NANC vs. WEEL

Last updated Aug 4, 2026

NANC (Unusual Whales Subversive Democratic Trading ETF) and WEEL (Peerless Option Income Wheel ETF) are both exchange-traded funds - NANC is a Large Cap Blend Equities fund actively managed by Tidal, while WEEL is a Derivative Income fund actively managed by Tidal. Both are actively managed. Over the past year, NANC returned 22.52% vs 17.01% for WEEL. Their 0.70 correlation means they have sometimes moved together and sometimes differently. NANC charges 0.72%/yr vs 0.99%/yr for WEEL.

Performance

NANC vs. WEEL - Performance Comparison

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

Returns By Period

In the year-to-date period, NANC achieves a 11.53% return, which is significantly higher than WEEL's 6.88% return.

NANC

• 1D: 2.21%
• 1M: 1.56%
• 6M: 10.60%
• YTD: 11.53%
• 1Y: 22.52%
• 3Y*: 22.34%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 23.03%

WEEL

• 1D: 0.66%
• 1M: 1.96%
• 6M: 6.30%
• YTD: 6.88%
• 1Y: 17.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.47%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
NANC Unusual Whales Subversive Democratic Trading ETF	$805.69K	$811.59K	$1.02M
WEEL Peerless Option Income Wheel ETF	$395.87K	$319.26K	$359.55K

NANC vs. WEEL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NANC Unusual Whales Subversive Democratic Trading ETF	11.53%	18.54%	10.95%
WEEL Peerless Option Income Wheel ETF	6.88%	17.73%	3.10%

Correlation

The correlation between NANC and WEEL is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.70
Correlation (All Time) Calculated using the full available price history since May 16, 2024	0.70

The correlation between NANC and WEEL has been stable across timeframes, ranging from 0.70 to 0.70 - a consistent structural relationship.

NANC vs. WEEL - Sectors Allocation Comparison

Sectors	NANC	WEEL
Technology	45.6%	27.1%
Communication Services	12.5%	9.9%
Healthcare	10.0%	7.7%
Financial Services	8.2%	4.8%
Consumer Cyclical	8.2%	12.7%
Consumer Defensive	7.1%	1.6%
Industrials	5.8%	3.7%
Basic Materials	2.0%	10.9%
Utilities	0.6%	11.1%
Energy	-	9.9%
Real Estate	-	0.6%

Return for Risk

NANC vs. WEEL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NANC

NANC Risk / Return Rank: 59
NANC Sharpe Ratio Rank: 64
NANC Sortino Ratio Rank: 62
NANC Omega Ratio Rank: 60
NANC Calmar Ratio Rank: 50
NANC Martin Ratio Rank: 60

WEEL

WEEL Risk / Return Rank: 87
WEEL Sharpe Ratio Rank: 82
WEEL Sortino Ratio Rank: 87
WEEL Omega Ratio Rank: 86
WEEL Calmar Ratio Rank: 88
WEEL Martin Ratio Rank: 92

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NANC vs. WEEL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unusual Whales Subversive Democratic Trading ETF (NANC) and Peerless Option Income Wheel ETF (WEEL). 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	WEEL	Difference
Sharpe ratio: Return per unit of total volatility	1.51	2.00	-0.49
Sortino ratio: Return per unit of downside risk	2.12	3.06	-0.94
Omega ratio: Gain probability vs. loss probability	1.26	1.39	-0.13
Calmar ratio: Return relative to maximum drawdown	1.85	3.71	-1.86
Martin ratio: Return relative to average drawdown	7.30	16.79	-9.49

NANC vs. WEEL - Sharpe Ratio Comparison

The current NANC Sharpe Ratio is 1.51, which is comparable to the WEEL Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of NANC and WEEL, 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. WEEL - Drawdown Comparison

The maximum NANC drawdown since its inception was -20.94%, which is greater than WEEL's maximum drawdown of -17.45%. Use the drawdown chart below to compare losses from any high point for NANC and WEEL.

Drawdown Indicators

	NANC	WEEL	Difference
Max Drawdown Largest peak-to-trough decline	-20.94%	-17.45%	-3.49%
Max Drawdown (1Y) Largest decline over 1 year	-12.21%	-4.60%	-7.61%
Max Drawdown (3Y) Largest decline over 3 years	-20.94%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.63%	-1.40%	-1.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	1.02%	+2.07%

Volatility

NANC vs. WEEL - Volatility Comparison

Unusual Whales Subversive Democratic Trading ETF (NANC) has a higher volatility of 5.04% compared to Peerless Option Income Wheel ETF (WEEL) at 2.96%. This indicates that NANC's price experiences larger fluctuations and is considered to be riskier than WEEL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NANC	WEEL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.04%	2.96%	+2.08%
Volatility (6M) Calculated over the trailing 6-month period	12.06%	6.92%	+5.14%
Volatility (1Y) Calculated over the trailing 1-year period	15.04%	8.57%	+6.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.84%	12.65%	+4.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.84%	12.65%	+4.19%

NANC vs. WEEL - Expense Ratio Comparison

NANC has a 0.72% expense ratio, which is lower than WEEL's 0.99% expense ratio.

Dividends

NANC vs. WEEL - Dividend Comparison

NANC's dividend yield for the trailing twelve months is around 0.19%, less than WEEL's 12.64% yield.

Position	TTM	2025	2024	2023
NANC Unusual Whales Subversive Democratic Trading ETF	0.19%	0.21%	0.20%	0.94%
WEEL Peerless Option Income Wheel ETF	12.64%	12.72%	6.88%	0.00%

Frequently Asked Questions

Can I hold both NANC and WEEL in my portfolio?

NANC and WEEL have a correlation of 0.70, 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 WEEL?

NANC has higher volatility (5.04%) compared to WEEL (2.96%). In terms of maximum drawdown, NANC dropped -20.94% vs WEEL's -17.45%.

Which ETF is better, NANC or WEEL?

On 1-year performance, NANC leads with 22.52% vs 17.01% for WEEL. On fees, NANC is cheaper at 0.72% per year. On volatility, WEEL has been the lower-risk option at 2.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NANC or WEEL?

Over the 1-year period, NANC has performed better with a 22.52% return vs 17.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NANC or WEEL?

NANC is cheaper with a 0.72% expense ratio, compared with 0.99% for WEEL.

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

WEEL has the higher dividend yield at 12.64%, compared with 0.19% for NANC.

What is the main difference between NANC and WEEL?

NANC is categorized as Large Cap Blend Equities, while WEEL is Derivative Income. Their fees differ too: 0.72% for NANC and 0.99% for WEEL.

Which has better risk-adjusted returns?

WEEL currently has the higher Sharpe Ratio (2.00 vs 1.51), 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.