.45% expense ratio, compared with 0.75% for NRSH.

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

NRSH has the higher dividend yield at 0.29%, compared with 0.23% for AFOS.

What is the main difference between NRSH and AFOS?

They also come from different issuers: Aztlan and ARS Investment Partners. Their fees differ too: 0.75% for NRSH and 0.45% for AFOS.

Which has better risk-adjusted returns?

AFOS currently has the higher Sharpe Ratio (3.25 vs 1.87), 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.