MSTB vs. RFLR

Last updated Jun 24, 2026

MSTB (LHA Market State Tactical Beta ETF) and RFLR (Innovator U.S. Small Cap Managed Floor ETF) are both Equity Hedged funds. MSTB is passively managed, while RFLR is actively managed. Over the past year, MSTB returned 17.06% vs 28.39% for RFLR. A 0.67 correlation means they provide meaningful diversification when combined. MSTB charges 1.40%/yr vs 0.89%/yr for RFLR.

Performance

MSTB vs. RFLR - Performance Comparison

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

Returns By Period

In the year-to-date period, MSTB achieves a 5.84% return, which is significantly lower than RFLR's 11.52% return.

MSTB

• 1D: -1.22%
• 1M: -1.58%
• YTD: 5.84%
• 6M: 4.97%
• 1Y: 17.06%
• 3Y*: 17.08%
• 5Y*: 7.95%
• 10Y*: —

RFLR

• 1D: 0.23%
• 1M: 3.93%
• YTD: 11.52%
• 6M: 9.76%
• 1Y: 28.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSTB vs. RFLR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSTB LHA Market State Tactical Beta ETF	5.84%	18.57%	2.29%
RFLR Innovator U.S. Small Cap Managed Floor ETF	11.52%	11.81%	1.78%

Correlation

The correlation between MSTB and RFLR is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.64
Correlation (All Time) Calculated using the full available price history since Sep 17, 2024	0.67

The correlation between MSTB and RFLR has been stable across timeframes, ranging from 0.64 to 0.67 - a consistent structural relationship.

MSTB vs. RFLR - Sectors Allocation Comparison

Sectors	MSTB	RFLR
Technology	39.0%	16.7%
Financial Services	11.1%	13.1%
Communication Services	10.6%	2.5%
Consumer Cyclical	9.9%	6.0%
Healthcare	8.3%	13.4%
Industrials	7.8%	12.8%
Consumer Defensive	4.5%	1.4%
Energy	3.1%	3.0%
Utilities	2.1%	1.7%
Real Estate	1.8%	3.0%
Basic Materials	1.7%	2.1%

Return for Risk

MSTB vs. RFLR — Risk / Return Rank

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

MSTB

MSTB Risk / Return Rank: 48
MSTB Sharpe Ratio Rank: 49
MSTB Sortino Ratio Rank: 48
MSTB Omega Ratio Rank: 49
MSTB Calmar Ratio Rank: 44
MSTB Martin Ratio Rank: 49

RFLR

RFLR Risk / Return Rank: 83
RFLR Sharpe Ratio Rank: 79
RFLR Sortino Ratio Rank: 81
RFLR Omega Ratio Rank: 76
RFLR Calmar Ratio Rank: 89
RFLR Martin Ratio Rank: 88

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. RFLR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for LHA Market State Tactical Beta ETF (MSTB) and Innovator U.S. Small Cap Managed Floor ETF (RFLR). 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	RFLR	Difference
Sharpe ratio: Return per unit of total volatility	1.61	2.28	-0.67
Sortino ratio: Return per unit of downside risk	2.20	3.25	-1.06
Omega ratio: Gain probability vs. loss probability	1.29	1.41	-0.11
Calmar ratio: Return relative to maximum drawdown	2.06	4.93	-2.87
Martin ratio: Return relative to average drawdown	7.62	17.37	-9.75

MSTB vs. RFLR - Sharpe Ratio Comparison

The current MSTB Sharpe Ratio is 1.61, which is comparable to the RFLR Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of MSTB and RFLR, 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. RFLR - Drawdown Comparison

The maximum MSTB drawdown since its inception was -25.64%, which is greater than RFLR's maximum drawdown of -15.48%. Use the drawdown chart below to compare losses from any high point for MSTB and RFLR.

Drawdown Indicators

	MSTB	RFLR	Difference
Max Drawdown Largest peak-to-trough decline	-25.64%	-15.48%	-10.16%
Max Drawdown (1Y) Largest decline over 1 year	-8.31%	-5.79%	-2.52%
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	-3.22%	0.00%	-3.22%
Average Drawdown Average peak-to-trough decline	-7.13%	-3.74%	-3.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	1.64%	+0.60%

Volatility

MSTB vs. RFLR - Volatility Comparison

LHA Market State Tactical Beta ETF (MSTB) and Innovator U.S. Small Cap Managed Floor ETF (RFLR) have volatilities of 3.90% and 3.75%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTB	RFLR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.90%	3.75%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	7.99%	8.76%	-0.77%
Volatility (1Y) Calculated over the trailing 1-year period	10.67%	12.52%	-1.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.03%	12.27%	+1.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.86%	12.27%	+1.59%

MSTB vs. RFLR - Expense Ratio Comparison

MSTB has a 1.40% expense ratio, which is higher than RFLR's 0.89% expense ratio.

Dividends

MSTB vs. RFLR - Dividend Comparison

MSTB's dividend yield for the trailing twelve months is around 0.39%, less than RFLR's 0.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
MSTB LHA Market State Tactical Beta ETF	0.39%	0.41%	0.95%	0.16%	1.34%	2.20%	1.78%
RFLR Innovator U.S. Small Cap Managed Floor ETF	0.60%	0.67%	0.26%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSTB and RFLR in my portfolio?

MSTB and RFLR have a correlation of 0.64, 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 RFLR?

MSTB has higher volatility (3.90%) compared to RFLR (3.75%). In terms of maximum drawdown, MSTB dropped -25.64% vs RFLR's -15.48%.

Which ETF is better, MSTB or RFLR?

On 1-year performance, RFLR leads with 28.39% vs 17.06% for MSTB. On fees, RFLR is cheaper at 0.89% per year. On volatility, RFLR has been the lower-risk option at 3.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTB or RFLR?

Over the 1-year period, RFLR has performed better with a 28.39% return vs 17.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTB or RFLR?

RFLR is cheaper with a 0.89% expense ratio, compared with 1.40% for MSTB.

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

RFLR has the higher dividend yield at 0.60%, compared with 0.39% for MSTB.

What is the main difference between MSTB and RFLR?

They also come from different issuers: Little Harbor Advisors and Innovator. Their fees differ too: 1.40% for MSTB and 0.89% for RFLR.

Which has better risk-adjusted returns?

RFLR currently has the higher Sharpe Ratio (2.28 vs 1.61), 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.