HEDG vs. MSTB

Last updated Aug 2, 2026

HEDG (Equable Shares Hedged Equity ETF) and MSTB (LHA Market State Tactical Beta ETF) are both Equity Hedged funds - HEDG tracks the Actively Managed while MSTB tracks the S&P 500® Index. Both are passively managed. Their 0.75 correlation means they have sometimes moved together and sometimes differently. HEDG charges 0.96%/yr vs 1.40%/yr for MSTB.

Performance

HEDG vs. MSTB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Equable Shares Hedged Equity ETF (HEDG) and LHA Market State Tactical Beta ETF (MSTB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HEDG achieves a 4.12% return, which is significantly lower than MSTB's 7.40% return.

HEDG

• 1D: 0.33%
• 1M: 0.80%
• 6M: 3.33%
• YTD: 4.12%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

MSTB

• 1D: 0.57%
• 1M: 0.48%
• 6M: 6.73%
• YTD: 7.40%
• 1Y: 15.10%
• 3Y*: 15.75%
• 5Y*: 7.64%
• 10Y*: —
• ALL TIME*: 10.94%

*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)
HEDG Equable Shares Hedged Equity ETF	$1.17M	$841.57K	$1.20M
MSTB LHA Market State Tactical Beta ETF	$407.16K	$409.29K	$411.62K

HEDG vs. MSTB - Yearly Performance Comparison

	2026 (YTD)	2025
HEDG Equable Shares Hedged Equity ETF	4.12%	3.20%
MSTB LHA Market State Tactical Beta ETF	7.40%	2.59%

Correlation

The correlation between HEDG and MSTB is 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 13, 2025	0.75

HEDG vs. MSTB - Sectors Allocation Comparison

Sectors	HEDG	MSTB
Technology	38.5%	38.5%
Financial Services	11.6%	11.6%
Communication Services	9.9%	9.9%
Consumer Cyclical	9.5%	9.5%
Healthcare	8.9%	8.9%
Industrials	8.4%	8.4%
Consumer Defensive	4.5%	4.5%
Energy	3.0%	3.0%
Utilities	2.2%	2.2%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

HEDG vs. MSTB — Risk / Return Rank

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

HEDG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

MSTB

MSTB Risk / Return Rank: 48
MSTB Sharpe Ratio Rank: 49
MSTB Sortino Ratio Rank: 47
MSTB Omega Ratio Rank: 49
MSTB Calmar Ratio Rank: 46
MSTB Martin Ratio Rank: 49

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.

HEDG vs. MSTB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Equable Shares Hedged Equity ETF (HEDG) and LHA Market State Tactical Beta ETF (MSTB). 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.

	HEDG	MSTB	Difference
Sharpe ratio: Return per unit of total volatility	—	1.21	—
Sortino ratio: Return per unit of downside risk	—	1.70	—
Omega ratio: Gain probability vs. loss probability	—	1.22	—
Calmar ratio: Return relative to maximum drawdown	—	1.63	—
Martin ratio: Return relative to average drawdown	—	5.74	—

Drawdowns

HEDG vs. MSTB - Drawdown Comparison

The maximum HEDG drawdown since its inception was -3.85%, smaller than the maximum MSTB drawdown of -25.64%. Use the drawdown chart below to compare losses from any high point for HEDG and MSTB.

Drawdown Indicators

	HEDG	MSTB	Difference
Max Drawdown Largest peak-to-trough decline	-3.85%	-25.64%	+21.79%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.31%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-10.81%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.64%	—
Current Drawdown Current decline from peak	0.00%	-1.80%	+1.80%
Average Drawdown Average peak-to-trough decline	-0.38%	-7.04%	+6.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.36%	—

Volatility

Volatility by Period

	HEDG	MSTB	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.94%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.35%	—
Volatility (1Y) Calculated over the trailing 1-year period	5.79%	11.20%	-5.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.79%	14.03%	-8.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.79%	13.83%	-8.04%

HEDG vs. MSTB - Expense Ratio Comparison

HEDG has a 0.96% expense ratio, which is lower than MSTB's 1.40% expense ratio.

Dividends

HEDG vs. MSTB - Dividend Comparison

HEDG's dividend yield for the trailing twelve months is around 2.31%, more than MSTB's 0.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
HEDG Equable Shares Hedged Equity ETF	2.31%	1.38%	0.00%	0.00%	0.00%	0.00%	0.00%
MSTB LHA Market State Tactical Beta ETF	0.38%	0.41%	0.95%	0.16%	1.34%	2.20%	1.78%

Frequently Asked Questions

Can I hold both HEDG and MSTB in my portfolio?

HEDG and MSTB have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HEDG or MSTB?

On fees, HEDG is cheaper at 0.96% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HEDG or MSTB?

HEDG is cheaper with a 0.96% expense ratio, compared with 1.40% for MSTB.

Which ETF pays a higher dividend yield, HEDG or MSTB?

HEDG has the higher dividend yield at 2.31%, compared with 0.38% for MSTB.

What is the main difference between HEDG and MSTB?

HEDG tracks Actively Managed, while MSTB tracks S&P 500® Index. They also come from different issuers: Equable Shares and Little Harbor Advisors. Their fees differ too: 0.96% for HEDG and 1.40% for MSTB.