MDST vs. HAP

Last updated Aug 2, 2026

MDST (Westwood Salient Enhanced Midstream Income ETF) and HAP (VanEck Natural Resources ETF) are both Energy Equities funds. MDST is actively managed, while HAP is passively managed. Over the past year, MDST returned 20.59% vs 39.17% for HAP. Their 0.38 correlation means their historical movements had little consistent relationship. MDST charges 0.80%/yr vs 0.42%/yr for HAP.

Performance

MDST vs. HAP - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with MDST having a 18.37% return and HAP slightly lower at 18.12%.

MDST

• 1D: 0.55%
• 1M: 2.48%
• 6M: 12.41%
• YTD: 18.37%
• 1Y: 20.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 18.64%

HAP

• 1D: -1.03%
• 1M: 2.81%
• 6M: 5.60%
• YTD: 18.12%
• 1Y: 39.17%
• 3Y*: 14.98%
• 5Y*: 12.25%
• 10Y*: 11.44%
• ALL TIME*: 5.91%

*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)
HAP VanEck Natural Resources ETF	$1.89M	$2.98M	$2.39M
MDST Westwood Salient Enhanced Midstream Income ETF	$1.68M	$1.58M	$1.75M

MDST vs. HAP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MDST Westwood Salient Enhanced Midstream Income ETF	18.37%	7.09%	17.03%
HAP VanEck Natural Resources ETF	18.12%	34.91%	-10.45%

Correlation

The correlation between MDST and HAP is 0.25, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.25
Correlation (All Time) Calculated using the full available price history since Apr 9, 2024	0.38

The correlation between MDST and HAP shifts across timeframes, from 0.25 (1 year) to 0.38 (all time), reflecting how their relationship changes across market environments.

MDST vs. HAP - Sectors Allocation Comparison

Sectors	MDST	HAP
Energy	98.5%	28.7%
Industrials	0.8%	11.6%
Basic Materials	-	38.2%
Communication Services	-	-
Consumer Cyclical	-	0.2%
Consumer Defensive	-	6.3%
Financial Services	-	-
Healthcare	-	3.8%
Real Estate	-	0.4%
Technology	-	1.0%
Utilities	-	9.8%

Return for Risk

MDST vs. HAP — Risk / Return Rank

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

MDST

MDST Risk / Return Rank: 66
MDST Sharpe Ratio Rank: 61
MDST Sortino Ratio Rank: 61
MDST Omega Ratio Rank: 59
MDST Calmar Ratio Rank: 81
MDST Martin Ratio Rank: 68

HAP

HAP Risk / Return Rank: 91
HAP Sharpe Ratio Rank: 93
HAP Sortino Ratio Rank: 91
HAP Omega Ratio Rank: 91
HAP Calmar Ratio Rank: 92
HAP Martin Ratio Rank: 86

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.

MDST vs. HAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Westwood Salient Enhanced Midstream Income ETF (MDST) and VanEck Natural Resources ETF (HAP). 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.

	MDST	HAP	Difference
Sharpe ratio: Return per unit of total volatility	1.44	2.48	-1.04
Sortino ratio: Return per unit of downside risk	2.06	3.21	-1.15
Omega ratio: Gain probability vs. loss probability	1.26	1.44	-0.18
Calmar ratio: Return relative to maximum drawdown	2.95	4.28	-1.32
Martin ratio: Return relative to average drawdown	8.30	12.10	-3.80

MDST vs. HAP - Sharpe Ratio Comparison

The current MDST Sharpe Ratio is 1.44, which is lower than the HAP Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of MDST and HAP, 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

MDST vs. HAP - Drawdown Comparison

The maximum MDST drawdown since its inception was -14.19%, smaller than the maximum HAP drawdown of -50.99%. Use the drawdown chart below to compare losses from any high point for MDST and HAP.

Drawdown Indicators

	MDST	HAP	Difference
Max Drawdown Largest peak-to-trough decline	-14.19%	-50.99%	+36.80%
Max Drawdown (1Y) Largest decline over 1 year	-5.98%	-9.09%	+3.11%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.92%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.66%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-44.07%	—
Current Drawdown Current decline from peak	-1.87%	-4.67%	+2.80%
Average Drawdown Average peak-to-trough decline	-2.17%	-12.03%	+9.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.53%	3.21%	-0.68%

Volatility

MDST vs. HAP - Volatility Comparison

Westwood Salient Enhanced Midstream Income ETF (MDST) has a higher volatility of 4.47% compared to VanEck Natural Resources ETF (HAP) at 4.08%. This indicates that MDST's price experiences larger fluctuations and is considered to be riskier than HAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDST	HAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.47%	4.08%	+0.39%
Volatility (6M) Calculated over the trailing 6-month period	9.18%	12.98%	-3.80%
Volatility (1Y) Calculated over the trailing 1-year period	12.69%	15.67%	-2.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.04%	18.21%	-2.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.04%	19.67%	-3.63%

MDST vs. HAP - Expense Ratio Comparison

MDST has a 0.80% expense ratio, which is higher than HAP's 0.42% expense ratio.

Dividends

MDST vs. HAP - Dividend Comparison

MDST's dividend yield for the trailing twelve months is around 9.20%, more than HAP's 1.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HAP VanEck Natural Resources ETF	1.92%	2.27%	2.65%	3.27%	3.28%	2.16%	2.45%	2.80%	2.85%	2.02%	1.99%	3.00%
MDST Westwood Salient Enhanced Midstream Income ETF	9.20%	10.22%	6.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MDST and HAP in my portfolio?

MDST and HAP have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MDST or HAP?

MDST has higher volatility (4.47%) compared to HAP (4.08%). In terms of maximum drawdown, MDST dropped -14.19% vs HAP's -50.99%.

Which ETF is better, MDST or HAP?

On 1-year performance, HAP leads with 39.17% vs 20.59% for MDST. On fees, HAP is cheaper at 0.42% per year. On volatility, HAP has been the lower-risk option at 4.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MDST or HAP?

Over the 1-year period, HAP has performed better with a 39.17% return vs 20.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MDST or HAP?

HAP is cheaper with a 0.42% expense ratio, compared with 0.80% for MDST.

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

MDST has the higher dividend yield at 9.20%, compared with 1.92% for HAP.

What is the main difference between MDST and HAP?

They also come from different issuers: Westwood and VanEck. Their fees differ too: 0.80% for MDST and 0.42% for HAP.

Which has better risk-adjusted returns?

HAP currently has the higher Sharpe Ratio (2.48 vs 1.44), 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.