XOUT vs. NACP

Last updated Jun 4, 2026

XOUT (GraniteShares XOUT U.S. Large Cap ETF) and NACP (Impact Shares NAACP Minority Empowerment ETF) are both Large Cap Growth Equities funds - XOUT tracks the XOUT U.S. Large Cap Index while NACP tracks the Morningstar Minority Empowerment Index. Both are passively managed. Over the past 5 years, XOUT returned 10.93%/yr vs 15.98%/yr for NACP. Their correlation of 0.85 suggests significant overlap in exposure. XOUT charges 0.60%/yr vs 0.49%/yr for NACP.

Performance

XOUT vs. NACP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares XOUT U.S. Large Cap ETF (XOUT) and Impact Shares NAACP Minority Empowerment ETF (NACP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XOUT achieves a -3.24% return, which is significantly lower than NACP's 22.18% return.

XOUT

• 1D: -2.27%
• 1M: 9.28%
• YTD: -3.24%
• 6M: -4.85%
• 1Y: 8.51%
• 3Y*: 18.88%
• 5Y*: 10.93%
• 10Y*: —

NACP

• 1D: -0.13%
• 1M: 9.92%
• YTD: 22.18%
• 6M: 20.98%
• 1Y: 43.81%
• 3Y*: 27.18%
• 5Y*: 15.98%
• 10Y*: —

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

XOUT vs. NACP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
XOUT GraniteShares XOUT U.S. Large Cap ETF	-3.24%	18.18%	23.11%	42.32%	-28.18%	26.13%	28.71%	11.32%
NACP Impact Shares NAACP Minority Empowerment ETF	22.18%	21.38%	23.93%	29.69%	-23.05%	27.62%	26.00%	10.04%

Correlation

The correlation between XOUT and NACP is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (All Time) Calculated using the full available price history since Oct 8, 2019	0.85

Over the past year, the correlation between XOUT and NACP has dropped to 0.59 - well below their long-term average of 0.85, suggesting their price drivers have been diverging.

XOUT vs. NACP - Sectors Allocation Comparison

Sectors	XOUT	NACP
Technology	35.1%	35.8%
Healthcare	17.3%	9.2%
Consumer Cyclical	15.4%	11.1%
Communication Services	12.4%	9.8%
Financial Services	9.6%	10.6%
Consumer Defensive	5.7%	3.6%
Industrials	3.3%	8.7%
Basic Materials	0.6%	1.5%
Real Estate	0.4%	1.3%
Energy	0.2%	5.0%
Utilities	-	3.4%

Return for Risk

XOUT vs. NACP — Risk / Return Rank

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

XOUT

XOUT Risk / Return Rank: 14
XOUT Sharpe Ratio Rank: 15
XOUT Sortino Ratio Rank: 15
XOUT Omega Ratio Rank: 15
XOUT Calmar Ratio Rank: 13
XOUT Martin Ratio Rank: 13

NACP

NACP Risk / Return Rank: 88
NACP Sharpe Ratio Rank: 90
NACP Sortino Ratio Rank: 89
NACP Omega Ratio Rank: 86
NACP Calmar Ratio Rank: 84
NACP Martin Ratio Rank: 89

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.

XOUT vs. NACP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares XOUT U.S. Large Cap ETF (XOUT) and Impact Shares NAACP Minority Empowerment ETF (NACP). 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.

