XMAG vs. NRSH

Last updated Jun 4, 2026

XMAG (Defiance Large Cap ex-Mag 7 ETF) and NRSH (Aztlan North America Nearshoring Stock Selection ETF) are both Large Cap Blend Equities funds - XMAG tracks the BITA US 500 ex Magnificent 7 Index while NRSH tracks the Aztlan North America Nearshoring Price Return Index - Benchmark Price Return. Both are passively managed. Over the past year, XMAG returned 24.62% vs 58.80% for NRSH. A 0.75 correlation means they provide meaningful diversification when combined. XMAG charges 0.35%/yr vs 0.75%/yr for NRSH.

Performance

XMAG vs. NRSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Large Cap ex-Mag 7 ETF (XMAG) 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, XMAG achieves a 12.73% return, which is significantly lower than NRSH's 47.92% return.

XMAG

• 1D: 0.01%
• 1M: 6.69%
• YTD: 12.73%
• 6M: 13.28%
• 1Y: 24.62%
• 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)

XMAG vs. NRSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XMAG Defiance Large Cap ex-Mag 7 ETF	12.73%	15.63%	-1.67%
NRSH Aztlan North America Nearshoring Stock Selection ETF	47.92%	12.95%	-7.63%

Correlation

The correlation between XMAG and NRSH is 0.75, 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	0.75
Correlation (All Time) Calculated using the full available price history since Oct 23, 2024	0.75

The correlation between XMAG and NRSH has been stable across timeframes, ranging from 0.75 to 0.75 - a consistent structural relationship.

XMAG vs. NRSH - Sectors Allocation Comparison

Sectors	XMAG	NRSH
Technology	25.3%	35.5%
Financial Services	17.3%	-
Healthcare	13.0%	-
Industrials	12.6%	58.7%
Consumer Defensive	7.3%	-
Consumer Cyclical	6.2%	-
Energy	5.5%	2.5%
Communication Services	3.9%	-
Utilities	3.4%	-
Real Estate	2.9%	5.8%
Basic Materials	2.5%	-

Return for Risk

XMAG vs. NRSH — Risk / Return Rank

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

XMAG

XMAG Risk / Return Rank: 68
XMAG Sharpe Ratio Rank: 66
XMAG Sortino Ratio Rank: 69
XMAG Omega Ratio Rank: 63
XMAG Calmar Ratio Rank: 67
XMAG Martin Ratio Rank: 77

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.

XMAG vs. NRSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Large Cap ex-Mag 7 ETF (XMAG) 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.

	XMAG	NRSH	Difference
Sharpe ratio: Return per unit of total volatility	2.23	2.42	-0.19
Sortino ratio: Return per unit of downside risk	3.21	3.11	+0.11
Omega ratio: Gain probability vs. loss probability	1.39	1.40	-0.01
Calmar ratio: Return relative to maximum drawdown	3.39	5.40	-2.01
Martin ratio: Return relative to average drawdown	15.15	16.86	-1.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XMAG vs. NRSH - Sharpe Ratio Comparison

The current XMAG Sharpe Ratio is 2.23, which is comparable to the NRSH Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of XMAG 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

	XMAG	NRSH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.23	2.42	-0.19
Sharpe Ratio (All Time) Calculated using the full available price history	1.11	1.11	0.00

Drawdowns

XMAG vs. NRSH - Drawdown Comparison

The maximum XMAG drawdown since its inception was -16.17%, smaller than the maximum NRSH drawdown of -24.01%. Use the drawdown chart below to compare losses from any high point for XMAG and NRSH.

Drawdown Indicators

	XMAG	NRSH	Difference
Max Drawdown Largest peak-to-trough decline	-16.17%	-24.01%	+7.84%
Max Drawdown (1Y) Largest decline over 1 year	-7.29%	-10.94%	+3.65%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.13%	-5.62%	+3.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.63%	3.50%	-1.87%

Volatility

XMAG vs. NRSH - Volatility Comparison

The current volatility for Defiance Large Cap ex-Mag 7 ETF (XMAG) is 2.87%, while Aztlan North America Nearshoring Stock Selection ETF (NRSH) has a volatility of 9.21%. This indicates that XMAG 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

	XMAG	NRSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.87%	9.21%	-6.34%
Volatility (6M) Calculated over the trailing 6-month period	8.65%	20.27%	-11.62%
Volatility (1Y) Calculated over the trailing 1-year period	11.10%	24.44%	-13.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.12%	21.54%	-6.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.12%	21.54%	-6.42%

XMAG vs. NRSH - Expense Ratio Comparison

XMAG has a 0.35% expense ratio, which is lower than NRSH's 0.75% expense ratio.

Dividends

XMAG vs. NRSH - Dividend Comparison

XMAG's dividend yield for the trailing twelve months is around 0.46%, more 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%
XMAG Defiance Large Cap ex-Mag 7 ETF	0.46%	0.51%	0.24%	0.00%

Frequently Asked Questions

Can I hold both XMAG and NRSH in my portfolio?

XMAG and NRSH have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XMAG or NRSH?

NRSH has higher volatility (9.21%) compared to XMAG (2.87%). In terms of maximum drawdown, XMAG dropped -16.17% vs NRSH's -24.01%.

Which ETF is better, XMAG or NRSH?

On 1-year performance, NRSH leads with 58.80% vs 24.62% for XMAG. On fees, XMAG is cheaper at 0.35% per year. On volatility, XMAG has been the lower-risk option at 2.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XMAG or NRSH?

Over the 1-year period, NRSH has performed better with a 58.80% return vs 24.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XMAG or NRSH?

XMAG is cheaper with a 0.35% expense ratio, compared with 0.75% for NRSH.

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

XMAG has the higher dividend yield at 0.46%, compared with 0.28% for NRSH.

What is the main difference between XMAG and NRSH?

XMAG tracks BITA US 500 ex Magnificent 7 Index, while NRSH tracks Aztlan North America Nearshoring Price Return Index - Benchmark Price Return. They also come from different issuers: Defiance and Aztlan. Their fees differ too: 0.35% for XMAG and 0.75% for NRSH.

Which has better risk-adjusted returns?

NRSH currently has the higher Sharpe Ratio (2.42 vs 2.23), 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.