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Data as of Nov 4, 2026.

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Thematic ETFs

AIRR vs NRSH: Holdings Overlap & Returns

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Over the year to Nov 4, 2026, AIRR returned −0.7% to NRSH's +19.1%; 8% of their weight is in the same names.

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Net assets: $8.6bn on Nov 3, 2026 for First Trust RBA American Industrial Renaissance ETF, and $30m on Jul 31, 2026 for Aztlan North America Nearshoring Stock Selection ETF.

AIRR on its own →NRSH on its own →
At a glance
14.7%
AIRR in the S&P 500
55.4%
NRSH in the S&P 500
−0.7%
AIRR total return, 1 year
+19.1%
NRSH total return, 1 year
AIRR · 1 year to Nov 4, 2026 85% of its weight is outside the S&P 500
85% of its weight is outside the S&P 50015% of AIRR's weight is in S&P 500 companies and 85% is outside the index. Holdings as of Nov 3, 2026.15%85%in the S&P 500of its weight outside the S&P 500active share 100% · top ten 34% of the fund · 55 holdings as published by its issuer for Nov 3, 202685% of its weight is outside the S&P 50015% of AIRR's weight is in S&P 500 companies and 85% is outside the index. Holdings as of Nov 3, 2026.15%85%inof its weight outside the S&P 500active share 100% · top ten 34% of the fund

15% of AIRR's weight is in S&P 500 companies and 85% is outside the index. Holdings as of Nov 3, 2026.

NRSH · 1 year to Nov 4, 2026 45% of its weight is outside the S&P 500
45% of its weight is outside the S&P 50055% of NRSH's weight is in S&P 500 companies and 45% is outside the index. Holdings as of Jul 31, 2026.55%45%of its weight in S&P 500 companiesof its weight outside the S&P 500active share 89% · top ten 39% of the fund · 31 holdings as filed for Jul 31, 2026 · Nasdaq-100: 28% in45% of its weight is outside the S&P 50055% of NRSH's weight is in S&P 500 companies and 45% is outside the index. Holdings as of Jul 31, 2026.55%45%in the S&P 500outsideactive share 89% · Nasdaq-100: 28% in

55% of NRSH's weight is in S&P 500 companies and 45% is outside the index. Holdings as of Jul 31, 2026.

Pair scorecard

AIRR costs 0.07 points a year less; their one-year returns differ by 19.8 points.

Points (pts) are percentage points.

AIRR vs NRSH: Holdings Overlap & Returns
MeasureAIRRNRSH
Return
Total return, 1 year−0.7%+19.1%
Drawdown
Below its all-time high26.9%, high on Jun 22, 202617.1%, high on Jun 30, 2026
Against its benchmark
What it tracksReshoring and manufacturingReshoring and manufacturing
Against the S&P 500, 1 yearbehind by 15.5 ptsahead by 4.3 pts
Its benchmark, total return, 1 year+14.8%+14.8%
Against its benchmark, 1 yearbehind by 15.5 ptsahead by 4.3 pts
Cost and size
Expense ratio0.69%0.76%
Net assets, AIRR as of Nov 3, 2026 and NRSH as of Jul 31, 2026$8.6bn$30m
Holdings
Holdings in common8%

Method

What they share

8%

By the books each fund has filed, AIRR and NRSH hold 8% of their money in the same securities at the same weight. Holdings dated Jul 31, 2026 and Nov 3, 2026.

0 half 100%

half

8% in common

Positions both hold · largest shared weight first AIRR NRSH
Dycom Industries, Inc. 3.02% 3.10%
Argan, Inc. 2.95% 3.22%
Sterling Infrastructure, Inc. 2.66% 2.52%
Only in one fund ↓
Only in AIRR
Nextpower Inc. (Class A) 3.67%
Karman Holdings Inc. 3.57%
Herc Holdings, Inc. 3.49%
C.H. Robinson Worldwide, Inc. 3.46%
Huntington Ingalls Industries, Inc. 3.44%
Kratos Defense & Security Solutions, Inc. 3.35%
BWX Technologies, Inc. 3.19%
RBC Bearings Incorporated 3.19%
Only in NRSH
Tenable Holdings Inc 4.42%
Mullen Group Ltd 4.33%
Intuit Inc 4.14%
Crowdstrike Holdings Inc 4.06%
NetApp Inc 4.01%
GRUPO AEROPORTUARIO DEL CENTRO SAB DE CV 3.80%
Rockwell Automation Inc 3.79%
Broadcom Inc 3.70%
Check overlap with more funds →