	XOUT	NACP	Difference
Sharpe ratio: Return per unit of total volatility	0.44	3.14	-2.70
Sortino ratio: Return per unit of downside risk	0.72	4.17	-3.45
Omega ratio: Gain probability vs. loss probability	1.09	1.54	-0.45
Calmar ratio: Return relative to maximum drawdown	0.37	4.56	-4.19
Martin ratio: Return relative to average drawdown	0.92	20.04	-19.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XOUT vs. NACP - Sharpe Ratio Comparison

The current XOUT Sharpe Ratio is 0.44, which is lower than the NACP Sharpe Ratio of 3.14. The chart below compares the historical Sharpe Ratios of XOUT and NACP, 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

	XOUT	NACP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.44	3.14	-2.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.92	-0.42
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.93	-0.26

Drawdowns

XOUT vs. NACP - Drawdown Comparison

The maximum XOUT drawdown since its inception was -31.29%, roughly equal to the maximum NACP drawdown of -30.96%. Use the drawdown chart below to compare losses from any high point for XOUT and NACP.

Drawdown Indicators

	XOUT	NACP	Difference
Max Drawdown Largest peak-to-trough decline	-31.29%	-30.96%	-0.33%
Max Drawdown (1Y) Largest decline over 1 year	-23.21%	-9.65%	-13.56%
Max Drawdown (3Y) Largest decline over 3 years	-23.77%	-19.66%	-4.11%
Max Drawdown (5Y) Largest decline over 5 years	-31.29%	-27.89%	-3.40%
Current Drawdown Current decline from peak	-6.09%	-0.13%	-5.96%
Average Drawdown Average peak-to-trough decline	-8.41%	-5.75%	-2.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.25%	2.19%	+7.06%

Volatility

XOUT vs. NACP - Volatility Comparison

GraniteShares XOUT U.S. Large Cap ETF (XOUT) has a higher volatility of 7.48% compared to Impact Shares NAACP Minority Empowerment ETF (NACP) at 4.44%. This indicates that XOUT's price experiences larger fluctuations and is considered to be riskier than NACP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XOUT	NACP	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.48%	4.44%	+3.04%
Volatility (6M) Calculated over the trailing 6-month period	16.17%	11.13%	+5.04%
Volatility (1Y) Calculated over the trailing 1-year period	19.55%	14.02%	+5.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.78%	17.47%	+4.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.23%	18.70%	+4.53%

XOUT vs. NACP - Expense Ratio Comparison

XOUT has a 0.60% expense ratio, which is higher than NACP's 0.49% expense ratio.

Dividends

XOUT vs. NACP - Dividend Comparison

XOUT has not paid dividends to shareholders, while NACP's dividend yield for the trailing twelve months is around 0.55%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
NACP Impact Shares NAACP Minority Empowerment ETF	0.55%	0.62%	2.96%	1.28%	3.48%	3.06%	1.48%	1.22%	0.71%
XOUT GraniteShares XOUT U.S. Large Cap ETF	0.00%	0.00%	0.00%	0.40%	0.51%	0.28%	0.53%	0.19%	0.00%

Frequently Asked Questions

Can I hold both XOUT and NACP in my portfolio?

XOUT and NACP have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XOUT or NACP?

XOUT has higher volatility (7.48%) compared to NACP (4.44%). In terms of maximum drawdown, XOUT dropped -31.29% vs NACP's -30.96%.

Which ETF is better, XOUT or NACP?

On 5-year performance, NACP leads with 15.98% vs 10.93% for XOUT. On fees, NACP is cheaper at 0.49% per year. On volatility, NACP has been the lower-risk option at 4.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XOUT or NACP?

Over the 5-year period, NACP has performed better with a 15.98% return vs 10.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XOUT or NACP?

NACP is cheaper with a 0.49% expense ratio, compared with 0.60% for XOUT.

Which ETF pays a higher dividend yield, XOUT or NACP?

NACP has the higher dividend yield at 0.55%, compared with 0.00% for XOUT.

What is the main difference between XOUT and NACP?

XOUT tracks XOUT U.S. Large Cap Index, while NACP tracks Morningstar Minority Empowerment Index. They also come from different issuers: GraniteShares and Impact Shares. Their fees differ too: 0.60% for XOUT and 0.49% for NACP.

Which has better risk-adjusted returns?

NACP currently has the higher Sharpe Ratio (3.14 vs 0.44), 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.