IWMY vs. MSTQ

Last updated Jun 4, 2026

IWMY (Defiance R2000 Enhanced Options & 0DTE Income ETF) and MSTQ (LHA Market State Tactical Q ETF) are both Options Trading funds. IWMY is passively managed, while MSTQ is actively managed. Over the past year, IWMY returned 23.33% vs 31.81% for MSTQ. A 0.60 correlation means they provide meaningful diversification when combined. IWMY charges 0.99%/yr vs 1.59%/yr for MSTQ.

Performance

IWMY vs. MSTQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY) and LHA Market State Tactical Q ETF (MSTQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWMY achieves a 12.25% return, which is significantly lower than MSTQ's 17.40% return.

IWMY

• 1D: -1.36%
• 1M: 3.06%
• YTD: 12.25%
• 6M: 10.99%
• 1Y: 23.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTQ

• 1D: -0.21%
• 1M: 9.02%
• YTD: 17.40%
• 6M: 15.69%
• 1Y: 31.81%
• 3Y*: 24.11%
• 5Y*: —
• 10Y*: —

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

IWMY vs. MSTQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	12.25%	10.18%	5.56%	9.74%
MSTQ LHA Market State Tactical Q ETF	17.40%	20.57%	19.58%	15.96%

Correlation

The correlation between IWMY and MSTQ is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.65
Correlation (All Time) Calculated using the full available price history since Nov 1, 2023	0.60

The correlation between IWMY and MSTQ has been stable across timeframes, ranging from 0.60 to 0.65 - a consistent structural relationship.

Return for Risk

IWMY vs. MSTQ — Risk / Return Rank

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

IWMY

IWMY Risk / Return Rank: 40
IWMY Sharpe Ratio Rank: 42
IWMY Sortino Ratio Rank: 38
IWMY Omega Ratio Rank: 39
IWMY Calmar Ratio Rank: 41
IWMY Martin Ratio Rank: 41

MSTQ

MSTQ Risk / Return Rank: 59
MSTQ Sharpe Ratio Rank: 68
MSTQ Sortino Ratio Rank: 64
MSTQ Omega Ratio Rank: 64
MSTQ Calmar Ratio Rank: 52
MSTQ Martin Ratio Rank: 48

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.

IWMY vs. MSTQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY) and LHA Market State Tactical Q ETF (MSTQ). 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.

	IWMY	MSTQ	Difference
Sharpe ratio: Return per unit of total volatility	1.49	2.23	-0.74
Sortino ratio: Return per unit of downside risk	2.02	2.97	-0.95
Omega ratio: Gain probability vs. loss probability	1.26	1.39	-0.13
Calmar ratio: Return relative to maximum drawdown	2.03	2.58	-0.55
Martin ratio: Return relative to average drawdown	6.66	8.04	-1.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IWMY vs. MSTQ - Sharpe Ratio Comparison

The current IWMY Sharpe Ratio is 1.49, which is lower than the MSTQ Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of IWMY and MSTQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IWMY	MSTQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.49	2.23	-0.74
Sharpe Ratio (All Time) Calculated using the full available price history	0.95	0.87	+0.08

Drawdowns

IWMY vs. MSTQ - Drawdown Comparison

The maximum IWMY drawdown since its inception was -18.72%, smaller than the maximum MSTQ drawdown of -31.05%. Use the drawdown chart below to compare losses from any high point for IWMY and MSTQ.

Drawdown Indicators

	IWMY	MSTQ	Difference
Max Drawdown Largest peak-to-trough decline	-18.72%	-31.05%	+12.33%
Max Drawdown (1Y) Largest decline over 1 year	-11.57%	-12.39%	+0.82%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.22%	—
Current Drawdown Current decline from peak	-1.36%	-0.21%	-1.15%
Average Drawdown Average peak-to-trough decline	-2.98%	-8.62%	+5.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.51%	3.97%	-0.46%

Volatility

IWMY vs. MSTQ - Volatility Comparison

Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY) has a higher volatility of 5.42% compared to LHA Market State Tactical Q ETF (MSTQ) at 4.25%. This indicates that IWMY's price experiences larger fluctuations and is considered to be riskier than MSTQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWMY	MSTQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.42%	4.25%	+1.17%
Volatility (6M) Calculated over the trailing 6-month period	12.62%	10.58%	+2.04%
Volatility (1Y) Calculated over the trailing 1-year period	15.69%	14.35%	+1.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.75%	18.85%	-3.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.75%	18.85%	-3.10%

IWMY vs. MSTQ - Expense Ratio Comparison

IWMY has a 0.99% expense ratio, which is lower than MSTQ's 1.59% expense ratio.

Dividends

IWMY vs. MSTQ - Dividend Comparison

IWMY's dividend yield for the trailing twelve months is around 45.96%, more than MSTQ's 11.90% yield.

Position	TTM	2025	2024	2023
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	45.96%	63.33%	107.92%	11.34%
MSTQ LHA Market State Tactical Q ETF	11.90%	13.97%	3.72%	0.77%

Frequently Asked Questions

Can I hold both IWMY and MSTQ in my portfolio?

IWMY and MSTQ have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IWMY or MSTQ?

IWMY has higher volatility (5.42%) compared to MSTQ (4.25%). In terms of maximum drawdown, IWMY dropped -18.72% vs MSTQ's -31.05%.

Which ETF is better, IWMY or MSTQ?

On 1-year performance, MSTQ leads with 31.81% vs 23.33% for IWMY. On fees, IWMY is cheaper at 0.99% per year. On volatility, MSTQ has been the lower-risk option at 4.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWMY or MSTQ?

Over the 1-year period, MSTQ has performed better with a 31.81% return vs 23.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWMY or MSTQ?

IWMY is cheaper with a 0.99% expense ratio, compared with 1.59% for MSTQ.

Which ETF pays a higher dividend yield, IWMY or MSTQ?

IWMY has the higher dividend yield at 45.96%, compared with 11.90% for MSTQ.

What is the main difference between IWMY and MSTQ?

They also come from different issuers: Defiance and Little Harbor Advisors. Their fees differ too: 0.99% for IWMY and 1.59% for MSTQ.

Which has better risk-adjusted returns?

MSTQ currently has the higher Sharpe Ratio (2.23 vs 1.49), 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.