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NRSH vs. USMV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

NRSH vs. USMV

Last updated Jul 15, 2026
Documentation

NRSH (Aztlan North America Nearshoring Stock Selection ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both Large Cap Blend Equities funds - NRSH tracks the Aztlan North America Nearshoring Price Return Index - Benchmark Price Return while USMV tracks the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past year, NRSH returned 49.98% vs 5.50% for USMV. At a 0.45 correlation, their price movements are largely independent. NRSH charges 0.75%/yr vs 0.15%/yr for USMV.

Performance

NRSH vs. USMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Aztlan North America Nearshoring Stock Selection ETF (NRSH) and iShares MSCI USA Min Vol Factor ETF (USMV). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, NRSH achieves a 43.49% return, which is significantly higher than USMV's 3.64% return.

NRSH

1D
2.35%
1M
-1.17%
6M
33.64%
YTD
43.49%
1Y
49.98%
3Y*
—
5Y*
—
10Y*
—

USMV

1D
-0.96%
1M
1.18%
6M
3.50%
YTD
3.64%
1Y
5.50%
3Y*
11.07%
5Y*
6.93%
10Y*
9.48%
*Multi-year figures are annualized to reflect compound growth (CAGR)

NRSH vs. USMV - Yearly Performance Comparison

2026 (YTD)202520242023
NRSH
Aztlan North America Nearshoring Stock Selection ETF		43.49%12.95%-6.17%9.15%
USMV
iShares MSCI USA Min Vol Factor ETF		3.64%7.65%15.74%3.80%

Correlation

The correlation between NRSH and USMV is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.23

Correlation (All Time)
Calculated using the full available price history since Nov 30, 2023

0.45

Over the past year, the correlation between NRSH and USMV has dropped to 0.23 - well below their long-term average of 0.45, suggesting their price drivers have been diverging.

NRSH vs. USMV - Sectors Allocation Comparison

Sectors
NRSH
USMV

Industrials

57.9%
6.1%

Technology

36.7%
33.9%

Real Estate

5.4%
2.5%

Energy

2.5%
2.7%

Basic Materials

-

2.4%

Communication Services

-

6.2%

Consumer Cyclical

-

5.7%

Consumer Defensive

-

9.4%

Financial Services

-

11.7%

Healthcare

-

12.6%

Utilities

-

6.9%

Industrials

NRSH
57.9%
USMV
6.1%

Technology

NRSH
36.7%
USMV
33.9%

Real Estate

NRSH
5.4%
USMV
2.5%

Energy

NRSH
2.5%
USMV
2.7%

Basic Materials

NRSH

-

USMV
2.4%

Communication Services

NRSH

-

USMV
6.2%

Consumer Cyclical

NRSH

-

USMV
5.7%

Consumer Defensive

NRSH

-

USMV
9.4%

Financial Services

NRSH

-

USMV
11.7%

Healthcare

NRSH

-

USMV
12.6%

Utilities

NRSH

-

USMV
6.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Aztlan North America Nearshoring Stock Selection ETF

iShares MSCI USA Min Vol Factor ETF

Often compared with NRSH:
NRSH vs. AZTDNRSH vs. IVWNRSH vs. AIRRNRSH vs. ARKQNRSH vs. BSJONRSH vs. FLCCNRSH vs. SMH
Often compared with USMV:
USMV vs. SPLVUSMV vs. SPYUSMV vs. VOOUSMV vs. QUALUSMV vs. VFMVUSMV vs. ACWVUSMV vs. VTI

Return for Risk

NRSH vs. USMV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
NRSH
NRSH Risk / Return Rank: 7676
Overall Rank
NRSH Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
NRSH Sortino Ratio Rank: 6868
Sortino Ratio Rank
NRSH Omega Ratio Rank: 6464
Omega Ratio Rank
NRSH Calmar Ratio Rank: 9191
Calmar Ratio Rank
NRSH Martin Ratio Rank: 8585
Martin Ratio Rank
USMV
USMV Risk / Return Rank: 2222
Overall Rank
USMV Sharpe Ratio Rank: 2323
Sharpe Ratio Rank
USMV Sortino Ratio Rank: 2121
Sortino Ratio Rank
USMV Omega Ratio Rank: 2020
Omega Ratio Rank
USMV Calmar Ratio Rank: 2323
Calmar Ratio Rank
USMV Martin Ratio Rank: 2626
Martin Ratio Rank
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. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aztlan North America Nearshoring Stock Selection ETF (NRSH) and iShares MSCI USA Min Vol Factor ETF (USMV). 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.

