NANC vs. DSPIX

Last updated Jun 4, 2026

NANC (Unusual Whales Subversive Democratic Trading ETF) and DSPIX (BNY Mellon Institutional S&P 500 Stock Index Fund) are both funds - NANC is a Large Cap Blend Equities fund actively managed by Subversive, while DSPIX is a S&P 500 fund tracking the S&P 500 Index. NANC is actively managed, while DSPIX is passively managed. Over the past 3 years, NANC returned 23.55%/yr vs 22.57%/yr for DSPIX. Their correlation of 0.95 suggests significant overlap in exposure. NANC charges 0.72%/yr vs 0.20%/yr for DSPIX.

Performance

NANC vs. DSPIX - Performance Comparison

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

Returns By Period

In the year-to-date period, NANC achieves a 9.48% return, which is significantly lower than DSPIX's 11.63% return.

NANC

• 1D: -1.03%
• 1M: 6.13%
• YTD: 9.48%
• 6M: 9.13%
• 1Y: 26.05%
• 3Y*: 23.55%
• 5Y*: —
• 10Y*: —

DSPIX

• 1D: 0.14%
• 1M: 5.78%
• YTD: 11.63%
• 6M: 11.81%
• 1Y: 28.93%
• 3Y*: 22.57%
• 5Y*: 14.05%
• 10Y*: 15.08%

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

NANC vs. DSPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NANC Unusual Whales Subversive Democratic Trading ETF	9.48%	18.54%	26.83%	20.79%
DSPIX BNY Mellon Institutional S&P 500 Stock Index Fund	11.63%	17.81%	24.40%	16.40%

Correlation

The correlation between NANC and DSPIX is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (All Time) Calculated using the full available price history since Feb 8, 2023	0.95

The correlation between NANC and DSPIX has been stable across timeframes, ranging from 0.95 to 0.95 - a consistent structural relationship.

Return for Risk

NANC vs. DSPIX — Risk / Return Rank

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

NANC

NANC Risk / Return Rank: 51
NANC Sharpe Ratio Rank: 55
NANC Sortino Ratio Rank: 54
NANC Omega Ratio Rank: 54
NANC Calmar Ratio Rank: 42
NANC Martin Ratio Rank: 52

DSPIX

DSPIX Risk / Return Rank: 73
DSPIX Sharpe Ratio Rank: 75
DSPIX Sortino Ratio Rank: 67
DSPIX Omega Ratio Rank: 67
DSPIX Calmar Ratio Rank: 73
DSPIX Martin Ratio Rank: 82

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.

NANC vs. DSPIX - Risk-Adjusted Trends Comparison

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

	NANC	DSPIX	Difference
Sharpe ratio: Return per unit of total volatility	1.93	2.51	-0.58
Sortino ratio: Return per unit of downside risk	2.67	3.41	-0.74
Omega ratio: Gain probability vs. loss probability	1.34	1.46	-0.12
Calmar ratio: Return relative to maximum drawdown	2.14	3.34	-1.20
Martin ratio: Return relative to average drawdown	8.86	15.59	-6.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NANC vs. DSPIX - Sharpe Ratio Comparison

The current NANC Sharpe Ratio is 1.93, which is comparable to the DSPIX Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of NANC and DSPIX, 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

	NANC	DSPIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.93	2.51	-0.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.83	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.84	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.38	0.58	+0.81

Drawdowns

NANC vs. DSPIX - Drawdown Comparison

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

Drawdown Indicators

	NANC	DSPIX	Difference
Max Drawdown Largest peak-to-trough decline	-20.94%	-55.32%	+34.38%
Max Drawdown (1Y) Largest decline over 1 year	-12.21%	-8.92%	-3.29%
Max Drawdown (3Y) Largest decline over 3 years	-20.94%	-18.81%	-2.13%
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	-1.34%	0.00%	-1.34%
Average Drawdown Average peak-to-trough decline	-2.67%	-9.28%	+6.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.95%	1.91%	+1.04%

Volatility

NANC vs. DSPIX - Volatility Comparison

Unusual Whales Subversive Democratic Trading ETF (NANC) has a higher volatility of 3.65% compared to BNY Mellon Institutional S&P 500 Stock Index Fund (DSPIX) at 2.83%. This indicates that NANC's price experiences larger fluctuations and is considered to be riskier than DSPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NANC	DSPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.65%	2.83%	+0.82%
Volatility (6M) Calculated over the trailing 6-month period	10.38%	8.99%	+1.39%
Volatility (1Y) Calculated over the trailing 1-year period	13.60%	11.88%	+1.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.73%	16.93%	-0.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.73%	18.03%	-1.30%

NANC vs. DSPIX - Expense Ratio Comparison

NANC has a 0.72% expense ratio, which is higher than DSPIX's 0.20% expense ratio.

Dividends

NANC vs. DSPIX - Dividend Comparison

NANC's dividend yield for the trailing twelve months is around 0.19%, less than DSPIX's 30.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DSPIX BNY Mellon Institutional S&P 500 Stock Index Fund	30.32%	33.86%	27.60%	27.46%	18.33%	12.91%	1.15%	5.01%	6.33%	2.53%	2.91%	2.63%
NANC Unusual Whales Subversive Democratic Trading ETF	0.19%	0.21%	0.20%	0.94%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NANC and DSPIX in my portfolio?

With a correlation of 0.95, NANC and DSPIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, NANC or DSPIX?

NANC has higher volatility (3.65%) compared to DSPIX (2.83%). In terms of maximum drawdown, NANC dropped -20.94% vs DSPIX's -55.32%.

Which has better risk-adjusted returns?

DSPIX currently has the higher Sharpe Ratio (2.51 vs 1.93), 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.