SPYU.DE vs. NANC

Last updated Jun 5, 2026

SPYU.DE (SPDR MSCI Europe Utilities UCITS ETF) and NANC (Unusual Whales Subversive Democratic Trading ETF) are both exchange-traded funds - SPYU.DE is a Utilities Equities fund tracking the MSCI Europe Utilities 20/35 Capped, while NANC is a Large Cap Blend Equities fund actively managed by Subversive. SPYU.DE is passively managed, while NANC is actively managed. Over the past 3 years, SPYU.DE returned 16.61%/yr vs 20.56%/yr for NANC. At a 0.02 correlation, their price movements are largely independent. SPYU.DE charges 0.18%/yr vs 0.72%/yr for NANC.

Performance

SPYU.DE vs. NANC - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in SPDR MSCI Europe Utilities UCITS ETF (SPYU.DE) and Unusual Whales Subversive Democratic Trading ETF (NANC). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SPYU.DE is traded in EUR, while NANC is traded in USD. To make them comparable, the NANC values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, SPYU.DE achieves a 13.06% return, which is significantly higher than NANC's 11.32% return.

SPYU.DE

• 1D: -0.28%
• 1M: -3.02%
• YTD: 13.06%
• 6M: 14.07%
• 1Y: 26.75%
• 3Y*: 16.61%
• 5Y*: 11.82%
• 10Y*: 10.70%

NANC

• 1D: 0.39%
• 1M: 6.53%
• YTD: 11.32%
• 6M: 9.76%
• 1Y: 24.44%
• 3Y*: 20.56%
• 5Y*: —
• 10Y*: —

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

SPYU.DE vs. NANC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPYU.DE SPDR MSCI Europe Utilities UCITS ETF	13.06%	34.39%	0.99%	10.44%
NANC Unusual Whales Subversive Democratic Trading ETF	11.32%	4.47%	35.20%	17.40%

Correlation

The correlation between SPYU.DE and NANC is 0.03, 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	0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (All Time) Calculated using the full available price history since Feb 8, 2023	0.02

Return for Risk

SPYU.DE vs. NANC — Risk / Return Rank

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

SPYU.DE

SPYU.DE Risk / Return Rank: 57
SPYU.DE Sharpe Ratio Rank: 53
SPYU.DE Sortino Ratio Rank: 49
SPYU.DE Omega Ratio Rank: 53
SPYU.DE Calmar Ratio Rank: 72
SPYU.DE Martin Ratio Rank: 58

NANC

NANC Risk / Return Rank: 55
NANC Sharpe Ratio Rank: 60
NANC Sortino Ratio Rank: 59
NANC Omega Ratio Rank: 58
NANC Calmar Ratio Rank: 45
NANC Martin Ratio Rank: 54

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.

SPYU.DE vs. NANC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Europe Utilities UCITS ETF (SPYU.DE) and Unusual Whales Subversive Democratic Trading ETF (NANC). 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.

	SPYU.DE	NANC	Difference
Sharpe ratio: Return per unit of total volatility	1.79	1.76	+0.04
Sortino ratio: Return per unit of downside risk	2.37	2.34	+0.03
Omega ratio: Gain probability vs. loss probability	1.33	1.32	+0.01
Calmar ratio: Return relative to maximum drawdown	3.59	2.14	+1.45
Martin ratio: Return relative to average drawdown	10.13	7.16	+2.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPYU.DE vs. NANC - Sharpe Ratio Comparison

The current SPYU.DE Sharpe Ratio is 1.79, which is comparable to the NANC Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of SPYU.DE and NANC, 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

	SPYU.DE	NANC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.79	1.76	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	1.15	-0.58

Drawdowns

SPYU.DE vs. NANC - Drawdown Comparison

The maximum SPYU.DE drawdown since its inception was -32.98%, which is greater than NANC's maximum drawdown of -26.18%. Use the drawdown chart below to compare losses from any high point for SPYU.DE and NANC.

Drawdown Indicators

	SPYU.DE	NANC	Difference
Max Drawdown Largest peak-to-trough decline	-32.98%	-26.18%	-6.80%
Max Drawdown (1Y) Largest decline over 1 year	-7.43%	-11.48%	+4.05%
Max Drawdown (3Y) Largest decline over 3 years	-13.44%	-26.18%	+12.74%
Max Drawdown (5Y) Largest decline over 5 years	-22.28%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-32.98%	—	—
Current Drawdown Current decline from peak	-5.24%	-0.65%	-4.59%
Average Drawdown Average peak-to-trough decline	-5.63%	-3.91%	-1.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.63%	3.42%	-0.79%

Volatility

SPYU.DE vs. NANC - Volatility Comparison

SPDR MSCI Europe Utilities UCITS ETF (SPYU.DE) has a higher volatility of 5.85% compared to Unusual Whales Subversive Democratic Trading ETF (NANC) at 3.19%. This indicates that SPYU.DE's price experiences larger fluctuations and is considered to be riskier than NANC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYU.DE	NANC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.85%	3.19%	+2.66%
Volatility (6M) Calculated over the trailing 6-month period	12.96%	10.06%	+2.90%
Volatility (1Y) Calculated over the trailing 1-year period	14.86%	13.98%	+0.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.01%	17.67%	-1.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.05%	17.67%	-0.62%

SPYU.DE vs. NANC - Expense Ratio Comparison

SPYU.DE has a 0.18% expense ratio, which is lower than NANC's 0.72% expense ratio.

Dividends

SPYU.DE vs. NANC - Dividend Comparison

SPYU.DE has not paid dividends to shareholders, while NANC's dividend yield for the trailing twelve months is around 0.19%.

Position	TTM	2025	2024	2023
NANC Unusual Whales Subversive Democratic Trading ETF	0.19%	0.21%	0.20%	0.94%
SPYU.DE SPDR MSCI Europe Utilities UCITS ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPYU.DE and NANC in my portfolio?

SPYU.DE and NANC have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPYU.DE or NANC?

On fees, SPYU.DE is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPYU.DE or NANC?

SPYU.DE is cheaper with a 0.18% expense ratio, compared with 0.72% for NANC.

What is the main difference between SPYU.DE and NANC?

SPYU.DE is categorized as Utilities Equities, while NANC is Large Cap Blend Equities. They also come from different issuers: State Street and Subversive. Their fees differ too: 0.18% for SPYU.DE and 0.72% for NANC.