QUS vs. NRSH

Last updated Aug 4, 2026

QUS (State Street SPDR MSCI USA StrategicFactors ETF) and NRSH (Aztlan North America Nearshoring Stock Selection ETF) are both Large Cap Blend Equities funds - QUS tracks the MSCI USA Factor Mix A-Series Capped Index while NRSH tracks the Aztlan North America Nearshoring Price Return Index - Benchmark Price Return. Both are passively managed. Over the past year, QUS returned 19.80% vs 50.05% for NRSH. Their 0.61 correlation means they have sometimes moved together and sometimes differently. QUS charges 0.15%/yr vs 0.75%/yr for NRSH.

Performance

QUS vs. NRSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR MSCI USA StrategicFactors ETF (QUS) 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, QUS achieves a 10.23% return, which is significantly lower than NRSH's 35.88% return.

QUS

• 1D: 0.83%
• 1M: 1.29%
• 6M: 7.60%
• YTD: 10.23%
• 1Y: 19.80%
• 3Y*: 17.10%
• 5Y*: 10.91%
• 10Y*: 13.54%
• ALL TIME*: 12.75%

NRSH

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

*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
QUS State Street SPDR MSCI USA StrategicFactors ETF	$3.01M	$4.81M	$3.43M

QUS vs. NRSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
QUS State Street SPDR MSCI USA StrategicFactors ETF	10.23%	14.13%	18.99%	5.02%
NRSH Aztlan North America Nearshoring Stock Selection ETF	35.88%	12.95%	-6.17%	9.15%

Correlation

The correlation between QUS and NRSH is 0.53, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.53
Correlation (All Time) Calculated using the full available price history since Nov 30, 2023	0.61

The correlation between QUS and NRSH has been stable across timeframes, ranging from 0.53 to 0.61 - a consistent structural relationship.

QUS vs. NRSH - Sectors Allocation Comparison

Sectors	QUS	NRSH
Technology	28.4%	56.1%
Financial Services	15.7%	-
Healthcare	14.4%	-
Consumer Defensive	8.3%	-
Communication Services	8.2%	-
Industrials	8.1%	41.1%
Consumer Cyclical	5.7%	-
Utilities	3.9%	-
Energy	3.3%	2.5%
Basic Materials	2.2%	-
Real Estate	1.6%	2.8%

Return for Risk

QUS vs. NRSH — Risk / Return Rank

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

QUS

QUS Risk / Return Rank: 85
QUS Sharpe Ratio Rank: 87
QUS Sortino Ratio Rank: 88
QUS Omega Ratio Rank: 86
QUS Calmar Ratio Rank: 78
QUS Martin Ratio Rank: 86

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

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.

QUS vs. NRSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR MSCI USA StrategicFactors ETF (QUS) 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.

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.

	QUS	NRSH	Difference
Sharpe ratio: Return per unit of total volatility	2.16	1.83	+0.33
Sortino ratio: Return per unit of downside risk	3.05	2.44	+0.61
Omega ratio: Gain probability vs. loss probability	1.39	1.30	+0.09
Calmar ratio: Return relative to maximum drawdown	2.90	3.63	-0.73
Martin ratio: Return relative to average drawdown	12.95	12.40	+0.55

QUS vs. NRSH - Sharpe Ratio Comparison

The current QUS Sharpe Ratio is 2.16, which is comparable to the NRSH Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of QUS 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.

Drawdowns

QUS vs. NRSH - Drawdown Comparison

The maximum QUS drawdown since its inception was -33.78%, which is greater than NRSH's maximum drawdown of -24.01%. Use the drawdown chart below to compare losses from any high point for QUS and NRSH.

Drawdown Indicators

	QUS	NRSH	Difference
Max Drawdown Largest peak-to-trough decline	-33.78%	-24.01%	-9.77%
Max Drawdown (1Y) Largest decline over 1 year	-6.85%	-13.84%	+6.99%
Max Drawdown (3Y) Largest decline over 3 years	-13.94%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.30%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.78%	—	—
Current Drawdown Current decline from peak	0.00%	-8.72%	+8.72%
Average Drawdown Average peak-to-trough decline	-3.66%	-5.58%	+1.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.53%	4.05%	-2.52%

Volatility

QUS vs. NRSH - Volatility Comparison

The current volatility for State Street SPDR MSCI USA StrategicFactors ETF (QUS) is 2.42%, while Aztlan North America Nearshoring Stock Selection ETF (NRSH) has a volatility of 8.71%. This indicates that QUS 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

	QUS	NRSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.42%	8.71%	-6.29%
Volatility (6M) Calculated over the trailing 6-month period	6.97%	23.07%	-16.10%
Volatility (1Y) Calculated over the trailing 1-year period	9.22%	27.49%	-18.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.32%	22.50%	-8.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.40%	22.50%	-6.10%

QUS vs. NRSH - Expense Ratio Comparison

QUS has a 0.15% expense ratio, which is lower than NRSH's 0.75% expense ratio.

Dividends

QUS vs. NRSH - Dividend Comparison

QUS's dividend yield for the trailing twelve months is around 1.27%, more than NRSH's 0.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NRSH Aztlan North America Nearshoring Stock Selection ETF	0.31%	0.42%	0.90%	0.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QUS State Street SPDR MSCI USA StrategicFactors ETF	1.27%	1.38%	1.49%	1.57%	1.68%	1.27%	1.73%	1.81%	2.12%	1.86%	2.07%	1.48%

Frequently Asked Questions

Can I hold both QUS and NRSH in my portfolio?

QUS and NRSH have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QUS or NRSH?

NRSH has higher volatility (8.71%) compared to QUS (2.42%). In terms of maximum drawdown, QUS dropped -33.78% vs NRSH's -24.01%.

Which ETF is better, QUS or NRSH?

On 1-year performance, NRSH leads with 50.05% vs 19.80% for QUS. On fees, QUS is cheaper at 0.15% per year. On volatility, QUS has been the lower-risk option at 2.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QUS or NRSH?

Over the 1-year period, NRSH has performed better with a 50.05% return vs 19.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QUS or NRSH?

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

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

QUS has the higher dividend yield at 1.27%, compared with 0.31% for NRSH.

What is the main difference between QUS and NRSH?

QUS tracks MSCI USA Factor Mix A-Series Capped Index, while NRSH tracks Aztlan North America Nearshoring Price Return Index - Benchmark Price Return. They also come from different issuers: State Street and Aztlan. Their fees differ too: 0.15% for QUS and 0.75% for NRSH.

Which has better risk-adjusted returns?

QUS currently has the higher Sharpe Ratio (2.16 vs 1.83), 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.