MSSS vs. CSD

Last updated Jun 4, 2026

MSSS (Monarch Select Subsector ETF) and CSD (Invesco S&P Spin-Off ETF) are both Mid Cap Blend Equities funds - MSSS tracks the Monarch Select Subsector Index while CSD tracks the S&P U.S. Spin-Off Index. Both are passively managed. Over the past year, MSSS returned 19.87% vs 71.88% for CSD. A 0.74 correlation means they provide meaningful diversification when combined. MSSS charges 1.43%/yr vs 0.65%/yr for CSD.

Performance

MSSS vs. CSD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Monarch Select Subsector ETF (MSSS) and Invesco S&P Spin-Off ETF (CSD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSSS achieves a 12.62% return, which is significantly lower than CSD's 39.67% return.

MSSS

• 1D: -0.73%
• 1M: 4.26%
• YTD: 12.62%
• 6M: 11.81%
• 1Y: 19.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CSD

• 1D: 0.47%
• 1M: 8.22%
• YTD: 39.67%
• 6M: 39.98%
• 1Y: 71.88%
• 3Y*: 36.42%
• 5Y*: 16.45%
• 10Y*: 14.07%

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

MSSS vs. CSD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSSS Monarch Select Subsector ETF	12.62%	10.31%	9.27%
CSD Invesco S&P Spin-Off ETF	39.67%	21.58%	18.84%

Correlation

The correlation between MSSS and CSD is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (All Time) Calculated using the full available price history since Mar 8, 2024	0.74

The correlation between MSSS and CSD has been stable across timeframes, ranging from 0.68 to 0.74 - a consistent structural relationship.

Return for Risk

MSSS vs. CSD — Risk / Return Rank

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

MSSS

MSSS Risk / Return Rank: 44
MSSS Sharpe Ratio Rank: 44
MSSS Sortino Ratio Rank: 46
MSSS Omega Ratio Rank: 41
MSSS Calmar Ratio Rank: 40
MSSS Martin Ratio Rank: 48

CSD

CSD Risk / Return Rank: 88
CSD Sharpe Ratio Rank: 89
CSD Sortino Ratio Rank: 84
CSD Omega Ratio Rank: 81
CSD Calmar Ratio Rank: 92
CSD Martin Ratio Rank: 93

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.

MSSS vs. CSD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Monarch Select Subsector ETF (MSSS) and Invesco S&P Spin-Off ETF (CSD). 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.

	MSSS	CSD	Difference
Sharpe ratio Return per unit of total volatility	1.52	3.03	-1.51
Sortino ratio Return per unit of downside risk	2.27	3.80	-1.53
Omega ratio Gain probability vs. loss probability	1.26	1.49	-0.23
Calmar ratio Return relative to maximum drawdown	1.96	6.37	-4.41
Martin ratio Return relative to average drawdown	7.71	24.98	-17.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSSS vs. CSD - Sharpe Ratio Comparison

The current MSSS Sharpe Ratio is 1.52, which is lower than the CSD Sharpe Ratio of 3.03. The chart below compares the historical Sharpe Ratios of MSSS and CSD, 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

	MSSS	CSD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.52	3.03	-1.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.71	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.57	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.92	0.43	+0.48

Drawdowns

MSSS vs. CSD - Drawdown Comparison

The maximum MSSS drawdown since its inception was -19.14%, smaller than the maximum CSD drawdown of -70.47%. Use the drawdown chart below to compare losses from any high point for MSSS and CSD.

Drawdown Indicators

	MSSS	CSD	Difference
Max Drawdown Largest peak-to-trough decline	-19.14%	-70.47%	+51.33%
Max Drawdown (1Y) Largest decline over 1 year	-10.18%	-11.34%	+1.16%
Max Drawdown (3Y) Largest decline over 3 years	—	-30.15%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-30.15%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-57.55%	—
Current Drawdown Current decline from peak	-1.31%	0.00%	-1.31%
Average Drawdown Average peak-to-trough decline	-3.08%	-14.23%	+11.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.58%	2.89%	-0.31%

Volatility

MSSS vs. CSD - Volatility Comparison

The current volatility for Monarch Select Subsector ETF (MSSS) is 3.13%, while Invesco S&P Spin-Off ETF (CSD) has a volatility of 6.19%. This indicates that MSSS experiences smaller price fluctuations and is considered to be less risky than CSD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSSS	CSD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.13%	6.19%	-3.06%
Volatility (6M) Calculated over the trailing 6-month period	9.81%	18.29%	-8.48%
Volatility (1Y) Calculated over the trailing 1-year period	13.11%	23.87%	-10.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.04%	23.26%	-7.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.04%	24.83%	-8.79%

MSSS vs. CSD - Expense Ratio Comparison

MSSS has a 1.43% expense ratio, which is higher than CSD's 0.65% expense ratio.

Dividends

MSSS vs. CSD - Dividend Comparison

MSSS's dividend yield for the trailing twelve months is around 0.34%, more than CSD's 0.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSD Invesco S&P Spin-Off ETF	0.11%	0.16%	0.17%	0.51%	0.86%	0.73%	0.99%	1.08%	0.99%	0.60%	1.62%	2.61%
MSSS Monarch Select Subsector ETF	0.34%	0.21%	0.42%	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 MSSS and CSD in my portfolio?

MSSS and CSD have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSSS or CSD?

CSD has higher volatility (6.19%) compared to MSSS (3.13%). In terms of maximum drawdown, MSSS dropped -19.14% vs CSD's -70.47%.

Which ETF is better, MSSS or CSD?

On 1-year performance, CSD leads with 71.88% vs 19.87% for MSSS. On fees, CSD is cheaper at 0.65% per year. On volatility, MSSS has been the lower-risk option at 3.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSSS or CSD?

Over the 1-year period, CSD has performed better with a 71.88% return vs 19.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSSS or CSD?

CSD is cheaper with a 0.65% expense ratio, compared with 1.43% for MSSS.

Which ETF pays a higher dividend yield, MSSS or CSD?

MSSS has the higher dividend yield at 0.34%, compared with 0.11% for CSD.

What is the main difference between MSSS and CSD?

MSSS tracks Monarch Select Subsector Index, while CSD tracks S&P U.S. Spin-Off Index. They also come from different issuers: Monarch and Invesco. Their fees differ too: 1.43% for MSSS and 0.65% for CSD.

Which has better risk-adjusted returns?

CSD currently has the higher Sharpe Ratio (3.03 vs 1.52), 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.