QLC vs. NRSH

Last updated Jun 4, 2026

QLC (FlexShares US Quality Large Cap Index Fund) and NRSH (Aztlan North America Nearshoring Stock Selection ETF) are both Large Cap Blend Equities funds - QLC tracks the Northern Trust Quality Large Cap Index while NRSH tracks the Aztlan North America Nearshoring Price Return Index - Benchmark Price Return. Both are passively managed. Over the past year, QLC returned 33.09% vs 58.80% for NRSH. A 0.66 correlation means they provide meaningful diversification when combined. QLC charges 0.25%/yr vs 0.75%/yr for NRSH.

Performance

QLC vs. NRSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares US Quality Large Cap Index Fund (QLC) and Aztlan North America Nearshoring Stock Selection ETF (NRSH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QLC achieves a 11.39% return, which is significantly lower than NRSH's 47.92% return.

QLC

• 1D: -0.74%
• 1M: 5.38%
• YTD: 11.39%
• 6M: 11.88%
• 1Y: 33.09%
• 3Y*: 25.39%
• 5Y*: 15.29%
• 10Y*: 14.83%

NRSH

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

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

QLC vs. NRSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
QLC FlexShares US Quality Large Cap Index Fund	11.39%	23.26%	26.71%	4.85%
NRSH Aztlan North America Nearshoring Stock Selection ETF	47.92%	12.95%	-6.17%	8.65%

Correlation

The correlation between QLC and NRSH is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (All Time) Calculated using the full available price history since Dec 1, 2023	0.66

The correlation between QLC and NRSH has been stable across timeframes, ranging from 0.66 to 0.74 - a consistent structural relationship.

QLC vs. NRSH - Sectors Allocation Comparison

Sectors	QLC	NRSH
Technology	34.8%	35.5%
Financial Services	13.8%	-
Communication Services	13.8%	-
Healthcare	10.1%	-
Consumer Cyclical	7.9%	-
Industrials	6.6%	58.7%
Utilities	3.4%	-
Consumer Defensive	3.2%	-
Real Estate	2.3%	5.8%
Basic Materials	2.2%	-
Energy	2.0%	2.5%

Return for Risk

QLC vs. NRSH — Risk / Return Rank

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

QLC

QLC Risk / Return Rank: 81
QLC Sharpe Ratio Rank: 82
QLC Sortino Ratio Rank: 82
QLC Omega Ratio Rank: 80
QLC Calmar Ratio Rank: 75
QLC Martin Ratio Rank: 85

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

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.

QLC vs. NRSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares US Quality Large Cap Index Fund (QLC) and Aztlan North America Nearshoring Stock Selection ETF (NRSH). 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.

	QLC	NRSH	Difference
Sharpe ratio: Return per unit of total volatility	2.69	2.42	+0.27
Sortino ratio: Return per unit of downside risk	3.71	3.11	+0.61
Omega ratio: Gain probability vs. loss probability	1.48	1.40	+0.08
Calmar ratio: Return relative to maximum drawdown	3.76	5.40	-1.64
Martin ratio: Return relative to average drawdown	17.59	16.86	+0.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QLC vs. NRSH - Sharpe Ratio Comparison

The current QLC Sharpe Ratio is 2.69, which is comparable to the NRSH Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of QLC and NRSH, 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

	QLC	NRSH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.69	2.42	+0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.91	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.81	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	1.11	-0.31

Drawdowns

QLC vs. NRSH - Drawdown Comparison

The maximum QLC drawdown since its inception was -35.86%, which is greater than NRSH's maximum drawdown of -24.01%. Use the drawdown chart below to compare losses from any high point for QLC and NRSH.

Drawdown Indicators

	QLC	NRSH	Difference
Max Drawdown Largest peak-to-trough decline	-35.86%	-24.01%	-11.85%
Max Drawdown (1Y) Largest decline over 1 year	-8.84%	-10.94%	+2.10%
Max Drawdown (3Y) Largest decline over 3 years	-18.49%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-23.81%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-35.86%	—	—
Current Drawdown Current decline from peak	-0.74%	0.00%	-0.74%
Average Drawdown Average peak-to-trough decline	-4.54%	-5.62%	+1.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.89%	3.50%	-1.61%

Volatility

QLC vs. NRSH - Volatility Comparison

The current volatility for FlexShares US Quality Large Cap Index Fund (QLC) is 2.94%, while Aztlan North America Nearshoring Stock Selection ETF (NRSH) has a volatility of 9.21%. This indicates that QLC experiences smaller price fluctuations and is considered to be less risky than NRSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QLC	NRSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.94%	9.21%	-6.27%
Volatility (6M) Calculated over the trailing 6-month period	9.51%	20.27%	-10.76%
Volatility (1Y) Calculated over the trailing 1-year period	12.38%	24.44%	-12.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.82%	21.54%	-4.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.42%	21.54%	-3.12%

QLC vs. NRSH - Expense Ratio Comparison

QLC has a 0.25% expense ratio, which is lower than NRSH's 0.75% expense ratio.

Dividends

QLC vs. NRSH - Dividend Comparison

QLC's dividend yield for the trailing twelve months is around 0.88%, more than NRSH's 0.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%	0.00%
QLC FlexShares US Quality Large Cap Index Fund	0.88%	0.94%	1.03%	1.26%	1.46%	0.96%	1.40%	1.91%	1.82%	1.29%	1.80%	0.64%

Frequently Asked Questions

Can I hold both QLC and NRSH in my portfolio?

QLC and NRSH have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QLC or NRSH?

NRSH has higher volatility (9.21%) compared to QLC (2.94%). In terms of maximum drawdown, QLC dropped -35.86% vs NRSH's -24.01%.

Which ETF is better, QLC or NRSH?

On 1-year performance, NRSH leads with 58.80% vs 33.09% for QLC. On fees, QLC is cheaper at 0.25% per year. On volatility, QLC has been the lower-risk option at 2.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QLC or NRSH?

Over the 1-year period, NRSH has performed better with a 58.80% return vs 33.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QLC or NRSH?

QLC is cheaper with a 0.25% expense ratio, compared with 0.75% for NRSH.

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

QLC has the higher dividend yield at 0.88%, compared with 0.28% for NRSH.

What is the main difference between QLC and NRSH?

QLC tracks Northern Trust Quality Large Cap Index, while NRSH tracks Aztlan North America Nearshoring Price Return Index - Benchmark Price Return. They also come from different issuers: Northern Trust and Aztlan. Their fees differ too: 0.25% for QLC and 0.75% for NRSH.

Which has better risk-adjusted returns?

QLC currently has the higher Sharpe Ratio (2.69 vs 2.42), 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.