NANC vs. SPXM

Last updated Jul 15, 2026

NANC (Unusual Whales Subversive Democratic Trading ETF) and SPXM (Azoria 500 Meritocracy ETF) are both Large Cap Blend Equities funds. Both are actively managed. Over the past year, NANC returned 20.07% vs 8.61% for SPXM. At a 0.48 correlation, their price movements are largely independent. NANC charges 0.72%/yr vs 0.47%/yr for SPXM.

Performance

NANC vs. SPXM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Unusual Whales Subversive Democratic Trading ETF (NANC) and Azoria 500 Meritocracy ETF (SPXM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

NANC

• 1D: 0.88%
• 1M: 2.49%
• 6M: 8.86%
• YTD: 10.61%
• 1Y: 20.07%
• 3Y*: 21.61%
• 5Y*: —
• 10Y*: —

SPXM

• 1D: 0.00%
• 1M: 0.00%
• 6M: 0.00%
• YTD: 0.00%
• 1Y: 8.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NANC vs. SPXM - Yearly Performance Comparison

	2026 (YTD)	2025
NANC Unusual Whales Subversive Democratic Trading ETF	10.61%	9.04%
SPXM Azoria 500 Meritocracy ETF	0.00%	9.27%

Correlation

The correlation between NANC and SPXM is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	0.48

Return for Risk

NANC vs. SPXM — Risk / Return Rank

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

NANC

NANC Risk / Return Rank: 47
NANC Sharpe Ratio Rank: 50
NANC Sortino Ratio Rank: 48
NANC Omega Ratio Rank: 48
NANC Calmar Ratio Rank: 40
NANC Martin Ratio Rank: 50

SPXM

SPXM Risk / Return Rank: 60
SPXM Sharpe Ratio Rank: 49
SPXM Sortino Ratio Rank: 48
SPXM Omega Ratio Rank: 81
SPXM Calmar Ratio Rank: 52
SPXM Martin Ratio Rank: 68

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. SPXM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unusual Whales Subversive Democratic Trading ETF (NANC) and Azoria 500 Meritocracy ETF (SPXM). 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	SPXM	Difference
Sharpe ratio: Return per unit of total volatility	1.39	1.38	+0.01
Sortino ratio: Return per unit of downside risk	1.96	1.95	0.00
Omega ratio: Gain probability vs. loss probability	1.25	1.38	-0.13
Calmar ratio: Return relative to maximum drawdown	1.65	2.09	-0.43
Martin ratio: Return relative to average drawdown	6.63	9.77	-3.14

NANC vs. SPXM - Sharpe Ratio Comparison

The current NANC Sharpe Ratio is 1.39, which is comparable to the SPXM Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of NANC and SPXM, 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. SPXM - Drawdown Comparison

The maximum NANC drawdown since its inception was -20.94%, which is greater than SPXM's maximum drawdown of -5.08%. Use the drawdown chart below to compare losses from any high point for NANC and SPXM.

Drawdown Indicators

	NANC	SPXM	Difference
Max Drawdown Largest peak-to-trough decline	-20.94%	-5.08%	-15.86%
Max Drawdown (1Y) Largest decline over 1 year	-12.21%	-5.08%	-7.13%
Max Drawdown (3Y) Largest decline over 3 years	-20.94%	—	—
Current Drawdown Current decline from peak	-0.37%	-0.75%	+0.38%
Average Drawdown Average peak-to-trough decline	-2.64%	-0.78%	-1.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.04%	—	—

Volatility

NANC vs. SPXM - Volatility Comparison

Unusual Whales Subversive Democratic Trading ETF (NANC) has a higher volatility of 4.38% compared to Azoria 500 Meritocracy ETF (SPXM) at 0.00%. This indicates that NANC's price experiences larger fluctuations and is considered to be riskier than SPXM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NANC	SPXM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.38%	0.00%	+4.38%
Volatility (6M) Calculated over the trailing 6-month period	11.72%	3.96%	+7.76%
Volatility (1Y) Calculated over the trailing 1-year period	14.50%	7.66%	+6.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.81%	7.63%	+9.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.81%	7.63%	+9.18%

NANC vs. SPXM - Expense Ratio Comparison

NANC has a 0.72% expense ratio, which is higher than SPXM's 0.47% expense ratio.

Dividends

NANC vs. SPXM - Dividend Comparison

NANC's dividend yield for the trailing twelve months is around 0.19%, less than SPXM's 0.24% yield.

Position	TTM	2025	2024	2023
NANC Unusual Whales Subversive Democratic Trading ETF	0.19%	0.21%	0.20%	0.94%
SPXM Azoria 500 Meritocracy ETF	0.24%	0.24%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NANC and SPXM in my portfolio?

NANC and SPXM have a correlation of 0.48, 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 SPXM?

NANC has higher volatility (4.38%) compared to SPXM (0.00%). In terms of maximum drawdown, NANC dropped -20.94% vs SPXM's -5.08%.

Which ETF is better, NANC or SPXM?

On 1-year performance, NANC leads with 20.07% vs 8.61% for SPXM. On fees, SPXM is cheaper at 0.47% per year. On volatility, SPXM has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NANC or SPXM?

Over the 1-year period, NANC has performed better with a 20.07% return vs 8.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NANC or SPXM?

SPXM is cheaper with a 0.47% expense ratio, compared with 0.72% for NANC.

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

SPXM has the higher dividend yield at 0.24%, compared with 0.19% for NANC.

What is the main difference between NANC and SPXM?

They also come from different issuers: Subversive and Azoria. Their fees differ too: 0.72% for NANC and 0.47% for SPXM.

Which has better risk-adjusted returns?

NANC currently has the higher Sharpe Ratio (1.39 vs 1.38), 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.