NANC vs. SPY

Last updated Apr 18, 2026

NANC (Subversive Unusual Whales Democratic ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds — NANC is a Large Cap Growth Equities fund actively managed by Subversive, while SPY is a S&P 500 fund tracking the S&P 500 Index. NANC is actively managed, while SPY is passively managed. Over the past 3 years, NANC returned 23.03%/yr vs 21.23%/yr for SPY. Their correlation of 0.95 suggests significant overlap in exposure. NANC charges 0.75%/yr vs 0.09%/yr for SPY.

Performance

NANC vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Subversive Unusual Whales Democratic ETF (NANC) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NANC achieves a 1.99% return, which is significantly lower than SPY's 4.42% return.

NANC

• 1D: 1.09%
• 1M: 7.57%
• YTD: 1.99%
• 6M: 4.34%
• 1Y: 36.10%
• 3Y*: 23.03%
• 5Y*: —
• 10Y*: —

SPY

• 1D: 1.21%
• 1M: 7.66%
• YTD: 4.42%
• 6M: 7.49%
• 1Y: 36.45%
• 3Y*: 21.23%
• 5Y*: 12.75%
• 10Y*: 14.82%

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

NANC vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NANC Subversive Unusual Whales Democratic ETF	1.99%	18.54%	26.83%	20.79%
SPY State Street SPDR S&P 500 ETF	4.42%	17.72%	24.89%	16.22%

Correlation

The correlation between NANC and SPY is 0.96 — 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	0.96
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 SPY has been stable across timeframes, ranging from 0.95 to 0.96 — a consistent structural relationship.

Return for Risk

NANC vs. SPY — Risk / Return Rank

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

NANC

NANC Risk / Return Rank: 59
NANC Sharpe Ratio Rank: 65
NANC Sortino Ratio Rank: 66
NANC Omega Ratio Rank: 65
NANC Calmar Ratio Rank: 44
NANC Martin Ratio Rank: 53

SPY

SPY Risk / Return Rank: 77
SPY Sharpe Ratio Rank: 78
SPY Sortino Ratio Rank: 78
SPY Omega Ratio Rank: 79
SPY Calmar Ratio Rank: 67
SPY Martin Ratio Rank: 81

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Subversive Unusual Whales Democratic ETF (NANC) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio Return per unit of total volatility	2.47	2.81	-0.33
Sortino ratio Return per unit of downside risk	3.45	3.87	-0.43
Omega ratio Gain probability vs. loss probability	1.45	1.52	-0.07
Calmar ratio Return relative to maximum drawdown	2.72	3.78	-1.06
Martin ratio Return relative to average drawdown	11.25	17.47	-6.22
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. SPY - Sharpe Ratio Comparison

The current NANC Sharpe Ratio is 2.47, which is comparable to the SPY Sharpe Ratio of 2.81. The chart below compares the historical Sharpe Ratios of NANC and SPY, 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	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.47	2.81	-0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.75	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.83	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.27	0.58	+0.69

Drawdowns

NANC vs. SPY - Drawdown Comparison

The maximum NANC drawdown since its inception was -20.94%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for NANC and SPY.

Drawdown Indicators

	NANC	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-20.94%	-55.19%	+34.25%
Max Drawdown (1Y) Largest decline over 1 year	-12.21%	-8.88%	-3.33%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-0.17%	0.00%	-0.17%
Average Drawdown Average peak-to-trough decline	-2.76%	-9.08%	+6.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.95%	1.92%	+1.03%

Volatility

NANC vs. SPY - Volatility Comparison

Subversive Unusual Whales Democratic ETF (NANC) has a higher volatility of 6.15% compared to State Street SPDR S&P 500 ETF (SPY) at 5.38%. This indicates that NANC's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NANC	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.15%	5.38%	+0.77%
Volatility (6M) Calculated over the trailing 6-month period	10.85%	9.51%	+1.34%
Volatility (1Y) Calculated over the trailing 1-year period	14.74%	13.11%	+1.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.87%	17.09%	-0.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.87%	17.93%	-1.06%

NANC vs. SPY - Expense Ratio Comparison

NANC has a 0.75% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

NANC vs. SPY - Dividend Comparison

NANC's dividend yield for the trailing twelve months is around 0.21%, less than SPY's 1.04% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NANC Subversive Unusual Whales Democratic ETF	0.21%	0.21%	0.20%	0.94%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.04%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%