MSTB vs. HEDG

Last updated Jun 26, 2026

MSTB (LHA Market State Tactical Beta ETF) and HEDG (Equable Shares Hedged Equity ETF) are both Equity Hedged funds - MSTB tracks the S&P 500® Index while HEDG tracks the Actively Managed. Both are passively managed. A 0.73 correlation means they provide meaningful diversification when combined. MSTB charges 1.40%/yr vs 0.96%/yr for HEDG.

Performance

MSTB vs. HEDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in LHA Market State Tactical Beta ETF (MSTB) and Equable Shares Hedged Equity ETF (HEDG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSTB achieves a 5.36% return, which is significantly higher than HEDG's 2.54% return.

MSTB

• 1D: -0.11%
• 1M: -2.61%
• YTD: 5.36%
• 6M: 4.10%
• 1Y: 15.55%
• 3Y*: 17.09%
• 5Y*: 7.75%
• 10Y*: —

HEDG

• 1D: 0.03%
• 1M: -0.04%
• YTD: 2.54%
• 6M: 2.34%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSTB vs. HEDG - Yearly Performance Comparison

	2026 (YTD)	2025
MSTB LHA Market State Tactical Beta ETF	5.36%	2.59%
HEDG Equable Shares Hedged Equity ETF	2.54%	3.20%

Correlation

The correlation between MSTB and HEDG is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 13, 2025	0.73

MSTB vs. HEDG - Sectors Allocation Comparison

Sectors	MSTB	HEDG
Technology	39.0%	38.7%
Financial Services	11.1%	11.1%
Communication Services	10.6%	10.8%
Consumer Cyclical	9.9%	10.0%
Healthcare	8.3%	8.3%
Industrials	7.8%	7.9%
Consumer Defensive	4.5%	4.6%
Energy	3.1%	3.2%
Utilities	2.1%	2.1%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

MSTB vs. HEDG — Risk / Return Rank

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

MSTB

MSTB Risk / Return Rank: 45
MSTB Sharpe Ratio Rank: 47
MSTB Sortino Ratio Rank: 44
MSTB Omega Ratio Rank: 46
MSTB Calmar Ratio Rank: 41
MSTB Martin Ratio Rank: 46

HEDG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

MSTB vs. HEDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for LHA Market State Tactical Beta ETF (MSTB) and Equable Shares Hedged Equity ETF (HEDG). 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	HEDG	Difference
Sharpe ratio: Return per unit of total volatility	1.47	—	—
Sortino ratio: Return per unit of downside risk	2.02	—	—
Omega ratio: Gain probability vs. loss probability	1.27	—	—
Calmar ratio: Return relative to maximum drawdown	1.88	—	—
Martin ratio: Return relative to average drawdown	6.87	—	—

Drawdowns

MSTB vs. HEDG - Drawdown Comparison

The maximum MSTB drawdown since its inception was -25.64%, which is greater than HEDG's maximum drawdown of -3.85%. Use the drawdown chart below to compare losses from any high point for MSTB and HEDG.

Drawdown Indicators

	MSTB	HEDG	Difference
Max Drawdown Largest peak-to-trough decline	-25.64%	-3.85%	-21.79%
Max Drawdown (1Y) Largest decline over 1 year	-8.31%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-10.81%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.64%	—	—
Current Drawdown Current decline from peak	-3.67%	-0.73%	-2.94%
Average Drawdown Average peak-to-trough decline	-7.13%	-0.39%	-6.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.27%	—	—

Volatility

Volatility by Period

	MSTB	HEDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.83%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.94%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	10.65%	5.86%	+4.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.03%	5.86%	+8.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.85%	5.86%	+7.99%

MSTB vs. HEDG - Expense Ratio Comparison

MSTB has a 1.40% expense ratio, which is higher than HEDG's 0.96% expense ratio.

Dividends

MSTB vs. HEDG - Dividend Comparison

MSTB's dividend yield for the trailing twelve months is around 0.39%, less than HEDG's 2.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
HEDG Equable Shares Hedged Equity ETF	2.35%	1.38%	0.00%	0.00%	0.00%	0.00%	0.00%
MSTB LHA Market State Tactical Beta ETF	0.39%	0.41%	0.95%	0.16%	1.34%	2.20%	1.78%

Frequently Asked Questions

Can I hold both MSTB and HEDG in my portfolio?

MSTB and HEDG have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MSTB or HEDG?

On fees, HEDG is cheaper at 0.96% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MSTB or HEDG?

HEDG is cheaper with a 0.96% expense ratio, compared with 1.40% for MSTB.

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

HEDG has the higher dividend yield at 2.35%, compared with 0.39% for MSTB.

What is the main difference between MSTB and HEDG?

MSTB tracks S&P 500® Index, while HEDG tracks Actively Managed. They also come from different issuers: Little Harbor Advisors and Equable Shares. Their fees differ too: 1.40% for MSTB and 0.96% for HEDG.