MGMT vs. CTEF

Last updated Aug 2, 2026

MGMT (Ballast Small/Mid Cap ETF) and CTEF (Castellan Targeted Equity ETF) are both Mid Cap Blend Equities funds. Both are actively managed. Over the past year, MGMT returned 27.64% vs 61.52% for CTEF. Their 0.62 correlation means they have sometimes moved together and sometimes differently. MGMT charges 1.10%/yr vs 0.45%/yr for CTEF.

Performance

MGMT vs. CTEF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Ballast Small/Mid Cap ETF (MGMT) and Castellan Targeted Equity ETF (CTEF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MGMT achieves a 14.50% return, which is significantly lower than CTEF's 33.99% return.

MGMT

• 1D: 0.97%
• 1M: 1.76%
• 6M: 7.02%
• YTD: 14.50%
• 1Y: 27.64%
• 3Y*: 12.00%
• 5Y*: 7.58%
• 10Y*: —
• ALL TIME*: 13.72%

CTEF

• 1D: -0.19%
• 1M: -1.71%
• 6M: 26.66%
• YTD: 33.99%
• 1Y: 61.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 67.86%

*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)
CTEF Castellan Targeted Equity ETF	$557.84K	$753.72K	$355.21K
MGMT Ballast Small/Mid Cap ETF	$435.05K	$549.29K	$510.44K

MGMT vs. CTEF - Yearly Performance Comparison

	2026 (YTD)	2025
MGMT Ballast Small/Mid Cap ETF	14.50%	15.02%
CTEF Castellan Targeted Equity ETF	33.99%	33.10%

Correlation

The correlation between MGMT and CTEF is 0.64, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.64
Correlation (All Time) Calculated using the full available price history since Jun 18, 2025	0.62

The correlation between MGMT and CTEF has been stable across timeframes, ranging from 0.62 to 0.64 - a consistent structural relationship.

Return for Risk

MGMT vs. CTEF — Risk / Return Rank

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

MGMT

MGMT Risk / Return Rank: 59
MGMT Sharpe Ratio Rank: 63
MGMT Sortino Ratio Rank: 66
MGMT Omega Ratio Rank: 57
MGMT Calmar Ratio Rank: 58
MGMT Martin Ratio Rank: 53

CTEF

CTEF Risk / Return Rank: 91
CTEF Sharpe Ratio Rank: 93
CTEF Sortino Ratio Rank: 92
CTEF Omega Ratio Rank: 89
CTEF Calmar Ratio Rank: 91
CTEF Martin Ratio Rank: 93

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.

MGMT vs. CTEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ballast Small/Mid Cap ETF (MGMT) and Castellan Targeted Equity ETF (CTEF). 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.

	MGMT	CTEF	Difference
Sharpe ratio: Return per unit of total volatility	1.47	2.52	-1.05
Sortino ratio: Return per unit of downside risk	2.19	3.35	-1.16
Omega ratio: Gain probability vs. loss probability	1.25	1.41	-0.16
Calmar ratio: Return relative to maximum drawdown	2.05	3.96	-1.91
Martin ratio: Return relative to average drawdown	6.25	16.76	-10.51

MGMT vs. CTEF - Sharpe Ratio Comparison

The current MGMT Sharpe Ratio is 1.47, which is lower than the CTEF Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of MGMT and CTEF, 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

MGMT vs. CTEF - Drawdown Comparison

The maximum MGMT drawdown since its inception was -24.95%, which is greater than CTEF's maximum drawdown of -15.00%. Use the drawdown chart below to compare losses from any high point for MGMT and CTEF.

Drawdown Indicators

	MGMT	CTEF	Difference
Max Drawdown Largest peak-to-trough decline	-24.95%	-15.00%	-9.95%
Max Drawdown (1Y) Largest decline over 1 year	-12.32%	-15.00%	+2.68%
Max Drawdown (3Y) Largest decline over 3 years	-23.76%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.95%	—	—
Current Drawdown Current decline from peak	-0.78%	-5.20%	+4.42%
Average Drawdown Average peak-to-trough decline	-6.58%	-1.96%	-4.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.03%	3.54%	+0.49%

Volatility

MGMT vs. CTEF - Volatility Comparison

The current volatility for Ballast Small/Mid Cap ETF (MGMT) is 3.66%, while Castellan Targeted Equity ETF (CTEF) has a volatility of 6.91%. This indicates that MGMT experiences smaller price fluctuations and is considered to be less risky than CTEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MGMT	CTEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.66%	6.91%	-3.25%
Volatility (6M) Calculated over the trailing 6-month period	11.47%	19.80%	-8.33%
Volatility (1Y) Calculated over the trailing 1-year period	17.17%	23.60%	-6.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.44%	22.66%	-3.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.44%	22.66%	-3.22%

MGMT vs. CTEF - Expense Ratio Comparison

MGMT has a 1.10% expense ratio, which is higher than CTEF's 0.45% expense ratio.

Dividends

MGMT vs. CTEF - Dividend Comparison

MGMT's dividend yield for the trailing twelve months is around 0.30%, more than CTEF's 0.06% yield.

Position	TTM	2025	2024	2023	2022	2021
CTEF Castellan Targeted Equity ETF	0.06%	0.08%	0.00%	0.00%	0.00%	0.00%
MGMT Ballast Small/Mid Cap ETF	0.30%	0.34%	0.51%	1.16%	0.90%	0.26%

Frequently Asked Questions

Can I hold both MGMT and CTEF in my portfolio?

MGMT and CTEF have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MGMT or CTEF?

CTEF has higher volatility (6.91%) compared to MGMT (3.66%). In terms of maximum drawdown, MGMT dropped -24.95% vs CTEF's -15.00%.

Which ETF is better, MGMT or CTEF?

On 1-year performance, CTEF leads with 61.52% vs 27.64% for MGMT. On fees, CTEF is cheaper at 0.45% per year. On volatility, MGMT has been the lower-risk option at 3.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MGMT or CTEF?

Over the 1-year period, CTEF has performed better with a 61.52% return vs 27.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MGMT or CTEF?

CTEF is cheaper with a 0.45% expense ratio, compared with 1.10% for MGMT.

Which ETF pays a higher dividend yield, MGMT or CTEF?

MGMT has the higher dividend yield at 0.30%, compared with 0.06% for CTEF.

What is the main difference between MGMT and CTEF?

They also come from different issuers: Ballast and Castellan. Their fees differ too: 1.10% for MGMT and 0.45% for CTEF.

Which has better risk-adjusted returns?

CTEF currently has the higher Sharpe Ratio (2.52 vs 1.47), 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.