NRSH vs. AIRR

Last updated Jun 23, 2026

NRSH (Aztlan North America Nearshoring Stock Selection ETF) and AIRR (First Trust RBA American Industrial Renaissance ETF) are both exchange-traded funds - NRSH is a Large Cap Blend Equities fund tracking the Aztlan North America Nearshoring Price Return Index - Benchmark Price Return, while AIRR is a Building & Construction fund tracking the Richard Bernstein Advisors American Industrial Renaissance Index. Both are passively managed. Over the past year, NRSH returned 59.62% vs 71.43% for AIRR. A 0.76 correlation means they provide meaningful diversification when combined. NRSH charges 0.75%/yr vs 0.69%/yr for AIRR.

Performance

NRSH vs. AIRR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Aztlan North America Nearshoring Stock Selection ETF (NRSH) and First Trust RBA American Industrial Renaissance ETF (AIRR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NRSH achieves a 48.32% return, which is significantly higher than AIRR's 35.61% return.

NRSH

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

AIRR

• 1D: 1.80%
• 1M: 6.55%
• YTD: 35.61%
• 6M: 31.10%
• 1Y: 71.43%
• 3Y*: 37.98%
• 5Y*: 27.26%
• 10Y*: 22.39%

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

NRSH vs. AIRR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NRSH Aztlan North America Nearshoring Stock Selection ETF	48.32%	12.95%	-6.17%	9.15%
AIRR First Trust RBA American Industrial Renaissance ETF	35.61%	27.92%	33.45%	14.62%

Correlation

The correlation between NRSH and AIRR 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 Nov 30, 2023	0.76

The correlation between NRSH and AIRR has been stable across timeframes, ranging from 0.76 to 0.83 - a consistent structural relationship.

NRSH vs. AIRR - Sectors Allocation Comparison

Sectors	NRSH	AIRR
Industrials	57.9%	92.4%
Technology	36.7%	0.7%
Real Estate	5.4%	-
Energy	2.5%	3.8%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	6.9%
Healthcare	-	-
Utilities	-	-

Return for Risk

NRSH vs. AIRR — 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: 76
NRSH Sortino Ratio Rank: 67
NRSH Omega Ratio Rank: 65
NRSH Calmar Ratio Rank: 91
NRSH Martin Ratio Rank: 84

AIRR

AIRR Risk / Return Rank: 85
AIRR Sharpe Ratio Rank: 87
AIRR Sortino Ratio Rank: 81
AIRR Omega Ratio Rank: 75
AIRR Calmar Ratio Rank: 91
AIRR Martin Ratio Rank: 90

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. AIRR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aztlan North America Nearshoring Stock Selection ETF (NRSH) and First Trust RBA American Industrial Renaissance ETF (AIRR). 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	AIRR	Difference
Sharpe ratio: Return per unit of total volatility	2.32	2.74	-0.41
Sortino ratio: Return per unit of downside risk	2.97	3.45	-0.48
Omega ratio: Gain probability vs. loss probability	1.38	1.43	-0.04
Calmar ratio: Return relative to maximum drawdown	5.48	5.49	-0.01
Martin ratio: Return relative to average drawdown	16.66	20.05	-3.39

NRSH vs. AIRR - Sharpe Ratio Comparison

The current NRSH Sharpe Ratio is 2.32, which is comparable to the AIRR Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of NRSH and AIRR, 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. AIRR - Drawdown Comparison

The maximum NRSH drawdown since its inception was -24.01%, smaller than the maximum AIRR drawdown of -42.37%. Use the drawdown chart below to compare losses from any high point for NRSH and AIRR.

Drawdown Indicators

	NRSH	AIRR	Difference
Max Drawdown Largest peak-to-trough decline	-24.01%	-42.37%	+18.36%
Max Drawdown (1Y) Largest decline over 1 year	-10.94%	-13.09%	+2.15%
Max Drawdown (3Y) Largest decline over 3 years	—	-27.95%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-27.95%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-42.37%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.56%	-7.47%	+1.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.59%	3.57%	+0.02%

Volatility

NRSH vs. AIRR - Volatility Comparison

Aztlan North America Nearshoring Stock Selection ETF (NRSH) has a higher volatility of 9.85% compared to First Trust RBA American Industrial Renaissance ETF (AIRR) at 8.25%. This indicates that NRSH's price experiences larger fluctuations and is considered to be riskier than AIRR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NRSH	AIRR	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.85%	8.25%	+1.60%
Volatility (6M) Calculated over the trailing 6-month period	21.51%	20.44%	+1.07%
Volatility (1Y) Calculated over the trailing 1-year period	25.85%	26.28%	-0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.00%	25.42%	-3.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.00%	26.35%	-4.35%

NRSH vs. AIRR - Expense Ratio Comparison

NRSH has a 0.75% expense ratio, which is higher than AIRR's 0.69% expense ratio.

Dividends

NRSH vs. AIRR - Dividend Comparison

NRSH's dividend yield for the trailing twelve months is around 0.28%, more than AIRR's 0.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AIRR First Trust RBA American Industrial Renaissance ETF	0.13%	0.19%	0.18%	0.23%	0.12%	0.05%	0.10%	0.20%	0.43%	0.30%	0.08%	0.47%
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 NRSH and AIRR in my portfolio?

NRSH and AIRR 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 AIRR?

NRSH has higher volatility (9.85%) compared to AIRR (8.25%). In terms of maximum drawdown, NRSH dropped -24.01% vs AIRR's -42.37%.

Which ETF is better, NRSH or AIRR?

On 1-year performance, AIRR leads with 71.43% vs 59.62% for NRSH. On fees, AIRR is cheaper at 0.69% per year. On volatility, AIRR has been the lower-risk option at 8.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NRSH or AIRR?

Over the 1-year period, AIRR has performed better with a 71.43% return vs 59.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NRSH or AIRR?

AIRR is cheaper with a 0.69% expense ratio, compared with 0.75% for NRSH.

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

NRSH has the higher dividend yield at 0.28%, compared with 0.13% for AIRR.

What is the main difference between NRSH and AIRR?

NRSH is categorized as Large Cap Blend Equities, while AIRR is Building & Construction. NRSH tracks Aztlan North America Nearshoring Price Return Index - Benchmark Price Return, while AIRR tracks Richard Bernstein Advisors American Industrial Renaissance Index. They also come from different issuers: Aztlan and First Trust. Their fees differ too: 0.75% for NRSH and 0.69% for AIRR.

Which has better risk-adjusted returns?

AIRR currently has the higher Sharpe Ratio (2.74 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.