NANC vs. TPL

Last updated Jun 16, 2026

NANC (Unusual Whales Subversive Democratic Trading ETF) is Large Cap Blend Equities fund actively managed by Subversive, while TPL (Texas Pacific Land Corporation) is a stock. Over the past 3 years, NANC returned 22.64%/yr vs 35.41%/yr for TPL. At a 0.23 correlation, their price movements are largely independent.

Performance

NANC vs. TPL - Performance Comparison

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

Returns By Period

In the year-to-date period, NANC achieves a 10.22% return, which is significantly lower than TPL's 26.65% return.

NANC

• 1D: 2.12%
• 1M: 3.76%
• YTD: 10.22%
• 6M: 10.78%
• 1Y: 26.20%
• 3Y*: 22.64%
• 5Y*: —
• 10Y*: —

TPL

• 1D: -4.26%
• 1M: -5.67%
• YTD: 26.65%
• 6M: 29.97%
• 1Y: -2.18%
• 3Y*: 35.41%
• 5Y*: 17.26%
• 10Y*: 35.75%

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

NANC vs. TPL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NANC Unusual Whales Subversive Democratic Trading ETF	10.22%	18.54%	26.83%	22.81%
TPL Texas Pacific Land Corporation	26.65%	-21.61%	115.31%	-17.22%

Correlation

The correlation between NANC and TPL is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (All Time) Calculated using the full available price history since Feb 7, 2023	0.23

The correlation between NANC and TPL shifts across timeframes, from 0.09 (1 year) to 0.23 (all time), reflecting how their relationship changes across market environments.

Return for Risk

NANC vs. TPL — Risk / Return Rank

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

NANC

NANC Risk / Return Rank: 57
NANC Sharpe Ratio Rank: 61
NANC Sortino Ratio Rank: 60
NANC Omega Ratio Rank: 60
NANC Calmar Ratio Rank: 48
NANC Martin Ratio Rank: 55

TPL

TPL Risk / Return Rank: 39
TPL Sharpe Ratio Rank: 40
TPL Sortino Ratio Rank: 38
TPL Omega Ratio Rank: 37
TPL Calmar Ratio Rank: 40
TPL Martin Ratio Rank: 40

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. TPL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unusual Whales Subversive Democratic Trading ETF (NANC) and Texas Pacific Land Corporation (TPL). 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	TPL	Difference
Sharpe ratio: Return per unit of total volatility	1.84	-0.05	+1.88
Sortino ratio: Return per unit of downside risk	2.53	0.27	+2.26
Omega ratio: Gain probability vs. loss probability	1.33	1.03	+0.29
Calmar ratio: Return relative to maximum drawdown	2.16	-0.07	+2.22
Martin ratio: Return relative to average drawdown	8.74	-0.14	+8.88

NANC vs. TPL - Sharpe Ratio Comparison

The current NANC Sharpe Ratio is 1.84, which is higher than the TPL Sharpe Ratio of -0.05. The chart below compares the historical Sharpe Ratios of NANC and TPL, 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. TPL - Drawdown Comparison

The maximum NANC drawdown since its inception was -20.94%, smaller than the maximum TPL drawdown of -73.05%. Use the drawdown chart below to compare losses from any high point for NANC and TPL.

Drawdown Indicators

	NANC	TPL	Difference
Max Drawdown Largest peak-to-trough decline	-20.94%	-73.05%	+52.11%
Max Drawdown (1Y) Largest decline over 1 year	-12.21%	-32.69%	+20.48%
Max Drawdown (3Y) Largest decline over 3 years	-20.94%	-52.22%	+31.28%
Max Drawdown (5Y) Largest decline over 5 years	—	-52.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-65.46%	—
Current Drawdown Current decline from peak	-0.68%	-36.47%	+35.79%
Average Drawdown Average peak-to-trough decline	-2.67%	-27.27%	+24.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.00%	17.20%	-14.20%

Volatility

NANC vs. TPL - Volatility Comparison

The current volatility for Unusual Whales Subversive Democratic Trading ETF (NANC) is 5.79%, while Texas Pacific Land Corporation (TPL) has a volatility of 14.84%. This indicates that NANC experiences smaller price fluctuations and is considered to be less risky than TPL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NANC	TPL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.79%	14.84%	-9.05%
Volatility (6M) Calculated over the trailing 6-month period	11.46%	38.33%	-26.87%
Volatility (1Y) Calculated over the trailing 1-year period	14.35%	47.12%	-32.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.87%	46.28%	-29.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.87%	47.14%	-30.27%

Dividends

NANC vs. TPL - Dividend Comparison

NANC's dividend yield for the trailing twelve months is around 0.19%, less than TPL's 0.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
TPL Texas Pacific Land Corporation	0.62%	0.74%	1.37%	0.83%	1.37%	0.88%	2.20%	0.22%	0.55%	0.30%	0.10%	0.22%

Frequently Asked Questions

Can I hold both NANC and TPL in my portfolio?

NANC and TPL have a correlation of 0.09, 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 TPL?

TPL has higher volatility (14.84%) compared to NANC (5.79%). In terms of maximum drawdown, NANC dropped -20.94% vs TPL's -73.05%.

Which has better risk-adjusted returns?

NANC currently has the higher Sharpe Ratio (1.84 vs -0.05), 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.