ICAP vs. MDST

Last updated Jun 24, 2026

ICAP (InfraCap Equity Income Fund ETF) and MDST (Westwood Salient Enhanced Midstream Income ETF) are both exchange-traded funds - ICAP is a fund fund actively managed by InfraCap, while MDST is a Energy Equities fund actively managed by Westwood. Both are actively managed. Over the past year, ICAP returned 21.86% vs 20.94% for MDST. At a 0.35 correlation, their price movements are largely independent. Both charge a 0.80% expense ratio.

Performance

ICAP vs. MDST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in InfraCap Equity Income Fund ETF (ICAP) and Westwood Salient Enhanced Midstream Income ETF (MDST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ICAP achieves a 6.68% return, which is significantly lower than MDST's 16.53% return.

ICAP

• 1D: -0.42%
• 1M: 0.79%
• YTD: 6.68%
• 6M: 6.18%
• 1Y: 21.86%
• 3Y*: 17.83%
• 5Y*: —
• 10Y*: —

MDST

• 1D: 1.73%
• 1M: -1.91%
• YTD: 16.53%
• 6M: 16.66%
• 1Y: 20.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ICAP vs. MDST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ICAP InfraCap Equity Income Fund ETF	6.68%	15.77%	14.18%
MDST Westwood Salient Enhanced Midstream Income ETF	16.53%	7.09%	17.03%

Correlation

The correlation between ICAP and MDST is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (All Time) Calculated using the full available price history since Apr 9, 2024	0.35

Over the past year, the correlation between ICAP and MDST has dropped to 0.11 - well below their long-term average of 0.35, suggesting their price drivers have been diverging.

ICAP vs. MDST - Sectors Allocation Comparison

Sectors	ICAP	MDST
Financial Services	20.7%	-
Technology	16.3%	-
Consumer Cyclical	13.2%	-
Energy	9.3%	100.0%
Utilities	8.7%	-
Consumer Defensive	8.5%	-
Real Estate	7.2%	-
Industrials	5.9%	-
Basic Materials	3.6%	-
Healthcare	3.5%	-
Communication Services	3.1%	-

Return for Risk

ICAP vs. MDST — Risk / Return Rank

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

ICAP

ICAP Risk / Return Rank: 48
ICAP Sharpe Ratio Rank: 50
ICAP Sortino Ratio Rank: 49
ICAP Omega Ratio Rank: 46
ICAP Calmar Ratio Rank: 44
ICAP Martin Ratio Rank: 49

MDST

MDST Risk / Return Rank: 55
MDST Sharpe Ratio Rank: 53
MDST Sortino Ratio Rank: 54
MDST Omega Ratio Rank: 52
MDST Calmar Ratio Rank: 67
MDST Martin Ratio Rank: 52

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.

ICAP vs. MDST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for InfraCap Equity Income Fund ETF (ICAP) and Westwood Salient Enhanced Midstream Income ETF (MDST). 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.

	ICAP	MDST	Difference
Sharpe ratio: Return per unit of total volatility	1.63	1.69	-0.06
Sortino ratio: Return per unit of downside risk	2.27	2.42	-0.14
Omega ratio: Gain probability vs. loss probability	1.28	1.30	-0.02
Calmar ratio: Return relative to maximum drawdown	2.06	3.12	-1.06
Martin ratio: Return relative to average drawdown	7.81	8.43	-0.62

ICAP vs. MDST - Sharpe Ratio Comparison

The current ICAP Sharpe Ratio is 1.63, which is comparable to the MDST Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of ICAP and MDST, 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

ICAP vs. MDST - Drawdown Comparison

The maximum ICAP drawdown since its inception was -24.20%, which is greater than MDST's maximum drawdown of -14.19%. Use the drawdown chart below to compare losses from any high point for ICAP and MDST.

Drawdown Indicators

	ICAP	MDST	Difference
Max Drawdown Largest peak-to-trough decline	-24.20%	-14.19%	-10.01%
Max Drawdown (1Y) Largest decline over 1 year	-10.66%	-6.74%	-3.92%
Max Drawdown (3Y) Largest decline over 3 years	-20.31%	—	—
Current Drawdown Current decline from peak	-2.14%	-2.20%	+0.06%
Average Drawdown Average peak-to-trough decline	-7.74%	-2.20%	-5.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	2.49%	+0.31%

Volatility

ICAP vs. MDST - Volatility Comparison

InfraCap Equity Income Fund ETF (ICAP) and Westwood Salient Enhanced Midstream Income ETF (MDST) have volatilities of 5.05% and 4.87%, 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

	ICAP	MDST	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.05%	4.87%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	10.47%	8.71%	+1.76%
Volatility (1Y) Calculated over the trailing 1-year period	13.51%	12.45%	+1.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.17%	16.11%	+2.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.17%	16.11%	+2.06%

ICAP vs. MDST - Expense Ratio Comparison

Both ICAP and MDST have an expense ratio of 0.80%.

Dividends

ICAP vs. MDST - Dividend Comparison

ICAP's dividend yield for the trailing twelve months is around 9.58%, more than MDST's 9.20% yield.

Position	TTM	2025	2024	2023	2022
ICAP InfraCap Equity Income Fund ETF	9.58%	8.89%	8.30%	8.65%	8.95%
MDST Westwood Salient Enhanced Midstream Income ETF	9.20%	10.22%	6.60%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ICAP and MDST in my portfolio?

ICAP and MDST have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ICAP or MDST?

ICAP has higher volatility (5.05%) compared to MDST (4.87%). In terms of maximum drawdown, ICAP dropped -24.20% vs MDST's -14.19%.

Which ETF is better, ICAP or MDST?

On 1-year performance, ICAP leads with 21.86% vs 20.94% for MDST. Both ETFs have the same 0.80% expense ratio. On volatility, MDST has been the lower-risk option at 4.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ICAP or MDST?

Over the 1-year period, ICAP has performed better with a 21.86% return vs 20.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ICAP or MDST?

ICAP and MDST have the same expense ratio: 0.80% per year.

Which ETF pays a higher dividend yield, ICAP or MDST?

ICAP has the higher dividend yield at 9.58%, compared with 9.20% for MDST.

What is the main difference between ICAP and MDST?

They also come from different issuers: InfraCap and Westwood.

Which has better risk-adjusted returns?

MDST currently has the higher Sharpe Ratio (1.69 vs 1.63), 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.