SPXM vs. NRSH

Last updated Jun 4, 2026

SPXM (Azoria 500 Meritocracy ETF) and NRSH (Aztlan North America Nearshoring Stock Selection ETF) are both Large Cap Blend Equities funds. SPXM is actively managed, while NRSH is passively managed. At a 0.37 correlation, their price movements are largely independent. SPXM charges 0.47%/yr vs 0.75%/yr for NRSH.

Performance

SPXM vs. NRSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Azoria 500 Meritocracy ETF (SPXM) and Aztlan North America Nearshoring Stock Selection ETF (NRSH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPXM

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: -0.14%
• 1Y: —
• 3Y*: —
• 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)

SPXM vs. NRSH - Yearly Performance Comparison

	2026 (YTD)	2025
SPXM Azoria 500 Meritocracy ETF	0.00%	9.16%
NRSH Aztlan North America Nearshoring Stock Selection ETF	47.92%	4.75%

Correlation

The correlation between SPXM and NRSH is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 9, 2025	0.37

Return for Risk

SPXM vs. NRSH — Risk / Return Rank

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

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.

SPXM vs. NRSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Azoria 500 Meritocracy ETF (SPXM) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	SPXM	NRSH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.42	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.56	1.11	+0.45

Drawdowns

SPXM vs. NRSH - Drawdown Comparison

The maximum SPXM drawdown since its inception was -5.08%, smaller than the maximum NRSH drawdown of -24.01%. Use the drawdown chart below to compare losses from any high point for SPXM and NRSH.

Drawdown Indicators

	SPXM	NRSH	Difference
Max Drawdown Largest peak-to-trough decline	-5.08%	-24.01%	+18.93%
Max Drawdown (1Y) Largest decline over 1 year	—	-10.94%	—
Current Drawdown Current decline from peak	-0.75%	0.00%	-0.75%
Average Drawdown Average peak-to-trough decline	-0.79%	-5.62%	+4.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.50%	—

Volatility

Volatility by Period

	SPXM	NRSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.21%	—
Volatility (6M) Calculated over the trailing 6-month period	—	20.27%	—
Volatility (1Y) Calculated over the trailing 1-year period	8.18%	24.44%	-16.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.18%	21.54%	-13.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.18%	21.54%	-13.36%

SPXM vs. NRSH - Expense Ratio Comparison

SPXM has a 0.47% expense ratio, which is lower than NRSH's 0.75% expense ratio.

Dividends

SPXM vs. NRSH - Dividend Comparison

SPXM's dividend yield for the trailing twelve months is around 0.24%, less than NRSH's 0.28% yield.

Position	TTM	2025	2024	2023
NRSH Aztlan North America Nearshoring Stock Selection ETF	0.28%	0.42%	0.90%	0.17%
SPXM Azoria 500 Meritocracy ETF	0.24%	0.24%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPXM and NRSH in my portfolio?

SPXM and NRSH have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPXM or NRSH?

On fees, SPXM is cheaper at 0.47% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPXM or NRSH?

SPXM is cheaper with a 0.47% expense ratio, compared with 0.75% for NRSH.

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

NRSH has the higher dividend yield at 0.28%, compared with 0.24% for SPXM.

What is the main difference between SPXM and NRSH?

They also come from different issuers: Azoria and Aztlan. Their fees differ too: 0.47% for SPXM and 0.75% for NRSH.