NRSH vs. BITI

Last updated Jul 14, 2026

NRSH (Aztlan North America Nearshoring Stock Selection ETF) and BITI (ProShares Short Bitcoin 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 BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past year, NRSH returned 46.20% vs 68.34% for BITI. At a correlation of -0.35, they often move in opposite directions. NRSH charges 0.75%/yr vs 1.03%/yr for BITI.

Performance

NRSH vs. BITI - Performance Comparison

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

Returns By Period

In the year-to-date period, NRSH achieves a 40.20% return, which is significantly higher than BITI's 28.75% return.

NRSH

• 1D: -1.91%
• 1M: -3.44%
• 6M: 30.92%
• YTD: 40.20%
• 1Y: 46.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITI

• 1D: 2.65%
• 1M: 1.46%
• 6M: 34.68%
• YTD: 28.75%
• 1Y: 68.34%
• 3Y*: -30.65%
• 5Y*: —
• 10Y*: —

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

NRSH vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NRSH Aztlan North America Nearshoring Stock Selection ETF	40.20%	12.95%	-6.17%	9.15%
BITI ProShares Short Bitcoin ETF	28.75%	-1.76%	-62.60%	-10.95%

Correlation

The correlation between NRSH and BITI is -0.44, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.44
Correlation (All Time) Calculated using the full available price history since Nov 30, 2023	-0.35

Return for Risk

NRSH vs. BITI — 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: 68
NRSH Sortino Ratio Rank: 63
NRSH Omega Ratio Rank: 60
NRSH Calmar Ratio Rank: 90
NRSH Martin Ratio Rank: 82

BITI

BITI Risk / Return Rank: 57
BITI Sharpe Ratio Rank: 58
BITI Sortino Ratio Rank: 55
BITI Omega Ratio Rank: 50
BITI Calmar Ratio Rank: 68
BITI Martin Ratio Rank: 51

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. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aztlan North America Nearshoring Stock Selection ETF (NRSH) and ProShares Short Bitcoin ETF (BITI). 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	BITI	Difference
Sharpe ratio: Return per unit of total volatility	1.74	1.56	+0.18
Sortino ratio: Return per unit of downside risk	2.34	2.13	+0.21
Omega ratio: Gain probability vs. loss probability	1.29	1.26	+0.03
Calmar ratio: Return relative to maximum drawdown	4.24	2.72	+1.53
Martin ratio: Return relative to average drawdown	12.69	6.78	+5.91

NRSH vs. BITI - Sharpe Ratio Comparison

The current NRSH Sharpe Ratio is 1.74, which is comparable to the BITI Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of NRSH and BITI, 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. BITI - Drawdown Comparison

The maximum NRSH drawdown since its inception was -24.01%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for NRSH and BITI.

Drawdown Indicators

	NRSH	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-24.01%	-92.16%	+68.15%
Max Drawdown (1Y) Largest decline over 1 year	-10.94%	-25.28%	+14.34%
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-5.83%	-85.94%	+80.11%
Average Drawdown Average peak-to-trough decline	-5.52%	-68.34%	+62.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.65%	10.11%	-6.46%

Volatility

NRSH vs. BITI - Volatility Comparison

The current volatility for Aztlan North America Nearshoring Stock Selection ETF (NRSH) is 10.10%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 11.38%. This indicates that NRSH experiences smaller price fluctuations and is considered to be less risky than BITI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NRSH	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.10%	11.38%	-1.28%
Volatility (6M) Calculated over the trailing 6-month period	22.47%	34.25%	-11.78%
Volatility (1Y) Calculated over the trailing 1-year period	26.77%	44.14%	-17.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.28%	52.28%	-30.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.28%	52.28%	-30.00%

NRSH vs. BITI - Expense Ratio Comparison

NRSH has a 0.75% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

NRSH vs. BITI - Dividend Comparison

NRSH's dividend yield for the trailing twelve months is around 0.30%, less than BITI's 15.10% yield.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.10%	1.60%	3.91%	3.33%	0.06%
NRSH Aztlan North America Nearshoring Stock Selection ETF	0.30%	0.42%	0.90%	0.17%	0.00%

Frequently Asked Questions

Can I hold both NRSH and BITI in my portfolio?

NRSH and BITI have a correlation of -0.44, 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 BITI?

BITI has higher volatility (11.38%) compared to NRSH (10.10%). In terms of maximum drawdown, NRSH dropped -24.01% vs BITI's -92.16%.

Which ETF is better, NRSH or BITI?

On 1-year performance, BITI leads with 68.34% vs 46.20% for NRSH. On fees, NRSH is cheaper at 0.75% per year. On volatility, NRSH has been the lower-risk option at 10.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NRSH or BITI?

Over the 1-year period, BITI has performed better with a 68.34% return vs 46.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NRSH or BITI?

NRSH is cheaper with a 0.75% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 15.10%, compared with 0.30% for NRSH.

What is the main difference between NRSH and BITI?

NRSH is categorized as Large Cap Blend Equities, while BITI is Cryptocurrency. NRSH tracks Aztlan North America Nearshoring Price Return Index - Benchmark Price Return, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: Aztlan and ProShares. Their fees differ too: 0.75% for NRSH and 1.03% for BITI.

Which has better risk-adjusted returns?

NRSH currently has the higher Sharpe Ratio (1.74 vs 1.56), 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.