Window by window

Window by window: AIRR vs NRSH: Holdings Overlap & Returns
Total returnvs its benchmark
WindowAIRRNRSHAIRRNRSH
3 months−20.2%−11.5%−20.1 pts vs VOO−11.4 pts vs VOO
6 months−26.2%−11.6%−31.2 pts vs VOO−16.6 pts vs VOO
1 year−0.7%+19.1%−15.5 pts vs VOO+4.3 pts vs VOO
3 years+96.7%–+13.4 pts vs VOO–
Since launchNot the same days: AIRR Mar 2014 · NRSH Nov 2023+409.0%+42.0%−1.9 pts vs VOO−32.6 pts vs VOO

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Side by side

AIRR First Trust RBA American Industrial Renaissance ETF · Holds 55 stocks in reshoring and manufacturing, 15% of its weight in S&P 500 companies NRSH Aztlan North America Nearshoring Stock Selection ETF · Holds 31 stocks in reshoring and manufacturing, 55% of its weight in S&P 500 companies
Issuer First Trust Aztlan
Theme Reshoring and manufacturing Reshoring and manufacturing
In the S&P 500 14.7% 55.4%
Active share vs the S&P 500 99.8% 88.6%
In the Nasdaq-100 not published 28.3%
Holdings 55 31
Top ten, share of the fund 33.5% 39.4%
Expense ratio 0.69% 0.76%
Fee for the differing part 0.69% 0.86%
Total return, 1 year −0.7% +19.1%
vs its benchmark −15.5 pts vs VOO +4.3 pts vs VOO
Below its high −26.9% −17.1%
Net assets, AIRR as of Nov 3, 2026 and NRSH as of Jul 31, 2026 $8.6bn $30m

As of Nov 4, 2026. Source: ETFIQ.

8% of the two portfolios are the same securities at the same weight.

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About each fund
AIRR

By weight, 15% of AIRR's portfolio is stocks that are also in the S&P 500, from its filing for Jun 30, 2026; its active share against the S&P 500 is 100%. The top ten holdings are 34% of the fund across 55 positions, as published by its issuer for Nov 3, 2026. Over the year to Nov 4, 2026 the fund returned −0.7% with distributions reinvested against +14.8% for its benchmark, the S&P 500 Index, so a holder was behind by 15.5 pts. It sits 26.9% below its all-time high of Jun 22, 2026.

NRSH

By weight, 55% of NRSH's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 89%. The top ten holdings are 39% of the fund across 31 positions, as filed for Jul 31, 2026. Over the year to Nov 4, 2026 the fund returned +19.1% with distributions reinvested against +14.8% for its benchmark, the S&P 500 Total Return Index, so a holder was ahead by 4.3 pts. It sits 17.1% below its all-time high of Jun 30, 2026.

Questions people ask

Do AIRR and NRSH hold the same stocks?
By their latest filings, 8% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.
Which is more different from the S&P 500, AIRR or NRSH?
AIRR has 15% of its weight in S&P 500 names and NRSH has 55%, so AIRR differs more from the index.
Which is cheaper, AIRR or NRSH?
AIRR charges 0.69% a year and NRSH charges 0.76%, so AIRR is cheaper. Fees come from each fund's prospectus.
Other comparisons
AIRR vs MADEAIRR vs SUPPAIRR vs KMCAAIRR vs WELDNRSH vs WELDNRSH vs PEXLNRSH vs SUPPNRSH vs PIEL
Where to next
All thematic ETFs ranked by the S&P 500 Difference Score →How the scores are computed →AIRR on its own →NRSH on its own →AIRR dividend history →AIRR holdings →NRSH dividend history →NRSH holdings →Method →Standards and sources →
Sources and dates
AIRR filings on SEC EDGAR ↗
AIRR prospectus with the expense ratio (SEC) ↗
First Trust page for AIRR ↗
NRSH filings on SEC EDGAR ↗
NRSH prospectus with the expense ratio (SEC) ↗
Aztlan website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Every number is an ETFIQ calculation with distributions reinvested.

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ETFIQ, AIRR against NRSH, data as of Nov 4, 2026. https://etfiq.com/compare/themes/airr-vs-nrsh

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.