MSSS vs. MPRO

Last updated Aug 1, 2026

MSSS (Monarch Select Subsector ETF) and MPRO (Monarch ProCap ETF) are both exchange-traded funds - MSSS is a Mid Cap Blend Equities fund tracking the Monarch Select Subsector Index, while MPRO is a Diversified Portfolio fund tracking the Monarch ProCap Index. Both are passively managed. Over the past year, MSSS returned 24.93% vs 11.52% for MPRO. Their 0.80 correlation means they have sometimes moved together and sometimes differently. MSSS charges 1.43%/yr vs 1.17%/yr for MPRO.

Performance

MSSS vs. MPRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Monarch Select Subsector ETF (MSSS) and Monarch ProCap ETF (MPRO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSSS achieves a 17.46% return, which is significantly higher than MPRO's 6.55% return.

MSSS

• 1D: -0.81%
• 1M: -2.45%
• 6M: 15.36%
• YTD: 17.46%
• 1Y: 24.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.60%

MPRO

• 1D: -0.38%
• 1M: -1.18%
• 6M: 4.04%
• YTD: 6.55%
• 1Y: 11.52%
• 3Y*: 9.38%
• 5Y*: 5.54%
• 10Y*: —
• ALL TIME*: 6.49%

*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)
MPRO Monarch ProCap ETF	$499.08K	$983.09K	$779.19K
MSSS Monarch Select Subsector ETF	$442.76K	$511.34K	$417.85K

MSSS vs. MPRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSSS Monarch Select Subsector ETF	17.46%	10.31%	9.26%
MPRO Monarch ProCap ETF	6.55%	9.33%	5.93%

Correlation

The correlation between MSSS and MPRO is 0.78, 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.	0.78
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024	0.80

The correlation between MSSS and MPRO has been stable across timeframes, ranging from 0.78 to 0.80 - a consistent structural relationship.

Return for Risk

MSSS vs. MPRO — Risk / Return Rank

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

MSSS

MSSS Risk / Return Rank: 74
MSSS Sharpe Ratio Rank: 78
MSSS Sortino Ratio Rank: 81
MSSS Omega Ratio Rank: 73
MSSS Calmar Ratio Rank: 65
MSSS Martin Ratio Rank: 72

MPRO

MPRO Risk / Return Rank: 70
MPRO Sharpe Ratio Rank: 75
MPRO Sortino Ratio Rank: 78
MPRO Omega Ratio Rank: 74
MPRO Calmar Ratio Rank: 57
MPRO Martin Ratio Rank: 66

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.

MSSS vs. MPRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Monarch Select Subsector ETF (MSSS) and Monarch ProCap ETF (MPRO). 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.

	MSSS	MPRO	Difference
Sharpe ratio: Return per unit of total volatility	1.80	1.72	+0.08
Sortino ratio: Return per unit of downside risk	2.67	2.54	+0.13
Omega ratio: Gain probability vs. loss probability	1.31	1.31	0.00
Calmar ratio: Return relative to maximum drawdown	2.31	2.03	+0.28
Martin ratio: Return relative to average drawdown	9.05	7.94	+1.11

MSSS vs. MPRO - Sharpe Ratio Comparison

The current MSSS Sharpe Ratio is 1.80, which is comparable to the MPRO Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of MSSS and MPRO, 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

MSSS vs. MPRO - Drawdown Comparison

The maximum MSSS drawdown since its inception was -19.14%, which is greater than MPRO's maximum drawdown of -14.51%. Use the drawdown chart below to compare losses from any high point for MSSS and MPRO.

Drawdown Indicators

	MSSS	MPRO	Difference
Max Drawdown Largest peak-to-trough decline	-19.14%	-14.51%	-4.63%
Max Drawdown (1Y) Largest decline over 1 year	-10.18%	-5.67%	-4.51%
Max Drawdown (3Y) Largest decline over 3 years	—	-9.64%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-14.51%	—
Current Drawdown Current decline from peak	-2.75%	-1.31%	-1.44%
Average Drawdown Average peak-to-trough decline	-2.95%	-3.37%	+0.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	1.45%	+1.15%

Volatility

MSSS vs. MPRO - Volatility Comparison

Monarch Select Subsector ETF (MSSS) has a higher volatility of 2.90% compared to Monarch ProCap ETF (MPRO) at 1.60%. This indicates that MSSS's price experiences larger fluctuations and is considered to be riskier than MPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSSS	MPRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.90%	1.60%	+1.30%
Volatility (6M) Calculated over the trailing 6-month period	9.98%	5.13%	+4.85%
Volatility (1Y) Calculated over the trailing 1-year period	13.16%	6.71%	+6.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.80%	9.30%	+6.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.80%	9.16%	+6.64%

MSSS vs. MPRO - Expense Ratio Comparison

MSSS has a 1.43% expense ratio, which is higher than MPRO's 1.17% expense ratio.

Dividends

MSSS vs. MPRO - Dividend Comparison

MSSS's dividend yield for the trailing twelve months is around 0.28%, less than MPRO's 1.95% yield.

Position	TTM	2025	2024	2023	2022	2021
MPRO Monarch ProCap ETF	1.95%	1.93%	1.64%	1.40%	1.09%	0.95%
MSSS Monarch Select Subsector ETF	0.28%	0.21%	0.42%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSSS and MPRO in my portfolio?

MSSS and MPRO have a correlation of 0.78, 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 MPRO?

MSSS has higher volatility (2.90%) compared to MPRO (1.60%). In terms of maximum drawdown, MSSS dropped -19.14% vs MPRO's -14.51%.

Which ETF is better, MSSS or MPRO?

On 1-year performance, MSSS leads with 24.93% vs 11.52% for MPRO. On fees, MPRO is cheaper at 1.17% per year. On volatility, MPRO has been the lower-risk option at 1.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSSS or MPRO?

Over the 1-year period, MSSS has performed better with a 24.93% return vs 11.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSSS or MPRO?

MPRO is cheaper with a 1.17% expense ratio, compared with 1.43% for MSSS.

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

MPRO has the higher dividend yield at 1.95%, compared with 0.28% for MSSS.

What is the main difference between MSSS and MPRO?

MSSS is categorized as Mid Cap Blend Equities, while MPRO is Diversified Portfolio. MSSS tracks Monarch Select Subsector Index, while MPRO tracks Monarch ProCap Index. Their fees differ too: 1.43% for MSSS and 1.17% for MPRO.

Which has better risk-adjusted returns?

MSSS currently has the higher Sharpe Ratio (1.80 vs 1.72), 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.