NRSHUSMVDifference
Sharpe ratioReturn per unit of total volatility
1.87
0.65

+1.23

Sortino ratioReturn per unit of downside risk
2.48
0.96

+1.52

Omega ratioGain probability vs. loss probability

1.31

1.11

+0.19

Calmar ratioReturn relative to maximum drawdown

4.59

0.86

+3.74

Martin ratioReturn relative to average drawdown

13.73

2.80

+10.94

NRSH vs. USMV - Sharpe Ratio Comparison

The current NRSH Sharpe Ratio is 1.87, which is higher than the USMV Sharpe Ratio of 0.65. The chart below compares the historical Sharpe Ratios of NRSH and USMV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

NRSH vs. USMV - Drawdown Comparison

The maximum NRSH drawdown since its inception was -24.01%, smaller than the maximum USMV drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for NRSH and USMV.

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Drawdown Indicators

NRSHUSMVDifference

Max Drawdown

Largest peak-to-trough decline

-24.01%

-33.10%

+9.09%

Max Drawdown (1Y)

Largest decline over 1 year

-10.94%

-6.46%

-4.48%

Max Drawdown (3Y)

Largest decline over 3 years

—

-9.36%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-17.93%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.10%

—

Current Drawdown

Current decline from peak

-3.61%

-1.49%

-2.12%

Average Drawdown

Average peak-to-trough decline

-5.52%

-2.87%

-2.65%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.66%

1.97%

+1.69%

Volatility

NRSH vs. USMV - Volatility Comparison

Aztlan North America Nearshoring Stock Selection ETF (NRSH) has a higher volatility of 8.86% compared to iShares MSCI USA Min Vol Factor ETF (USMV) at 2.75%. This indicates that NRSH's price experiences larger fluctuations and is considered to be riskier than USMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

NRSHUSMVDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.86%

2.75%

+6.11%

Volatility (6M)

Calculated over the trailing 6-month period

22.50%

6.30%

+16.20%

Volatility (1Y)

Calculated over the trailing 1-year period

26.80%

8.52%

+18.28%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.31%

12.37%

+9.94%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.31%

14.50%

+7.81%

NRSH vs. USMV - Expense Ratio Comparison

NRSH has a 0.75% expense ratio, which is higher than USMV's 0.15% expense ratio.

Dividends

NRSH vs. USMV - Dividend Comparison

NRSH's dividend yield for the trailing twelve months is around 0.29%, less than USMV's 1.49% yield.

PositionTTM20252024202320222021202020192018201720162015
NRSH
Aztlan North America Nearshoring Stock Selection ETF		0.29%0.42%0.90%0.17%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
USMV
iShares MSCI USA Min Vol Factor ETF		1.49%1.49%1.67%1.82%1.62%1.26%1.81%1.88%2.12%1.77%2.22%2.02%

Frequently Asked Questions

NRSH and USMV have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

NRSH has higher volatility (8.86%) compared to USMV (2.75%). In terms of maximum drawdown, NRSH dropped -24.01% vs USMV's -33.10%.

On 1-year performance, NRSH leads with 49.98% vs 5.50% for USMV. On fees, USMV is cheaper at 0.15% per year. On volatility, USMV has been the lower-risk option at 2.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 1-year period, NRSH has performed better with a 49.98% return vs 5.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

USMV is cheaper with a 0.15% expense ratio, compared with 0.75% for NRSH.

USMV has the higher dividend yield at 1.49%, compared with 0.29% for NRSH.

NRSH tracks Aztlan North America Nearshoring Price Return Index - Benchmark Price Return, while USMV tracks MSCI USA Minimum Volatility Index. They also come from different issuers: Aztlan and iShares. Their fees differ too: 0.75% for NRSH and 0.15% for USMV.

NRSH currently has the higher Sharpe Ratio (1.87 vs 0.65), 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.

Portfolio Optimizer

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