DSPIX vs. NANC

Last updated Apr 2, 2026

Compare and contrast key facts about BNY Mellon Institutional S&P 500 Stock Index Fund (DSPIX) and Subversive Unusual Whales Democratic ETF (NANC).

DSPIX is a passively managed fund by BNY Mellon that tracks the performance of the S&P 500 Index. It was launched on Sep 30, 1993. NANC is an actively managed fund by Subversive. It was launched on Feb 7, 2023.

Performance

DSPIX vs. NANC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon Institutional S&P 500 Stock Index Fund (DSPIX) and Subversive Unusual Whales Democratic ETF (NANC). The values are adjusted to include any dividend payments, if applicable.

DSPIX vs. NANC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DSPIX BNY Mellon Institutional S&P 500 Stock Index Fund	-4.37%	17.81%	24.40%	16.40%
NANC Subversive Unusual Whales Democratic ETF	-6.68%	18.54%	26.83%	20.79%

Returns By Period

In the year-to-date period, DSPIX achieves a -4.37% return, which is significantly higher than NANC's -6.68% return.

DSPIX

• 1D: 2.93%
• 1M: -5.03%
• YTD: -4.37%
• 6M: -2.09%
• 1Y: 17.31%
• 3Y*: 18.13%
• 5Y*: 11.57%
• 10Y*: 13.50%

NANC

• 1D: 0.92%
• 1M: -4.89%
• YTD: -6.68%
• 6M: -5.10%
• 1Y: 18.06%
• 3Y*: 19.63%
• 5Y*: —
• 10Y*: —

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

DSPIX vs. NANC - Expense Ratio Comparison

DSPIX has a 0.20% expense ratio, which is lower than NANC's 0.75% expense ratio.

NANC

Subversive Unusual Whales Democratic ETF

DSPIX

BNY Mellon Institutional S&P 500 Stock Index Fund

Return for Risk

DSPIX vs. NANC — Risk / Return Rank

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

DSPIX

DSPIX Risk / Return Rank: 58
DSPIX Sharpe Ratio Rank: 47
DSPIX Sortino Ratio Rank: 51
DSPIX Omega Ratio Rank: 55
DSPIX Calmar Ratio Rank: 62
DSPIX Martin Ratio Rank: 74

NANC

NANC Risk / Return Rank: 55
NANC Sharpe Ratio Rank: 51
NANC Sortino Ratio Rank: 54
NANC Omega Ratio Rank: 54
NANC Calmar Ratio Rank: 57
NANC Martin Ratio Rank: 57

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.

DSPIX vs. NANC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Institutional S&P 500 Stock Index Fund (DSPIX) and Subversive Unusual Whales Democratic ETF (NANC). 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.

	DSPIX	NANC	Difference
Sharpe ratio Return per unit of total volatility	0.97	0.96	+0.02
Sortino ratio Return per unit of downside risk	1.49	1.46	+0.03
Omega ratio Gain probability vs. loss probability	1.23	1.21	+0.02
Calmar ratio Return relative to maximum drawdown	1.52	1.52	-0.01
Martin ratio Return relative to average drawdown	7.28	5.83	+1.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DSPIX vs. NANC - Sharpe Ratio Comparison

The current DSPIX Sharpe Ratio is 0.97, which is comparable to the NANC Sharpe Ratio of 0.96. The chart below compares the historical Sharpe Ratios of DSPIX and NANC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	DSPIX	NANC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.97	0.96	+0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.75	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	1.09	-0.54

Correlation

The correlation between DSPIX and NANC is 0.95, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

DSPIX vs. NANC - Dividend Comparison

DSPIX's dividend yield for the trailing twelve months is around 35.41%, more than NANC's 0.22% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DSPIX BNY Mellon Institutional S&P 500 Stock Index Fund	35.41%	33.86%	27.60%	27.46%	18.33%	12.91%	1.15%	5.01%	6.33%	2.53%	2.91%	2.63%
NANC Subversive Unusual Whales Democratic ETF	0.22%	0.21%	0.20%	0.94%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

DSPIX vs. NANC - Drawdown Comparison

The maximum DSPIX drawdown since its inception was -55.32%, which is greater than NANC's maximum drawdown of -20.94%. Use the drawdown chart below to compare losses from any high point for DSPIX and NANC.

Drawdown Indicators

	DSPIX	NANC	Difference
Max Drawdown Largest peak-to-trough decline	-55.32%	-20.94%	-34.38%
Max Drawdown (1Y) Largest decline over 1 year	-12.15%	-12.21%	+0.06%
Max Drawdown (5Y) Largest decline over 5 years	-24.62%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.79%	—	—
Current Drawdown Current decline from peak	-6.25%	-8.65%	+2.40%
Average Drawdown Average peak-to-trough decline	-9.32%	-2.74%	-6.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.53%	3.19%	-0.66%

Volatility

DSPIX vs. NANC - Volatility Comparison

The current volatility for BNY Mellon Institutional S&P 500 Stock Index Fund (DSPIX) is 5.35%, while Subversive Unusual Whales Democratic ETF (NANC) has a volatility of 5.91%. This indicates that DSPIX experiences smaller price fluctuations and is considered to be less risky than NANC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DSPIX	NANC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.35%	5.91%	-0.56%
Volatility (6M) Calculated over the trailing 6-month period	9.56%	10.72%	-1.16%
Volatility (1Y) Calculated over the trailing 1-year period	18.37%	18.98%	-0.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.94%	16.86%	+0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.01%	16.86%	+1.15%