HOLA vs. MSTB

Last updated Aug 2, 2026

HOLA (JPMorgan International Hedged Equity Laddered Overlay ETF) and MSTB (LHA Market State Tactical Beta ETF) are both Equity Hedged funds. HOLA is actively managed, while MSTB is passively managed. Over the past year, HOLA returned 17.66% vs 15.10% for MSTB. Their 0.67 correlation means they have sometimes moved together and sometimes differently. HOLA charges 0.50%/yr vs 1.40%/yr for MSTB.

Performance

HOLA vs. MSTB - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with HOLA having a 7.29% return and MSTB slightly higher at 7.40%.

HOLA

• 1D: -0.36%
• 1M: 1.19%
• 6M: 3.35%
• YTD: 7.29%
• 1Y: 17.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.71%

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)
HOLA JPMorgan International Hedged Equity Laddered Overlay ETF	$762.47K	$628.26K	$1.14M
MSTB LHA Market State Tactical Beta ETF	$407.16K	$409.29K	$411.62K

HOLA vs. MSTB - Yearly Performance Comparison

	2026 (YTD)	2025
HOLA JPMorgan International Hedged Equity Laddered Overlay ETF	7.29%	7.60%
MSTB LHA Market State Tactical Beta ETF	7.40%	6.74%

Correlation

The correlation between HOLA and MSTB is 0.68, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.68
Correlation (All Time) Calculated using the full available price history since Jul 14, 2025	0.67

The correlation between HOLA and MSTB has been stable across timeframes, ranging from 0.67 to 0.68 - a consistent structural relationship.

HOLA vs. MSTB - Sectors Allocation Comparison

Sectors	HOLA	MSTB
Financial Services	25.7%	11.6%
Industrials	18.2%	8.4%
Technology	14.4%	38.5%
Healthcare	9.8%	8.9%
Consumer Cyclical	8.1%	9.5%
Consumer Defensive	6.6%	4.5%
Basic Materials	5.1%	1.7%
Utilities	4.3%	2.2%
Communication Services	4.0%	9.9%
Energy	3.0%	3.0%
Real Estate	0.9%	1.8%

Return for Risk

HOLA vs. MSTB — Risk / Return Rank

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

HOLA

HOLA Risk / Return Rank: 73
HOLA Sharpe Ratio Rank: 75
HOLA Sortino Ratio Rank: 77
HOLA Omega Ratio Rank: 73
HOLA Calmar Ratio Rank: 71
HOLA Martin Ratio Rank: 69

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.

HOLA vs. MSTB - Risk-Adjusted Trends Comparison

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

	HOLA	MSTB	Difference
Sharpe ratio: Return per unit of total volatility	1.71	1.21	+0.50
Sortino ratio: Return per unit of downside risk	2.50	1.70	+0.80
Omega ratio: Gain probability vs. loss probability	1.31	1.22	+0.09
Calmar ratio: Return relative to maximum drawdown	2.48	1.63	+0.84
Martin ratio: Return relative to average drawdown	8.40	5.74	+2.66

HOLA vs. MSTB - Sharpe Ratio Comparison

The current HOLA Sharpe Ratio is 1.71, which is higher than the MSTB Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of HOLA 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

HOLA vs. MSTB - Drawdown Comparison

The maximum HOLA drawdown since its inception was -6.99%, smaller than the maximum MSTB drawdown of -25.64%. Use the drawdown chart below to compare losses from any high point for HOLA and MSTB.

Drawdown Indicators

	HOLA	MSTB	Difference
Max Drawdown Largest peak-to-trough decline	-6.99%	-25.64%	+18.65%
Max Drawdown (1Y) Largest decline over 1 year	-6.99%	-8.31%	+1.32%
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	-0.36%	-1.80%	+1.44%
Average Drawdown Average peak-to-trough decline	-1.40%	-7.04%	+5.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	2.36%	-0.30%

Volatility

HOLA vs. MSTB - Volatility Comparison

The current volatility for JPMorgan International Hedged Equity Laddered Overlay ETF (HOLA) is 3.65%, while LHA Market State Tactical Beta ETF (MSTB) has a volatility of 3.94%. This indicates that HOLA experiences smaller price fluctuations and is considered to be less risky than MSTB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HOLA	MSTB	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.65%	3.94%	-0.29%
Volatility (6M) Calculated over the trailing 6-month period	8.38%	8.35%	+0.03%
Volatility (1Y) Calculated over the trailing 1-year period	10.13%	11.20%	-1.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.15%	14.03%	-3.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.15%	13.83%	-3.68%

HOLA vs. MSTB - Expense Ratio Comparison

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

Dividends

HOLA vs. MSTB - Dividend Comparison

HOLA's dividend yield for the trailing twelve months is around 2.82%, more than MSTB's 0.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
HOLA JPMorgan International Hedged Equity Laddered Overlay ETF	2.82%	3.02%	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 HOLA and MSTB in my portfolio?

HOLA and MSTB have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HOLA or MSTB?

MSTB has higher volatility (3.94%) compared to HOLA (3.65%). In terms of maximum drawdown, HOLA dropped -6.99% vs MSTB's -25.64%.

Which ETF is better, HOLA or MSTB?

On 1-year performance, HOLA leads with 17.66% vs 15.10% for MSTB. On fees, HOLA is cheaper at 0.50% per year. On volatility, HOLA has been the lower-risk option at 3.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HOLA or MSTB?

Over the 1-year period, HOLA has performed better with a 17.66% return vs 15.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HOLA or MSTB?

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

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

HOLA has the higher dividend yield at 2.82%, compared with 0.38% for MSTB.

What is the main difference between HOLA and MSTB?

They also come from different issuers: JPMorgan and Little Harbor Advisors. Their fees differ too: 0.50% for HOLA and 1.40% for MSTB.

Which has better risk-adjusted returns?

HOLA currently has the higher Sharpe Ratio (1.71 vs 1.21), 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.