NACP vs. MDST

Last updated Jul 12, 2026

NACP (Impact Shares NAACP Minority Empowerment ETF) and MDST (Westwood Salient Enhanced Midstream Income ETF) are both exchange-traded funds - NACP is a Large Cap Growth Equities fund tracking the Morningstar Minority Empowerment Index, while MDST is a Energy Equities fund actively managed by Westwood. NACP is passively managed, while MDST is actively managed. Over the past year, NACP returned 37.89% vs 21.14% for MDST. At a 0.22 correlation, their price movements are largely independent. NACP charges 0.49%/yr vs 0.80%/yr for MDST.

Performance

NACP vs. MDST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Impact Shares NAACP Minority Empowerment ETF (NACP) and Westwood Salient Enhanced Midstream Income ETF (MDST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NACP achieves a 22.63% return, which is significantly higher than MDST's 16.87% return.

NACP

• 1D: 0.58%
• 1M: 1.71%
• 6M: 17.64%
• YTD: 22.63%
• 1Y: 37.89%
• 3Y*: 25.86%
• 5Y*: 15.27%
• 10Y*: —

MDST

• 1D: -0.31%
• 1M: 1.05%
• 6M: 17.75%
• YTD: 16.87%
• 1Y: 21.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NACP vs. MDST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NACP Impact Shares NAACP Minority Empowerment ETF	22.63%	21.38%	10.55%
MDST Westwood Salient Enhanced Midstream Income ETF	16.87%	7.09%	17.03%

Correlation

The correlation between NACP and MDST is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.06
Correlation (All Time) Calculated using the full available price history since Apr 9, 2024	0.22

The correlation between NACP and MDST shifts across timeframes, from -0.06 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.

NACP vs. MDST - Sectors Allocation Comparison

Sectors	NACP	MDST
Technology	41.3%	-
Consumer Cyclical	10.9%	-
Financial Services	9.5%	-
Communication Services	9.0%	-
Healthcare	8.5%	-
Industrials	8.0%	0.9%
Energy	4.3%	97.3%
Consumer Defensive	3.1%	-
Utilities	3.0%	-
Basic Materials	1.4%	-
Real Estate	1.1%	-

Return for Risk

NACP vs. MDST — Risk / Return Rank

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

NACP

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

MDST

MDST Risk / Return Rank: 67
MDST Sharpe Ratio Rank: 65
MDST Sortino Ratio Rank: 68
MDST Omega Ratio Rank: 64
MDST Calmar Ratio Rank: 78
MDST Martin Ratio Rank: 61

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. MDST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Impact Shares NAACP Minority Empowerment ETF (NACP) and Westwood Salient Enhanced Midstream Income ETF (MDST). 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	MDST	Difference
Sharpe ratio: Return per unit of total volatility	2.41	1.70	+0.70
Sortino ratio: Return per unit of downside risk	3.18	2.48	+0.70
Omega ratio: Gain probability vs. loss probability	1.41	1.31	+0.10
Calmar ratio: Return relative to maximum drawdown	3.89	3.21	+0.67
Martin ratio: Return relative to average drawdown	16.37	8.60	+7.77

NACP vs. MDST - Sharpe Ratio Comparison

The current NACP Sharpe Ratio is 2.41, which is higher than the MDST Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of NACP and MDST, 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. MDST - Drawdown Comparison

The maximum NACP drawdown since its inception was -30.96%, which is greater than MDST's maximum drawdown of -14.19%. Use the drawdown chart below to compare losses from any high point for NACP and MDST.

Drawdown Indicators

	NACP	MDST	Difference
Max Drawdown Largest peak-to-trough decline	-30.96%	-14.19%	-16.77%
Max Drawdown (1Y) Largest decline over 1 year	-9.65%	-6.74%	-2.91%
Max Drawdown (3Y) Largest decline over 3 years	-19.66%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-27.89%	—	—
Current Drawdown Current decline from peak	-1.07%	-1.91%	+0.84%
Average Drawdown Average peak-to-trough decline	-5.70%	-2.20%	-3.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.29%	2.51%	-0.22%

Volatility

NACP vs. MDST - Volatility Comparison

Impact Shares NAACP Minority Empowerment ETF (NACP) has a higher volatility of 6.41% compared to Westwood Salient Enhanced Midstream Income ETF (MDST) at 4.43%. This indicates that NACP's price experiences larger fluctuations and is considered to be riskier than MDST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NACP	MDST	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.41%	4.43%	+1.98%
Volatility (6M) Calculated over the trailing 6-month period	12.92%	8.92%	+4.00%
Volatility (1Y) Calculated over the trailing 1-year period	15.56%	12.70%	+2.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.75%	16.10%	+1.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.76%	16.10%	+2.66%

NACP vs. MDST - Expense Ratio Comparison

NACP has a 0.49% expense ratio, which is lower than MDST's 0.80% expense ratio.

Dividends

NACP vs. MDST - Dividend Comparison

NACP's dividend yield for the trailing twelve months is around 0.55%, less than MDST's 9.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
MDST Westwood Salient Enhanced Midstream Income ETF	9.24%	10.22%	6.60%	0.00%	0.00%	0.00%	0.00%	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 NACP and MDST in my portfolio?

NACP and MDST have a correlation of -0.06, 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 MDST?

NACP has higher volatility (6.41%) compared to MDST (4.43%). In terms of maximum drawdown, NACP dropped -30.96% vs MDST's -14.19%.

Which ETF is better, NACP or MDST?

On 1-year performance, NACP leads with 37.89% vs 21.14% for MDST. On fees, NACP is cheaper at 0.49% per year. On volatility, MDST has been the lower-risk option at 4.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NACP or MDST?

Over the 1-year period, NACP has performed better with a 37.89% return vs 21.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NACP or MDST?

NACP is cheaper with a 0.49% expense ratio, compared with 0.80% for MDST.

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

MDST has the higher dividend yield at 9.24%, compared with 0.55% for NACP.

What is the main difference between NACP and MDST?

NACP is categorized as Large Cap Growth Equities, while MDST is Energy Equities. They also come from different issuers: Impact Shares and Westwood. Their fees differ too: 0.49% for NACP and 0.80% for MDST.

Which has better risk-adjusted returns?

NACP currently has the higher Sharpe Ratio (2.41 vs 1.70), 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.