NRSH vs. BNO
NRSH (Aztlan North America Nearshoring Stock Selection ETF) and BNO (United States Brent Oil Fund LP) 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 BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past year, NRSH returned 58.80% vs 91.89% for BNO. At a correlation of -0.04, they often move in opposite directions. NRSH charges 0.75%/yr vs 0.90%/yr for BNO.
Performance
NRSH vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, NRSH achieves a 47.92% return, which is significantly lower than BNO's 90.47% return.
NRSH
- 1D
- 0.51%
- 1M
- 13.93%
- YTD
- 47.92%
- 6M
- 46.01%
- 1Y
- 58.80%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BNO
- 1D
- 1.99%
- 1M
- -10.29%
- YTD
- 90.47%
- 6M
- 86.00%
- 1Y
- 91.89%
- 3Y*
- 27.93%
- 5Y*
- 24.16%
- 10Y*
- 13.60%
NRSH vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
NRSH Aztlan North America Nearshoring Stock Selection ETF | 47.92% | 12.95% | -6.17% | 8.65% |
BNO United States Brent Oil Fund LP | 90.47% | -5.44% | 9.67% | -3.94% |
Correlation
The correlation between NRSH and BNO is -0.24, 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 | -0.24 |
Correlation (All Time) Calculated using the full available price history since Dec 1, 2023 | -0.04 |
The correlation between NRSH and BNO shifts across timeframes, from -0.24 (1 year) to -0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
NRSH vs. BNO — Risk / Return Rank
NRSH
BNO
NRSH vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Aztlan North America Nearshoring Stock Selection ETF (NRSH) and United States Brent Oil Fund LP (BNO). 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.
| NRSH | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.38 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 5.40 | 5.17 | +0.23 |
| Martin ratioReturn relative to average drawdown | 16.86 | 9.76 | +7.10 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| NRSH | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.42 | 2.23 | +0.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.69 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.37 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.11 | 0.14 | +0.97 |
Drawdowns
NRSH vs. BNO - Drawdown Comparison
The maximum NRSH drawdown since its inception was -24.01%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for NRSH and BNO.
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Drawdown Indicators
| NRSH | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.01% | -87.06% | +63.05% |
Max Drawdown (1Y)Largest decline over 1 year | -10.94% | -17.87% | +6.93% |
Max Drawdown (3Y)Largest decline over 3 years | — | -23.75% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -33.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | 0.00% | -10.29% | +10.29% |
Average DrawdownAverage peak-to-trough decline | -5.62% | -40.17% | +34.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.50% | 9.45% | -5.95% |
Volatility
NRSH vs. BNO - Volatility Comparison
The current volatility for Aztlan North America Nearshoring Stock Selection ETF (NRSH) is 9.21%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that NRSH experiences smaller price fluctuations and is considered to be less risky than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NRSH | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.21% | 14.22% | -5.01% |
Volatility (6M)Calculated over the trailing 6-month period | 20.27% | 36.10% | -15.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.44% | 41.46% | -17.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.54% | 35.38% | -13.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.54% | 36.68% | -15.14% |
NRSH vs. BNO - Expense Ratio Comparison
NRSH has a 0.75% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
NRSH vs. BNO - Dividend Comparison
NRSH's dividend yield for the trailing twelve months is around 0.28%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% |
NRSH Aztlan North America Nearshoring Stock Selection ETF | 0.28% | 0.42% | 0.90% | 0.17% |
Frequently Asked Questions
NRSH and BNO have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (14.22%) compared to NRSH (9.21%). In terms of maximum drawdown, NRSH dropped -24.01% vs BNO's -87.06%.
On 1-year performance, BNO leads with 91.89% vs 58.80% for NRSH. On fees, NRSH is cheaper at 0.75% per year. On volatility, NRSH has been the lower-risk option at 9.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BNO has performed better with a 91.89% return vs 58.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NRSH is cheaper with a 0.75% expense ratio, compared with 0.90% for BNO.
NRSH has the higher dividend yield at 0.28%, compared with 0.00% for BNO.
NRSH is categorized as Large Cap Blend Equities, while BNO is Oil & Gas. NRSH tracks Aztlan North America Nearshoring Price Return Index - Benchmark Price Return, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Aztlan and Concierge Technologies. Their fees differ too: 0.75% for NRSH and 0.90% for BNO.
NRSH currently has the higher Sharpe Ratio (2.42 vs 2.23), 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.
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