APLY vs. MSTQ

Last updated Jun 4, 2026

APLY (YieldMax AAPL Option Income Strategy ETF) and MSTQ (LHA Market State Tactical Q ETF) are both Options Trading funds. Both are actively managed. Over the past 3 years, APLY returned 11.75%/yr vs 24.11%/yr for MSTQ. At a 0.49 correlation, their price movements are largely independent. APLY charges 0.99%/yr vs 1.59%/yr for MSTQ.

Performance

APLY vs. MSTQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax AAPL Option Income Strategy ETF (APLY) and LHA Market State Tactical Q ETF (MSTQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APLY achieves a 9.41% return, which is significantly lower than MSTQ's 17.40% return.

APLY

• 1D: -0.93%
• 1M: 9.06%
• YTD: 9.41%
• 6M: 5.60%
• 1Y: 36.14%
• 3Y*: 11.75%
• 5Y*: —
• 10Y*: —

MSTQ

• 1D: -0.21%
• 1M: 9.02%
• YTD: 17.40%
• 6M: 15.69%
• 1Y: 31.81%
• 3Y*: 24.11%
• 5Y*: —
• 10Y*: —

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

APLY vs. MSTQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
APLY YieldMax AAPL Option Income Strategy ETF	9.41%	4.69%	18.62%	11.44%
MSTQ LHA Market State Tactical Q ETF	17.40%	20.57%	19.58%	23.50%

Correlation

The correlation between APLY and MSTQ is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (All Time) Calculated using the full available price history since Apr 19, 2023	0.49

Return for Risk

APLY vs. MSTQ — Risk / Return Rank

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

APLY

APLY Risk / Return Rank: 57
APLY Sharpe Ratio Rank: 59
APLY Sortino Ratio Rank: 58
APLY Omega Ratio Rank: 60
APLY Calmar Ratio Rank: 62
APLY Martin Ratio Rank: 47

MSTQ

MSTQ Risk / Return Rank: 59
MSTQ Sharpe Ratio Rank: 68
MSTQ Sortino Ratio Rank: 64
MSTQ Omega Ratio Rank: 64
MSTQ Calmar Ratio Rank: 52
MSTQ Martin Ratio Rank: 48

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.

APLY vs. MSTQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax AAPL Option Income Strategy ETF (APLY) and LHA Market State Tactical Q ETF (MSTQ). 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.

	APLY	MSTQ	Difference
Sharpe ratio: Return per unit of total volatility	2.02	2.23	-0.21
Sortino ratio: Return per unit of downside risk	2.79	2.97	-0.18
Omega ratio: Gain probability vs. loss probability	1.37	1.39	-0.01
Calmar ratio: Return relative to maximum drawdown	3.09	2.58	+0.51
Martin ratio: Return relative to average drawdown	7.87	8.04	-0.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

APLY vs. MSTQ - Sharpe Ratio Comparison

The current APLY Sharpe Ratio is 2.02, which is comparable to the MSTQ Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of APLY and MSTQ, 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

	APLY	MSTQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.02	2.23	-0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.87	-0.19

Drawdowns

APLY vs. MSTQ - Drawdown Comparison

The maximum APLY drawdown since its inception was -30.41%, roughly equal to the maximum MSTQ drawdown of -31.05%. Use the drawdown chart below to compare losses from any high point for APLY and MSTQ.

Drawdown Indicators

	APLY	MSTQ	Difference
Max Drawdown Largest peak-to-trough decline	-30.41%	-31.05%	+0.64%
Max Drawdown (1Y) Largest decline over 1 year	-11.76%	-12.39%	+0.63%
Max Drawdown (3Y) Largest decline over 3 years	-30.41%	-15.22%	-15.19%
Current Drawdown Current decline from peak	-0.93%	-0.21%	-0.72%
Average Drawdown Average peak-to-trough decline	-6.93%	-8.62%	+1.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.60%	3.97%	+0.63%

Volatility

APLY vs. MSTQ - Volatility Comparison

YieldMax AAPL Option Income Strategy ETF (APLY) and LHA Market State Tactical Q ETF (MSTQ) have volatilities of 4.12% and 4.25%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APLY	MSTQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.12%	4.25%	-0.13%
Volatility (6M) Calculated over the trailing 6-month period	13.03%	10.58%	+2.45%
Volatility (1Y) Calculated over the trailing 1-year period	17.99%	14.35%	+3.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.97%	18.85%	+2.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.97%	18.85%	+2.12%

APLY vs. MSTQ - Expense Ratio Comparison

APLY has a 0.99% expense ratio, which is lower than MSTQ's 1.59% expense ratio.

Dividends

APLY vs. MSTQ - Dividend Comparison

APLY's dividend yield for the trailing twelve months is around 34.76%, more than MSTQ's 11.90% yield.

Position	TTM	2025	2024	2023
APLY YieldMax AAPL Option Income Strategy ETF	34.76%	36.38%	24.95%	14.36%
MSTQ LHA Market State Tactical Q ETF	11.90%	13.97%	3.72%	0.77%

Frequently Asked Questions

Can I hold both APLY and MSTQ in my portfolio?

APLY and MSTQ have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APLY or MSTQ?

MSTQ has higher volatility (4.25%) compared to APLY (4.12%). In terms of maximum drawdown, APLY dropped -30.41% vs MSTQ's -31.05%.

Which ETF is better, APLY or MSTQ?

On 3-year performance, MSTQ leads with 24.11% vs 11.75% for APLY. On fees, APLY is cheaper at 0.99% per year. On volatility, APLY has been the lower-risk option at 4.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APLY or MSTQ?

Over the 3-year period, MSTQ has performed better with a 24.11% return vs 11.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APLY or MSTQ?

APLY is cheaper with a 0.99% expense ratio, compared with 1.59% for MSTQ.

Which ETF pays a higher dividend yield, APLY or MSTQ?

APLY has the higher dividend yield at 34.76%, compared with 11.90% for MSTQ.

What is the main difference between APLY and MSTQ?

They also come from different issuers: YieldMax and Little Harbor Advisors. Their fees differ too: 0.99% for APLY and 1.59% for MSTQ.

Which has better risk-adjusted returns?

MSTQ currently has the higher Sharpe Ratio (2.23 vs 2.02), 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.