NRSH vs. SPXM

Last updated Apr 2, 2026

Compare and contrast key facts about Aztlan North America Nearshoring Stock Selection ETF (NRSH) and Azoria 500 Meritocracy ETF (SPXM).

NRSH and SPXM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. NRSH is a passively managed fund by Aztlan that tracks the performance of the Aztlan North America Nearshoring Price Return Index - Benchmark Price Return. It was launched on Nov 29, 2023. SPXM is an actively managed fund by Azoria. It was launched on Jul 7, 2025.

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.

NRSH vs. SPXM - Yearly Performance Comparison

	2026 (YTD)	2025
NRSH Aztlan North America Nearshoring Stock Selection ETF	8.58%	4.75%
SPXM Azoria 500 Meritocracy ETF	0.00%	9.16%

Returns By Period

NRSH

• 1D: 2.72%
• 1M: -1.76%
• YTD: 8.58%
• 6M: 8.25%
• 1Y: 24.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPXM

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 1.63%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NRSH vs. SPXM - Expense Ratio Comparison

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

NRSH

Aztlan North America Nearshoring Stock Selection ETF

SPXM

Azoria 500 Meritocracy ETF

Return for Risk

NRSH vs. SPXM — Risk / Return Rank

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

NRSH

NRSH Risk / Return Rank: 58
NRSH Sharpe Ratio Rank: 53
NRSH Sortino Ratio Rank: 54
NRSH Omega Ratio Rank: 45
NRSH Calmar Ratio Rank: 75
NRSH Martin Ratio Rank: 61

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. 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.

	NRSH	SPXM	Difference
Sharpe ratio Return per unit of total volatility	1.00	—	—
Sortino ratio Return per unit of downside risk	1.50	—	—
Omega ratio Gain probability vs. loss probability	1.19	—	—
Calmar ratio Return relative to maximum drawdown	2.21	—	—
Martin ratio Return relative to average drawdown	6.77	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	NRSH	SPXM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.00	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	1.82	-1.33

Correlation

The correlation between NRSH and SPXM is 0.45, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

NRSH vs. SPXM - Dividend Comparison

NRSH's dividend yield for the trailing twelve months is around 0.38%, more than SPXM's 0.24% yield.

	TTM	2025	2024	2023
NRSH Aztlan North America Nearshoring Stock Selection ETF	0.38%	0.42%	0.90%	0.17%
SPXM Azoria 500 Meritocracy ETF	0.24%	0.24%	0.00%	0.00%

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	-11.50%	—	—
Current Drawdown Current decline from peak	-3.20%	-0.75%	-2.45%
Average Drawdown Average peak-to-trough decline	-5.94%	-0.80%	-5.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.76%	—	—

Volatility

Volatility by Period

	NRSH	SPXM	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.78%	—	—
Volatility (6M) Calculated over the trailing 6-month period	18.81%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	24.79%	9.34%	+15.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.81%	9.34%	+11.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.81%	9.34%	+11.47%