HEQQ vs. MSTB

Last updated Aug 2, 2026

HEQQ (JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF) and MSTB (LHA Market State Tactical Beta ETF) are both exchange-traded funds - HEQQ is a Nasdaq-100 fund actively managed by JPMorgan, while MSTB is a Equity Hedged fund tracking the S&P 500® Index. HEQQ is actively managed, while MSTB is passively managed. Over the past year, HEQQ returned 11.59% vs 15.10% for MSTB. Their correlation of 0.80 means they have usually moved in the same direction. HEQQ charges 0.50%/yr vs 1.40%/yr for MSTB.

Performance

HEQQ vs. MSTB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF (HEQQ) 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, HEQQ achieves a 2.75% return, which is significantly lower than MSTB's 7.40% return.

HEQQ

• 1D: 0.31%
• 1M: -0.71%
• 6M: 1.17%
• YTD: 2.75%
• 1Y: 11.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.65%

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)
HEQQ JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF	$19.72K	$10.59K	$92.03K
MSTB LHA Market State Tactical Beta ETF	$407.16K	$409.29K	$411.62K

HEQQ vs. MSTB - Yearly Performance Comparison

	2026 (YTD)	2025
HEQQ JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF	2.75%	16.96%
MSTB LHA Market State Tactical Beta ETF	7.40%	22.28%

Correlation

The correlation between HEQQ and MSTB is 0.84, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.84
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	0.80

The correlation between HEQQ and MSTB has been stable across timeframes, ranging from 0.80 to 0.84 - a consistent structural relationship.

HEQQ vs. MSTB - Sectors Allocation Comparison

Sectors	HEQQ	MSTB
Technology	59.6%	38.5%
Communication Services	12.9%	9.9%
Consumer Cyclical	10.8%	9.5%
Consumer Defensive	5.8%	4.5%
Healthcare	4.4%	8.9%
Industrials	3.0%	8.4%
Utilities	1.6%	2.2%
Basic Materials	0.7%	1.7%
Financial Services	0.6%	11.6%
Energy	0.6%	3.0%
Real Estate	0.2%	1.8%

Return for Risk

HEQQ vs. MSTB — Risk / Return Rank

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

HEQQ

HEQQ Risk / Return Rank: 46
HEQQ Sharpe Ratio Rank: 47
HEQQ Sortino Ratio Rank: 48
HEQQ Omega Ratio Rank: 47
HEQQ Calmar Ratio Rank: 40
HEQQ Martin Ratio Rank: 46

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.

HEQQ vs. MSTB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF (HEQQ) 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.

	HEQQ	MSTB	Difference
Sharpe ratio: Return per unit of total volatility	1.18	1.21	-0.04
Sortino ratio: Return per unit of downside risk	1.73	1.70	+0.03
Omega ratio: Gain probability vs. loss probability	1.22	1.22	0.00
Calmar ratio: Return relative to maximum drawdown	1.43	1.63	-0.20
Martin ratio: Return relative to average drawdown	5.30	5.74	-0.44

HEQQ vs. MSTB - Sharpe Ratio Comparison

The current HEQQ Sharpe Ratio is 1.18, which is comparable to the MSTB Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of HEQQ and MSTB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HEQQ vs. MSTB - Drawdown Comparison

The maximum HEQQ drawdown since its inception was -7.64%, smaller than the maximum MSTB drawdown of -25.64%. Use the drawdown chart below to compare losses from any high point for HEQQ and MSTB.

Drawdown Indicators

	HEQQ	MSTB	Difference
Max Drawdown Largest peak-to-trough decline	-7.64%	-25.64%	+18.00%
Max Drawdown (1Y) Largest decline over 1 year	-7.64%	-8.31%	+0.67%
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	-2.37%	-1.80%	-0.57%
Average Drawdown Average peak-to-trough decline	-1.17%	-7.04%	+5.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	2.36%	-0.30%

Volatility

HEQQ vs. MSTB - Volatility Comparison

JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF (HEQQ) and LHA Market State Tactical Beta ETF (MSTB) have volatilities of 3.93% and 3.94%, 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

	HEQQ	MSTB	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.93%	3.94%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	7.37%	8.35%	-0.98%
Volatility (1Y) Calculated over the trailing 1-year period	9.28%	11.20%	-1.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.99%	14.03%	-3.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.99%	13.83%	-2.84%

HEQQ vs. MSTB - Expense Ratio Comparison

HEQQ has a 0.50% expense ratio, which is lower than MSTB's 1.40% expense ratio.

Dividends

HEQQ vs. MSTB - Dividend Comparison

HEQQ's dividend yield for the trailing twelve months is around 0.22%, less than MSTB's 0.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
HEQQ JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF	0.22%	0.19%	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 HEQQ and MSTB in my portfolio?

HEQQ and MSTB have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HEQQ or MSTB?

MSTB has higher volatility (3.94%) compared to HEQQ (3.93%). In terms of maximum drawdown, HEQQ dropped -7.64% vs MSTB's -25.64%.

Which ETF is better, HEQQ or MSTB?

On 1-year performance, MSTB leads with 15.10% vs 11.59% for HEQQ. On fees, HEQQ is cheaper at 0.50% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HEQQ or MSTB?

Over the 1-year period, MSTB has performed better with a 15.10% return vs 11.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HEQQ or MSTB?

HEQQ is cheaper with a 0.50% expense ratio, compared with 1.40% for MSTB.

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

MSTB has the higher dividend yield at 0.38%, compared with 0.22% for HEQQ.

What is the main difference between HEQQ and MSTB?

HEQQ is categorized as Nasdaq-100, while MSTB is Equity Hedged. They also come from different issuers: JPMorgan and Little Harbor Advisors. Their fees differ too: 0.50% for HEQQ and 1.40% for MSTB.

Which has better risk-adjusted returns?

MSTB currently has the higher Sharpe Ratio (1.21 vs 1.18), 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.