NRSH vs. SPXM

Last updated Aug 4, 2026

NRSH (Aztlan North America Nearshoring Stock Selection ETF) and SPXM (Azoria 500 Meritocracy ETF) are both Large Cap Blend Equities funds. NRSH is passively managed, while SPXM is actively managed. Over the past year, NRSH returned 50.05% vs 8.90% for SPXM. Their 0.33 correlation means their historical movements had little consistent relationship. NRSH charges 0.75%/yr vs 0.47%/yr for SPXM.

Performance

NRSH vs. SPXM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Aztlan North America Nearshoring Stock Selection ETF (NRSH) and Azoria 500 Meritocracy ETF (SPXM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

NRSH

• 1D: 1.65%
• 1M: -3.34%
• 6M: 23.82%
• YTD: 35.88%
• 1Y: 50.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 18.42%

SPXM

• 1D: 0.00%
• 1M: 0.00%
• 6M: 0.00%
• YTD: 0.00%
• 1Y: 8.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.63%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
NRSH Aztlan North America Nearshoring Stock Selection ETF	$198.65K	$150.08K	$89.39K
SPXM Azoria 500 Meritocracy ETF	$0.00	$0.00	$0.00

NRSH vs. SPXM - Yearly Performance Comparison

	2026 (YTD)	2025
NRSH Aztlan North America Nearshoring Stock Selection ETF	35.88%	5.35%
SPXM Azoria 500 Meritocracy ETF	0.00%	9.27%

Correlation

The correlation between NRSH and SPXM is 0.32, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.32
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	0.33

Return for Risk

NRSH vs. SPXM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NRSH

NRSH Risk / Return Rank: 77
NRSH Sharpe Ratio Rank: 76
NRSH Sortino Ratio Rank: 71
NRSH Omega Ratio Rank: 67
NRSH Calmar Ratio Rank: 87
NRSH Martin Ratio Rank: 84

SPXM

SPXM Risk / Return Rank: 68
SPXM Sharpe Ratio Rank: 59
SPXM Sortino Ratio Rank: 59
SPXM Omega Ratio Rank: 90
SPXM Calmar Ratio Rank: 57
SPXM Martin Ratio Rank: 75

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NRSH vs. SPXM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aztlan North America Nearshoring Stock Selection ETF (NRSH) and Azoria 500 Meritocracy ETF (SPXM). 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	SPXM	Difference
Sharpe ratio: Return per unit of total volatility	1.83	1.49	+0.35
Sortino ratio: Return per unit of downside risk	2.44	2.14	+0.31
Omega ratio: Gain probability vs. loss probability	1.30	1.44	-0.14
Calmar ratio: Return relative to maximum drawdown	3.63	2.16	+1.48
Martin ratio: Return relative to average drawdown	12.40	10.12	+2.28

NRSH vs. SPXM - Sharpe Ratio Comparison

The current NRSH Sharpe Ratio is 1.83, which is comparable to the SPXM Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of NRSH and SPXM, 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. SPXM - Drawdown Comparison

The maximum NRSH drawdown since its inception was -24.01%, which is greater than SPXM's maximum drawdown of -5.08%. Use the drawdown chart below to compare losses from any high point for NRSH and SPXM.

Drawdown Indicators

	NRSH	SPXM	Difference
Max Drawdown Largest peak-to-trough decline	-24.01%	-5.08%	-18.93%
Max Drawdown (1Y) Largest decline over 1 year	-13.84%	-5.08%	-8.76%
Current Drawdown Current decline from peak	-8.72%	-0.75%	-7.97%
Average Drawdown Average peak-to-trough decline	-5.58%	-0.78%	-4.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.05%	—	—

Volatility

NRSH vs. SPXM - Volatility Comparison

Aztlan North America Nearshoring Stock Selection ETF (NRSH) has a higher volatility of 8.71% compared to Azoria 500 Meritocracy ETF (SPXM) at 0.00%. This indicates that NRSH's price experiences larger fluctuations and is considered to be riskier than SPXM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NRSH	SPXM	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.71%	0.00%	+8.71%
Volatility (6M) Calculated over the trailing 6-month period	23.07%	1.22%	+21.85%
Volatility (1Y) Calculated over the trailing 1-year period	27.49%	7.38%	+20.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.50%	7.39%	+15.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.50%	7.39%	+15.11%

NRSH vs. SPXM - Expense Ratio Comparison

NRSH has a 0.75% expense ratio, which is higher than SPXM's 0.47% expense ratio.

Dividends

NRSH vs. SPXM - Dividend Comparison

NRSH's dividend yield for the trailing twelve months is around 0.31%, more than SPXM's 0.24% yield.

Position	TTM	2025	2024	2023
NRSH Aztlan North America Nearshoring Stock Selection ETF	0.31%	0.42%	0.90%	0.17%
SPXM Azoria 500 Meritocracy ETF	0.24%	0.24%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NRSH and SPXM in my portfolio?

NRSH and SPXM have a correlation of 0.32, 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 SPXM?

NRSH has higher volatility (8.71%) compared to SPXM (0.00%). In terms of maximum drawdown, NRSH dropped -24.01% vs SPXM's -5.08%.

Which ETF is better, NRSH or SPXM?

On 1-year performance, NRSH leads with 50.05% vs 8.90% for SPXM. On fees, SPXM is cheaper at 0.47% per year. On volatility, SPXM has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NRSH or SPXM?

Over the 1-year period, NRSH has performed better with a 50.05% return vs 8.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NRSH or SPXM?

SPXM is cheaper with a 0.47% expense ratio, compared with 0.75% for NRSH.

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

NRSH has the higher dividend yield at 0.31%, compared with 0.24% for SPXM.

What is the main difference between NRSH and SPXM?

They also come from different issuers: Aztlan and Azoria. Their fees differ too: 0.75% for NRSH and 0.47% for SPXM.

Which has better risk-adjusted returns?

NRSH currently has the higher Sharpe Ratio (1.83 vs 1.49), 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.