MSTB vs. JPST

Last updated Jun 23, 2026

MSTB (LHA Market State Tactical Beta ETF) and JPST (JPMorgan Ultra-Short Income ETF) are both exchange-traded funds - MSTB is a Equity Hedged fund tracking the S&P 500® Index, while JPST is a Ultrashort Bond fund actively managed by JPMorgan. MSTB is passively managed, while JPST is actively managed. Over the past 5 years, MSTB returned 8.24%/yr vs 3.63%/yr for JPST. At a 0.11 correlation, their price movements are largely independent. MSTB charges 1.40%/yr vs 0.18%/yr for JPST.

Performance

MSTB vs. JPST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in LHA Market State Tactical Beta ETF (MSTB) and JPMorgan Ultra-Short Income ETF (JPST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSTB achieves a 7.15% return, which is significantly higher than JPST's 1.48% return.

MSTB

• 1D: -0.13%
• 1M: -0.37%
• YTD: 7.15%
• 6M: 6.76%
• 1Y: 19.40%
• 3Y*: 17.56%
• 5Y*: 8.24%
• 10Y*: —

JPST

• 1D: -0.04%
• 1M: 0.24%
• YTD: 1.48%
• 6M: 1.62%
• 1Y: 4.15%
• 3Y*: 5.13%
• 5Y*: 3.63%
• 10Y*: —

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

MSTB vs. JPST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
MSTB LHA Market State Tactical Beta ETF	7.15%	18.57%	18.82%	16.94%	-22.72%	21.89%	9.91%
JPST JPMorgan Ultra-Short Income ETF	1.48%	4.99%	5.58%	5.13%	1.14%	0.11%	0.33%

Correlation

The correlation between MSTB and JPST is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (All Time) Calculated using the full available price history since Sep 30, 2020	0.11

The correlation between MSTB and JPST shifts across timeframes, from 0.11 (all time) to 0.28 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MSTB vs. JPST — Risk / Return Rank

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

MSTB

MSTB Risk / Return Rank: 53
MSTB Sharpe Ratio Rank: 56
MSTB Sortino Ratio Rank: 53
MSTB Omega Ratio Rank: 56
MSTB Calmar Ratio Rank: 49
MSTB Martin Ratio Rank: 52

JPST

JPST Risk / Return Rank: 99
JPST Sharpe Ratio Rank: 99
JPST Sortino Ratio Rank: 99
JPST Omega Ratio Rank: 99
JPST Calmar Ratio Rank: 99
JPST Martin Ratio Rank: 99

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. JPST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for LHA Market State Tactical Beta ETF (MSTB) and JPMorgan Ultra-Short Income ETF (JPST). 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	JPST	Difference
Sharpe ratio: Return per unit of total volatility	1.84	7.66	-5.82
Sortino ratio: Return per unit of downside risk	2.49	16.14	-13.65
Omega ratio: Gain probability vs. loss probability	1.34	3.65	-2.31
Calmar ratio: Return relative to maximum drawdown	2.34	28.05	-25.70
Martin ratio: Return relative to average drawdown	8.70	133.62	-124.92

MSTB vs. JPST - Sharpe Ratio Comparison

The current MSTB Sharpe Ratio is 1.84, which is lower than the JPST Sharpe Ratio of 7.66. The chart below compares the historical Sharpe Ratios of MSTB and JPST, 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. JPST - Drawdown Comparison

The maximum MSTB drawdown since its inception was -25.64%, which is greater than JPST's maximum drawdown of -3.28%. Use the drawdown chart below to compare losses from any high point for MSTB and JPST.

Drawdown Indicators

	MSTB	JPST	Difference
Max Drawdown Largest peak-to-trough decline	-25.64%	-3.28%	-22.36%
Max Drawdown (1Y) Largest decline over 1 year	-8.31%	-0.15%	-8.16%
Max Drawdown (3Y) Largest decline over 3 years	-10.81%	-0.30%	-10.51%
Max Drawdown (5Y) Largest decline over 5 years	-25.64%	-0.79%	-24.85%
Current Drawdown Current decline from peak	-2.03%	-0.08%	-1.95%
Average Drawdown Average peak-to-trough decline	-7.13%	-0.08%	-7.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.23%	0.03%	+2.20%

Volatility

MSTB vs. JPST - Volatility Comparison

LHA Market State Tactical Beta ETF (MSTB) has a higher volatility of 3.70% compared to JPMorgan Ultra-Short Income ETF (JPST) at 0.18%. This indicates that MSTB's price experiences larger fluctuations and is considered to be riskier than JPST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTB	JPST	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.70%	0.18%	+3.52%
Volatility (6M) Calculated over the trailing 6-month period	7.93%	0.38%	+7.55%
Volatility (1Y) Calculated over the trailing 1-year period	10.62%	0.54%	+10.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.02%	0.58%	+13.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.85%	0.93%	+12.92%

MSTB vs. JPST - Expense Ratio Comparison

MSTB has a 1.40% expense ratio, which is higher than JPST's 0.18% expense ratio.

Dividends

MSTB vs. JPST - Dividend Comparison

MSTB's dividend yield for the trailing twelve months is around 0.38%, less than JPST's 4.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
JPST JPMorgan Ultra-Short Income ETF	4.26%	4.43%	5.16%	4.79%	1.83%	0.73%	1.43%	2.69%	2.07%	0.96%
MSTB LHA Market State Tactical Beta ETF	0.38%	0.41%	0.95%	0.16%	1.34%	2.20%	1.78%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSTB and JPST in my portfolio?

MSTB and JPST have a correlation of 0.28, 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 JPST?

MSTB has higher volatility (3.70%) compared to JPST (0.18%). In terms of maximum drawdown, MSTB dropped -25.64% vs JPST's -3.28%.

Which ETF is better, MSTB or JPST?

On 5-year performance, MSTB leads with 8.24% vs 3.63% for JPST. On fees, JPST is cheaper at 0.18% per year. On volatility, JPST has been the lower-risk option at 0.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTB or JPST?

Over the 5-year period, MSTB has performed better with a 8.24% return vs 3.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTB or JPST?

JPST is cheaper with a 0.18% expense ratio, compared with 1.40% for MSTB.

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

JPST has the higher dividend yield at 4.26%, compared with 0.38% for MSTB.

What is the main difference between MSTB and JPST?

MSTB is categorized as Equity Hedged, while JPST is Ultrashort Bond. They also come from different issuers: Little Harbor Advisors and JPMorgan. Their fees differ too: 1.40% for MSTB and 0.18% for JPST.

Which has better risk-adjusted returns?

JPST currently has the higher Sharpe Ratio (7.66 vs 1.84), 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.