HTAX vs. MSFW

Last updated Jun 24, 2026

HTAX (Nomura National High-Yield Municipal Bond ETF) and MSFW (Roundhill MSFT WeeklyPay™ ETF) are both exchange-traded funds - HTAX is a High Yield Muni fund actively managed by Nomura, while MSFW is a Derivative Income fund actively managed by Roundhill. Both are actively managed. At a 0.07 correlation, their price movements are largely independent. HTAX charges 0.49%/yr vs 0.99%/yr for MSFW.

Performance

HTAX vs. MSFW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nomura National High-Yield Municipal Bond ETF (HTAX) and Roundhill MSFT WeeklyPay™ ETF (MSFW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HTAX achieves a 3.94% return, which is significantly higher than MSFW's -27.29% return.

HTAX

• 1D: -0.06%
• 1M: 2.09%
• YTD: 3.94%
• 6M: 4.24%
• 1Y: 8.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSFW

• 1D: 2.55%
• 1M: -12.61%
• YTD: -27.29%
• 6M: -27.90%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HTAX vs. MSFW - Yearly Performance Comparison

	2026 (YTD)	2025
HTAX Nomura National High-Yield Municipal Bond ETF	3.94%	7.06%
MSFW Roundhill MSFT WeeklyPay™ ETF	-27.29%	-7.80%

Correlation

The correlation between HTAX and MSFW is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 24, 2025	0.07

Return for Risk

HTAX vs. MSFW — Risk / Return Rank

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

HTAX

HTAX Risk / Return Rank: 59
HTAX Sharpe Ratio Rank: 58
HTAX Sortino Ratio Rank: 63
HTAX Omega Ratio Rank: 64
HTAX Calmar Ratio Rank: 59
HTAX Martin Ratio Rank: 51

MSFW

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

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.

HTAX vs. MSFW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nomura National High-Yield Municipal Bond ETF (HTAX) and Roundhill MSFT WeeklyPay™ ETF (MSFW). 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.

	HTAX	MSFW	Difference
Sharpe ratio: Return per unit of total volatility	1.78	—	—
Sortino ratio: Return per unit of downside risk	2.63	—	—
Omega ratio: Gain probability vs. loss probability	1.35	—	—
Calmar ratio: Return relative to maximum drawdown	2.65	—	—
Martin ratio: Return relative to average drawdown	8.08	—	—

Drawdowns

HTAX vs. MSFW - Drawdown Comparison

The maximum HTAX drawdown since its inception was -6.10%, smaller than the maximum MSFW drawdown of -40.42%. Use the drawdown chart below to compare losses from any high point for HTAX and MSFW.

Drawdown Indicators

	HTAX	MSFW	Difference
Max Drawdown Largest peak-to-trough decline	-6.10%	-40.42%	+34.32%
Max Drawdown (1Y) Largest decline over 1 year	-3.14%	—	—
Current Drawdown Current decline from peak	-0.35%	-37.13%	+36.78%
Average Drawdown Average peak-to-trough decline	-1.71%	-18.26%	+16.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.03%	—	—

Volatility

Volatility by Period

	HTAX	MSFW	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.25%	—	—
Volatility (6M) Calculated over the trailing 6-month period	3.42%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	4.67%	32.71%	-28.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.41%	32.71%	-26.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.41%	32.71%	-26.30%

HTAX vs. MSFW - Expense Ratio Comparison

HTAX has a 0.49% expense ratio, which is lower than MSFW's 0.99% expense ratio.

Dividends

HTAX vs. MSFW - Dividend Comparison

HTAX's dividend yield for the trailing twelve months is around 4.46%, less than MSFW's 48.66% yield.

Position	TTM	2025
HTAX Nomura National High-Yield Municipal Bond ETF	4.46%	3.67%
MSFW Roundhill MSFT WeeklyPay™ ETF	48.66%	20.25%

Frequently Asked Questions

Can I hold both HTAX and MSFW in my portfolio?

HTAX and MSFW have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HTAX or MSFW?

On fees, HTAX is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HTAX or MSFW?

HTAX is cheaper with a 0.49% expense ratio, compared with 0.99% for MSFW.

Which ETF pays a higher dividend yield, HTAX or MSFW?

MSFW has the higher dividend yield at 48.66%, compared with 4.46% for HTAX.

What is the main difference between HTAX and MSFW?

HTAX is categorized as High Yield Muni, while MSFW is Derivative Income. They also come from different issuers: Nomura and Roundhill. Their fees differ too: 0.49% for HTAX and 0.99% for MSFW.