MDST vs. ICAP

Last updated Aug 2, 2026

MDST (Westwood Salient Enhanced Midstream Income ETF) and ICAP (Infrastructure Capital Equity Income ETF) are both exchange-traded funds - MDST is a Energy Equities fund actively managed by Westwood, while ICAP is a Derivative Income fund actively managed by InfraCap. Both are actively managed. Over the past year, MDST returned 20.59% vs 18.28% for ICAP. Their 0.33 correlation means their historical movements had little consistent relationship. MDST charges 0.80%/yr vs 2.47%/yr for ICAP.

Performance

MDST vs. ICAP - Performance Comparison

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

Returns By Period

In the year-to-date period, MDST achieves a 18.37% return, which is significantly higher than ICAP's 8.65% return.

MDST

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

ICAP

• 1D: 1.10%
• 1M: 1.12%
• 6M: 4.76%
• YTD: 8.65%
• 1Y: 18.28%
• 3Y*: 15.47%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.08%

*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)
ICAP Infrastructure Capital Equity Income ETF	$705.93K	$687.44K	$943.59K
MDST Westwood Salient Enhanced Midstream Income ETF	$1.68M	$1.58M	$1.75M

MDST vs. ICAP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MDST Westwood Salient Enhanced Midstream Income ETF	18.37%	7.09%	17.03%
ICAP Infrastructure Capital Equity Income ETF	8.65%	15.77%	14.18%

Correlation

The correlation between MDST and ICAP is 0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.07
Correlation (All Time) Calculated using the full available price history since Apr 9, 2024	0.33

Over the past year, the correlation between MDST and ICAP has dropped to 0.07 - well below their long-term average of 0.33, suggesting their price drivers have been diverging.

MDST vs. ICAP - Sectors Allocation Comparison

Sectors	MDST	ICAP
Energy	98.5%	7.8%
Industrials	0.8%	7.8%
Basic Materials	-	2.6%
Communication Services	-	3.0%
Consumer Cyclical	-	19.4%
Consumer Defensive	-	6.6%
Financial Services	-	24.8%
Healthcare	-	3.8%
Real Estate	-	4.4%
Technology	-	11.3%
Utilities	-	8.7%

Return for Risk

MDST vs. ICAP — 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

ICAP

ICAP Risk / Return Rank: 50
ICAP Sharpe Ratio Rank: 53
ICAP Sortino Ratio Rank: 51
ICAP Omega Ratio Rank: 50
ICAP Calmar Ratio Rank: 45
ICAP Martin Ratio Rank: 52

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. ICAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Westwood Salient Enhanced Midstream Income ETF (MDST) and Infrastructure Capital Equity Income ETF (ICAP). 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	ICAP	Difference
Sharpe ratio: Return per unit of total volatility	1.44	1.28	+0.16
Sortino ratio: Return per unit of downside risk	2.06	1.81	+0.25
Omega ratio: Gain probability vs. loss probability	1.26	1.23	+0.03
Calmar ratio: Return relative to maximum drawdown	2.95	1.63	+1.33
Martin ratio: Return relative to average drawdown	8.30	6.14	+2.15

MDST vs. ICAP - Sharpe Ratio Comparison

The current MDST Sharpe Ratio is 1.44, which is comparable to the ICAP Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of MDST and ICAP, 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. ICAP - Drawdown Comparison

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

Drawdown Indicators

	MDST	ICAP	Difference
Max Drawdown Largest peak-to-trough decline	-14.19%	-24.20%	+10.01%
Max Drawdown (1Y) Largest decline over 1 year	-5.98%	-10.66%	+4.68%
Max Drawdown (3Y) Largest decline over 3 years	—	-20.31%	—
Current Drawdown Current decline from peak	-1.87%	-0.34%	-1.53%
Average Drawdown Average peak-to-trough decline	-2.17%	-7.59%	+5.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.53%	2.82%	-0.29%

Volatility

MDST vs. ICAP - Volatility Comparison

Westwood Salient Enhanced Midstream Income ETF (MDST) has a higher volatility of 4.47% compared to Infrastructure Capital Equity Income ETF (ICAP) at 4.04%. This indicates that MDST's price experiences larger fluctuations and is considered to be riskier than ICAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDST	ICAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.47%	4.04%	+0.43%
Volatility (6M) Calculated over the trailing 6-month period	9.18%	10.52%	-1.34%
Volatility (1Y) Calculated over the trailing 1-year period	12.69%	13.55%	-0.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.04%	18.06%	-2.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.04%	18.06%	-2.02%

MDST vs. ICAP - Expense Ratio Comparison

MDST has a 0.80% expense ratio, which is lower than ICAP's 2.47% expense ratio.

Dividends

MDST vs. ICAP - Dividend Comparison

MDST's dividend yield for the trailing twelve months is around 9.20%, less than ICAP's 9.93% yield.

Position	TTM	2025	2024	2023	2022
ICAP Infrastructure Capital Equity Income ETF	9.93%	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 MDST and ICAP in my portfolio?

MDST and ICAP 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 is riskier, MDST or ICAP?

MDST has higher volatility (4.47%) compared to ICAP (4.04%). In terms of maximum drawdown, MDST dropped -14.19% vs ICAP's -24.20%.

Which ETF is better, MDST or ICAP?

On 1-year performance, MDST leads with 20.59% vs 18.28% for ICAP. On fees, MDST is cheaper at 0.80% per year. On volatility, ICAP has been the lower-risk option at 4.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MDST or ICAP?

Over the 1-year period, MDST has performed better with a 20.59% return vs 18.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MDST or ICAP?

MDST is cheaper with a 0.80% expense ratio, compared with 2.47% for ICAP.

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

ICAP has the higher dividend yield at 9.93%, compared with 9.20% for MDST.

What is the main difference between MDST and ICAP?

MDST is categorized as Energy Equities, while ICAP is Derivative Income. They also come from different issuers: Westwood and InfraCap. Their fees differ too: 0.80% for MDST and 2.47% for ICAP.

Which has better risk-adjusted returns?

MDST currently has the higher Sharpe Ratio (1.44 vs 1.28), 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.