MSTB vs. XTR

Last updated Jun 4, 2026

MSTB (LHA Market State Tactical Beta ETF) and XTR (Global X S&P 500 Tail Risk ETF) are both Equity Hedged funds - MSTB tracks the S&P 500® Index while XTR tracks the Cboe S&P 500 Tail Risk Index. Both are passively managed. Over the past 3 years, MSTB returned 18.51%/yr vs 18.55%/yr for XTR. Their correlation of 0.91 suggests significant overlap in exposure. MSTB charges 1.40%/yr vs 0.25%/yr for XTR.

Performance

MSTB vs. XTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in LHA Market State Tactical Beta ETF (MSTB) and Global X S&P 500 Tail Risk ETF (XTR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with MSTB having a 8.71% return and XTR slightly lower at 8.67%.

MSTB

• 1D: -0.60%
• 1M: 3.88%
• YTD: 8.71%
• 6M: 8.70%
• 1Y: 20.33%
• 3Y*: 18.51%
• 5Y*: 8.55%
• 10Y*: —

XTR

• 1D: -0.65%
• 1M: 5.03%
• YTD: 8.67%
• 6M: 8.51%
• 1Y: 22.85%
• 3Y*: 18.55%
• 5Y*: —
• 10Y*: —

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

MSTB vs. XTR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MSTB LHA Market State Tactical Beta ETF	8.71%	18.57%	18.82%	16.94%	-22.72%	3.90%
XTR Global X S&P 500 Tail Risk ETF	8.67%	13.66%	21.85%	21.16%	-17.67%	4.43%

Correlation

The correlation between MSTB and XTR is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (All Time) Calculated using the full available price history since Aug 27, 2021	0.91

The correlation between MSTB and XTR has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

MSTB vs. XTR - Sectors Allocation Comparison

Sectors	MSTB	XTR
Technology	36.1%	35.6%
Financial Services	11.9%	11.8%
Communication Services	10.9%	11.2%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.4%	8.5%
Industrials	8.2%	8.3%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.3%	2.4%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

MSTB vs. XTR — Risk / Return Rank

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

MSTB

MSTB Risk / Return Rank: 56
MSTB Sharpe Ratio Rank: 59
MSTB Sortino Ratio Rank: 58
MSTB Omega Ratio Rank: 60
MSTB Calmar Ratio Rank: 50
MSTB Martin Ratio Rank: 55

XTR

XTR Risk / Return Rank: 61
XTR Sharpe Ratio Rank: 63
XTR Sortino Ratio Rank: 63
XTR Omega Ratio Rank: 60
XTR Calmar Ratio Rank: 54
XTR Martin Ratio Rank: 63

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. XTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for LHA Market State Tactical Beta ETF (MSTB) and Global X S&P 500 Tail Risk ETF (XTR). 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.

	MSTB	XTR	Difference
Sharpe ratio: Return per unit of total volatility	2.00	2.14	-0.13
Sortino ratio: Return per unit of downside risk	2.75	2.98	-0.22
Omega ratio: Gain probability vs. loss probability	1.37	1.38	-0.01
Calmar ratio: Return relative to maximum drawdown	2.46	2.70	-0.24
Martin ratio: Return relative to average drawdown	9.32	11.51	-2.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSTB vs. XTR - Sharpe Ratio Comparison

The current MSTB Sharpe Ratio is 2.00, which is comparable to the XTR Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of MSTB and XTR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MSTB	XTR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.00	2.14	-0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	0.72	+0.11

Drawdowns

MSTB vs. XTR - Drawdown Comparison

The maximum MSTB drawdown since its inception was -25.64%, which is greater than XTR's maximum drawdown of -20.83%. Use the drawdown chart below to compare losses from any high point for MSTB and XTR.

Drawdown Indicators

	MSTB	XTR	Difference
Max Drawdown Largest peak-to-trough decline	-25.64%	-20.83%	-4.81%
Max Drawdown (1Y) Largest decline over 1 year	-8.31%	-8.51%	+0.20%
Max Drawdown (3Y) Largest decline over 3 years	-10.81%	-14.35%	+3.54%
Max Drawdown (5Y) Largest decline over 5 years	-25.64%	—	—
Current Drawdown Current decline from peak	-0.60%	-0.65%	+0.05%
Average Drawdown Average peak-to-trough decline	-7.18%	-5.95%	-1.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.19%	1.99%	+0.20%

Volatility

MSTB vs. XTR - Volatility Comparison

The current volatility for LHA Market State Tactical Beta ETF (MSTB) is 2.56%, while Global X S&P 500 Tail Risk ETF (XTR) has a volatility of 2.99%. This indicates that MSTB experiences smaller price fluctuations and is considered to be less risky than XTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTB	XTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.56%	2.99%	-0.43%
Volatility (6M) Calculated over the trailing 6-month period	7.43%	8.16%	-0.73%
Volatility (1Y) Calculated over the trailing 1-year period	10.21%	10.76%	-0.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.97%	13.78%	+0.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.84%	13.78%	+0.06%

MSTB vs. XTR - Expense Ratio Comparison

MSTB has a 1.40% expense ratio, which is higher than XTR's 0.25% expense ratio.

Dividends

MSTB vs. XTR - Dividend Comparison

MSTB's dividend yield for the trailing twelve months is around 0.38%, less than XTR's 16.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
MSTB LHA Market State Tactical Beta ETF	0.38%	0.41%	0.95%	0.16%	1.34%	2.20%	1.78%
XTR Global X S&P 500 Tail Risk ETF	16.40%	17.82%	20.89%	1.09%	1.08%	2.32%	0.00%

Frequently Asked Questions

Can I hold both MSTB and XTR in my portfolio?

With a correlation of 0.93, MSTB and XTR move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, MSTB or XTR?

XTR has higher volatility (2.99%) compared to MSTB (2.56%). In terms of maximum drawdown, MSTB dropped -25.64% vs XTR's -20.83%.

Which ETF is better, MSTB or XTR?

On 3-year performance, XTR leads with 18.55% vs 18.51% for MSTB. On fees, XTR is cheaper at 0.25% per year. On volatility, MSTB has been the lower-risk option at 2.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTB or XTR?

Over the 3-year period, XTR has performed better with a 18.55% return vs 18.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTB or XTR?

XTR is cheaper with a 0.25% expense ratio, compared with 1.40% for MSTB.

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

XTR has the higher dividend yield at 16.40%, compared with 0.38% for MSTB.

What is the main difference between MSTB and XTR?

MSTB tracks S&P 500® Index, while XTR tracks Cboe S&P 500 Tail Risk Index. They also come from different issuers: Little Harbor Advisors and Global X. Their fees differ too: 1.40% for MSTB and 0.25% for XTR.

Which has better risk-adjusted returns?

XTR currently has the higher Sharpe Ratio (2.14 vs 2.00), 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.