STOX vs. NRSH

Last updated Jul 29, 2026

STOX (Horizon Core Equity ETF) and NRSH (Aztlan North America Nearshoring Stock Selection ETF) are both Large Cap Blend Equities funds. STOX is actively managed, while NRSH is passively managed. Over the past year, STOX returned 18.43% vs 40.25% for NRSH. Their 0.69 correlation means they have sometimes moved together and sometimes differently. STOX charges 0.70%/yr vs 0.75%/yr for NRSH.

Performance

STOX vs. NRSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Core Equity ETF (STOX) 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, STOX achieves a 9.05% return, which is significantly lower than NRSH's 32.34% return.

STOX

• 1D: 0.43%
• 1M: 1.84%
• 6M: 6.61%
• YTD: 9.05%
• 1Y: 18.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.18%

NRSH

• 1D: -2.17%
• 1M: -7.35%
• 6M: 18.21%
• YTD: 32.34%
• 1Y: 40.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.37%

*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	$195.74K	$107.43K	$74.11K
STOX Horizon Core Equity ETF	$905.82K	$921.25K	$857.62K

STOX vs. NRSH - Yearly Performance Comparison

	2026 (YTD)	2025
STOX Horizon Core Equity ETF	9.05%	13.00%
NRSH Aztlan North America Nearshoring Stock Selection ETF	32.34%	8.07%

Correlation

The correlation between STOX and NRSH is 0.72, 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.	0.72
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.69

The correlation between STOX and NRSH has been stable across timeframes, ranging from 0.69 to 0.72 - a consistent structural relationship.

Return for Risk

STOX vs. NRSH — Risk / Return Rank

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

STOX

STOX Risk / Return Rank: 62
STOX Sharpe Ratio Rank: 62
STOX Sortino Ratio Rank: 61
STOX Omega Ratio Rank: 61
STOX Calmar Ratio Rank: 56
STOX Martin Ratio Rank: 72

NRSH

NRSH Risk / Return Rank: 70
NRSH Sharpe Ratio Rank: 65
NRSH Sortino Ratio Rank: 61
NRSH Omega Ratio Rank: 58
NRSH Calmar Ratio Rank: 88
NRSH Martin Ratio Rank: 80

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.

STOX vs. NRSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Core Equity ETF (STOX) 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.

	STOX	NRSH	Difference
Sharpe ratio: Return per unit of total volatility	1.44	1.50	-0.06
Sortino ratio: Return per unit of downside risk	2.05	2.07	-0.02
Omega ratio: Gain probability vs. loss probability	1.26	1.25	+0.01
Calmar ratio: Return relative to maximum drawdown	1.98	3.64	-1.66
Martin ratio: Return relative to average drawdown	8.90	10.43	-1.53

STOX vs. NRSH - Sharpe Ratio Comparison

The current STOX Sharpe Ratio is 1.44, which is comparable to the NRSH Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of STOX 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

STOX vs. NRSH - Drawdown Comparison

The maximum STOX drawdown since its inception was -9.33%, smaller than the maximum NRSH drawdown of -24.01%. Use the drawdown chart below to compare losses from any high point for STOX and NRSH.

Drawdown Indicators

	STOX	NRSH	Difference
Max Drawdown Largest peak-to-trough decline	-9.33%	-24.01%	+14.68%
Max Drawdown (1Y) Largest decline over 1 year	-9.33%	-11.10%	+1.77%
Current Drawdown Current decline from peak	-1.52%	-11.10%	+9.58%
Average Drawdown Average peak-to-trough decline	-1.20%	-5.55%	+4.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	3.87%	-1.79%

Volatility

STOX vs. NRSH - Volatility Comparison

The current volatility for Horizon Core Equity ETF (STOX) is 2.97%, while Aztlan North America Nearshoring Stock Selection ETF (NRSH) has a volatility of 8.26%. This indicates that STOX 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

	STOX	NRSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.97%	8.26%	-5.29%
Volatility (6M) Calculated over the trailing 6-month period	9.81%	22.62%	-12.81%
Volatility (1Y) Calculated over the trailing 1-year period	12.86%	27.07%	-14.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.57%	22.31%	-9.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.57%	22.31%	-9.74%

STOX vs. NRSH - Expense Ratio Comparison

STOX has a 0.70% expense ratio, which is lower than NRSH's 0.75% expense ratio.

Dividends

STOX vs. NRSH - Dividend Comparison

STOX's dividend yield for the trailing twelve months is around 0.17%, less than NRSH's 0.31% yield.

Position	TTM	2025	2024	2023
NRSH Aztlan North America Nearshoring Stock Selection ETF	0.31%	0.42%	0.90%	0.17%
STOX Horizon Core Equity ETF	0.17%	0.19%	0.00%	0.00%

Frequently Asked Questions

Can I hold both STOX and NRSH in my portfolio?

STOX and NRSH have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, STOX or NRSH?

NRSH has higher volatility (8.26%) compared to STOX (2.97%). In terms of maximum drawdown, STOX dropped -9.33% vs NRSH's -24.01%.

Which ETF is better, STOX or NRSH?

On 1-year performance, NRSH leads with 40.25% vs 18.43% for STOX. On fees, STOX is cheaper at 0.70% per year. On volatility, STOX has been the lower-risk option at 2.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, STOX or NRSH?

Over the 1-year period, NRSH has performed better with a 40.25% return vs 18.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, STOX or NRSH?

STOX is cheaper with a 0.70% expense ratio, compared with 0.75% for NRSH.

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

NRSH has the higher dividend yield at 0.31%, compared with 0.17% for STOX.

What is the main difference between STOX and NRSH?

They also come from different issuers: Horizon and Aztlan. Their fees differ too: 0.70% for STOX and 0.75% for NRSH.

Which has better risk-adjusted returns?

NRSH currently has the higher Sharpe Ratio (1.50 vs 1.44), 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.