MSTB vs. LGLV

Last updated Jun 23, 2026

MSTB (LHA Market State Tactical Beta ETF) and LGLV (SPDR SSGA US Large Cap Low Volatility Index ETF) are both exchange-traded funds - MSTB is a Equity Hedged fund tracking the S&P 500® Index, while LGLV is a Volatility Hedged Equity fund tracking the SSGA US Large Cap Low Volatility (TR). Both are passively managed. Over the past 5 years, MSTB returned 8.24%/yr vs 8.17%/yr for LGLV. A 0.65 correlation means they provide meaningful diversification when combined. MSTB charges 1.40%/yr vs 0.12%/yr for LGLV.

Performance

MSTB vs. LGLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in LHA Market State Tactical Beta ETF (MSTB) and SPDR SSGA US Large Cap Low Volatility Index ETF (LGLV). 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 LGLV's 1.90% return.

MSTB

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

LGLV

• 1D: -0.06%
• 1M: -1.22%
• YTD: 1.90%
• 6M: 1.27%
• 1Y: 5.48%
• 3Y*: 11.22%
• 5Y*: 8.17%
• 10Y*: 11.20%

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

MSTB vs. LGLV - 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%
LGLV SPDR SSGA US Large Cap Low Volatility Index ETF	1.90%	8.37%	16.22%	9.19%	-8.17%	27.95%	12.13%

Correlation

The correlation between MSTB and LGLV is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (All Time) Calculated using the full available price history since Sep 30, 2020	0.65

Over the past year, the correlation between MSTB and LGLV has dropped to 0.35 - well below their long-term average of 0.65, suggesting their price drivers have been diverging.

MSTB vs. LGLV - Sectors Allocation Comparison

Sectors	MSTB	LGLV
Technology	39.0%	9.4%
Financial Services	11.1%	9.9%
Communication Services	10.6%	4.3%
Consumer Cyclical	9.9%	9.1%
Healthcare	8.3%	7.1%
Industrials	7.8%	18.4%
Consumer Defensive	4.5%	5.8%
Energy	3.1%	3.5%
Utilities	2.1%	11.6%
Real Estate	1.8%	17.6%
Basic Materials	1.7%	3.5%

Return for Risk

MSTB vs. LGLV — 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

LGLV

LGLV Risk / Return Rank: 17
LGLV Sharpe Ratio Rank: 18
LGLV Sortino Ratio Rank: 16
LGLV Omega Ratio Rank: 15
LGLV Calmar Ratio Rank: 19
LGLV Martin Ratio Rank: 17

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. LGLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for LHA Market State Tactical Beta ETF (MSTB) and SPDR SSGA US Large Cap Low Volatility Index ETF (LGLV). 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	LGLV	Difference
Sharpe ratio: Return per unit of total volatility	1.84	0.58	+1.26
Sortino ratio: Return per unit of downside risk	2.49	0.89	+1.60
Omega ratio: Gain probability vs. loss probability	1.34	1.10	+0.23
Calmar ratio: Return relative to maximum drawdown	2.34	0.80	+1.54
Martin ratio: Return relative to average drawdown	8.70	1.91	+6.79

MSTB vs. LGLV - Sharpe Ratio Comparison

The current MSTB Sharpe Ratio is 1.84, which is higher than the LGLV Sharpe Ratio of 0.58. The chart below compares the historical Sharpe Ratios of MSTB and LGLV, 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. LGLV - Drawdown Comparison

The maximum MSTB drawdown since its inception was -25.64%, smaller than the maximum LGLV drawdown of -36.64%. Use the drawdown chart below to compare losses from any high point for MSTB and LGLV.

Drawdown Indicators

	MSTB	LGLV	Difference
Max Drawdown Largest peak-to-trough decline	-25.64%	-36.64%	+11.00%
Max Drawdown (1Y) Largest decline over 1 year	-8.31%	-6.86%	-1.45%
Max Drawdown (3Y) Largest decline over 3 years	-10.81%	-10.17%	-0.64%
Max Drawdown (5Y) Largest decline over 5 years	-25.64%	-17.49%	-8.15%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.64%	—
Current Drawdown Current decline from peak	-2.03%	-5.60%	+3.57%
Average Drawdown Average peak-to-trough decline	-7.13%	-3.22%	-3.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.23%	2.88%	-0.65%

Volatility

MSTB vs. LGLV - Volatility Comparison

LHA Market State Tactical Beta ETF (MSTB) has a higher volatility of 3.70% compared to SPDR SSGA US Large Cap Low Volatility Index ETF (LGLV) at 3.40%. This indicates that MSTB's price experiences larger fluctuations and is considered to be riskier than LGLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTB	LGLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.70%	3.40%	+0.30%
Volatility (6M) Calculated over the trailing 6-month period	7.93%	6.95%	+0.98%
Volatility (1Y) Calculated over the trailing 1-year period	10.62%	9.55%	+1.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.02%	12.93%	+1.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.85%	16.09%	-2.24%

MSTB vs. LGLV - Expense Ratio Comparison

MSTB has a 1.40% expense ratio, which is higher than LGLV's 0.12% expense ratio.

Dividends

MSTB vs. LGLV - Dividend Comparison

MSTB's dividend yield for the trailing twelve months is around 0.38%, less than LGLV's 2.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LGLV SPDR SSGA US Large Cap Low Volatility Index ETF	2.11%	1.94%	1.93%	2.03%	1.95%	1.65%	1.98%	1.89%	2.09%	4.39%	2.54%	2.97%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSTB and LGLV in my portfolio?

MSTB and LGLV have a correlation of 0.35, 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 LGLV?

MSTB has higher volatility (3.70%) compared to LGLV (3.40%). In terms of maximum drawdown, MSTB dropped -25.64% vs LGLV's -36.64%.

Which ETF is better, MSTB or LGLV?

On 5-year performance, MSTB leads with 8.24% vs 8.17% for LGLV. On fees, LGLV is cheaper at 0.12% per year. On volatility, LGLV has been the lower-risk option at 3.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTB or LGLV?

Over the 5-year period, MSTB has performed better with a 8.24% return vs 8.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTB or LGLV?

LGLV is cheaper with a 0.12% expense ratio, compared with 1.40% for MSTB.

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

LGLV has the higher dividend yield at 2.58%, compared with 0.38% for MSTB.

What is the main difference between MSTB and LGLV?

MSTB is categorized as Equity Hedged, while LGLV is Volatility Hedged Equity. MSTB tracks S&P 500® Index, while LGLV tracks SSGA US Large Cap Low Volatility (TR). They also come from different issuers: Little Harbor Advisors and State Street. Their fees differ too: 1.40% for MSTB and 0.12% for LGLV.

Which has better risk-adjusted returns?

MSTB currently has the higher Sharpe Ratio (1.84 vs 0.58), 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.