NANC vs. MTUM

Last updated Jun 26, 2026

NANC (Unusual Whales Subversive Democratic Trading ETF) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - NANC is a Large Cap Blend Equities fund actively managed by Subversive, while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. NANC is actively managed, while MTUM is passively managed. Over the past 3 years, NANC returned 22.72%/yr vs 35.42%/yr for MTUM. Their correlation of 0.83 suggests significant overlap in exposure. NANC charges 0.72%/yr vs 0.15%/yr for MTUM.

Performance

NANC vs. MTUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Unusual Whales Subversive Democratic Trading ETF (NANC) and iShares MSCI USA Momentum Factor ETF (MTUM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NANC achieves a 8.05% return, which is significantly lower than MTUM's 35.82% return.

NANC

• 1D: 0.65%
• 1M: 0.14%
• YTD: 8.05%
• 6M: 6.77%
• 1Y: 20.46%
• 3Y*: 22.72%
• 5Y*: —
• 10Y*: —

MTUM

• 1D: 3.32%
• 1M: 8.16%
• YTD: 35.82%
• 6M: 33.08%
• 1Y: 45.28%
• 3Y*: 35.42%
• 5Y*: 15.79%
• 10Y*: 17.88%

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

NANC vs. MTUM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NANC Unusual Whales Subversive Democratic Trading ETF	8.05%	18.54%	26.83%	22.81%
MTUM iShares MSCI USA Momentum Factor ETF	35.82%	22.15%	32.89%	12.69%

Correlation

The correlation between NANC and MTUM is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (All Time) Calculated using the full available price history since Feb 7, 2023	0.83

The correlation between NANC and MTUM has been stable across timeframes, ranging from 0.78 to 0.86 - a consistent structural relationship.

NANC vs. MTUM - Sectors Allocation Comparison

Sectors	NANC	MTUM
Technology	45.0%	50.2%
Communication Services	13.9%	5.1%
Healthcare	9.3%	3.5%
Consumer Cyclical	8.7%	2.9%
Financial Services	8.2%	5.0%
Consumer Defensive	7.2%	3.7%
Industrials	5.1%	15.0%
Basic Materials	1.9%	2.3%
Utilities	0.6%	0.6%
Energy	-	10.5%
Real Estate	-	1.3%

Return for Risk

NANC vs. MTUM — Risk / Return Rank

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

NANC

NANC Risk / Return Rank: 44
NANC Sharpe Ratio Rank: 47
NANC Sortino Ratio Rank: 45
NANC Omega Ratio Rank: 45
NANC Calmar Ratio Rank: 38
NANC Martin Ratio Rank: 46

MTUM

MTUM Risk / Return Rank: 77
MTUM Sharpe Ratio Rank: 75
MTUM Sortino Ratio Rank: 69
MTUM Omega Ratio Rank: 73
MTUM Calmar Ratio Rank: 84
MTUM Martin Ratio Rank: 84

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. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unusual Whales Subversive Democratic Trading ETF (NANC) and iShares MSCI USA Momentum Factor ETF (MTUM). 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	MTUM	Difference
Sharpe ratio: Return per unit of total volatility	1.43	2.06	-0.63
Sortino ratio: Return per unit of downside risk	2.00	2.70	-0.70
Omega ratio: Gain probability vs. loss probability	1.26	1.37	-0.12
Calmar ratio: Return relative to maximum drawdown	1.68	3.94	-2.26
Martin ratio: Return relative to average drawdown	6.77	14.99	-8.23

NANC vs. MTUM - Sharpe Ratio Comparison

The current NANC Sharpe Ratio is 1.43, which is lower than the MTUM Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of NANC and MTUM, 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. MTUM - Drawdown Comparison

The maximum NANC drawdown since its inception was -20.94%, smaller than the maximum MTUM drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for NANC and MTUM.

Drawdown Indicators

	NANC	MTUM	Difference
Max Drawdown Largest peak-to-trough decline	-20.94%	-34.08%	+13.14%
Max Drawdown (1Y) Largest decline over 1 year	-12.21%	-11.54%	-0.67%
Max Drawdown (3Y) Largest decline over 3 years	-20.94%	-20.99%	+0.05%
Max Drawdown (5Y) Largest decline over 5 years	—	-32.28%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.08%	—
Current Drawdown Current decline from peak	-2.64%	-1.71%	-0.93%
Average Drawdown Average peak-to-trough decline	-2.67%	-6.19%	+3.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	3.03%	0.00%

Volatility

NANC vs. MTUM - Volatility Comparison

The current volatility for Unusual Whales Subversive Democratic Trading ETF (NANC) is 5.88%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 12.20%. This indicates that NANC experiences smaller price fluctuations and is considered to be less risky than MTUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NANC	MTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.88%	12.20%	-6.32%
Volatility (6M) Calculated over the trailing 6-month period	11.50%	19.59%	-8.09%
Volatility (1Y) Calculated over the trailing 1-year period	14.35%	22.09%	-7.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.86%	21.20%	-4.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.86%	21.33%	-4.47%

NANC vs. MTUM - Expense Ratio Comparison

NANC has a 0.72% expense ratio, which is higher than MTUM's 0.15% expense ratio.

Dividends

NANC vs. MTUM - Dividend Comparison

NANC's dividend yield for the trailing twelve months is around 0.19%, less than MTUM's 0.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MTUM iShares MSCI USA Momentum Factor ETF	0.55%	0.91%	0.75%	1.35%	1.80%	0.55%	0.83%	1.48%	1.27%	1.02%	1.43%	1.12%
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 MTUM in my portfolio?

NANC and MTUM have a correlation of 0.78, 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 MTUM?

MTUM has higher volatility (12.20%) compared to NANC (5.88%). In terms of maximum drawdown, NANC dropped -20.94% vs MTUM's -34.08%.

Which ETF is better, NANC or MTUM?

On 3-year performance, MTUM leads with 35.42% vs 22.72% for NANC. On fees, MTUM is cheaper at 0.15% per year. On volatility, NANC has been the lower-risk option at 5.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NANC or MTUM?

Over the 3-year period, MTUM has performed better with a 35.42% return vs 22.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NANC or MTUM?

MTUM is cheaper with a 0.15% expense ratio, compared with 0.72% for NANC.

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

MTUM has the higher dividend yield at 0.55%, compared with 0.19% for NANC.

What is the main difference between NANC and MTUM?

NANC is categorized as Large Cap Blend Equities, while MTUM is Momentum. They also come from different issuers: Subversive and iShares. Their fees differ too: 0.72% for NANC and 0.15% for MTUM.

Which has better risk-adjusted returns?

MTUM currently has the higher Sharpe Ratio (2.06 vs 1.43), 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.