MSTB vs. DRLL

Last updated Aug 4, 2026

MSTB (LHA Market State Tactical Beta ETF) and DRLL (Strive U.S. Energy ETF) are both exchange-traded funds - MSTB is a Equity Hedged fund tracking the S&P 500® Index, while DRLL is a Energy Equities fund tracking the Bloomberg US Energy Select Index. Both are passively managed. Over the past 3 years, MSTB returned 16.82%/yr vs 12.43%/yr for DRLL. Their 0.20 correlation means their historical movements had little consistent relationship. MSTB charges 1.40%/yr vs 0.41%/yr for DRLL.

Performance

MSTB vs. DRLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in LHA Market State Tactical Beta ETF (MSTB) and Strive U.S. Energy ETF (DRLL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSTB achieves a 8.69% return, which is significantly lower than DRLL's 34.95% return.

MSTB

• 1D: 1.20%
• 1M: 1.68%
• 6M: 7.37%
• YTD: 8.69%
• 1Y: 16.48%
• 3Y*: 16.82%
• 5Y*: 7.85%
• 10Y*: —
• ALL TIME*: 11.15%

DRLL

• 1D: -1.27%
• 1M: 12.74%
• 6M: 22.18%
• YTD: 34.95%
• 1Y: 42.98%
• 3Y*: 12.43%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.38%

*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)
DRLL Strive U.S. Energy ETF	$486.14K	$506.54K	$559.53K
MSTB LHA Market State Tactical Beta ETF	$527.37K	$489.99K	$448.98K

MSTB vs. DRLL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MSTB LHA Market State Tactical Beta ETF	8.69%	18.57%	18.82%	16.94%	-7.36%
DRLL Strive U.S. Energy ETF	34.95%	7.74%	0.02%	-1.84%	15.52%

Correlation

The correlation between MSTB and DRLL is -0.22, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.22
Correlation (3Y) Balances recent behavior with more history.	0.07
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022	0.20

The correlation between MSTB and DRLL shifts across timeframes, from -0.22 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.

MSTB vs. DRLL - Sectors Allocation Comparison

Sectors	MSTB	DRLL
Technology	38.5%	-
Financial Services	11.6%	-
Communication Services	9.9%	-
Consumer Cyclical	9.5%	0.9%
Healthcare	8.9%	-
Industrials	8.4%	-
Consumer Defensive	4.5%	-
Energy	3.0%	99.1%
Utilities	2.2%	-
Real Estate	1.8%	-
Basic Materials	1.7%	-

Return for Risk

MSTB vs. DRLL — Risk / Return Rank

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

MSTB

MSTB Risk / Return Rank: 56
MSTB Sharpe Ratio Rank: 59
MSTB Sortino Ratio Rank: 57
MSTB Omega Ratio Rank: 58
MSTB Calmar Ratio Rank: 53
MSTB Martin Ratio Rank: 56

DRLL

DRLL Risk / Return Rank: 68
DRLL Sharpe Ratio Rank: 78
DRLL Sortino Ratio Rank: 71
DRLL Omega Ratio Rank: 70
DRLL Calmar Ratio Rank: 69
DRLL Martin Ratio Rank: 53

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.

MSTB vs. DRLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for LHA Market State Tactical Beta ETF (MSTB) and Strive U.S. Energy ETF (DRLL). 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.

	MSTB	DRLL	Difference
Sharpe ratio: Return per unit of total volatility	1.48	1.88	-0.40
Sortino ratio: Return per unit of downside risk	2.06	2.42	-0.36
Omega ratio: Gain probability vs. loss probability	1.27	1.31	-0.04
Calmar ratio: Return relative to maximum drawdown	1.99	2.54	-0.55
Martin ratio: Return relative to average drawdown	6.99	6.46	+0.53

MSTB vs. DRLL - Sharpe Ratio Comparison

The current MSTB Sharpe Ratio is 1.48, which is comparable to the DRLL Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of MSTB and DRLL, 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

MSTB vs. DRLL - Drawdown Comparison

The maximum MSTB drawdown since its inception was -25.64%, which is greater than DRLL's maximum drawdown of -23.73%. Use the drawdown chart below to compare losses from any high point for MSTB and DRLL.

Drawdown Indicators

	MSTB	DRLL	Difference
Max Drawdown Largest peak-to-trough decline	-25.64%	-23.73%	-1.91%
Max Drawdown (1Y) Largest decline over 1 year	-8.31%	-16.99%	+8.68%
Max Drawdown (3Y) Largest decline over 3 years	-10.81%	-23.73%	+12.92%
Max Drawdown (5Y) Largest decline over 5 years	-25.64%	—	—
Current Drawdown Current decline from peak	-0.62%	-5.52%	+4.90%
Average Drawdown Average peak-to-trough decline	-7.04%	-8.14%	+1.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.36%	6.67%	-4.31%

Volatility

MSTB vs. DRLL - Volatility Comparison

The current volatility for LHA Market State Tactical Beta ETF (MSTB) is 4.10%, while Strive U.S. Energy ETF (DRLL) has a volatility of 6.98%. This indicates that MSTB experiences smaller price fluctuations and is considered to be less risky than DRLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTB	DRLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.10%	6.98%	-2.88%
Volatility (6M) Calculated over the trailing 6-month period	8.42%	18.78%	-10.36%
Volatility (1Y) Calculated over the trailing 1-year period	11.17%	22.98%	-11.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.04%	23.79%	-9.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.84%	23.79%	-9.95%

MSTB vs. DRLL - Expense Ratio Comparison

MSTB has a 1.40% expense ratio, which is higher than DRLL's 0.41% expense ratio.

Dividends

MSTB vs. DRLL - Dividend Comparison

MSTB's dividend yield for the trailing twelve months is around 0.38%, less than DRLL's 2.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
DRLL Strive U.S. Energy ETF	2.25%	2.99%	3.00%	3.01%	1.18%	0.00%	0.00%
MSTB LHA Market State Tactical Beta ETF	0.38%	0.41%	0.95%	0.16%	1.34%	2.20%	1.78%

Frequently Asked Questions

Can I hold both MSTB and DRLL in my portfolio?

MSTB and DRLL have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSTB or DRLL?

DRLL has higher volatility (6.98%) compared to MSTB (4.10%). In terms of maximum drawdown, MSTB dropped -25.64% vs DRLL's -23.73%.

Which ETF is better, MSTB or DRLL?

On 3-year performance, MSTB leads with 16.82% vs 12.43% for DRLL. On fees, DRLL is cheaper at 0.41% per year. On volatility, MSTB has been the lower-risk option at 4.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTB or DRLL?

Over the 3-year period, MSTB has performed better with a 16.82% return vs 12.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTB or DRLL?

DRLL is cheaper with a 0.41% expense ratio, compared with 1.40% for MSTB.

Which ETF pays a higher dividend yield, MSTB or DRLL?

DRLL has the higher dividend yield at 2.25%, compared with 0.38% for MSTB.

What is the main difference between MSTB and DRLL?

MSTB is categorized as Equity Hedged, while DRLL is Energy Equities. MSTB tracks S&P 500® Index, while DRLL tracks Bloomberg US Energy Select Index. They also come from different issuers: Little Harbor Advisors and Strive. Their fees differ too: 1.40% for MSTB and 0.41% for DRLL.

Which has better risk-adjusted returns?

DRLL currently has the higher Sharpe Ratio (1.88 vs 1.48), 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.