NANC vs. JPO

Last updated Aug 4, 2026

NANC (Unusual Whales Subversive Democratic Trading ETF) and JPO (YieldMax JPM Option Income Strategy ETF) are both exchange-traded funds - NANC is a Large Cap Blend Equities fund actively managed by Tidal, while JPO is a Options Trading fund actively managed by Tidal. Both are actively managed. Over the past year, NANC returned 22.52% vs 19.04% for JPO. Their 0.42 correlation means their historical movements had little consistent relationship. NANC charges 0.72%/yr vs 1.19%/yr for JPO.

Performance

NANC vs. JPO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Unusual Whales Subversive Democratic Trading ETF (NANC) and YieldMax JPM Option Income Strategy ETF (JPO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NANC achieves a 11.53% return, which is significantly higher than JPO's 8.94% return.

NANC

• 1D: 2.21%
• 1M: 1.56%
• 6M: 10.60%
• YTD: 11.53%
• 1Y: 22.52%
• 3Y*: 22.34%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 23.03%

JPO

• 1D: -0.03%
• 1M: 5.43%
• 6M: 14.06%
• YTD: 8.94%
• 1Y: 19.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.46%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
JPO YieldMax JPM Option Income Strategy ETF	$433.46K	$411.56K	$341.71K
NANC Unusual Whales Subversive Democratic Trading ETF	$805.69K	$811.59K	$1.02M

NANC vs. JPO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NANC Unusual Whales Subversive Democratic Trading ETF	11.53%	18.54%	26.83%	8.71%
JPO YieldMax JPM Option Income Strategy ETF	8.94%	22.26%	13.97%	4.90%

Correlation

The correlation between NANC and JPO is 0.36, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.36
Correlation (All Time) Calculated using the full available price history since Sep 12, 2023	0.42

Return for Risk

NANC vs. JPO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NANC

NANC Risk / Return Rank: 59
NANC Sharpe Ratio Rank: 64
NANC Sortino Ratio Rank: 62
NANC Omega Ratio Rank: 60
NANC Calmar Ratio Rank: 50
NANC Martin Ratio Rank: 60

JPO

JPO Risk / Return Rank: 36
JPO Sharpe Ratio Rank: 38
JPO Sortino Ratio Rank: 35
JPO Omega Ratio Rank: 36
JPO Calmar Ratio Rank: 37
JPO Martin Ratio Rank: 34

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NANC vs. JPO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unusual Whales Subversive Democratic Trading ETF (NANC) and YieldMax JPM Option Income Strategy ETF (JPO). 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.

	NANC	JPO	Difference
Sharpe ratio: Return per unit of total volatility	1.51	0.99	+0.52
Sortino ratio: Return per unit of downside risk	2.12	1.38	+0.74
Omega ratio: Gain probability vs. loss probability	1.26	1.18	+0.08
Calmar ratio: Return relative to maximum drawdown	1.85	1.34	+0.51
Martin ratio: Return relative to average drawdown	7.30	3.34	+3.96

NANC vs. JPO - Sharpe Ratio Comparison

The current NANC Sharpe Ratio is 1.51, which is higher than the JPO Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of NANC and JPO, 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

NANC vs. JPO - Drawdown Comparison

The maximum NANC drawdown since its inception was -20.94%, smaller than the maximum JPO drawdown of -24.80%. Use the drawdown chart below to compare losses from any high point for NANC and JPO.

Drawdown Indicators

	NANC	JPO	Difference
Max Drawdown Largest peak-to-trough decline	-20.94%	-24.80%	+3.86%
Max Drawdown (1Y) Largest decline over 1 year	-12.21%	-14.24%	+2.03%
Max Drawdown (3Y) Largest decline over 3 years	-20.94%	—	—
Current Drawdown Current decline from peak	0.00%	-1.07%	+1.07%
Average Drawdown Average peak-to-trough decline	-2.63%	-4.42%	+1.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	5.72%	-2.63%

Volatility

NANC vs. JPO - Volatility Comparison

Unusual Whales Subversive Democratic Trading ETF (NANC) and YieldMax JPM Option Income Strategy ETF (JPO) have volatilities of 5.04% and 5.21%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NANC	JPO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.04%	5.21%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	12.06%	14.07%	-2.01%
Volatility (1Y) Calculated over the trailing 1-year period	15.04%	19.33%	-4.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.84%	19.04%	-2.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.84%	19.04%	-2.20%

NANC vs. JPO - Expense Ratio Comparison

NANC has a 0.72% expense ratio, which is lower than JPO's 1.19% expense ratio.

Dividends

NANC vs. JPO - Dividend Comparison

NANC's dividend yield for the trailing twelve months is around 0.19%, less than JPO's 31.82% yield.

Position	TTM	2025	2024	2023
JPO YieldMax JPM Option Income Strategy ETF	31.82%	34.13%	25.15%	4.84%
NANC Unusual Whales Subversive Democratic Trading ETF	0.19%	0.21%	0.20%	0.94%

Frequently Asked Questions

Can I hold both NANC and JPO in my portfolio?

NANC and JPO have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NANC or JPO?

JPO has higher volatility (5.21%) compared to NANC (5.04%). In terms of maximum drawdown, NANC dropped -20.94% vs JPO's -24.80%.

Which ETF is better, NANC or JPO?

On 1-year performance, NANC leads with 22.52% vs 19.04% for JPO. On fees, NANC is cheaper at 0.72% per year. On volatility, NANC has been the lower-risk option at 5.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NANC or JPO?

Over the 1-year period, NANC has performed better with a 22.52% return vs 19.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NANC or JPO?

NANC is cheaper with a 0.72% expense ratio, compared with 1.19% for JPO.

Which ETF pays a higher dividend yield, NANC or JPO?

JPO has the higher dividend yield at 31.82%, compared with 0.19% for NANC.

What is the main difference between NANC and JPO?

NANC is categorized as Large Cap Blend Equities, while JPO is Options Trading. Their fees differ too: 0.72% for NANC and 1.19% for JPO.

Which has better risk-adjusted returns?

NANC currently has the higher Sharpe Ratio (1.51 vs 0.99), 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.