NRSH vs. DBO

Last updated Jun 4, 2026

NRSH (Aztlan North America Nearshoring Stock Selection ETF) and DBO (Invesco DB Oil Fund) 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 DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. Both are passively managed. Over the past year, NRSH returned 58.80% vs 80.26% for DBO. At a correlation of -0.03, they often move in opposite directions. NRSH charges 0.75%/yr vs 0.78%/yr for DBO.

Performance

NRSH vs. DBO - Performance Comparison

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

Returns By Period

In the year-to-date period, NRSH achieves a 47.92% return, which is significantly lower than DBO's 84.75% return.

NRSH

• 1D: 0.51%
• 1M: 13.93%
• YTD: 47.92%
• 6M: 46.01%
• 1Y: 58.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DBO

• 1D: 2.27%
• 1M: -2.34%
• YTD: 84.75%
• 6M: 81.10%
• 1Y: 80.26%
• 3Y*: 21.86%
• 5Y*: 15.98%
• 10Y*: 11.37%

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

NRSH vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NRSH Aztlan North America Nearshoring Stock Selection ETF	47.92%	12.95%	-6.17%	8.65%
DBO Invesco DB Oil Fund	84.75%	-11.71%	7.85%	-5.99%

Correlation

The correlation between NRSH and DBO is -0.21, 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	-0.21
Correlation (All Time) Calculated using the full available price history since Dec 1, 2023	-0.03

The correlation between NRSH and DBO shifts across timeframes, from -0.21 (1 year) to -0.03 (all time), reflecting how their relationship changes across market environments.

NRSH vs. DBO - Sectors Allocation Comparison

Sectors	NRSH	DBO
Industrials	58.7%	-
Technology	35.5%	-
Real Estate	5.8%	-
Energy	2.5%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	116.0%
Healthcare	-	-
Utilities	-	-

Return for Risk

NRSH vs. DBO — 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: 66
NRSH Calmar Ratio Rank: 89
NRSH Martin Ratio Rank: 83

DBO

DBO Risk / Return Rank: 65
DBO Sharpe Ratio Rank: 70
DBO Sortino Ratio Rank: 62
DBO Omega Ratio Rank: 60
DBO Calmar Ratio Rank: 83
DBO Martin Ratio Rank: 52

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. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aztlan North America Nearshoring Stock Selection ETF (NRSH) and Invesco DB Oil Fund (DBO). 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	DBO	Difference
Sharpe ratio: Return per unit of total volatility	2.42	2.34	+0.08
Sortino ratio: Return per unit of downside risk	3.11	2.94	+0.17
Omega ratio: Gain probability vs. loss probability	1.40	1.38	+0.02
Calmar ratio: Return relative to maximum drawdown	5.40	4.44	+0.97
Martin ratio: Return relative to average drawdown	16.86	9.02	+7.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NRSH vs. DBO - Sharpe Ratio Comparison

The current NRSH Sharpe Ratio is 2.42, which is comparable to the DBO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of NRSH and DBO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NRSH	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.42	2.34	+0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.50	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.36	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.11	0.02	+1.09

Drawdowns

NRSH vs. DBO - Drawdown Comparison

The maximum NRSH drawdown since its inception was -24.01%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for NRSH and DBO.

Drawdown Indicators

	NRSH	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-24.01%	-90.18%	+66.17%
Max Drawdown (1Y) Largest decline over 1 year	-10.94%	-18.19%	+7.25%
Max Drawdown (3Y) Largest decline over 3 years	—	-28.20%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-37.68%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-61.69%	—
Current Drawdown Current decline from peak	0.00%	-51.38%	+51.38%
Average Drawdown Average peak-to-trough decline	-5.62%	-62.25%	+56.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.50%	8.92%	-5.42%

Volatility

NRSH vs. DBO - Volatility Comparison

The current volatility for Aztlan North America Nearshoring Stock Selection ETF (NRSH) is 9.21%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that NRSH experiences smaller price fluctuations and is considered to be less risky than DBO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NRSH	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.21%	12.61%	-3.40%
Volatility (6M) Calculated over the trailing 6-month period	20.27%	28.20%	-7.93%
Volatility (1Y) Calculated over the trailing 1-year period	24.44%	34.46%	-10.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.54%	32.29%	-10.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.54%	31.78%	-10.24%

NRSH vs. DBO - Expense Ratio Comparison

NRSH has a 0.75% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

NRSH vs. DBO - Dividend Comparison

NRSH's dividend yield for the trailing twelve months is around 0.28%, less than DBO's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	1.90%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
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%

Frequently Asked Questions

Can I hold both NRSH and DBO in my portfolio?

NRSH and DBO have a correlation of -0.21, 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 DBO?

DBO has higher volatility (12.61%) compared to NRSH (9.21%). In terms of maximum drawdown, NRSH dropped -24.01% vs DBO's -90.18%.

Which ETF is better, NRSH or DBO?

On 1-year performance, DBO leads with 80.26% 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.

Which ETF has performed better, NRSH or DBO?

Over the 1-year period, DBO has performed better with a 80.26% return vs 58.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NRSH or DBO?

NRSH is cheaper with a 0.75% expense ratio, compared with 0.78% for DBO.

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

DBO has the higher dividend yield at 1.90%, compared with 0.28% for NRSH.

What is the main difference between NRSH and DBO?

NRSH is categorized as Large Cap Blend Equities, while DBO is Oil & Gas. NRSH tracks Aztlan North America Nearshoring Price Return Index - Benchmark Price Return, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: Aztlan and Invesco. Their fees differ too: 0.75% for NRSH and 0.78% for DBO.

Which has better risk-adjusted returns?

NRSH currently has the higher Sharpe Ratio (2.42 vs 2.34), 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.