NRSH vs. AZTD

Last updated Jun 24, 2026

NRSH (Aztlan North America Nearshoring Stock Selection ETF) and AZTD (Aztlan Global Stock Selection Dm SMID 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 AZTD is a Global Equities fund tracking the Solactive Aztlan Global Developed Markets SMID Cap Index - Benchmark TR Gross. Both are passively managed. Over the past year, NRSH returned 53.10% vs 24.19% for AZTD. A 0.70 correlation means they provide meaningful diversification when combined. Both charge a 0.75% expense ratio.

Performance

NRSH vs. AZTD - Performance Comparison

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

Returns By Period

In the year-to-date period, NRSH achieves a 43.75% return, which is significantly higher than AZTD's 13.62% return.

NRSH

• 1D: -3.08%
• 1M: 6.22%
• YTD: 43.75%
• 6M: 40.21%
• 1Y: 53.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AZTD

• 1D: -1.26%
• 1M: 1.88%
• YTD: 13.62%
• 6M: 11.59%
• 1Y: 24.19%
• 3Y*: 16.97%
• 5Y*: —
• 10Y*: —

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

NRSH vs. AZTD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NRSH Aztlan North America Nearshoring Stock Selection ETF	43.75%	12.95%	-6.17%	9.15%
AZTD Aztlan Global Stock Selection Dm SMID ETF	13.62%	25.46%	6.87%	4.98%

Correlation

The correlation between NRSH and AZTD is 0.77, 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	0.77
Correlation (All Time) Calculated using the full available price history since Nov 30, 2023	0.70

The correlation between NRSH and AZTD has been stable across timeframes, ranging from 0.70 to 0.77 - a consistent structural relationship.

NRSH vs. AZTD - Sectors Allocation Comparison

Sectors	NRSH	AZTD
Industrials	57.9%	17.9%
Technology	36.7%	20.7%
Real Estate	5.4%	-
Energy	2.5%	5.8%
Basic Materials	-	3.6%
Communication Services	-	3.9%
Consumer Cyclical	-	21.1%
Consumer Defensive	-	4.0%
Financial Services	-	14.6%
Healthcare	-	8.8%
Utilities	-	3.6%

Return for Risk

NRSH vs. AZTD — Risk / Return Rank

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

NRSH

NRSH Risk / Return Rank: 72
NRSH Sharpe Ratio Rank: 69
NRSH Sortino Ratio Rank: 62
NRSH Omega Ratio Rank: 60
NRSH Calmar Ratio Rank: 88
NRSH Martin Ratio Rank: 81

AZTD

AZTD Risk / Return Rank: 44
AZTD Sharpe Ratio Rank: 42
AZTD Sortino Ratio Rank: 42
AZTD Omega Ratio Rank: 39
AZTD Calmar Ratio Rank: 48
AZTD Martin Ratio Rank: 46

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. AZTD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aztlan North America Nearshoring Stock Selection ETF (NRSH) and Aztlan Global Stock Selection Dm SMID ETF (AZTD). 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	AZTD	Difference
Sharpe ratio: Return per unit of total volatility	2.05	1.37	+0.68
Sortino ratio: Return per unit of downside risk	2.68	1.99	+0.69
Omega ratio: Gain probability vs. loss probability	1.34	1.24	+0.10
Calmar ratio: Return relative to maximum drawdown	4.88	2.17	+2.71
Martin ratio: Return relative to average drawdown	14.81	7.06	+7.75

NRSH vs. AZTD - Sharpe Ratio Comparison

The current NRSH Sharpe Ratio is 2.05, which is higher than the AZTD Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of NRSH and AZTD, 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. AZTD - Drawdown Comparison

The maximum NRSH drawdown since its inception was -24.01%, which is greater than AZTD's maximum drawdown of -16.75%. Use the drawdown chart below to compare losses from any high point for NRSH and AZTD.

Drawdown Indicators

	NRSH	AZTD	Difference
Max Drawdown Largest peak-to-trough decline	-24.01%	-16.75%	-7.26%
Max Drawdown (1Y) Largest decline over 1 year	-10.94%	-11.19%	+0.25%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.75%	—
Current Drawdown Current decline from peak	-3.08%	-2.14%	-0.94%
Average Drawdown Average peak-to-trough decline	-5.56%	-3.86%	-1.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.59%	3.43%	+0.16%

Volatility

NRSH vs. AZTD - Volatility Comparison

Aztlan North America Nearshoring Stock Selection ETF (NRSH) has a higher volatility of 10.49% compared to Aztlan Global Stock Selection Dm SMID ETF (AZTD) at 4.92%. This indicates that NRSH's price experiences larger fluctuations and is considered to be riskier than AZTD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NRSH	AZTD	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.49%	4.92%	+5.57%
Volatility (6M) Calculated over the trailing 6-month period	21.77%	13.52%	+8.25%
Volatility (1Y) Calculated over the trailing 1-year period	26.00%	17.73%	+8.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.07%	18.56%	+3.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.07%	18.56%	+3.51%

NRSH vs. AZTD - Expense Ratio Comparison

Both NRSH and AZTD have an expense ratio of 0.75%.

Dividends

NRSH vs. AZTD - Dividend Comparison

NRSH's dividend yield for the trailing twelve months is around 0.29%, less than AZTD's 0.93% yield.

Position	TTM	2025	2024	2023
AZTD Aztlan Global Stock Selection Dm SMID ETF	0.93%	1.05%	1.87%	0.12%
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 AZTD in my portfolio?

NRSH and AZTD have a correlation of 0.77, 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 AZTD?

NRSH has higher volatility (10.49%) compared to AZTD (4.92%). In terms of maximum drawdown, NRSH dropped -24.01% vs AZTD's -16.75%.

Which ETF is better, NRSH or AZTD?

On 1-year performance, NRSH leads with 53.10% vs 24.19% for AZTD. Both ETFs have the same 0.75% expense ratio. On volatility, AZTD has been the lower-risk option at 4.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NRSH or AZTD?

Over the 1-year period, NRSH has performed better with a 53.10% return vs 24.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NRSH or AZTD?

NRSH and AZTD have the same expense ratio: 0.75% per year.

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

AZTD has the higher dividend yield at 0.93%, compared with 0.29% for NRSH.

What is the main difference between NRSH and AZTD?

NRSH is categorized as Large Cap Blend Equities, while AZTD is Global Equities. NRSH tracks Aztlan North America Nearshoring Price Return Index - Benchmark Price Return, while AZTD tracks Solactive Aztlan Global Developed Markets SMID Cap Index - Benchmark TR Gross.

Which has better risk-adjusted returns?

NRSH currently has the higher Sharpe Ratio (2.05 vs 1.37), 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.