CHGX vs. NACP

Last updated Jun 4, 2026

CHGX (Change Finance U.S. Large Cap Fossil Fuel Free ETF) and NACP (Impact Shares NAACP Minority Empowerment ETF) are both Large Cap Growth Equities funds - CHGX tracks the Change Finance Diversified Impact U.S. Large Cap Fossil Fuel Free Index while NACP tracks the Morningstar Minority Empowerment Index. Both are passively managed. Over the past 5 years, CHGX returned 11.13%/yr vs 15.98%/yr for NACP. Their correlation of 0.87 suggests significant overlap in exposure. Both charge a 0.49% expense ratio.

Performance

CHGX vs. NACP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Change Finance U.S. Large Cap Fossil Fuel Free ETF (CHGX) and Impact Shares NAACP Minority Empowerment ETF (NACP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with CHGX having a 22.80% return and NACP slightly lower at 22.18%.

CHGX

• 1D: -0.37%
• 1M: 10.61%
• YTD: 22.80%
• 6M: 22.28%
• 1Y: 33.91%
• 3Y*: 21.19%
• 5Y*: 11.13%
• 10Y*: —

NACP

• 1D: -0.13%
• 1M: 9.92%
• YTD: 22.18%
• 6M: 20.98%
• 1Y: 43.81%
• 3Y*: 27.18%
• 5Y*: 15.98%
• 10Y*: —

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

CHGX vs. NACP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
CHGX Change Finance U.S. Large Cap Fossil Fuel Free ETF	22.80%	12.13%	15.16%	23.65%	-21.77%	22.72%	24.10%	33.07%	-10.83%
NACP Impact Shares NAACP Minority Empowerment ETF	22.18%	21.38%	23.93%	29.69%	-23.05%	27.62%	26.00%	30.74%	-8.79%

Correlation

The correlation between CHGX and NACP is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jul 20, 2018	0.87

The correlation between CHGX and NACP has been stable across timeframes, ranging from 0.83 to 0.92 - a consistent structural relationship.

CHGX vs. NACP - Sectors Allocation Comparison

Sectors	CHGX	NACP
Technology	29.7%	35.8%
Financial Services	17.7%	10.6%
Healthcare	15.7%	9.2%
Consumer Cyclical	12.0%	11.1%
Communication Services	8.9%	9.8%
Industrials	5.8%	8.7%
Real Estate	4.1%	1.3%
Basic Materials	3.3%	1.5%
Consumer Defensive	2.9%	3.6%
Energy	2.2%	5.0%
Utilities	1.0%	3.4%

Return for Risk

CHGX vs. NACP — Risk / Return Rank

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

CHGX

CHGX Risk / Return Rank: 76
CHGX Sharpe Ratio Rank: 76
CHGX Sortino Ratio Rank: 77
CHGX Omega Ratio Rank: 70
CHGX Calmar Ratio Rank: 78
CHGX Martin Ratio Rank: 80

NACP

NACP Risk / Return Rank: 88
NACP Sharpe Ratio Rank: 90
NACP Sortino Ratio Rank: 89
NACP Omega Ratio Rank: 86
NACP Calmar Ratio Rank: 84
NACP Martin Ratio Rank: 89

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.

CHGX vs. NACP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Change Finance U.S. Large Cap Fossil Fuel Free ETF (CHGX) and Impact Shares NAACP Minority Empowerment ETF (NACP). 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.

	CHGX	NACP	Difference
Sharpe ratio: Return per unit of total volatility	2.49	3.14	-0.65
Sortino ratio: Return per unit of downside risk	3.44	4.17	-0.73
Omega ratio: Gain probability vs. loss probability	1.42	1.54	-0.12
Calmar ratio: Return relative to maximum drawdown	4.01	4.56	-0.55
Martin ratio: Return relative to average drawdown	15.81	20.04	-4.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CHGX vs. NACP - Sharpe Ratio Comparison

The current CHGX Sharpe Ratio is 2.49, which is comparable to the NACP Sharpe Ratio of 3.14. The chart below compares the historical Sharpe Ratios of CHGX and NACP, 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

	CHGX	NACP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.49	3.14	-0.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	0.92	-0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	0.93	-0.21

Drawdowns

CHGX vs. NACP - Drawdown Comparison

The maximum CHGX drawdown since its inception was -35.49%, which is greater than NACP's maximum drawdown of -30.96%. Use the drawdown chart below to compare losses from any high point for CHGX and NACP.

Drawdown Indicators

	CHGX	NACP	Difference
Max Drawdown Largest peak-to-trough decline	-35.49%	-30.96%	-4.53%
Max Drawdown (1Y) Largest decline over 1 year	-8.50%	-9.65%	+1.15%
Max Drawdown (3Y) Largest decline over 3 years	-18.09%	-19.66%	+1.57%
Max Drawdown (5Y) Largest decline over 5 years	-30.26%	-27.89%	-2.37%
Current Drawdown Current decline from peak	-0.37%	-0.13%	-0.24%
Average Drawdown Average peak-to-trough decline	-6.43%	-5.75%	-0.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	2.19%	-0.04%

Volatility

CHGX vs. NACP - Volatility Comparison

The current volatility for Change Finance U.S. Large Cap Fossil Fuel Free ETF (CHGX) is 3.97%, while Impact Shares NAACP Minority Empowerment ETF (NACP) has a volatility of 4.44%. This indicates that CHGX experiences smaller price fluctuations and is considered to be less risky than NACP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CHGX	NACP	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.97%	4.44%	-0.47%
Volatility (6M) Calculated over the trailing 6-month period	10.67%	11.13%	-0.46%
Volatility (1Y) Calculated over the trailing 1-year period	13.70%	14.02%	-0.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.58%	17.47%	+0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.35%	18.70%	+0.65%

CHGX vs. NACP - Expense Ratio Comparison

Both CHGX and NACP have an expense ratio of 0.49%.

Dividends

CHGX vs. NACP - Dividend Comparison

CHGX's dividend yield for the trailing twelve months is around 0.55%, which matches NACP's 0.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CHGX Change Finance U.S. Large Cap Fossil Fuel Free ETF	0.55%	0.67%	0.76%	0.94%	1.11%	0.56%	0.58%	0.86%	0.00%	0.59%
NACP Impact Shares NAACP Minority Empowerment ETF	0.55%	0.62%	2.96%	1.28%	3.48%	3.06%	1.48%	1.22%	0.71%	0.00%

Frequently Asked Questions

Can I hold both CHGX and NACP in my portfolio?

CHGX and NACP have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CHGX or NACP?

NACP has higher volatility (4.44%) compared to CHGX (3.97%). In terms of maximum drawdown, CHGX dropped -35.49% vs NACP's -30.96%.

Which ETF is better, CHGX or NACP?

On 5-year performance, NACP leads with 15.98% vs 11.13% for CHGX. Both ETFs have the same 0.49% expense ratio. On volatility, CHGX has been the lower-risk option at 3.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CHGX or NACP?

Over the 5-year period, NACP has performed better with a 15.98% return vs 11.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CHGX or NACP?

CHGX and NACP have the same expense ratio: 0.49% per year.

Which ETF pays a higher dividend yield, CHGX or NACP?

CHGX and NACP have nearly identical dividend yields, around 0.55%.

What is the main difference between CHGX and NACP?

CHGX tracks Change Finance Diversified Impact U.S. Large Cap Fossil Fuel Free Index, while NACP tracks Morningstar Minority Empowerment Index. They also come from different issuers: Change Finance and Impact Shares.

Which has better risk-adjusted returns?

NACP currently has the higher Sharpe Ratio (3.14 vs 2.49), 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.