NANC vs. USPX

Last updated Jun 24, 2026

NANC (Unusual Whales Subversive Democratic Trading ETF) and USPX (Franklin U.S. Equity Index ETF) are both Large Cap Blend Equities funds. NANC is actively managed, while USPX is passively managed. Over the past 3 years, NANC returned 22.07%/yr vs 20.72%/yr for USPX. Their correlation of 0.95 suggests significant overlap in exposure. NANC charges 0.72%/yr vs 0.03%/yr for USPX.

Performance

NANC vs. USPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Unusual Whales Subversive Democratic Trading ETF (NANC) and Franklin U.S. Equity Index ETF (USPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NANC achieves a 7.19% return, which is significantly lower than USPX's 7.94% return.

NANC

• 1D: -1.59%
• 1M: 0.00%
• YTD: 7.19%
• 6M: 6.14%
• 1Y: 21.34%
• 3Y*: 22.07%
• 5Y*: —
• 10Y*: —

USPX

• 1D: -1.35%
• 1M: -1.23%
• YTD: 7.94%
• 6M: 6.89%
• 1Y: 23.21%
• 3Y*: 20.72%
• 5Y*: 11.89%
• 10Y*: 12.60%

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

NANC vs. USPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NANC Unusual Whales Subversive Democratic Trading ETF	7.19%	18.54%	26.83%	22.81%
USPX Franklin U.S. Equity Index ETF	7.94%	17.78%	24.97%	18.20%

Correlation

The correlation between NANC and USPX is 0.95 - 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (All Time) Calculated using the full available price history since Feb 7, 2023	0.95

The correlation between NANC and USPX has been stable across timeframes, ranging from 0.95 to 0.95 - a consistent structural relationship.

NANC vs. USPX - Sectors Allocation Comparison

Sectors	NANC	USPX
Technology	45.0%	37.7%
Communication Services	13.9%	10.3%
Healthcare	9.3%	8.8%
Consumer Cyclical	8.7%	9.5%
Financial Services	8.2%	11.6%
Consumer Defensive	7.2%	4.6%
Industrials	5.1%	8.0%
Basic Materials	1.9%	1.7%
Utilities	0.6%	2.5%
Energy	-	3.3%
Real Estate	-	1.8%

Return for Risk

NANC vs. USPX — Risk / Return Rank

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

NANC

NANC Risk / Return Rank: 42
NANC Sharpe Ratio Rank: 44
NANC Sortino Ratio Rank: 42
NANC Omega Ratio Rank: 42
NANC Calmar Ratio Rank: 36
NANC Martin Ratio Rank: 45

USPX

USPX Risk / Return Rank: 59
USPX Sharpe Ratio Rank: 59
USPX Sortino Ratio Rank: 56
USPX Omega Ratio Rank: 57
USPX Calmar Ratio Rank: 55
USPX Martin Ratio Rank: 66

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. USPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unusual Whales Subversive Democratic Trading ETF (NANC) and Franklin U.S. Equity Index ETF (USPX). 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	USPX	Difference
Sharpe ratio: Return per unit of total volatility	1.49	1.83	-0.35
Sortino ratio: Return per unit of downside risk	2.08	2.51	-0.43
Omega ratio: Gain probability vs. loss probability	1.27	1.33	-0.06
Calmar ratio: Return relative to maximum drawdown	1.75	2.55	-0.79
Martin ratio: Return relative to average drawdown	7.09	11.19	-4.10

NANC vs. USPX - Sharpe Ratio Comparison

The current NANC Sharpe Ratio is 1.49, which is comparable to the USPX Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of NANC and USPX, 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. USPX - Drawdown Comparison

The maximum NANC drawdown since its inception was -20.94%, smaller than the maximum USPX drawdown of -31.21%. Use the drawdown chart below to compare losses from any high point for NANC and USPX.

Drawdown Indicators

	NANC	USPX	Difference
Max Drawdown Largest peak-to-trough decline	-20.94%	-31.21%	+10.27%
Max Drawdown (1Y) Largest decline over 1 year	-12.21%	-9.15%	-3.06%
Max Drawdown (3Y) Largest decline over 3 years	-20.94%	-19.21%	-1.73%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.60%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-31.21%	—
Current Drawdown Current decline from peak	-3.41%	-3.17%	-0.24%
Average Drawdown Average peak-to-trough decline	-2.67%	-4.43%	+1.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.02%	2.08%	+0.94%

Volatility

NANC vs. USPX - Volatility Comparison

Unusual Whales Subversive Democratic Trading ETF (NANC) has a higher volatility of 5.88% compared to Franklin U.S. Equity Index ETF (USPX) at 4.89%. This indicates that NANC's price experiences larger fluctuations and is considered to be riskier than USPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NANC	USPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.88%	4.89%	+0.99%
Volatility (6M) Calculated over the trailing 6-month period	11.52%	10.06%	+1.46%
Volatility (1Y) Calculated over the trailing 1-year period	14.44%	12.74%	+1.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.87%	16.28%	+0.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.87%	15.96%	+0.91%

NANC vs. USPX - Expense Ratio Comparison

NANC has a 0.72% expense ratio, which is higher than USPX's 0.03% expense ratio.

Dividends

NANC vs. USPX - Dividend Comparison

NANC's dividend yield for the trailing twelve months is around 0.20%, less than USPX's 0.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
NANC Unusual Whales Subversive Democratic Trading ETF	0.20%	0.21%	0.20%	0.94%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USPX Franklin U.S. Equity Index ETF	0.83%	1.07%	1.23%	1.35%	2.21%	2.40%	2.51%	3.07%	2.91%	2.60%	4.89%

Frequently Asked Questions

Can I hold both NANC and USPX in my portfolio?

With a correlation of 0.95, NANC and USPX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, NANC or USPX?

NANC has higher volatility (5.88%) compared to USPX (4.89%). In terms of maximum drawdown, NANC dropped -20.94% vs USPX's -31.21%.

Which ETF is better, NANC or USPX?

On 3-year performance, NANC leads with 22.07% vs 20.72% for USPX. On fees, USPX is cheaper at 0.03% per year. On volatility, USPX has been the lower-risk option at 4.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NANC or USPX?

Over the 3-year period, NANC has performed better with a 22.07% return vs 20.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NANC or USPX?

USPX is cheaper with a 0.03% expense ratio, compared with 0.72% for NANC.

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

USPX has the higher dividend yield at 0.83%, compared with 0.20% for NANC.

What is the main difference between NANC and USPX?

They also come from different issuers: Subversive and Franklin Templeton. Their fees differ too: 0.72% for NANC and 0.03% for USPX.

Which has better risk-adjusted returns?

USPX currently has the higher Sharpe Ratio (1.83 vs 1.49), 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.