LGLV vs. MSTB

Last updated Jun 4, 2026

LGLV (SPDR SSGA US Large Cap Low Volatility Index ETF) and MSTB (LHA Market State Tactical Beta ETF) are both exchange-traded funds - LGLV is a Volatility Hedged Equity fund tracking the SSGA US Large Cap Low Volatility (TR), while MSTB is a Equity Hedged fund tracking the S&P 500® Index. Both are passively managed. Over the past 5 years, LGLV returned 7.70%/yr vs 8.55%/yr for MSTB. A 0.65 correlation means they provide meaningful diversification when combined. LGLV charges 0.12%/yr vs 1.40%/yr for MSTB.

Performance

LGLV vs. MSTB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR SSGA US Large Cap Low Volatility Index ETF (LGLV) 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, LGLV achieves a 0.83% return, which is significantly lower than MSTB's 8.71% return.

LGLV

• 1D: -0.06%
• 1M: -1.79%
• YTD: 0.83%
• 6M: 1.07%
• 1Y: 2.87%
• 3Y*: 11.07%
• 5Y*: 7.70%
• 10Y*: 11.00%

MSTB

• 1D: -0.60%
• 1M: 3.88%
• YTD: 8.71%
• 6M: 8.70%
• 1Y: 20.33%
• 3Y*: 18.51%
• 5Y*: 8.55%
• 10Y*: —

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

LGLV vs. MSTB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
LGLV SPDR SSGA US Large Cap Low Volatility Index ETF	0.83%	8.37%	16.22%	9.19%	-8.17%	27.95%	11.58%
MSTB LHA Market State Tactical Beta ETF	8.71%	18.57%	18.82%	16.94%	-22.72%	21.89%	9.45%

Correlation

The correlation between LGLV and MSTB is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (All Time) Calculated using the full available price history since Oct 1, 2020	0.65

Over the past year, the correlation between LGLV and MSTB has dropped to 0.40 - well below their long-term average of 0.65, suggesting their price drivers have been diverging.

LGLV vs. MSTB - Sectors Allocation Comparison

Sectors	LGLV	MSTB
Industrials	18.4%	8.2%
Real Estate	17.4%	1.9%
Utilities	11.8%	2.3%
Financial Services	9.9%	11.9%
Consumer Cyclical	9.4%	10.1%
Technology	8.8%	36.1%
Healthcare	7.0%	8.4%
Consumer Defensive	5.9%	4.9%
Communication Services	4.2%	10.9%
Energy	3.7%	3.5%
Basic Materials	3.5%	1.8%

Return for Risk

LGLV vs. MSTB — Risk / Return Rank

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

LGLV

LGLV Risk / Return Rank: 13
LGLV Sharpe Ratio Rank: 13
LGLV Sortino Ratio Rank: 12
LGLV Omega Ratio Rank: 12
LGLV Calmar Ratio Rank: 14
LGLV Martin Ratio Rank: 14

MSTB

MSTB Risk / Return Rank: 56
MSTB Sharpe Ratio Rank: 59
MSTB Sortino Ratio Rank: 58
MSTB Omega Ratio Rank: 60
MSTB Calmar Ratio Rank: 50
MSTB Martin Ratio Rank: 55

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.

LGLV vs. MSTB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR SSGA US Large Cap Low Volatility Index ETF (LGLV) 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.

	LGLV	MSTB	Difference
Sharpe ratio: Return per unit of total volatility	0.31	2.00	-1.69
Sortino ratio: Return per unit of downside risk	0.51	2.75	-2.24
Omega ratio: Gain probability vs. loss probability	1.06	1.37	-0.31
Calmar ratio: Return relative to maximum drawdown	0.42	2.46	-2.04
Martin ratio: Return relative to average drawdown	1.08	9.32	-8.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LGLV vs. MSTB - Sharpe Ratio Comparison

The current LGLV Sharpe Ratio is 0.31, which is lower than the MSTB Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of LGLV 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.

Sharpe Ratios by Period

	LGLV	MSTB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.31	2.00	-1.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	0.62	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.69	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	0.83	-0.07

Drawdowns

LGLV vs. MSTB - Drawdown Comparison

The maximum LGLV drawdown since its inception was -36.64%, which is greater than MSTB's maximum drawdown of -25.64%. Use the drawdown chart below to compare losses from any high point for LGLV and MSTB.

Drawdown Indicators

	LGLV	MSTB	Difference
Max Drawdown Largest peak-to-trough decline	-36.64%	-25.64%	-11.00%
Max Drawdown (1Y) Largest decline over 1 year	-6.86%	-8.31%	+1.45%
Max Drawdown (3Y) Largest decline over 3 years	-10.17%	-10.81%	+0.64%
Max Drawdown (5Y) Largest decline over 5 years	-17.49%	-25.64%	+8.15%
Max Drawdown (10Y) Largest decline over 10 years	-36.64%	—	—
Current Drawdown Current decline from peak	-6.60%	-0.60%	-6.00%
Average Drawdown Average peak-to-trough decline	-3.21%	-7.18%	+3.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.67%	2.19%	+0.48%

Volatility

LGLV vs. MSTB - Volatility Comparison

The current volatility for SPDR SSGA US Large Cap Low Volatility Index ETF (LGLV) is 2.42%, while LHA Market State Tactical Beta ETF (MSTB) has a volatility of 2.56%. This indicates that LGLV 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

	LGLV	MSTB	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.42%	2.56%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	6.52%	7.43%	-0.91%
Volatility (1Y) Calculated over the trailing 1-year period	9.20%	10.21%	-1.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.91%	13.97%	-1.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.06%	13.84%	+2.22%

LGLV vs. MSTB - Expense Ratio Comparison

LGLV has a 0.12% expense ratio, which is lower than MSTB's 1.40% expense ratio.

Dividends

LGLV vs. MSTB - Dividend Comparison

LGLV's dividend yield for the trailing twelve months is around 2.04%, more than MSTB's 0.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LGLV SPDR SSGA US Large Cap Low Volatility Index ETF	2.04%	1.94%	1.93%	2.03%	1.95%	1.65%	1.98%	1.89%	2.09%	4.39%	2.54%	2.97%
MSTB LHA Market State Tactical Beta ETF	0.38%	0.41%	0.95%	0.16%	1.34%	2.20%	1.78%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both LGLV and MSTB in my portfolio?

LGLV and MSTB have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LGLV or MSTB?

MSTB has higher volatility (2.56%) compared to LGLV (2.42%). In terms of maximum drawdown, LGLV dropped -36.64% vs MSTB's -25.64%.

Which ETF is better, LGLV or MSTB?

On 5-year performance, MSTB leads with 8.55% vs 7.70% for LGLV. On fees, LGLV is cheaper at 0.12% per year. On volatility, LGLV has been the lower-risk option at 2.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LGLV or MSTB?

Over the 5-year period, MSTB has performed better with a 8.55% return vs 7.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LGLV or MSTB?

LGLV is cheaper with a 0.12% expense ratio, compared with 1.40% for MSTB.

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

LGLV has the higher dividend yield at 2.04%, compared with 0.38% for MSTB.

What is the main difference between LGLV and MSTB?

LGLV is categorized as Volatility Hedged Equity, while MSTB is Equity Hedged. LGLV tracks SSGA US Large Cap Low Volatility (TR), while MSTB tracks S&P 500® Index. They also come from different issuers: State Street and Little Harbor Advisors. Their fees differ too: 0.12% for LGLV and 1.40% for MSTB.

Which has better risk-adjusted returns?

MSTB currently has the higher Sharpe Ratio (2.00 vs 0.31), 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.