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Data as of Nov 4, 2026.

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Thematic ETFs

NVIR vs USNZ: Holdings Overlap & Returns

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Over the year to Nov 4, 2026, NVIR returned +21.7% to USNZ's +14.0%; 0% of their weight is in the same names.

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Net assets: $5.8m on Jun 30, 2026 for Horizon Kinetics Energy and Remediation ETF, and $291m on Nov 2, 2026 for Xtrackers Net Zero Pathway Paris Aligned US Equity ETF.

NVIR on its own →USNZ on its own →
At a glance
41.7%
NVIR in the S&P 500
97.7%
USNZ in the S&P 500
+21.7%
NVIR total return, 1 year
+14.0%
USNZ total return, 1 year
NVIR · 1 year to Nov 4, 2026 58% of its weight is outside the S&P 500
58% of its weight is outside the S&P 50042% of NVIR's weight is in S&P 500 companies and 58% is outside the index. Holdings as of Jun 30, 2026.42%58%of its weight in S&P 500 companiesof its weight outside the S&P 500active share 98% · top ten 46% of the fund · 39 holdings as filed for Jun 30, 2026 · Nasdaq-100: 4% in58% of its weight is outside the S&P 50042% of NVIR's weight is in S&P 500 companies and 58% is outside the index. Holdings as of Jun 30, 2026.42%58%in the S&P 500outside the S&P 500active share 98% · Nasdaq-100: 4% in

42% of NVIR's weight is in S&P 500 companies and 58% is outside the index. Holdings as of Jun 30, 2026.

USNZ · 1 year to Nov 4, 2026 2% of its weight is outside the S&P 500
2% of its weight is outside the S&P 50098% of USNZ's weight is in S&P 500 companies and 2% is outside the index. Holdings as of Aug 31, 2026.98%2%of its weight in S&P 500 companies2% of its weight outside the S&P 500active share 24% · top ten 45% of the fund · 297 holdings as filed for Aug 31, 2026 · Nasdaq-100: 62% in2% of its weight is outside the S&P 50098% of USNZ's weight is in S&P 500 companies and 2% is outside the index. Holdings as of Aug 31, 2026.98%2%of its weight in S&P 500 companies2% of its weight outside the S&P 500active share 24% · Nasdaq-100: 62% in

98% of USNZ's weight is in S&P 500 companies and 2% is outside the index. Holdings as of Aug 31, 2026.

Pair scorecard

USNZ costs 0.75 points a year less; their one-year returns differ by 7.7 points.

Points (pts) are percentage points.

NVIR vs USNZ: Holdings Overlap & Returns
MeasureNVIRUSNZ
Return
Total return, 1 year+21.7%+14.0%
Drawdown
Below its all-time high6.8%, high on Oct 30, 2026
Against its benchmark
What it tracksEnergy transition and decarbonisationEnergy transition and decarbonisation
Against the S&P 500, 1 yearbehind by 0.8 pts
Its benchmark, total return, 1 year+14.8%
Against its benchmark, 1 yearbehind by 0.8 pts
Cost and size
Expense ratio0.85%0.10%
Net assets, NVIR as of Jun 30, 2026 and USNZ as of Nov 2, 2026$5.8m$291m
Holdings
Holdings in common0%
Top ten holdings, share of the fund46%44%

Method

What they share

0%

By the books each fund has filed, NVIR and USNZ hold 0% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Aug 31, 2026.

0 half 100%

half

0% in common

Positions both hold · largest shared weight first NVIR USNZ
Ecolab Inc 1.89% 0.19%
IDEXX Laboratories Inc 1.14% 0.16%
Only in one fund ↓
Only in NVIR
Texas Pacific Land Corp 6.22%
CES Energy Solutions Corp 5.94%
Williams Cos Inc 5.60%
WaterBridge Infrastructure LLC 5.29%
Enerflex Ltd 4.20%
EQT Corp 4.06%
Permian Basin Royalty Trust 4.00%
Cheniere Energy Inc 3.87%
Only in USNZ
NVIDIA CORP 9.83%
APPLE INC 8.64%
MICROSOFT CORP 6.85%
AMAZON.COM INC 3.95%
ALPHABET INC 3.54%
BROADCOM INC 3.02%
ALPHABET INC 2.98%
META PLATFORMS INC 2.07%
Check overlap with more funds →

