RWLC vs. NRSH

Last updated Jun 4, 2026

RWLC (Rayliant Wilshire NxtGen US Large Cap Equity ETF) and NRSH (Aztlan North America Nearshoring Stock Selection ETF) are both Large Cap Blend Equities funds - RWLC tracks the S&P 500 while NRSH tracks the Aztlan North America Nearshoring Price Return Index - Benchmark Price Return. Both are passively managed. Over the past year, RWLC returned 21.97% vs 58.80% for NRSH. A 0.53 correlation means they provide meaningful diversification when combined. RWLC charges 0.32%/yr vs 0.75%/yr for NRSH.

Performance

RWLC vs. NRSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Rayliant Wilshire NxtGen US Large Cap Equity ETF (RWLC) 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, RWLC achieves a 12.91% return, which is significantly lower than NRSH's 47.92% return.

RWLC

• 1D: -0.44%
• 1M: 6.22%
• YTD: 12.91%
• 6M: 15.36%
• 1Y: 21.97%
• 3Y*: 24.01%
• 5Y*: —
• 10Y*: —

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)

RWLC vs. NRSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
RWLC Rayliant Wilshire NxtGen US Large Cap Equity ETF	12.91%	20.23%	28.58%	4.90%
NRSH Aztlan North America Nearshoring Stock Selection ETF	47.92%	12.95%	-6.17%	8.65%

Correlation

The correlation between RWLC and NRSH is 0.53, 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	0.53
Correlation (All Time) Calculated using the full available price history since Dec 1, 2023	0.53

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

RWLC vs. NRSH - Sectors Allocation Comparison

Sectors	RWLC	NRSH
Technology	27.9%	35.5%
Financial Services	15.7%	-
Healthcare	11.8%	-
Consumer Cyclical	11.2%	-
Communication Services	9.7%	-
Consumer Defensive	6.8%	-
Energy	6.6%	2.5%
Industrials	5.6%	58.7%
Basic Materials	2.2%	-
Utilities	1.9%	-
Real Estate	0.7%	5.8%

Return for Risk

RWLC vs. NRSH — Risk / Return Rank

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

RWLC

RWLC Risk / Return Rank: 49
RWLC Sharpe Ratio Rank: 46
RWLC Sortino Ratio Rank: 49
RWLC Omega Ratio Rank: 47
RWLC Calmar Ratio Rank: 49
RWLC Martin Ratio Rank: 52

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.

RWLC vs. NRSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rayliant Wilshire NxtGen US Large Cap Equity ETF (RWLC) 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.

	RWLC	NRSH	Difference
Sharpe ratio: Return per unit of total volatility	1.59	2.42	-0.83
Sortino ratio: Return per unit of downside risk	2.39	3.11	-0.72
Omega ratio: Gain probability vs. loss probability	1.29	1.40	-0.11
Calmar ratio: Return relative to maximum drawdown	2.36	5.40	-3.04
Martin ratio: Return relative to average drawdown	8.78	16.86	-8.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RWLC vs. NRSH - Sharpe Ratio Comparison

The current RWLC Sharpe Ratio is 1.59, which is lower than the NRSH Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of RWLC 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

	RWLC	NRSH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.59	2.42	-0.83
Sharpe Ratio (All Time) Calculated using the full available price history	0.85	1.11	-0.26

Drawdowns

RWLC vs. NRSH - Drawdown Comparison

The maximum RWLC drawdown since its inception was -21.00%, smaller than the maximum NRSH drawdown of -24.01%. Use the drawdown chart below to compare losses from any high point for RWLC and NRSH.

Drawdown Indicators

	RWLC	NRSH	Difference
Max Drawdown Largest peak-to-trough decline	-21.00%	-24.01%	+3.01%
Max Drawdown (1Y) Largest decline over 1 year	-9.33%	-10.94%	+1.61%
Max Drawdown (3Y) Largest decline over 3 years	-16.20%	—	—
Current Drawdown Current decline from peak	-0.44%	0.00%	-0.44%
Average Drawdown Average peak-to-trough decline	-5.43%	-5.62%	+0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.51%	3.50%	-0.99%

Volatility

RWLC vs. NRSH - Volatility Comparison

The current volatility for Rayliant Wilshire NxtGen US Large Cap Equity ETF (RWLC) is 2.66%, while Aztlan North America Nearshoring Stock Selection ETF (NRSH) has a volatility of 9.21%. This indicates that RWLC 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

	RWLC	NRSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.66%	9.21%	-6.55%
Volatility (6M) Calculated over the trailing 6-month period	10.97%	20.27%	-9.30%
Volatility (1Y) Calculated over the trailing 1-year period	13.88%	24.44%	-10.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.48%	21.54%	-5.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.48%	21.54%	-5.06%

RWLC vs. NRSH - Expense Ratio Comparison

RWLC has a 0.32% expense ratio, which is lower than NRSH's 0.75% expense ratio.

Dividends

RWLC vs. NRSH - Dividend Comparison

RWLC's dividend yield for the trailing twelve months is around 13.01%, more than NRSH's 0.28% yield.

Position	TTM	2025	2024	2023	2022	2021
NRSH Aztlan North America Nearshoring Stock Selection ETF	0.28%	0.42%	0.90%	0.17%	0.00%	0.00%
RWLC Rayliant Wilshire NxtGen US Large Cap Equity ETF	13.01%	14.69%	0.98%	1.63%	1.39%	0.01%

Frequently Asked Questions

Can I hold both RWLC and NRSH in my portfolio?

RWLC 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, RWLC or NRSH?

NRSH has higher volatility (9.21%) compared to RWLC (2.66%). In terms of maximum drawdown, RWLC dropped -21.00% vs NRSH's -24.01%.

Which ETF is better, RWLC or NRSH?

On 1-year performance, NRSH leads with 58.80% vs 21.97% for RWLC. On fees, RWLC is cheaper at 0.32% per year. On volatility, RWLC has been the lower-risk option at 2.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RWLC or NRSH?

Over the 1-year period, NRSH has performed better with a 58.80% return vs 21.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RWLC or NRSH?

RWLC is cheaper with a 0.32% expense ratio, compared with 0.75% for NRSH.

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

RWLC has the higher dividend yield at 13.01%, compared with 0.28% for NRSH.

What is the main difference between RWLC and NRSH?

RWLC tracks S&P 500, while NRSH tracks Aztlan North America Nearshoring Price Return Index - Benchmark Price Return. They also come from different issuers: Rayliant and Aztlan. Their fees differ too: 0.32% for RWLC and 0.75% for NRSH.

Which has better risk-adjusted returns?

NRSH currently has the higher Sharpe Ratio (2.42 vs 1.59), 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.