NACP vs. DLN

Last updated Jun 25, 2026

NACP (Impact Shares NAACP Minority Empowerment ETF) and DLN (WisdomTree U.S. LargeCap Dividend Fund) are both exchange-traded funds - NACP is a Large Cap Growth Equities fund tracking the Morningstar Minority Empowerment Index, while DLN is a Large Cap Value Equities fund tracking the WisdomTree U.S. LargeCap Dividend Index. Both are passively managed. Over the past 5 years, NACP returned 15.07%/yr vs 12.34%/yr for DLN. Their correlation of 0.81 suggests significant overlap in exposure. NACP charges 0.49%/yr vs 0.28%/yr for DLN.

Performance

NACP vs. DLN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Impact Shares NAACP Minority Empowerment ETF (NACP) and WisdomTree U.S. LargeCap Dividend Fund (DLN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NACP achieves a 19.61% return, which is significantly higher than DLN's 9.74% return.

NACP

• 1D: -0.50%
• 1M: 1.23%
• YTD: 19.61%
• 6M: 16.99%
• 1Y: 37.04%
• 3Y*: 25.54%
• 5Y*: 15.07%
• 10Y*: —

DLN

• 1D: -0.19%
• 1M: -0.14%
• YTD: 9.74%
• 6M: 8.74%
• 1Y: 20.43%
• 3Y*: 18.05%
• 5Y*: 12.34%
• 10Y*: 12.83%

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

NACP vs. DLN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
NACP Impact Shares NAACP Minority Empowerment ETF	19.61%	21.38%	23.93%	29.69%	-23.05%	27.62%	26.00%	30.74%	-8.79%
DLN WisdomTree U.S. LargeCap Dividend Fund	9.74%	15.53%	19.66%	9.95%	-3.78%	25.60%	4.59%	28.91%	-7.01%

Correlation

The correlation between NACP and DLN is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jul 19, 2018	0.81

The correlation between NACP and DLN shifts across timeframes, from 0.70 (1 year) to 0.81 (5 years), reflecting how their relationship changes across market environments.

NACP vs. DLN - Sectors Allocation Comparison

Sectors	NACP	DLN
Technology	41.3%	22.8%
Consumer Cyclical	10.9%	4.9%
Financial Services	9.5%	17.4%
Communication Services	9.0%	7.5%
Healthcare	8.5%	12.6%
Industrials	8.0%	7.8%
Energy	4.3%	7.9%
Consumer Defensive	3.1%	8.9%
Utilities	3.0%	5.5%
Basic Materials	1.4%	1.0%
Real Estate	1.1%	3.9%

Return for Risk

NACP vs. DLN — Risk / Return Rank

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

NACP

NACP Risk / Return Rank: 84
NACP Sharpe Ratio Rank: 85
NACP Sortino Ratio Rank: 82
NACP Omega Ratio Rank: 82
NACP Calmar Ratio Rank: 82
NACP Martin Ratio Rank: 87

DLN

DLN Risk / Return Rank: 79
DLN Sharpe Ratio Rank: 80
DLN Sortino Ratio Rank: 82
DLN Omega Ratio Rank: 78
DLN Calmar Ratio Rank: 74
DLN Martin Ratio Rank: 80

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.

NACP vs. DLN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Impact Shares NAACP Minority Empowerment ETF (NACP) and WisdomTree U.S. LargeCap Dividend Fund (DLN). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	NACP	DLN	Difference
Sharpe ratio: Return per unit of total volatility	2.45	2.28	+0.17
Sortino ratio: Return per unit of downside risk	3.22	3.26	-0.04
Omega ratio: Gain probability vs. loss probability	1.43	1.41	+0.02
Calmar ratio: Return relative to maximum drawdown	3.86	3.37	+0.49
Martin ratio: Return relative to average drawdown	16.43	14.09	+2.34

NACP vs. DLN - Sharpe Ratio Comparison

The current NACP Sharpe Ratio is 2.45, which is comparable to the DLN Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of NACP and DLN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NACP vs. DLN - Drawdown Comparison

The maximum NACP drawdown since its inception was -30.96%, smaller than the maximum DLN drawdown of -57.84%. Use the drawdown chart below to compare losses from any high point for NACP and DLN.

Drawdown Indicators

	NACP	DLN	Difference
Max Drawdown Largest peak-to-trough decline	-30.96%	-57.84%	+26.88%
Max Drawdown (1Y) Largest decline over 1 year	-9.65%	-6.10%	-3.55%
Max Drawdown (3Y) Largest decline over 3 years	-19.66%	-13.71%	-5.95%
Max Drawdown (5Y) Largest decline over 5 years	-27.89%	-16.26%	-11.63%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.82%	—
Current Drawdown Current decline from peak	-2.76%	-1.31%	-1.45%
Average Drawdown Average peak-to-trough decline	-5.72%	-7.50%	+1.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.26%	1.45%	+0.81%

Volatility

NACP vs. DLN - Volatility Comparison

Impact Shares NAACP Minority Empowerment ETF (NACP) has a higher volatility of 6.97% compared to WisdomTree U.S. LargeCap Dividend Fund (DLN) at 2.70%. This indicates that NACP's price experiences larger fluctuations and is considered to be riskier than DLN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NACP	DLN	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.97%	2.70%	+4.27%
Volatility (6M) Calculated over the trailing 6-month period	12.73%	6.99%	+5.74%
Volatility (1Y) Calculated over the trailing 1-year period	15.22%	9.01%	+6.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.69%	13.26%	+4.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.77%	16.14%	+2.63%

NACP vs. DLN - Expense Ratio Comparison

NACP has a 0.49% expense ratio, which is higher than DLN's 0.28% expense ratio.

Dividends

NACP vs. DLN - Dividend Comparison

NACP's dividend yield for the trailing twelve months is around 0.56%, less than DLN's 1.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DLN WisdomTree U.S. LargeCap Dividend Fund	1.80%	1.90%	2.00%	2.43%	2.53%	2.01%	2.66%	2.51%	2.90%	2.33%	2.64%	2.80%
NACP Impact Shares NAACP Minority Empowerment ETF	0.56%	0.62%	2.96%	1.28%	3.48%	3.06%	1.48%	1.22%	0.71%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NACP and DLN in my portfolio?

NACP and DLN have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NACP or DLN?

NACP has higher volatility (6.97%) compared to DLN (2.70%). In terms of maximum drawdown, NACP dropped -30.96% vs DLN's -57.84%.

Which ETF is better, NACP or DLN?

On 5-year performance, NACP leads with 15.07% vs 12.34% for DLN. On fees, DLN is cheaper at 0.28% per year. On volatility, DLN has been the lower-risk option at 2.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NACP or DLN?

Over the 5-year period, NACP has performed better with a 15.07% return vs 12.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NACP or DLN?

DLN is cheaper with a 0.28% expense ratio, compared with 0.49% for NACP.

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

DLN has the higher dividend yield at 1.80%, compared with 0.56% for NACP.

What is the main difference between NACP and DLN?

NACP is categorized as Large Cap Growth Equities, while DLN is Large Cap Value Equities. NACP tracks Morningstar Minority Empowerment Index, while DLN tracks WisdomTree U.S. LargeCap Dividend Index. They also come from different issuers: Impact Shares and WisdomTree. Their fees differ too: 0.49% for NACP and 0.28% for DLN.

Which has better risk-adjusted returns?

NACP currently has the higher Sharpe Ratio (2.45 vs 2.28), 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.