WarCap Unconstrained Equity ETF (WCAP) Performance
WCAP total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −5.4% since Dec 31, 2025
- 1 year
- −6.6% total return
- Since first price
- −7.3% since 2025
WCAP trailing returns vs SPY, QQQ, AGG
| Period | WCAP total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +0.3% | +0.3% | −1.0% | −5.0% | +0.9% |
| 3 months | +3.2% | +3.2% | +3.2% | +1.9% | −0.4% |
| 6 months | +4.8% | +4.8% | +7.8% | +8.4% | −1.5% |
| YTD | −5.4% | −5.4% | +12.3% | +15.1% | −1.0% |
| 1 year | −6.6% | −6.6% | +14.4% | +15.9% | −1.1% |
| Since inceptionSep 11, 2025 | −7.3% | −7.4% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: WCAP vs SPY
From Sep 11, 2025: WCAP grew to $9,268, SPY to $11,713.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
WCAP returns by calendar year
2026 is year to date.
WCAP annual returns table
| Year | WCAP | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −5.4% | −14.6% | +12.3% | +15.1% | −1.0% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
WCAP largest drawdowns
Now 8.7% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Sep 19, 2025 | −15.9% | Mar 30, 2026 | not yet | 6 months | 1.1 years so far |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
WCAP risk statistics
| Statistic | Since 2025 |
|---|---|
| Annualized return | −7.4% |
| Volatility (annualized) | 12.6% |
| Sharpe ratio | -0.84 |
| Sortino ratio | -1.06 |
| Best month | +6.7% |
| Worst month | −5.7% |
| Best 12 months | −7.4% |
| Worst 12 months | −7.4% |
| Positive months | 42% |
| Beta vs S&P 500 | — |
| Correlation with S&P 500 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
WCAP rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 2 | −7.4% | −6.9% | −6.5% | 0% |
Every holding period starting at a month-end since 2025. Returns for 3 years and longer are annualized.
WCAP performance overview
WarCap Unconstrained Equity ETF (WCAP) returned −6.6% over the past year, with distributions reinvested. Since its first recorded price on Sep 11, 2025 it has returned −7.3%. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −15.9%, from Sep 19, 2025 to Mar 30, 2026; the fund has not yet regained that high. Volatility has been 12.6% a year.
Related: WCAP chart, WCAP holdings, WCAP dividends, WCAP valuation. See the WCAP overview for the latest quote and fund facts.
WCAP performance FAQ
What is the WCAP return over the past year?
WCAP returned −6.6% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 6.6%.
How much would $10,000 invested in WCAP be worth?
$10,000 invested in WCAP at its first recorded close on September 11, 2025 would be worth about $9,268 on October 23, 2026 with distributions reinvested.
What is the biggest drawdown of WCAP?
The largest peak-to-trough decline was −15.9% between September 19, 2025 and March 30, 2026. It has not yet recovered to that high; it is 8.7% below its peak.
How volatile is WCAP?
Over the past history WCAP had an annualized volatility of 12.6% and a Sharpe ratio of -0.84 (excess return over 1–3 month T-bills per unit of risk).