Window by window

Window by window: NVIR vs USNZ: Holdings Overlap & Returns
Total returnvs its benchmark
WindowNVIRUSNZNVIRUSNZ
3 months−1.9%−0.4%not measured−0.3 pts vs VOO
6 months−2.6%+5.4%not measured+0.4 pts vs VOO
1 year+21.7%+14.0%not measured−0.8 pts vs VOO
3 years+49.0%+79.9%not measured−3.4 pts vs VOO
Since launchNot the same days: NVIR Feb 2023 · USNZ Jun 2022+62.6%+108.7%not measured−5.2 pts vs VOO

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Side by side

NVIR Horizon Kinetics Energy and Remediation ETF · Holds 39 stocks in energy transition and decarbonisation, 42% of its weight in S&P 500 companies USNZ Xtrackers Net Zero Pathway Paris Aligned US Equity ETF · Holds 297 stocks in energy transition and decarbonisation, 98% of its weight in S&P 500 companies
Issuer Horizon Kinetics Xtrackers
Theme Energy transition and decarbonisation Energy transition and decarbonisation
In the S&P 500 41.7% 97.7%
Active share vs the S&P 500 98.0% 24.1%
In the Nasdaq-100 4.2% 61.6%
Holdings 39 297
Top ten, share of the fund 46.4% 44.5%
Expense ratio 0.85% 0.10%
Fee for the differing part 0.87% 0.41%
Total return, 1 year +21.7% +14.0%
vs its benchmark not measured −0.8 pts vs VOO
Below its high −6.8% −2.3%
Net assets, NVIR as of Jun 30, 2026 and USNZ as of Nov 2, 2026 $5.8m $291m

As of Nov 4, 2026. Source: ETFIQ.

0% of the two portfolios are the same securities at the same weight.

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About each fund
NVIR

By weight, 42% of NVIR's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 98%. The top ten holdings are 46% of the fund across 39 positions, as filed for Jun 30, 2026. Over the year to Nov 4, 2026 the fund returned +21.7% with distributions reinvested. It sits 6.8% below its all-time high of Oct 30, 2026.

USNZ

By weight, 98% of USNZ's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 24%. The top ten holdings are 44% of the fund across 297 positions, as filed for Aug 31, 2026. Over the year to Nov 4, 2026 the fund returned +14.0% with distributions reinvested against +14.8% for its benchmark, the S&P 500 Index, so a holder was behind by 0.8 pts.

Questions people ask

Do NVIR and USNZ hold the same stocks?
By their latest filings, 0% 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, NVIR or USNZ?
NVIR has 42% of its weight in S&P 500 names and USNZ has 98%, so NVIR differs more from the index.
Which is cheaper, NVIR or USNZ?
NVIR charges 0.85% a year and USNZ charges 0.10%, so USNZ is cheaper. Fees come from each fund's prospectus.
Other comparisons
NVIR vs PCLNNVIR vs PWERNVIR vs ETHONVIR vs IQSZUSNZ vs ETECUSNZ vs EVXUSNZ vs IQSZUSNZ vs ETHO
Where to next
All thematic ETFs ranked by the S&P 500 Difference Score →How the scores are computed →NVIR on its own →USNZ on its own →NVIR dividend history →NVIR holdings →USNZ dividend history →USNZ holdings →Method →Standards and sources →
Sources and dates
NVIR filings on SEC EDGAR ↗
NVIR prospectus with the expense ratio (SEC) ↗
Horizon Kinetics website ↗
USNZ filings on SEC EDGAR ↗
USNZ prospectus with the expense ratio (SEC) ↗
Xtrackers 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, NVIR against USNZ, data as of Nov 4, 2026. https://etfiq.com/compare/themes/nvir-vs-usnz

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