DEMZ vs. NACP

Last updated Jun 4, 2026

DEMZ (Democratic Large Cap Core ETF) and NACP (Impact Shares NAACP Minority Empowerment ETF) are both exchange-traded funds - DEMZ is a Large Cap Blend Equities fund tracking the Democratic Large Cap Core Index, while NACP is a Large Cap Growth Equities fund tracking the Morningstar Minority Empowerment Index. Both are passively managed. Over the past 5 years, DEMZ returned 12.90%/yr vs 15.98%/yr for NACP. Their correlation of 0.86 suggests significant overlap in exposure. DEMZ charges 0.45%/yr vs 0.49%/yr for NACP.

Performance

DEMZ vs. NACP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Democratic Large Cap Core ETF (DEMZ) and Impact Shares NAACP Minority Empowerment ETF (NACP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DEMZ achieves a 8.48% return, which is significantly lower than NACP's 22.18% return.

DEMZ

• 1D: -0.25%
• 1M: 6.44%
• YTD: 8.48%
• 6M: 9.06%
• 1Y: 24.86%
• 3Y*: 22.00%
• 5Y*: 12.90%
• 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)

DEMZ vs. NACP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
DEMZ Democratic Large Cap Core ETF	8.48%	19.84%	22.89%	24.43%	-19.01%	32.65%	11.09%
NACP Impact Shares NAACP Minority Empowerment ETF	22.18%	21.38%	23.93%	29.69%	-23.05%	27.62%	11.93%

Correlation

The correlation between DEMZ and NACP is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Nov 4, 2020	0.86

The correlation between DEMZ and NACP has been stable across timeframes, ranging from 0.85 to 0.89 - a consistent structural relationship.

DEMZ vs. NACP - Sectors Allocation Comparison

Sectors	DEMZ	NACP
Technology	44.9%	35.8%
Communication Services	14.2%	9.8%
Industrials	9.0%	8.7%
Financial Services	9.0%	10.6%
Consumer Cyclical	8.2%	11.1%
Consumer Defensive	5.7%	3.6%
Healthcare	5.5%	9.2%
Real Estate	3.6%	1.3%
Basic Materials	-	1.5%
Energy	-	5.0%
Utilities	-	3.4%

Return for Risk

DEMZ vs. NACP — Risk / Return Rank

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

DEMZ

DEMZ Risk / Return Rank: 47
DEMZ Sharpe Ratio Rank: 51
DEMZ Sortino Ratio Rank: 51
DEMZ Omega Ratio Rank: 48
DEMZ Calmar Ratio Rank: 41
DEMZ Martin Ratio Rank: 46

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.

DEMZ vs. NACP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Democratic Large Cap Core ETF (DEMZ) 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.

	DEMZ	NACP	Difference
Sharpe ratio: Return per unit of total volatility	1.78	3.14	-1.36
Sortino ratio: Return per unit of downside risk	2.50	4.17	-1.67
Omega ratio: Gain probability vs. loss probability	1.31	1.54	-0.23
Calmar ratio: Return relative to maximum drawdown	2.03	4.56	-2.53
Martin ratio: Return relative to average drawdown	7.56	20.04	-12.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DEMZ vs. NACP - Sharpe Ratio Comparison

The current DEMZ Sharpe Ratio is 1.78, which is lower than the NACP Sharpe Ratio of 3.14. The chart below compares the historical Sharpe Ratios of DEMZ 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

	DEMZ	NACP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.78	3.14	-1.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	0.92	-0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.96	0.93	+0.03

Drawdowns

DEMZ vs. NACP - Drawdown Comparison

The maximum DEMZ drawdown since its inception was -27.17%, smaller than the maximum NACP drawdown of -30.96%. Use the drawdown chart below to compare losses from any high point for DEMZ and NACP.

Drawdown Indicators

	DEMZ	NACP	Difference
Max Drawdown Largest peak-to-trough decline	-27.17%	-30.96%	+3.79%
Max Drawdown (1Y) Largest decline over 1 year	-12.28%	-9.65%	-2.63%
Max Drawdown (3Y) Largest decline over 3 years	-18.69%	-19.66%	+0.97%
Max Drawdown (5Y) Largest decline over 5 years	-27.17%	-27.89%	+0.72%
Current Drawdown Current decline from peak	-0.25%	-0.13%	-0.12%
Average Drawdown Average peak-to-trough decline	-6.11%	-5.75%	-0.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.29%	2.19%	+1.10%

Volatility

DEMZ vs. NACP - Volatility Comparison

The current volatility for Democratic Large Cap Core ETF (DEMZ) is 3.66%, while Impact Shares NAACP Minority Empowerment ETF (NACP) has a volatility of 4.44%. This indicates that DEMZ 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

	DEMZ	NACP	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.66%	4.44%	-0.78%
Volatility (6M) Calculated over the trailing 6-month period	10.89%	11.13%	-0.24%
Volatility (1Y) Calculated over the trailing 1-year period	14.04%	14.02%	+0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.80%	17.47%	+0.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.46%	18.70%	-1.24%

DEMZ vs. NACP - Expense Ratio Comparison

DEMZ has a 0.45% expense ratio, which is lower than NACP's 0.49% expense ratio.

Dividends

DEMZ vs. NACP - Dividend Comparison

DEMZ's dividend yield for the trailing twelve months is around 0.90%, more than NACP's 0.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DEMZ Democratic Large Cap Core ETF	0.90%	0.98%	0.53%	0.90%	0.98%	2.46%	0.27%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both DEMZ and NACP in my portfolio?

DEMZ and NACP have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DEMZ or NACP?

NACP has higher volatility (4.44%) compared to DEMZ (3.66%). In terms of maximum drawdown, DEMZ dropped -27.17% vs NACP's -30.96%.

Which ETF is better, DEMZ or NACP?

On 5-year performance, NACP leads with 15.98% vs 12.90% for DEMZ. On fees, DEMZ is cheaper at 0.45% per year. On volatility, DEMZ has been the lower-risk option at 3.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DEMZ or NACP?

Over the 5-year period, NACP has performed better with a 15.98% return vs 12.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DEMZ or NACP?

DEMZ is cheaper with a 0.45% expense ratio, compared with 0.49% for NACP.

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

DEMZ has the higher dividend yield at 0.90%, compared with 0.55% for NACP.

What is the main difference between DEMZ and NACP?

DEMZ is categorized as Large Cap Blend Equities, while NACP is Large Cap Growth Equities. DEMZ tracks Democratic Large Cap Core Index, while NACP tracks Morningstar Minority Empowerment Index. They also come from different issuers: Reflection Asset Management, LLC and Impact Shares. Their fees differ too: 0.45% for DEMZ and 0.49% for NACP.

Which has better risk-adjusted returns?

NACP currently has the higher Sharpe Ratio (3.14 vs 1.78), 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.