THLV vs. NRSH

Last updated Jun 24, 2026

THLV (THOR Equal Weight Low Volatility ETF) and NRSH (Aztlan North America Nearshoring Stock Selection ETF) are both Large Cap Blend Equities funds - THLV tracks the THOR Equal Weight Low Volatility Index while NRSH tracks the Aztlan North America Nearshoring Price Return Index - Benchmark Price Return. Both are passively managed. Over the past year, THLV returned 18.38% vs 53.10% for NRSH. A 0.65 correlation means they provide meaningful diversification when combined. THLV charges 0.64%/yr vs 0.75%/yr for NRSH.

Performance

THLV vs. NRSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in THOR Equal Weight Low Volatility ETF (THLV) 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, THLV achieves a 10.20% return, which is significantly lower than NRSH's 43.75% return.

THLV

• 1D: -0.82%
• 1M: 1.23%
• YTD: 10.20%
• 6M: 9.69%
• 1Y: 18.38%
• 3Y*: 12.14%
• 5Y*: —
• 10Y*: —

NRSH

• 1D: -3.08%
• 1M: 6.22%
• YTD: 43.75%
• 6M: 40.21%
• 1Y: 53.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

THLV vs. NRSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
THLV THOR Equal Weight Low Volatility ETF	10.20%	10.50%	9.52%	6.11%
NRSH Aztlan North America Nearshoring Stock Selection ETF	43.75%	12.95%	-6.17%	9.15%

Correlation

The correlation between THLV and NRSH is 0.61, 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	0.61
Correlation (All Time) Calculated using the full available price history since Nov 30, 2023	0.65

The correlation between THLV and NRSH has been stable across timeframes, ranging from 0.61 to 0.65 - a consistent structural relationship.

THLV vs. NRSH - Sectors Allocation Comparison

Sectors	THLV	NRSH
Technology	18.1%	36.7%
Energy	17.5%	2.5%
Consumer Cyclical	15.7%	-
Real Estate	13.9%	5.4%
Consumer Defensive	13.7%	-
Utilities	13.7%	-
Financial Services	13.4%	-
Industrials	13.2%	57.9%
Healthcare	12.5%	-
Basic Materials	11.9%	-
Communication Services	0.2%	-

Return for Risk

THLV vs. NRSH — Risk / Return Rank

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

THLV

THLV Risk / Return Rank: 57
THLV Sharpe Ratio Rank: 58
THLV Sortino Ratio Rank: 58
THLV Omega Ratio Rank: 55
THLV Calmar Ratio Rank: 61
THLV Martin Ratio Rank: 52

NRSH

NRSH Risk / Return Rank: 72
NRSH Sharpe Ratio Rank: 69
NRSH Sortino Ratio Rank: 62
NRSH Omega Ratio Rank: 60
NRSH Calmar Ratio Rank: 88
NRSH Martin Ratio Rank: 81

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.

THLV vs. NRSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for THOR Equal Weight Low Volatility ETF (THLV) 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.

	THLV	NRSH	Difference
Sharpe ratio: Return per unit of total volatility	1.80	2.05	-0.26
Sortino ratio: Return per unit of downside risk	2.53	2.68	-0.15
Omega ratio: Gain probability vs. loss probability	1.32	1.34	-0.02
Calmar ratio: Return relative to maximum drawdown	2.77	4.88	-2.10
Martin ratio: Return relative to average drawdown	8.24	14.81	-6.57

THLV vs. NRSH - Sharpe Ratio Comparison

The current THLV Sharpe Ratio is 1.80, which is comparable to the NRSH Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of THLV 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

THLV vs. NRSH - Drawdown Comparison

The maximum THLV drawdown since its inception was -13.15%, smaller than the maximum NRSH drawdown of -24.01%. Use the drawdown chart below to compare losses from any high point for THLV and NRSH.

Drawdown Indicators

	THLV	NRSH	Difference
Max Drawdown Largest peak-to-trough decline	-13.15%	-24.01%	+10.86%
Max Drawdown (1Y) Largest decline over 1 year	-6.66%	-10.94%	+4.28%
Max Drawdown (3Y) Largest decline over 3 years	-13.15%	—	—
Current Drawdown Current decline from peak	-1.35%	-3.08%	+1.73%
Average Drawdown Average peak-to-trough decline	-3.74%	-5.56%	+1.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.23%	3.59%	-1.36%

Volatility

THLV vs. NRSH - Volatility Comparison

The current volatility for THOR Equal Weight Low Volatility ETF (THLV) is 3.95%, while Aztlan North America Nearshoring Stock Selection ETF (NRSH) has a volatility of 10.49%. This indicates that THLV 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

	THLV	NRSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.95%	10.49%	-6.54%
Volatility (6M) Calculated over the trailing 6-month period	8.03%	21.77%	-13.74%
Volatility (1Y) Calculated over the trailing 1-year period	10.29%	26.00%	-15.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.81%	22.07%	-10.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.81%	22.07%	-10.26%

THLV vs. NRSH - Expense Ratio Comparison

THLV has a 0.64% expense ratio, which is lower than NRSH's 0.75% expense ratio.

Dividends

THLV vs. NRSH - Dividend Comparison

THLV's dividend yield for the trailing twelve months is around 1.61%, more than NRSH's 0.29% yield.

Position	TTM	2025	2024	2023	2022
NRSH Aztlan North America Nearshoring Stock Selection ETF	0.29%	0.42%	0.90%	0.17%	0.00%
THLV THOR Equal Weight Low Volatility ETF	1.61%	1.77%	1.25%	2.72%	0.62%

Frequently Asked Questions

Can I hold both THLV and NRSH in my portfolio?

THLV and NRSH have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, THLV or NRSH?

NRSH has higher volatility (10.49%) compared to THLV (3.95%). In terms of maximum drawdown, THLV dropped -13.15% vs NRSH's -24.01%.

Which ETF is better, THLV or NRSH?

On 1-year performance, NRSH leads with 53.10% vs 18.38% for THLV. On fees, THLV is cheaper at 0.64% per year. On volatility, THLV has been the lower-risk option at 3.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, THLV or NRSH?

Over the 1-year period, NRSH has performed better with a 53.10% return vs 18.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, THLV or NRSH?

THLV is cheaper with a 0.64% expense ratio, compared with 0.75% for NRSH.

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

THLV has the higher dividend yield at 1.61%, compared with 0.29% for NRSH.

What is the main difference between THLV and NRSH?

THLV tracks THOR Equal Weight Low Volatility Index, while NRSH tracks Aztlan North America Nearshoring Price Return Index - Benchmark Price Return. They also come from different issuers: THOR and Aztlan. Their fees differ too: 0.64% for THLV and 0.75% for NRSH.

Which has better risk-adjusted returns?

NRSH currently has the higher Sharpe Ratio (2.05 vs 1.80), 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.