NRSH vs. THLV

Last updated Apr 2, 2026

Compare and contrast key facts about Aztlan North America Nearshoring Stock Selection ETF (NRSH) and THOR Equal Weight Low Volatility ETF (THLV).

NRSH and THLV 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. THLV is a passively managed fund by THOR that tracks the performance of the THOR Equal Weight Low Volatility Index. It was launched on Sep 12, 2022. Both NRSH and THLV are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

NRSH vs. THLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Aztlan North America Nearshoring Stock Selection ETF (NRSH) and THOR Equal Weight Low Volatility ETF (THLV). The values are adjusted to include any dividend payments, if applicable.

NRSH vs. THLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NRSH Aztlan North America Nearshoring Stock Selection ETF	8.58%	12.95%	-6.17%	8.65%
THLV THOR Equal Weight Low Volatility ETF	6.72%	10.50%	9.52%	5.60%

Returns By Period

In the year-to-date period, NRSH achieves a 8.58% return, which is significantly higher than THLV's 6.72% return.

NRSH

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

THLV

• 1D: -0.09%
• 1M: -4.34%
• YTD: 6.72%
• 6M: 7.72%
• 1Y: 20.34%
• 3Y*: 11.17%
• 5Y*: —
• 10Y*: —

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

NRSH vs. THLV - Expense Ratio Comparison

NRSH has a 0.75% expense ratio, which is higher than THLV's 0.64% expense ratio.

NRSH

Aztlan North America Nearshoring Stock Selection ETF

THLV

THOR Equal Weight Low Volatility ETF

Return for Risk

NRSH vs. THLV — 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

THLV

THLV Risk / Return Rank: 86
THLV Sharpe Ratio Rank: 86
THLV Sortino Ratio Rank: 88
THLV Omega Ratio Rank: 82
THLV Calmar Ratio Rank: 87
THLV Martin Ratio Rank: 85

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. THLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aztlan North America Nearshoring Stock Selection ETF (NRSH) and THOR Equal Weight Low Volatility ETF (THLV). 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	THLV	Difference
Sharpe ratio Return per unit of total volatility	1.00	1.81	-0.81
Sortino ratio Return per unit of downside risk	1.50	2.53	-1.02
Omega ratio Gain probability vs. loss probability	1.19	1.34	-0.15
Calmar ratio Return relative to maximum drawdown	2.21	3.00	-0.79
Martin ratio Return relative to average drawdown	6.77	10.82	-4.05
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. THLV - Sharpe Ratio Comparison

The current NRSH Sharpe Ratio is 1.00, which is lower than the THLV Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of NRSH and THLV, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	NRSH	THLV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.00	1.81	-0.81
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.85	-0.37

Correlation

The correlation between NRSH and THLV is 0.65, 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. THLV - Dividend Comparison

NRSH's dividend yield for the trailing twelve months is around 0.38%, less than THLV's 1.66% yield.

	TTM	2025	2024	2023	2022
NRSH Aztlan North America Nearshoring Stock Selection ETF	0.38%	0.42%	0.90%	0.17%	0.00%
THLV THOR Equal Weight Low Volatility ETF	1.66%	1.77%	1.25%	2.72%	0.62%

Drawdowns

NRSH vs. THLV - Drawdown Comparison

The maximum NRSH drawdown since its inception was -24.01%, which is greater than THLV's maximum drawdown of -13.15%. Use the drawdown chart below to compare losses from any high point for NRSH and THLV.

Drawdown Indicators

	NRSH	THLV	Difference
Max Drawdown Largest peak-to-trough decline	-24.01%	-13.15%	-10.86%
Max Drawdown (1Y) Largest decline over 1 year	-11.50%	-6.66%	-4.84%
Current Drawdown Current decline from peak	-3.20%	-4.46%	+1.26%
Average Drawdown Average peak-to-trough decline	-5.94%	-3.75%	-2.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.76%	1.85%	+1.91%

Volatility

NRSH vs. THLV - Volatility Comparison

Aztlan North America Nearshoring Stock Selection ETF (NRSH) has a higher volatility of 10.78% compared to THOR Equal Weight Low Volatility ETF (THLV) at 3.33%. This indicates that NRSH's price experiences larger fluctuations and is considered to be riskier than THLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NRSH	THLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.78%	3.33%	+7.45%
Volatility (6M) Calculated over the trailing 6-month period	18.81%	7.61%	+11.20%
Volatility (1Y) Calculated over the trailing 1-year period	24.79%	11.29%	+13.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.81%	11.80%	+9.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.81%	11.80%	+9.01%