MSOS vs. TCNNF

Last updated Jun 4, 2026

MSOS (AdvisorShares Pure US Cannabis ETF) is Small Cap Blend Equities fund actively managed by AdvisorShares, while TCNNF (Trulieve Cannabis Corp) is a stock. Over the past 5 years, MSOS returned -35.03%/yr vs -25.96%/yr for TCNNF. Their correlation of 0.83 suggests significant overlap in exposure.

Performance

MSOS vs. TCNNF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AdvisorShares Pure US Cannabis ETF (MSOS) and Trulieve Cannabis Corp (TCNNF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSOS achieves a 0.42% return, which is significantly higher than TCNNF's -0.92% return.

MSOS

• 1D: -6.14%
• 1M: -2.07%
• YTD: 0.42%
• 6M: 28.46%
• 1Y: 99.16%
• 3Y*: -4.01%
• 5Y*: -35.03%
• 10Y*: —

TCNNF

• 1D: -7.62%
• 1M: -6.11%
• YTD: -0.92%
• 6M: 44.22%
• 1Y: 116.14%
• 3Y*: 30.55%
• 5Y*: -25.96%
• 10Y*: —

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

MSOS vs. TCNNF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
MSOS AdvisorShares Pure US Cannabis ETF	0.42%	23.88%	-45.65%	0.29%	-72.68%	-29.69%	47.95%
TCNNF Trulieve Cannabis Corp	-0.92%	67.65%	-0.51%	-31.18%	-70.90%	-17.74%	49.22%

Correlation

The correlation between MSOS and TCNNF is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (All Time) Calculated using the full available price history since Sep 3, 2020	0.83

The correlation between MSOS and TCNNF has been stable across timeframes, ranging from 0.83 to 0.91 - a consistent structural relationship.

Return for Risk

MSOS vs. TCNNF — Risk / Return Rank

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

MSOS

MSOS Risk / Return Rank: 32
MSOS Sharpe Ratio Rank: 24
MSOS Sortino Ratio Rank: 39
MSOS Omega Ratio Rank: 35
MSOS Calmar Ratio Rank: 38
MSOS Martin Ratio Rank: 26

TCNNF

TCNNF Risk / Return Rank: 75
TCNNF Sharpe Ratio Rank: 71
TCNNF Sortino Ratio Rank: 80
TCNNF Omega Ratio Rank: 75
TCNNF Calmar Ratio Rank: 76
TCNNF Martin Ratio Rank: 73

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.

MSOS vs. TCNNF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AdvisorShares Pure US Cannabis ETF (MSOS) and Trulieve Cannabis Corp (TCNNF). 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.

	MSOS	TCNNF	Difference
Sharpe ratio Return per unit of total volatility	0.89	0.97	-0.08
Sortino ratio Return per unit of downside risk	2.04	2.33	-0.29
Omega ratio Gain probability vs. loss probability	1.24	1.26	-0.02
Calmar ratio Return relative to maximum drawdown	1.88	2.15	-0.26
Martin ratio Return relative to average drawdown	3.58	4.27	-0.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSOS vs. TCNNF - Sharpe Ratio Comparison

The current MSOS Sharpe Ratio is 0.89, which is comparable to the TCNNF Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of MSOS and TCNNF, 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

	MSOS	TCNNF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.89	0.97	-0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.45	-0.30	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	-0.34	-0.03	-0.31

Drawdowns

MSOS vs. TCNNF - Drawdown Comparison

The maximum MSOS drawdown since its inception was -96.25%, roughly equal to the maximum TCNNF drawdown of -93.88%. Use the drawdown chart below to compare losses from any high point for MSOS and TCNNF.

Drawdown Indicators

	MSOS	TCNNF	Difference
Max Drawdown Largest peak-to-trough decline	-96.25%	-93.88%	-2.37%
Max Drawdown (1Y) Largest decline over 1 year	-52.91%	-54.42%	+1.51%
Max Drawdown (3Y) Largest decline over 3 years	-81.71%	-77.52%	-4.19%
Max Drawdown (5Y) Largest decline over 5 years	-94.99%	-91.77%	-3.22%
Current Drawdown Current decline from peak	-91.37%	-83.69%	-7.68%
Average Drawdown Average peak-to-trough decline	-71.71%	-61.17%	-10.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.78%	27.30%	+0.48%

Volatility

MSOS vs. TCNNF - Volatility Comparison

The current volatility for AdvisorShares Pure US Cannabis ETF (MSOS) is 20.45%, while Trulieve Cannabis Corp (TCNNF) has a volatility of 28.96%. This indicates that MSOS experiences smaller price fluctuations and is considered to be less risky than TCNNF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSOS	TCNNF	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.45%	28.96%	-8.51%
Volatility (6M) Calculated over the trailing 6-month period	80.61%	83.64%	-3.03%
Volatility (1Y) Calculated over the trailing 1-year period	112.00%	120.71%	-8.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	77.81%	87.79%	-9.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	74.04%	81.83%	-7.79%

Dividends

MSOS vs. TCNNF - Dividend Comparison

Neither MSOS nor TCNNF has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
MSOS AdvisorShares Pure US Cannabis ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.27%
TCNNF Trulieve Cannabis Corp	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSOS and TCNNF in my portfolio?

With a correlation of 0.91, MSOS and TCNNF move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, MSOS or TCNNF?

TCNNF has higher volatility (28.96%) compared to MSOS (20.45%). In terms of maximum drawdown, MSOS dropped -96.25% vs TCNNF's -93.88%.

Which has better risk-adjusted returns?

TCNNF currently has the higher Sharpe Ratio (0.97 vs 0.89), 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.