Data as of .
AIRR vs NRSH: which is really different?
AIRR and NRSH hold 13% of their weight in the same names, and NRSH returned more over the year.
ETFIQ Off-Index Score: AIRR scores higher
How much of it is not the index it is sold as an alternative to?
A percentile among the 379 thematic ETFs with a holdings filing. It is a position in a set, not a rating, and neither end of it is a recommendation. All thematic ETFs ranked by it · How it is computed
13% of the two portfolios are the same securities at the same weight.
What they hold in common
By the books each fund has filed, AIRR and NRSH hold 13% of their money in the same securities at the same weight.
| Holding | AIRR | NRSH |
|---|---|---|
| BWX Technologies, Inc. | 2.96% | 3.04% |
| Sterling Infrastructure, Inc. | 2.84% | 3.53% |
| C.H. Robinson Worldwide, Inc. | 2.74% | 2.92% |
| Dycom Industries, Inc. | 2.61% | 3.25% |
| Mercury Systems, Inc. | 1.48% | 2.75% |
| Only in AIRR | Only in NRSH |
|---|---|
| IES Holdings, Inc. 3.82% | Sanmina Corp 4.74% |
| Forgent Power Solutions, Inc. (Class A) 3.52% | Ciena Corp 4.26% |
| Kratos Defense & Security Solutions, Inc. 3.37% | Celestica Inc 4.23% |
| SPX Technologies 2.97% | MYR Group Inc 4.22% |
| Owens Corning 2.90% | Microchip Technology Inc 4.09% |
| Powell Industries, Inc. 2.83% | TFI International Inc 3.82% |
| Nextpower Inc. (Class A) 2.82% | MasTec Inc 3.70% |
| RBC Bearings Incorporated 2.82% | Ryerson Holding Corp 3.60% |
Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed. Above 50%, holding both is close to holding one of them twice. Holdings dated Apr 30, 2026 and Sep 18, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| AIRR | NRSH | AIRR | NRSH | AIRR | NRSH | |
| 3 months | −18.7% | −10.5% | −20.9 pts | −12.7 pts | −16.2 pts | −8.0 pts |
| 6 months | −1.1% | +25.8% | −19.1 pts | +7.8 pts | −25.3 pts | +1.5 pts |
| 1 year | +11.6% | +29.8% | −5.0 pts | +13.2 pts | −10.2 pts | +8.0 pts |
| 3 years | +102.2% | not published | +23.8 pts | not published | +4.0 pts | not published |
| Since launch | +456.3% | +50.3% | +52.5 pts | −22.7 pts | −325.2 pts | −38.2 pts |
| AIRR First Trust RBA American Industrial Renaissance ETF Holds 58 stocks in reshoring and manufacturing, 5% of its weight in S&P 500 companies | NRSH Aztlan North America Nearshoring Stock Selection ETF Holds 30 stocks in reshoring and manufacturing, 39% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | First Trust | Aztlan |
| Theme | Reshoring and manufacturing | Reshoring and manufacturing |
| In the S&P 500 | 5.4% | 39.1% |
| Active share vs the S&P 500 | 99.9% | 92.6% |
| In the Nasdaq-100 | 0.0% | 20.3% |
| Holdings | 58 | 30 |
| Top ten, share of the fund | 30.8% | 39.8% |
| Expense ratio | 0.69% | 0.76% |
| Fee for the differing part | 0.69% | 0.82% |
| Total return, 1 year | +11.6% | +29.8% |
| vs the S&P 500 | −5.0 pts | +13.2 pts |
| vs the Nasdaq-100 | −10.2 pts | +8.0 pts |
| Below its high | −20.1% | −12.3% |
| Net assets | $9.2bn | $28m |
AIRR in plain words
By weight, 5% of AIRR's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 100%. The top ten holdings are 31% of the fund across 58 positions, as published by its issuer for Sep 18, 2026. Over the year to Sep 18, 2026 the fund returned +11.6% with distributions reinvested against +16.6% for the S&P 500, so a holder was behind by 5.0 pts. It sits 20.1% below its all-time high of Jun 22, 2026.
NRSH in plain words
By weight, 39% of NRSH's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 93%. The top ten holdings are 40% of the fund across 30 positions, as filed for Apr 30, 2026. Over the year to Sep 18, 2026 the fund returned +29.8% with distributions reinvested against +16.6% for the S&P 500, so a holder was ahead by 13.2 pts. It sits 12.3% below its all-time high of Jun 30, 2026.
Questions people ask
- Do AIRR and NRSH hold the same stocks?
- By their latest filings, 13% of their books are the same securities at the same weight, which is mostly different names. 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 5% of its weight in S&P 500 names and NRSH has 39%, 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
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, AIRR against NRSH, data as of Sep 18, 2026. https://etfiq.com/compare/themes/airr-vs-nrsh Free to use with attribution; the underlying files are at Open data.